Denver, Property Management
You’ve weighed the pros and cons and have decided it’s time to move.
Maybe you’ve been transferred to your current company or are taking a new position, but the result is the same. You’ve put the “For Sale” sign up in your front yard but haven’t gotten a solid offer, and it’s starting to weigh on you. Instead of taking too little for the house, consider the benefits of renting it out. It may seem like a hassle, but our expert rental property management company in Denver and the surrounding cities (such as Aurora & Centennial) can make it an easy decision.
One of the biggest concerns a homeowner has about renting their house when they won’t be nearby is how to handle all the logistics. A professional rental property management company can take care of every detail, including advertising, showing, and leasing the property. They will collect rent, take care of maintenance issues, and if needed, even evict a tenant.
Another major worry is whether the house will fall into disrepair with renters living in it. You can be assured our rental property management company will keep an close eye on your property as if it were our own. We do random exterior inspections once a month to make sure everything looks good from the outside. Then, once a quarter we do an interior inspection. We also ask any vendors who go into the house to report any issues to us. If there are any problems, the tenants are given seven days to take care of the problem, or we will deal with it and send the bill to them.
If you’re moving out of town and would like to discuss renting your house, look no further than Legacy Properties-PM, call 720.989.1996 or contact us. It may be a wise financial decision given the current market, and it would provide an additional investment that will build equity in the long-term. Most properties have the added benefit of making a monthly profit as well, so the decision to rent rather than sell may be in your best interest.
Denver, Property Management, Real Estate Investing
When you own a residential investment property, a good tenant makes life a lot easier. Someone that pays the rent on time, respects the terms of the lease, and takes care of the property are a landlord’s dream, but unfortunately such a person is not easy to find. If you’re tired of getting stuck with sub-par renters, use these 3 steps to find the best tenants.
- Advertise the vacancy. A sign in the yard or an ad in the paper is no longer the best way to market your property. Get on popular websites such as Craigslist, Zillow, or Apartments.com and put as much information as possible into a listing. Also, include flattering pictures of your property. You want to generate a lot of interest so that you have your pick from several prospective tenants.
- Thoroughly screen applicants. Don’t be afraid to ask questions such as their financial and employment situation. Ask for references from past landlords, and conduct background and credit checks. Yes, it’s a lot of work but it pays off in the long run.
- Team up with a property management company. While finding a quality renter is a challenge for you, they can find one easily using their experience and skills. Not only will you end up with the best renter available, but you will save yourself a lot of time and stress.
If you’re in the Denver, Aurora, Centennial or Parker area and need help finding a responsible tenant, call 720 989 1996 or contact us at Legacy Properties-PM. We have spent years building our own legacy through investment properties, and now use our experience to help others striving to do the same. Placing tenants, collecting rent, handling maintenance issues, and even evictions are all part of our property management services so you can enjoy the benefits of your investment without it adding to your stress level or taking up your free time.
Property Management, Real Estate Investing
#1 - Thinking that ALL investments are comparable-
For example, stocks and bonds are not going to bring in the same return as real estate. People often say they want to buy real estate to get better returns than their stock, bond or bank account can provide. Real estate is an asset that can come with many stresses, such as, challenging tenants, annoying/opinionated neighbors, broken pipes, clogged toilets and much more.
An asset, like rental property does not allow you to just look at a statement of your account once a month, as with a stock or bond. Owning rental properties is a business, it can be time consuming and stressful. Make sure you think before you invest in a rental property.
#2 - Having the idea or belief that “flipping” properties is investing
Most real estate buyers see “flipping” homes as a constant speculation. In other words, they never know what will happen next when fixing and updating the property. Unfortunately, most of these buyers lose money. Sure, it looks easy on TV with reality shows or do-it-yourself shows, the internet makes everything look easy and profitable; but none of that media is realistic. The truth is, that not everything you see on TV or on the Internet is true!
#3 - Having the belief that real estate investing is low risk
Oh Boy! Buying, owning and maintaining real estate has many risks. Risks, such as, drop in real estate market or home values, having serious home improvement that may not have been foreseen, or ever rising interest rates with mortgages and insurance.
There are few smart and experienced investors that can maneuver their way through these risks. Most investors do not, leaving them exposed to countless items and issues that can and sometimes do become financially painful.
#4 - Believing it’s a “turn-key” real estate deal
Which means to earn money with almost no work on the you, the investor’s, part? As they say, LOL, or to be put more simply, not going to happen! If you believe getting into a real estate property as an investment is going to be easy then you need to re-think.
These are just a few of the many mistakes that investors can make when it comes to investing in real estate. Experience will teach you the most during your real estate investing time. Just try to avoid the big expensive mistakes that could beat you in the end and put a halt to your real estate investing all together. Be careful, do your own homework, but verify your own conclusions.
If you’re already a investment property owner and in need of the best Property Management Company in Denver, Aurora & surrounding areas, look no further than Legacy Properties-PM. Make sure your investment brings a less stressful return. We have helped hundreds of rental owners to ease the involvement of the investment. Call 720.989.1996 or contact us.
Property Management
Fathers have a lot on their shoulders, and sometimes it’s difficult to keep all the balls in the air as they juggle their responsibilities. For Dads that have residential rentals, Father’s Day might be the perfect time to team up with a property management company in the Denver, Aurora or Centennial area.
With parenting, you have one shot to do it right. There are no do-overs, and the time goes fast. One minutes you’re watching your little one take her first steps, the next she’s walking across the stage to receive her diploma. If you have the heart to be a great father, but investment properties are intruding on your time, it’s important to make some changes so your children can grow up with the legacy of having a Dad who was present and available during all the important moments.
Does this sound familiar to you? Missing school concerts, making calls while your child is playing in a sporting event, and your phone buzzing in your pocket during a recital or other performance. Responsibilities such as finding a tenant, collecting rent, or dealing with maintenance issues have to be taken care of, but you may find yourself frustrated that there aren’t enough hours in the day and those needs start creep in on family time.
In the Denver area, Legacy Properties-PM is a property management company who values family. Our own business was started by our grandfather, so we know a little something about legacies. Many people choose investing in real estate so they can provide a stronger financial foundation for their family, but it’s important to also leave a legacy as a father who was present and available during the important moments of their children’s lives.
If you feel you need to shift your focus back to family, while continuing to build your financial legacy, call 720.989.1996 or contact us. We’ll be happy to help with the details of managing the property so you can focus on enjoying time with your children. From all of us at Legacy Properties-PM, have a Happy Father’s Day!
Property Management
Housing experts say the latest data shows many renters are staying put instead of buying. A new wave of renters called “shadow renters,” should soon be moving out of their parents’ homes and forming households. Now is a good time to buy an investment property in the Denver area. According to an article by nytimes.com, a recent study conducted for John Burns Real Estate Consulting shows about 14 percent of tenants who moved at the end of last year did so to buy their home place. Since 2002, the average has been close to 17 percent, which means fewer renters are transitioning into home ownership. In Denver, homes prices are high and climbing higher, which should keep the demand for rental high and vacancy rates low.
- Depend on a property manager
When searching for an investment property in Denver or Aurora areas, touch base with a reputable property management company. A good property manager will market your rental and screen tenants as well as offer guidance about what kinds of features matter most to the millennial renters in their 20s and 30s. Experts say the millennial’s are the shadow renters who will be renting in the next several years with roommates, relatives or spouses.
- Choose a walk-able neighborhood
From Lower Highlands (LoHi) and Capital Hill to Five Points or Uptown, there are many downtown neighborhoods that draw young renters. Many college grads migrate to Denver, but like to walk to their destinations. Some of the popular places to buy investment properties to rent out to recent college grads and others include LoHi with trendy lofts, duplexes and single family homes near restaurants and nightlife. If you want to attract families, some ideas include the 1960’s ranches in Hilltop, older homes in Congress Park and Tudor homes in Bonnie Brae. Baby boomer renters also like living in walk-able neighborhoods closing to shopping and restaurants.
After your property manager finds you reliable tenants who pay their rent on time every month, it’s important to keep them in place. Most renters like the fact that they don’t have to do their own maintenance work. At the same time, you want to know your investment property isn’t being trashed by careless tenants of any age. A good property management company protects your asset.
Legacy Properties-PM, are proud members of NARPM, the National Association of Residential Property Managers. For more information on owning investment properties in Denver and how a property manager gives you the edge, please call 720.989.1996 or contact us.
Property Management
What is the difference between a condo and an apartment?
The main difference between a condo and an apartment basically comes down to whether they are individually or privately owned, owned by a corporation, or by a management company.
What is a Condo?
A condominium, or condo for short, is often a property that is shared and contains individually owned units/residences. Coming from a legal standpoint this means basically that when you purchase an apartment you can call yourself a condo owner.
What is an Apartment?
Apartment is a term that almost always applies to a building or buildings with units that are rented out. Most times a corporation runs the complex of buildings and residences. One management company manages all residents versus a private landlord.
More about the difference between a condo and an apartment:
Condominiums usually offer services and facilities to condo owners, such as maintenance repairs, lawn care, pools, gyms and club houses. Many of these services, like clubhouses, exercise facilities, and pools are also offered in apartment complexes, but are not required to be maintained by the owner of each unit.
Condo owners or their tenants must follow all set regulations and policies of the condominium’s homeowners association. This often includes, monthly association fees, requires owners to maintain a specific type of appearance outside and around the premises of the residence and pet restrictions in and around the property of the community.
The difference between a condo and an apartment in this aspect is that apartments are not considered to be in a shared community. This is because fees and maintenance are already included in rental costs and taken care of by the management company.
If you’re a condo owner looking to rent your property, look no further than Legacy Properties-PM. There are special rules to keep the difference between a condo and an apartment clear within communities. As an elite property management company that services Denver, Aurora, Parker, Highlands Ranch, Centennial, Littleton, Westminster and more cities in Colorado, we can help. Call 720.989.1996 or contact us.
