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.
Property Management
Investment properties can be very expensive. In fact, real estate is often the most expensive thing many people spend their money on. This can pose a problem for many potential investors. However, there are a number of options for financing a residential property. At least one of these options will be possible in a surprising number of cases, and often, multiple options might be possible. Let’s explore a few of the most common choices.
Bank Financing
This is the most common form of financing for a residential property. This requires the buyer to approach a bank and go through an application process. This requires a lot of paperwork, a credit check, and approval of the property, among many other things. If the bank approves the loan, the buyer must pay a sum of money in the form of a down payment and is usually required to offer some form of collateral. This is almost always the property that is being purchased, but doesn’t have to be.
Seller financing
Seller financing can be a little more tricky, because individual sellers tend to be less consistent than banks. However, if it works out, this can be a very efficient way to borrow money. A seller financed loan means that the payments are made directly to the seller over time, rather than the bank acting as a middle man. Because sellers are individual people, and because they’re often much more motivated to complete the sale than the bank is, they are likely to give a buyer much better terms on the loan. This could come in the form of a lower down payment, a lower interest rate, or payments that fluctuate over time according to the buyer’s ability to pay rather than interest rates.
Cash
Although it is rarely possible for a buyer to pay in cash, it can be a very successful option if you have the money. In this case, the cash is directly turned into an asset, and there are no loans to worry about. You also won’t have to worry about the potential of losing the property as collateral. Possibly the biggest benefit of paying in cash is that you won’t have to pay any interest. This could save you a lot of money.
Trade
This is probably the least common way to pay for property, but if you already own a piece of property that you no longer want, it’s possible that the seller may accept it instead of payment. It’s also possible to combine a trade with some of the other options. For example, if you finance a purchase through the seller, you may be able to make the down payment a house you already own that isn’t worth very much.
Need some more help with your residential property? Legacy Properties-PM is here in Denver, Aurora, Parker and more. Call 720.989.1996 or Contact us! We can help with anything you need, and we’ll be there from beginning to end.
Property Management
Collecting rent each month is at the top of the list for a landlord’s most despised task. For many tenants, it’s not an issue, but then there are others that always seem to be surprised when the 1st of the month rolls around again. Sometimes you just have to laugh at the excuses they come up with, so enjoy some of the most outrageous ones we found, and then read on to find out how a residential property management in Denver or Aurora can make your days of collecting rent numbered.
- “My dog and bird died the same week and I’m crushed.
- “I was on vacation for two weeks and I had to pay for everything!”
- “I was going to pay on the 1st, but you sent me a reminder and it upset me.”
- “I have to make payments on my BMW and iPhone.”
- (shows up at door without clothing) “Oh dear, let me put something on and look for the money”
- “You are too wrapped up in the whole concept of ‘money.'”
- “So you’re only talking to me because the rent’s not paid? Is that all I am to you … a tenant?”
- “I don’t feel inclined to pay the rent this month. The apartment is neat so you can use the security as the rent.”
- “It is illegal to ask me for the rent. You have to send me a letter ASKING POLITELY for the rent. Then I can decide if I want to pay the rent.”
- “I did not pay the rent because that is the only day I can sleep late.”
If you currently own investment property, some of these might sound a little familiar to you. If you’re thinking of getting into real estate, then don’t let them scare you. As a property management company, part of our service includes collecting rent so you’ll never have to hear these excuses.
We offer many convenient ways to pay, including an online credit card payment option which helps avoid some of the late payments. In addition, we offer thorough tenant screening services to give you the best chance of finding responsible renters who won’t give you these excuses in the first place.
To find out more about property management services with Legacy properties-PM in and near Denver or Aurora, call 720.989.1996 or contact us.
Property Management
The Ease of Obtaining a Mortgage
Now is a great time to consider buying a second or third home in Denver, Aurora and throughout Colorado and using it to increase your financial legacy.
Coming into the Summer of 2015, mortgages are becoming more simple to obtain. Some recent rule changes and comments by Mel Watt , director of the Federal Housing Finance Agency:
“the government and mortgage bankers are at least discussing moving in the proper direction and making it easier for borrowers to get a loan.”
In July 2014, The Federal Reserve reported that mortgage lenders are easing up on their requirements such credit score requirements and debt ratio requirements are being softened up this Summer.
This allows for lenders to accept mortgage borrowers with lower credit scores and higher debts.
In the past, lenders have does this to try to compensate when volume goes down by easing these credit restrictions and, in turn, allowing for more loans.
There was evidence that this occurred in 2014, and it is likely what is going to take place in the Summer of 2015, so now is a great time to contact your realtor and invest in a colorado rental home property.
Not only is it easier to obtain financing for your new rental home, Home Values themselves continue to rise.
The real estate housing market tends to vary from state to state or even city to city when involving national pricing trends. While that generally is the rule of thumb, national averages like the S&P/Case-Shiller Home Price Index typically do act as a general gauge of where things are headed.
In Colorado, all signs indicate that home values are moving upward and will continue to do so.
Another recent Case-Shiller report provided data that prices rose about 5-6% within the past year, further proving that now is a great time to literally “make your move”. There are several Colorado analysts and economists who predict another 5-6% rise in home prices during the upcoming Summer of 2015.
Ready to make your move? Contact Legacy Properties-PM and we will connect you with the best real estate agents in Denver, and then work with you to manage your new Colorado Home Rental Property and grow your Legacy.
As home values rise in Colorado, and mortgages are easier to obtain, now is a great time to buy a home and have it rented out and managed by us. Wherever your rental home is in Colorado: Denver, Aurora, Parker, Highlands Ranch, Littleton, and beyond just to name a few. Give us, Legacy Properties-PM a call today @ 720.989.1996 or contact us to set up a consultation.
