Property Management
Sometimes, you know it’s time for a new Property Management Company for your Aurora Rental Home.
The ideal situation and time to make a smooth transition between property management services is when your current tenant’s lease is about to expire.
This is obvious to you I am sure as a Colorado rental home owner, but
The biggest concern is handling the current tenant’s security deposit distribution.
Make sure that your current management company will take care of documenting any tenant damage that might need to be repaired.
If repairs are required, and your current property manager is not being cooperative, Legacy Properties-PM can coordinate repairs with top vendors.
We would love to help you make a smooth transition to a better, more well managed property.
Call 720 989 1996 or contact us and continue your home rental property legacy.
Property Management
Real estate can be a very lucrative investment to make. It can be hard to get into, but once you break through, you can make a large amount of money. In fact, there are a number of different ways to make money on real estate property, and many of them can occur at the same time. Let’s look at a few different sources of income that might come with a real estate investment.
Appreciation in Real Estate
Appreciation is probably the form of income that is most commonly considered. Appreciation is a concept that says a piece of real estate property will gain value over time. A house that you purchase today for $100,000 might sell for $120,000 in 15 years, assuming you do nothing but take care of it. This is the easiest source of income, because all you have to do is maintain the property, however, it certainly isn’t the most lucrative source.
Rent from Home Rental Real Estate
Rent can be a very large source of income if you don’t live in the property yourself. Rent income can often solely, or at least mostly, be enough to cover mortgage payments. Once the mortgage is paid off, this can be a lot of cash in your pocket every month, and the best part is that you can collect rent while the property continues to appreciate.
Fix-up your Real Estate
Every house has a number of improvements that could be made, and many of them are surprisingly simple to do. Improving a home, of course, raises the value of the house, usually by more than the improvements cost, especially if you do the labor yourself. For example, if you spend $10,000 on improvements to a $100,000 house, it might be worth $125,000 after you’re finished. But there’s a hidden benefit to this. In addition to adding value to the house, you can also charge more for rent after making improvements, which increases that income as well.
Tax Breaks from your Real Estate Investment
This isn’t technically a source of income, but in many ways, paying out less is the same as bringing in more. You can get a tax break on expenses on a rental property. This adds even more benefit to the fix-up strategy, because this means it costs even less. You can also get a tax break for something called depreciation, which doesn’t cost you anything. That’s a pretty good way to put cash back in your pocket.
Interested in creating income with real estate but not sure where to start? Call 720.989.1996 or Contact us! Legacy Properties-PM can help you get started and be there for you, every step of the way.
Free Property Assessment
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Property Management
Finding a tenant for a vacant residential property isn’t rocket science. You advertise the property, take phone calls, set up appointments to show the house or condo, and then fill out paperwork. A general application should get you the information you need, and that’s all there is to it, right? Why hire a property management company when anyone can do that much?
Quite honestly, it’s the experience that makes the difference. At Legacy Properties-PM, we’ve been placing tenants for decades, and you learn a thing or two in that time. Applicants can look relatively equal on paper, so you have to know what to look for.
For instance, sometimes we have several applicants for a vacancy, and they all appear to be responsible people with verified employment and money for a security deposit and first month’s lease. But maybe we happened to take a peek in the car of one of the applicants when they came out to see the property. Clothes, fast food wrappers, and other garbage covered the floor. How a person takes care of their own property is an indicator of how well they will take care of yours.
Another person showed up late to the appointment, and didn’t really give an explanation or apology. That shows a disregard for other people’s time. And yet another spoke rather rudely, and informed us that they would be signing the lease and moving in the next day. It’s never easy to manage a person that doesn’t recognize who is the person in authority in the situation.
None of these criteria are on paper, but experience and a watchful eye provides us information we can use to choose the best tenant for your property. This information, combined with the application, credit report, and background check provides an assurance that your tenant will take care of your property, pay the rent on time, and abide by the terms of the lease.
If you own investment property in the Denver area and would like to know how Legacy Properties-PM’s experienced property management team can help you find the best tenants, call 720.989.1996 or contact us.
Property Management
Spotting a good deal is paramount for real estate investors in Aurora. Whether you buy a banked-owned foreclosure online or work with a Realtor to find traditional sales, look for value when hunting for your first rental. House hunting for a property you will use as a rental is a little different from hunting for a home you will occupy. When you buy a home for yourself, you follow a different timeline for making improvements. With real estate investing, you want to get your property rent ready in as short of an amount of time as possible. By hiring a residential property management company, you receive the guidance needed to generate income from your rental home. According to an article by Investopedia, there are several features to look for when trying to identify a profitable rental home.
Renters pay more for homes in better neighborhoods because they feel motivated by highly ranked schools and their perceptions of better safety and prestige. In Colorado, some of the best areas to find rentals include Aurora, Denver, Highlands Ranch, Littleton, Lakewood, Parker, Cherry Creek and Centennial. According to Investopedia, where you buy will attract different kinds of renters. For example, if you buy a rental near a college campus, you’ll likely attract students and instructors.
- Checking out the property taxes
Before choosing a rental, check out the property taxes. Your property manager will give you an idea of the market rent for the specific home you plan to buy so you know whether the market rent will easily cover higher property taxes as well as home owner association fees.
When you tour a home, pay attention to whether the necessary improvements are costly or fairly cosmetic and easy. Only an inspector and building contractor can give you a complete estimate of cost and issues. However, you can determine whether a home has potential as a rental. Can you change out a few lighting fixtures, paint and buy upgraded cabinets or appliances?
Your property manager will market your rental home to draw qualified tenants. If you own a rental that’s less than 20 years old, in a good neighborhood, close to amenities and has at least three bedrooms and two bathrooms, you’ll attract a higher rent. Instead of trying to guess the going rent in a neighborhood and what renters want, talk to experts. If possible, buy a rental home that will appeal to millennials since experts believe they will continue to delay home ownership.
At Legacy Properties-PM, we give all of our clients our undivided attention. We are a stellar property management service company in the Aurora area and proud members of the NARPM, the National Association of Residential Property Managers. For more information on real estate investing in Aurora, call 720.989.1996 or please contact us.
Property Management
Pests are a pain in a rental property. You’d think that a few bugs wouldn’t cause such an uproar, but they definitely pose a problem. Not only do you have to get rid of the intruders, but the tenants themselves can become pests when there’s an infestation. A property management company can help you navigate this situation because it’s often time-consuming and stressful.
If you have had investment property for any length of time, you’ve probably gotten the call about a pest problem. It usually goes something like this: “Hello, I just saw a ______ and you have to do something about it right now!” You fill in the blank. It could be roaches, bedbugs, ants, wasps, mice, or some other unwanted visitor.
In many cases, the tenants are the ones who brought in the pest. Maybe a roach caught a ride in a box from their last apartment, or they got a good deal on a used sofa that happened to have a colony of bedbugs living in it. But somehow, as the property owner, it becomes your problem to eradicate the issue.
Pest control is a time-consuming task. Even when you hire an exterminator, the problem requires monitoring to make sure it is under control. Several treatments are usually prescribed, as well as continual communication with the tenants because they will have to keep an eye out for pest activity.
In the Denver area, Legacy Properties-PM is experienced in dealing both with pests and tenants. We know exterminators who can tackle the problem effectively, and can handle the emotional calls from renters.
Property management services not only make your life easier when pest issues arise, but we take care of other maintenance issues, collect rent, enforce the lease, and review the property on a regular basis to make sure there are no problems. For more information on how we can help with your investment properties, call 720.989.1996 or contact us.
