Property Management
From the time children are very little, parents are told to start saving for college. It’s true that the cost of higher education continues to rise, and financial aid isn’t as generous as it once was, so it is important to plan ahead. To avoid suffocating amounts of student loans, saving is essential. Unfortunately, even with the best intentions, many families don’t have anything left over after paying monthly bills to start a nest egg for education. This is where an investment property can make a big difference.
A wise investment in residential property will provide you with some extra funds that will grow if put in a college savings account. It’s true that even a little bit every month will add up, so if you jump into real estate while your kids are young, you’ll be able to really watch your investment grow. Even if your children are teenagers, you still have the potential to realize some significant savings before they graduate.
With the right property and healthy management, you will probably see your savings grow from month-to-month profit, but you’ll also gain equity in the property. After many years, you could even sell the property and use that money towards college bills, or possibly take out a home equity loan if needed.
In the Denver & Aurora area, Legacy Properties-PM knows the importance of family. We’re a successful third generation family business that exists because of the wisdom our grandfather saw in investing in real estate. Now we want to help other families build their legacies and realize financial stability by using the things we’ve learned.
Our property management services can help you find a property to invest in, as well as take care of a lot of the responsibilities along the way, so it won’t be a burden on you. We screen tenants, take care of leasing and licensing paperwork, collect rent, deal with maintenance problems and even evict tenants if necessary.
If you’re concerned because you haven’t been able to start saving for your children’s college education, you’re not alone. You may need additional income to set aside for the future. To find out more about doing that through investing in real estate, please call 720 989 1996 or contact us.
Property Management
The numbers are really indisputable. Wise investors know that putting some money into real estate will bring a return on investment that’s better than any bank account, and, in many cases, better than traditional CD’s or mutual funds. Maybe you have the money to invest, but you’re not sure if you have what it takes to be a landlord. There are situations when you can’t be nice. Business requires a certain level of assertiveness and if that’s holding you back, a residential property management service such as Legacy Properties-PM can help.
A property management company can help owners in several areas, but if being tough is one of your weaknesses, consider what you would do in any of these situations:
- You’re trying to find a quality renter, but need more information to make the best decision. Would you ask prospective tenants for social security numbers to do background and credit checks? Will you call previous landlords and employers to verify their information?
- A tenant hasn’t paid the rent on time, and keeps asking for extensions or won’t answer calls.
- You discover there has been damage to the property that goes beyond normal wear and tear.
- Tenants are keeping pets that are not permitted according to the lease.
- It appears that the tenant’s extended family came for a visit and has decided to move in permanently.
- You need to evict a tenant.
The last situation, evictions, can be especially tricky. For a property owner who is too nice, a bad situation usually goes on way too long before eviction is considered, leaving the owner with loss of income and other problems. Eviction also requires legal knowledge of policy and procedure which must be followed closely for a successful decision in favor of the property owner.
If you’d like to invest in residential property, but feel like some of these situations would be hard for you to handle due to your kind and forgiving nature, let us be the bad guy. Our experience in dealing with tenants who don’t follow the rules will serve you well when unpleasant circumstances arise. For more information on property management services, look to Legacy Properties-PM in the Denver or Aurora area, call 720 989 1996 or contact us.
Free Property Assessment
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Property Management, Real Estate Investing
For many retirees, rental properties in Denver provide much-needed income to supplement withdrawals from a retirement account and Social Security. Real estate investing can help you now as well as help your descendents through an inheritance. You can educate your children and grandchildren about the Denver rental market so they can have financial security even after you have passed away. If your children aren’t handy, they can rely on the expertise of professional landlords or property managers. When your children inherit your Denver rental properties, they will have something more tangible and meaningful than money.
- Understanding tax ramifications
According to an article by The Nest, your benefactors will be eligible for depreciation of the property to offset the rental income and decrease taxes owed on the rental income. A tax advisor will help your beneficiary figure out all the tax ramifications as well as the cost basis. The value of the rental home is the fair market value when you died minus the land value.
- Lining up a property manager
Even if you prefer being a DIY landlord, you can help your beneficiary by having a reputable Denver property manager take over your responsibilities. Once you are free of having to chase down the rent payment every month, you will have more time to enjoy retirement. Your children won’t have to worry about how to market the property, get market rent, screen prospective tenants or respond to maintenance requests. Also, if a bad apple ever gets in the mix, they won’t have to worry about the legal hassles of evicting a tenant.
Your financial planner can help you figure out the best way to go about buying more rental properties in Denver if you want to expand your real estate portfolio. Some people like to use a self-directed IRA to buy real estate, while others buy with cash with the future generations in mind. With rent costs escalating, it’s a good time to own rental properties. Your children can use the rental income to pay their own mortgages or help them run a business. At Legacy Properties-PM, we believe in treating our clients like family. We are proud members of the NARPM, the National Association of Residential Property Managers. For more information on leaving an estate with savvy real estate investing in Aurora, Denver, Highlands Ranch and more, please call 720 989 1996 or contact us.
Property Management
Any Denver-area property owner who has had a perfect tenant knows it’s an enviable situation. Although some quality tenants leave because of job transfers or to buy a home, there are ways to motivate conscientious tenants so they renew their leases. With quality property management to look after your tenants’ maintenance needs and solve other problems, you can greatly reduce the amount of time your home sits vacant. Also, having a property manager screen potential tenants improves your chances of finding that stellar tenants. Some novice property owners wonder how far they should go to keep a good tenant. According to an article by About Money, there are a few simple tips to follow when you want a tenant to review a lease.
Be prompt about home rental tenant requests
DIY landlords who aren’t handy may have the best of intentions, but it’s not always easy to line up a plumber or electrician on the weekend or holidays. A good property management company immediately responds to requests for repairs. According to About Money, the goal is for a tenant to feel as though they are a top priority. By hiring a property manager, you are showing your tenants that you think they are worth it. For property owners who live out-of-state, the need for property management is even greater.
Keep up with the curb appeal of your Colorado Home Rental
Some real estate investors neglect curb appeal when they aren’t trying to sell a property or flip it for a profit. Landlords may not care as much about the aesthetic appeal of a rental when it’s already leased out. If you want to keep a good tenant happy, rely on your property management company to maintain the yard and entryway. Cleaning or painting the mailbox, filling in mulch, planting native Colorado trees or plants can work wonders on the curb appeal so your tenant feels proud when pulling into the driveway.
Update the interior of your Colorado Home for Rent
If you have owned your rental property for many years or bought an investment property that hasn’t been updated since 1970, invest some money in improvements. The top priorities for your Colorado rental property include safety and energy-efficiency. Next on your list is to make the space more contemporary. You don’t need to completely gut the kitchen to keep a good tenant. However, small efforts such as replacing kitchen or bathroom flooring, adding a new kitchen backsplash or replacing worn carpet can mean a lot to a tenant who was contemplating moving out when the lease expires.
At Legacy Properties-PM, we can help you with all your property management needs in neighborhoods such as Parker, Highlands Ranch, Lakewood, Cherry Creek, Aurora, Littleton and Centennial. We are proud members of the NARPM, the National Association of Residential Property Managers. For more information on real estate investing in Denver, please call 720 989 1996 or contact us.
Property Management, Real Estate Investing
If you own an investment property, then you know one of the biggest questions is:
What to charge for rent?
Whether you’re new to residential real estate or a seasoned veteran, this issue comes up all the time, so why not ask an expert?
Rent amount is a tricky thing, because it’s based on so many factors. The size of the property, location, and upgrades make a big difference. But one of the biggest factors is the rental market, which changes constantly. If you’re renting a house, condo, or townhouse, you need to know the market so you know how much rent to charge. Rent amounts go up and down depending on the local market, so always check in with a local expert.
You may wonder, “Is it really that big of a deal? I’m sure I can figure out how much rent to charge.” Well, you can make an educated guess, which is what a lot of landlords do, but there are ramifications for being off the mark. Charging too much or too little, even by just $25 can have consequences. Ask too much rent, and you’ll generate little interest in the property, having fewer prospective tenants to choose from. Charge too little, and you’re cutting into your profits.
So how do you know who to ask about market appropriate rent amounts? A member of the National Association of Residential Property Management (NARPM) is the perfect choice. Members of this organization show a thorough knowledge of the local rental market, and they are known for their responsibility and professionalism in the field.
Legacy Properties-PM is a member of the NARPM®
and has a unique perspective on investment properties in the Denver and Aurora area because their family started out with just one property and continued to build from that small investment. You too can see your property legacy grow by deferring to their wisdom and knowledge in this area. For more information on Denver area rent amounts, call 720 989 1996 or contact us.
