720 989 1996
Do You Have What it Takes to Be a Landlord? A Residential Property Management Company Can Handle It

Do You Have What it Takes to Be a Landlord? A Residential Property Management Company Can Handle It

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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Real Estate Investing so You Can Leave Your Children an Inheritance

Real Estate Investing so You Can Leave Your Children an Inheritance

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.

We show your Colorado properties one on one to your tenants in Colorado

Aurora, Denver, Property Management

Does your property management company take the time to show each of your tenants your property one on one?

We do.

Most real estate agents will do an open house on your rental property in Colorado and just let people wander aimlessly around and do nothing to really get the property rented to one of the people who show up.

OR

The real estate agent will put a lock box on the door and have another agent give your potential tenant a tour of your property.

We usually have your property rented within a week or two from when you decide to use our property management service.

We advertise on about 270 websites and we do video tour advertising through YouTube and Vimeo.

You can see an example of our video advertising for one of our clients below.

We act as your real estate agent in a way that most do not, and personally give your potential tenant a tour of your property.

We ask your tenant about what their real needs are and match them to the benefits of your home for rent.

Taking your tenant through the rental application process step by step also helps speed up the process of having your property rented and raising your income level sooner.

And then we go even further to ensure that your property will be well cared for.

Legacy Properties-PM will personally interview your tenants as well and run complete background checks even calling and asking previous landlords and employers about the character and reliability of your tenant.

By taking your tenant on a tour of your property, we are able to make them feel that we are in a professional environment and that your property is and will be taken care of.

Your tenants will appreciate it, and so will you.

 

Call 720 989 1996 or fill out our property management form and lets grow your Colorado property investment legacy.

We Know The City and County Codes in Colorado

Property Management

Concerned about licensing your rental property in Colorado?

None of our Property Management Service clients are.

Why? Because we make sure all of your license paper work is filled out completely and submitted to the correct city.

Call 720 989 1996 and we will gladly check to see if your property license has been filed correctly.