Denver property management Archives - Page 3 of 4

House Hasn’t Sold? Speak to a Property Management Company About Rental Options

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.

3 Steps to Finding a Great Tenant for Your Investment Property

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.

Finding an Investment Property to Capitalize on Renting Trends

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.

Keep your tenants happy

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.

Where Does the Money Come From With Real Estate Investment?

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.

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An Experienced Property Management Company Will Find You the Best Tenant

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.