Property Management
There are associations for just about everything these days, and putting a bunch of letters after your name doesn’t always mean much, but in the case of the National Association of Residential Property Managers (NARPM), you want to pay attention.
These are true stories that have happened when investment property owners put their trust in a manager who either doesn’t know the business or is trying to make a quick buck. If you own a rental property and hire the services of a property manager who is not a member of NARPM, these are some of the things you can expect:
- A property manager collected the rent for an apartment, and agreed to hold on to it until the owner picked it up. Instead, he spent the cash when faced with a personal “emergency.”
- Instead of hiring a plumber as agreed upon, the property manager tried to replace a section of pipe that wasn’t draining properly himself. In his new design, the water has to go uphill to drain, which means he must not have learned about gravity in school.
- Another property manager pressed for cash decided to upgrade the property owner’s plumbing system. He removed all the copper pipes and sold them.
- An owner was forced to evict a tenant for non-payment, and the manager said he could handle it. Unfortunately, he didn’t know the proper procedures and the case was thrown out when it got to court. After paying court fees, the tenant got to stay while the owner re-started the process.
These cases may be the extreme, but the fact is, anybody can claim to be a property manager. Even without any business expertise, knowledge of local regulations, skills to take care of maintenance issues, or just general ethics, a person can call themselves a manager and take your money without doing much to help you.
When you hire a property manager who is a member of NARPM, you can rest assured you won’t have to deal with any of these issues. Members are experts on local and national codes and regulations, do their work with great professionalism, and are held to a high level of integrity and honesty.
In you own an investment property in the Denver area, and are looking for a property manager who is a member of NARPM, please call 720.989.1996 or contact us. Legacy Properties-PM’s experience combined with our commitment to serving property owners makes us the best choice when you’re looking for someone to manage your real estate investment.
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
[gravityform id="1" title="true" description="true" title="false"]
Property Management
When discussing investment properties, one of the most common comments that comes up is “I’d like to buy an income property, but I’m not handy.” Many people seem to have a phobia about jumping into real estate investment because of their inability to take care of maintenance needs, but you shouldn’t let that hold you back.
When you partner with Legacy Properties-PM in the Denver, Aurora, Centennial, or Parker areas, you don’t have to break out into a sweat whenever you get a call that something needs to be fixed. First, you won’t even get the call. Tenants will call us directly and we will evaluate the situation. Second, we’ll take care of getting it fixed. Whether we use someone on our staff to take care of the repair, or we need to call in one of our trusted contractors, you don’t need to worry about it.
Does the thought of paying for maintenance leave you concerned about finances? We understand. After all, you are in it for the investment. When things break, it does cost money to fix them, but we make every effort to keep costs down. Our experience gives us the advantage of being able to fix common issues quickly, and for larger jobs, we have relationships with local contractors who will do the job right at a fair price. Many people make a great profit on their rental properties without ever lifting a hammer, so don’t let it stop you.
What else is holding you back when it comes to jumping into real estate investment? The idea of finding responsible tenants for your property? Collecting rent? Dealing with needy tenants? Or possibly having to go through an eviction process? We can take care of all of these issues, so don’t let small issues get in your way. Whether you’re a current property owner who is struggling, or someone who is just starting out, please call 720.989.1996 or contact us. We would love to be part of your team.
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.
