Renting a single family home to multiple tenants can be done, but it’s important that you distinguish between renting the property out as a whole and renting it out bedroom by bedroom. You just need to be careful. Some owners are under the impression they can rent out individual bedrooms in their homes, but it really depends on your location and corresponding zoning laws. (more…)
We are providing some landlord education today, and specifically discussing a few things related to rent to own properties. Many homeowners and prospective tenants are looking for rent to own situations, or lease options. There are different things out there people use to attempt to get the tenants to buy the property during the lease. Maybe they purchase it at the end of the lease or a portion of the rent proceeds go to the purchase price of the home. However the arrangement is designed, you have to keep some important things in mind. (more…)
I get a lot of questions about how much the eviction process in Colorado costs, and how to go about it. Property managers who are handling evictions must make sure the process is done through an attorney. We cannot legally represent other people in the state of Colorado. So, notify your landlords that they will need to hire an attorney. Most eviction attorneys will charge between $300 and $500 to complete the process assuming it’s uncontested. (more…)
We’re talking about a hot topic today, which is marijuana laws and how they affect your Colorado Springs rental property. A few years ago, Amendment 64 was passed in Colorado, which legalized the possession and consumption of marijuana. Many landlords have asked if this means they need to allow it in their properties. There are three specific things you need to know about this topic: (more…)
Usually, your homeowners association insurance will cover some portion of rebuild costs on your condo or townhome. However, you need to buy an HO6 policy to further protect yourself. This type of insurance provides additional coverage that is specific to your unit instead of the whole association. (more…)
There are a few things you need to know about rental property insurance, especially if you were living in the home and then vacated it in order to rent it out. In such a case, you want to make sure your insurance company switched you to a landlord policy instead of a homeowner policy. It covers different things and provides additional coverage. I’m no expert in insurance, so make sure you talk to your agent or your insurance company. I can, however, share a few broad things that make a difference in successfully renting out your property. (more…)
Home warranties can be interesting when it comes to your rental property. A lot of property owners are big proponents of warranties, and that’s fine. I’m not for or against them. It is important, however, that you understand what’s in your warranty so you can be sure you get what you’re paying for.
Whether you’re a professional landlord or a property owner who is self-managing, you need to be educated about and prepared for fair housing laws. One of the most challenging fair housing areas for most owners is service animals and companion animals. Today, we’re providing some important landlord tips that will ensure you don’t unintentionally violate the law. (more…)