By Marc Cunningham - Sunday, November 28, 2021

4 Ways to Maximize Your Rental Income

Key Points:Vacancy is one of the biggest costs landlords face.Paying for utilities, though well intentioned, loses you money.Periodic, modest rent increases are expected.If you own rental property, it's probably safe to say your number one priority is maximizing the income generated from that property or portfolio. Here at Grace Property Manage...

By Marc Cunningham - Sunday, November 28, 2021

4 Lease Renewal Tips

Key Points:Turnover is your biggest expense, so it pays to treat your residents well.The number 1 reason tenants leave a property is due to poor quality maintenance.Be sure to stay current with costs and build in a rent increase regularly. The longest tenant we’ve ever had at Grace Property Management lived on the same property for 30 ye...

By Marc Cunningham - Monday, November 22, 2021

Can I Leave My Lawnmower For My Tenant To Use?

Key Points:Landlords can be held liable for personal property left behind.Oftentimes, leaving behind personal property requires a lease amendment.Tenants likely cannot be held accountable for damage to the personal property you left behind.While it may seem like a bizarre question, the team at Grace Management knows the importance of addressing the...

By Marc Cunningham - Sunday, October 31, 2021

Inflation in Rental Real Estate

Key Points:Vendor and labor costs are increasing due to increased prices for things like appliances, capital improvements, parts and supplies.Anticipate inflation by adjusting your rent appropriately to cover greater expenses.Remember, rent can only be increased once every 12 months in Colorado In this video, Marc Cunningham discusses the current i...

By Marc Cunningham - Saturday, October 30, 2021

Should I Use a Home Warranty Company for My Rental?

Key Points:Home warranty firms typically are slow to respond and use low-skilled labor.Home warranty contracts have a lot of fine print.We advise that the money you would be paying for a home warranty is better placed in a savings account.As a Colorado real estate investor, is it worth it to buy a home warranty? Our simple answer is no. It’s ...

By Marc Cunningham - Friday, October 29, 2021

Can I Sell My Rental Property With Tenants Living There

Key Points:What are the benefits and costs associated with selling your rental property?Property sales are subject to the current lease agreement.Though you don't incur any "make-ready" or vacancy costs, your buyer pool may be reduced.As with any asset, there may come a day that property owners want to sell one or more of th...

By Marc Cunningham - Monday, October 18, 2021

Top 5 Lease Agreement Clauses

Key Points:Be sure to include specific clauses in your lease to protect yourself against month-to-month situations, pets, marijuana, appliance wear and tear and subrogation of InsuranceWhether you self-manage your rental property portfolio or rely on a third-party property manager to take on the task for you, there are a few critical clauses that s...

By Marc Cunningham - Thursday, September 30, 2021

How Much Should I Budget for Repairs?

Key Points:Remember that tenant turnover costs money, and you need to budget for this process.We recommend that landlords keep 8.3% of their annual income for repairs.Keep a reserve amount of money for big ticket items.How Much Should You be Budgeting for Repairs? To put into perspective just how challenging this can be, we looked to one of th...

By Marc Cunningham - Monday, September 20, 2021

Can Landlords Charge Late Fees?

Key Points:SB21-173 “Concerning Rights Related to Residential Rental Agreements”Late fees are now capped at 5% or $50 in ColoradoNew rules for when late fees can be chargedSB21-173, Concerning Rights Related to Residential Rental Agreements, is a long bill that covers various aspects of rental agreements and rules for Colorado landlords...

By Marc Cunningham - Sunday, September 19, 2021

What Can I Charge to My Tenants Security Deposit?

Key Points:Ensure a smooth move out for both landlord and tenant.What can you deduct for a particular damage item?What is the difference between damage and normal wear and tear?If you own Colorado rental property, it’s imperative that you make yourself aware of the rules and regulations regarding security deposits. When a tenant vacates your ...