Property Management Education

4 Lease Renewal Tips

By Marc Cunningham Sunday, November 28, 2021

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...

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Can I Leave My Lawnmower For My Tenant To Use?

By Marc Cunningham Monday, November 22, 2021

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 questio...

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Inflation in Rental Real Estate

By Marc Cunningham Sunday, October 31, 2021

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 mon...

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Should I Use a Home Warranty Company for My Rental?

By Marc Cunningham Saturday, October 30, 2021

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...

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Can I Sell My Rental Property With Tenants Living There

By Marc Cunningham Friday, October 29, 2021

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, th...

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Top 5 Lease Agreement Clauses

By Marc Cunningham Monday, October 18, 2021

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 manage...

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How Much Should I Budget for Repairs?

By Marc Cunningham Thursday, September 30, 2021

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 int...

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Can Landlords Charge Late Fees?

By Marc Cunningham Monday, September 20, 2021

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...

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What Can I Charge to My Tenants Security Deposit?

By System Sunday, September 19, 2021

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 an...

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How Often Should I Inspect My Rental Property?

By System Sunday, September 19, 2021

Key Points:Inspect the property once a year during the middle of the lease term.Look for evidence of unauthorized pets, illegal activity, or maintenance needs.Many problems can be avoided with quality tenant screening.It is a critical mistake to place a tenant and then forget to ...

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