All Forum Posts by: Anthony Manning

Hey All, 

Does anyone know where I can find resources on how to terminate a month to month lease in Arvada?  

The scenario I'm concerned with is regarding recently purchased a duplex in Arvada where one side is vacant and the other side has someone paying below market rate.  I'd like to rent the side that's vacant and move into the side that's occupied (once current occupant is gone), but first need to get the tenant out of there.  The current tenant has paid on time, they have previously just paid a relatively low amount for years.  

Everyone I've spoken to briefly says this shouldn't be difficult, just serve them a 30 day notice.

I've found the below from Colorado Legal Resources which is the state level guideline.  

https://advance.lexis.com/documentpage/?pdmfid=100...

13-40-107. Notice to quit

(1) A tenancy may be terminated by notice in writing, served not less than the respective period fixed before the end of the applicable tenancy, as follows:

(b) A tenancy of six months or longer but less than a year, twenty-eight days;

(c) A tenancy of one month or longer but less than six months, twenty-one days;

(d) A tenancy of one week or longer but less than one month, or a tenancy at will, three days;

(e) A tenancy for less than one week, one day.

(2) Such notice shall describe the property and the particular time when the tenancy will terminate and shall be signed by the landlord or tenant, the party giving such notice or his agent or attorney.

(3) Any person in possession of real property with the assent of the owner is presumed to be a tenant at will until the contrary is shown.

(4) No notice to quit shall be necessary from or to a tenant whose term is, by agreement, to end at a time certain.

(5) Except as otherwise provided in section 38-33-112, C.R.S., the provisions of subsections (1) and (4) of this section shall not apply to the termination of a residential tenancy during the ninety-day period provided for in said section.

Based on this, it looks like for month to month occupants, 21 day notice is the appropriate time for Colorado, but I wasn't sure if there was any specific code that needed to be followed in Arvada aside from the Colorado text above.  

Things I'm worried about are anything related to rent control, anything related to the tenants rights that I haven't thought about before (like cases of tenant being not mentally there as I know in Los Angeles where I'm from, things like that might impact procedure), etc.    

So really, I have three questions to be clear:

1)  Does anyone already know what I need to do here?

1)  Does anyone know (aside from 13-40-107 that I pasted) the authoritative text on this in Arvada (if it differs from Colorado) for ending month to month leases?

2)  Can anyone think of any scenarios where this wouldn't be easy and could get dicey?

I will speak with an attorney, but want to have a good understanding first and any feedback would be greatly appreciated.   

Thanks!

-Anthony 

@Chris Sukala from what I understand, the markets are fairly similar.  The only difference is that I'm moving to Denver in 3 months where I'm looking to owner occupy.  Even if I end up not owner occupying and just getting rental property, until I have some skin in the game, I'd like any of my future rentals to be local so I can manage them.  I'd consider rental investing at a distance once I have more experience.  But as a first property, it makes sense for me to buy where I'm going to live.  

But, there are some cool spots in Austin if you are interested! 

Yes!  Thanks all for the feedback, this is great.

@Brendan M., I see what you're saying. In Austin, a buddy of mine and I were paying pretty ridiculously high rents combined to live in a newer building, so anything less than that is a huge bonus. That combined with splitting with my girlfriend, whatever we end up doing should have pretty positive impact, so I'll take discounted rent if the numbers line up. If I could do that until 20% is paid off where I can refinance, I could get the PMI removed / restructure the debt to be cash flowing in theory, right?

@Adam Ferro, from what you've seen, are duplexes more common or in general are 2-4 unit properties in Denver going to be scarce?

@Bill S., so what you're saying is not only will multi-units in downtown be very difficult to find, but any that you do find, the competition is tough because I'm competing with people that are much more established who will pay more to do what I'm trying to do?  I guess if you have money and believe in the area appreciating, cash flow becomes less of a focus for some investors.  

@Christy Browning, Aurora was actually on the map for me...I understand they've been developing quite a bit.  I plan on looking around a bit more at surrounding areas.  Have there been any particular parts of Aurora that you've liked or found appealing properties near?

Again, really appreciate you guys...the comments help paint a picture I didn't have before.  

Hey All! I’m new to BiggerPockets but this seems to be exactly the resource I’m looking for. Looking forward to learning from you!

I’m currently in Austin but will be moving to Denver end of June for work. My goal is to buy a property before the end of the year. I’ve been toying with a couple of different ideas based on books I’ve read / research I’ve done. I was hoping to run my thoughts by more experienced eyes with hopes I can get feedback / better direction.

I’m looking for a Residential Multi-Family (2-4 Units) in Denver, the closer to downtown the better. I plan on living in one unit with my girlfriend for the first year or two and then renting out the others. Because I’m not there yet physically, I’ve been resorting to Redfin/Zillow to try and get a sense of where these sort of properties are and what they sell for. Are there typically these sort of properties available regularly or are they more scarce? I plan on doing more off-market prospecting once I’m there, but I’ve found Redfin/Zillow to be decent resources…does anyone have a preferred technique to be able to find these sorts of properties?

From my initial research, it would appear that while deals are out there in Denver, finding high cash flow properties is going to be harder and require digging deep / networking which I don’t mind doing. I understand that a property has to cash flow positively, especially as a newbie. But for me, I figure that with 2-4 units, that will be a quicker way to build equity to then refinance to buy other units in two years or so where then I’d be much more familiar with the area and be better at finding good deals. Is it bad to care more about building actual equity over the next two years than caring about finding the most cash flow? Because where my head is at, I’ve been paying way to much in rent over the last 10 years without owning anything so if I can find a 3 or 4 unit that’s not negative cash flowing and have tenants that are helping with equity build, then I’m in a much better spot than current. Any red flags with that thinking?

And lastly, I was thinking FHA loan for this where they have maximum loan amounts for the type of property you want. The pros: 3.5% down, seemingly easier to get. The cons: MPI, takes longer to close which can be important if I do find a good deal that I'm competing for with cash offers. The alternative for me is a conventional loan, but particularly for 3 or 4 units in Denver, I'm then approaching down payment size that's probably a bit outside my budget. Any thoughts based on what I've described what would be a better financing route?

Know that is a lot of general topics where each could be discussed in depth that also depend on specific numbers a ton, but those are my general thoughts as of now. Any people who can weigh in, I’d really appreciate it. Or if you know of anyone who can help, I am very serious about buying before the end of the year so would love to chat further.

Thanks!

Anthony