All Forum Posts by: Arnie Clark

I have a single family home that i turned into a rental property, the property is paid off and the title is free and clear. My tenants have been on time for the last 4+ years but just filed chapter 7. The property is in Colorado and is located in one of the suburbs. Speaking with her, she said that i was notified because the $2,100 deposit was listed as an asset. They are current on rent, their lease is up and i am wondering if i should setup this next lease as a month to month lease or set it up for another 1 year lease? Should i be worried about letting them renew it? A little background.. they care for their elderly grandfather who is on SS and VA disability payments and he pays a majority of the rent. The person filing Chapter 7 is the grand-daughter, the person i interact with the most and who's name is on the lease. What are some thoughts on this?

Great information by everyone. I am by no means an expert in this process and was a little over whelmed with having to even start this process. I wanted to start a conversation on this topic, which i am sure a lot of investors will eventually go through on their journey. Thanks everyone for your input i will be updating my word doc to include everyone's input. ~Arnie

I posted the 3 day notice and had a come to Jesus meeting with the tenants one at after the rent was due. I came away from it with May’s rent and they had a clear understanding of my expectations. They also restarted the automatic ACH deposits. Speaking with the original poster of the above James, it sounds like it takes about 30 days.

This was originally done by another member named James. After having to start down this road i figured it needed a little more information so I added the actual form numbers and a little more info to include the websites. ~Arnie

ADAMS COUNTY FORMS can be found at the following website: https://www.courts.state.co.us/Forms/Forms_List.cf...

1. Post 3-day notice (take photo of notice on door). Use JDF 101 - Demand for Compliance or Right to Possession Notice

2. After 3-day notice has expired, You have to file the following 3 forms (found online) at the Adams County Justice Center. If you print the forms out from ONLINE, they WILL NOT accept double sided forms. You need to print SINGLE SIDE forms only.

1. JDF 101 - Demand for Compliance or Right to Possession Notice (you need a exact copy of what you posted on the property and took a picture of.)

2. CRCCP 1A - Summons in Forcible Entry & Unlawful Detainer

3. CRCCP 3 - Answer Under Simplified Civil Procedure

Window #8 at the ADAMS COUNTY JUSTICE CENTER. You will receive the court date at that time. They advised me that you need to line up someone to serve your tenants. Either the Sheriff's department (located downstairs they will direct you there, takes 2 weeks to serve them) or a company (could take 1-2 weeks to serve them.) They advised me that I couldn't serve it myself and it needed to be an uninterested party. So I couldn't use my brother or another family member.  $97.00 Filing Fee

3. The notice needs to be served 7 days prior to the court date but you will also need to give the service company about 5 days to serve the notice. If they don't serve the notice in person and physically hand the notice to the resident, then you can only get a judgement for possession and not for monetary damages. So it's really important that the server has ample time to serve the tenant in person.

4. You must also mail registered/certified court forms to the tenants to arrive approx 5 days prior to the court date.

5. Go to court. This is where you need to prove your case only if the tenant shows up. Generally they don't and you win by default through the clerk. You never even see the judge.

6. The moment you win, you need to complete the following form: JDF 103 - Writ of Restitution with an accompanying check for the cost to have the sheriff come out to oversee the eviction. This writ gives you the right to enter your property and remove the tenant's contents. This is filed again at window #8 at the Adams County Court house. You can get the cost of the sheriff by calling the Adams County Sheriff's dept.

7. Take the writ after validation at the courthouse directly to the Adam's Country Sheriff which is a couple miles from the courthouse. Bring a check to the court appearance so you can immediately schedule the eviction with the sheriff - it will save you from having to make two trips out there. The sheriff's dept will assign a sheriff and he/she will call you to schedule the exact day and time. Typically the sheriff will put a note on the door letting them know they are being evicted so that will take another couple days.

8. When you speak with the sheriff, it's important to find out how many movers he requires, how full the house is with stuff, could the tenant become dangerous, are there kids on the premises, are there pets on the premises, etc. He will also require you to bring trash bags and boxes. You will move everything to where the sheriff designates is a good spot and it will remain there for 72 hours until which time you can dispose of it.

9. Finally you get your house back!

Hope this is helpful! Generally this process takes a month if it goes smoothly and costs a little under $1,000 if you do it yourself.

1. The Three-day Notice informs the tenant that they are being asked to leave the property and why. This notice can be given in person or posted on the door of the property, and also may be called a Notice to Quit, Notice to Vacate, or Demand for Compliance.

2. The Summons, Complaint and Answer is found in the F.E.D. This document informs the tenant that there is a court hearing regarding the eviction. The F.E.D. must be personally served or posted by an uninterested third party (e.g. NOT the landlord or property manager).

3. You should always make an effort to attend the court hearing regarding your eviction. If there is a chance to negotiate with your landlord/property manager about time frames for leaving the property and money owed, this is it! At the time of the court date, the Writ of Restitution is issued. This is what allows the Sheriff’s deputy or police officer to evict the tenant of a property. This document MUST be served by the Sheriff/Sheriff's Deputy before an eviction can take place.

4. A minimum of 48 hours must pass after the Writ of Restitution is issued before the tenant can be evicted. At the time of the eviction, the tenant will have 1.5 hours to remove their belongings from the property. If there are no delays in the eviction process, a tenant could be evicted in as few as 10 days from the time the Three-day Notice is posted.

In Colorado, evictions are handled by the civil division/unit of your county's Sheriff's Office or Police Department. Below you'll find the specific contact information for the civil units of Adams, Arapahoe, Broomfield, Denver, Douglas, and Jefferson counties.

RESOURCES

http://www.coloradohousingconnects.org/eviction.html

https://www.courts.state.co.us/Forms/Forms_List.cfm?Form_Type_ID=28

I have been using *********** for my rent collection/transfer to my checking account for the last 2 years Without any issues with my tenants or ***********. It does take awhile to hit my bank. Anyone have anything better they would recommend? Below is the process for ***********. ******************************* ACH rent collection is not a wire-transfer. The payment process requires multiple steps and takes approximately five business days to complete. Benefits: Affordable ACH payment collection through *********** allows for faster access to available funds compared to checks, faster notification of non-sufficient funds compared to checks, and no bounced payment/check fees for landlords. Here is how it works: All tenant payments are processed at 3:50 PM (MDT). If the tenant makes the payment on a business day after 3:50 PM (MDT), the payment will be processed the next business day. Below is a summary of the daily transaction activity. Business Day 1: Tenant payment is processed by *********** at 3:50 PM (MDT). Business Day 2: *********** receives tenant’s payment into an escrow account. Business Day 3: ***********’s bank verifies if the tenant’s payment is good funds. Business Day 4: Tenant’s payment clears the non-sufficient funds return window, and *********** forwards the payment to the landlord’s bank. Business Day 5: Landlord’s bank posts the tenant’s payment in the landlord’s bank account. The payment settles in the landlord’s bank account one day later. Weekends and holidays extend the timeline because ACH banking activity is closed.

Thanks everyone for the great tips and from looking at from a different perspective. I’m going to just leave well enough alone. I have less than 80k left to pay it off and my mortgage payment is only $1100.

I currently own a rental in Northglenn Colorado a Northern suburb of Denver CO. Its a 2k sqft, SF home with 4 bedroom, 2 bath, 2 car garage, large backyard with a large storage shed. It is an older home that we lived in for 16 years but remodeled the kitchen and both bathrooms before we moved out and made it a rental. The house even has solar on it so the renters do not have a monthly electrical bill except for $16 to stay connected to the grid.  I also have a lawn service to maintain the lawn. I am currently charging $2100 a month for rent. They have been in there for 2 years, i have auto deposit setup for the monthly rent so they have not missed a payment. They are kind of hard on the house. No holes in the walls but their version of clean and tidy is not mine. That and their 2 dogs have scratched up the new interior doors i just put in as well. Would a rent  hike of $200 a month which would take it to $2300 month be out of line for the current Denver market? Thoughts or suggestions please?

Hi James,

I was wondering how do you get a VA loan for an investment property? I thought it had to be your primary residence? Or is this going to be your primary residence?

Thanks

Arnie 

Hi Julie,

I don't hesitate using whoever I can get the job done and done right. I have used craigslist in the past and I post the job i need done and what i am willing to pay for the job. You would be surprised on how many people want work and can do the work. They just don't carry liability insurance. Just remember it is craigslist and you have to be blunt and up front on what you want and what YOU will pay. I tell them upfront if they do not do the job to my satisfaction they do NOT GET PAID. My rental property needed 4 rooms painted, a hole patched i was contacted by a guy who owned a Restoration Company in Colorado Springs that needed some work for their 3 guys. They drove from the Springs to Northglenn to do the work and it took them 12 hours to finish it. I bought the 5 gallons of paint and they brought everything else, i only paid $500 for the job. They did an outstanding job. My ad read if you get paint all over the floor or windows you will not get paid. You will get the normal craigslist crazies you will have to weed through.

So your handyman charges you a $800 a year premium?? Then you still pay the $12 an hour for whatever you need done? What does that $800 premium get you?

Sounds good.