All Forum Posts by: Charlotte Raycraft

Hi everybody,

I am working on a sub2 deal in Pueblo county and am looking for recommendations for a realtor to write up a sub2 contract. Any help would be greatly appreciated.

Thank you all!

Charlotte

Originally posted by @Bill S.:

@Charlotte Raycraft yes you can! Don't forget to charge them for any utilities that were to be in the tenant's name if they were in your name during that period of time as well. If you want to twist the knife you might consider deducting a late rent charge for unpaid rent they owe since they technically didn't pay any rent when it was scheduled to do so. Also remember that a June 15 move-in means they would owe for 16 days of rent.

Just be sure to line item detail the costs on your accounting form when you send the balance back to them.

Don't give anything away to these people just because it worked out ok for you. Remember timid landlords have skinny kids.

 Hi Bill, Thank you so much for your advice. Even though they have "talked to a judge and are ready to file papers" I have stuck to the lease. I'll let you know how it works out. Thanks again, I really appreciate your comments.

Originally posted by @Jon Holdman:

First, your process needs some corrections.  If you want to hold a property for a tenant, do an agreement with them to hold it.  Mine is very, very explicit that the money they give me to hold it (equal to the deposit) is non-refundable.  If they sign the lease as stated in this agreement, that money becomes the deposit.  If not, I keep it.  I only do this for a short time, if the property is vacant.

At lease signing, we both sign all the documents, they hand over all money in cash or equivalent (ABSOLUTELY no personal checks), and I hand over the keys.  Never pre-sign a lease.  That's what creates all this confusion.

For good advice that will stand up in court, contact an attorney.  THS Law Firm is a local firm that specializes in landlord/tenant law.  

 That is great advice Jon, thank you! I will be for sure doing this moving forward. 

Originally posted by @Adrian Tilley:

Originally posted by @Account Closed:

They didn't pay rent so rent for that month will be deducted from the Security Deposit. 

 This is not correct in colorado.  Security deposits cannot be used for rent.  The terms of the lease will control.

 Thank you all for the wealth of knowledge you have shared. I was able to re-rent the house this weekend beginning July 1st so it will only be empty from the 15th-30th!!

My lease states "Landlord may deduct from the Security Deposit, Any unpaid rents, court fees, locksmith fee if keys not returned, utility bills, late charges, court costs, damages due to breach of this agreement, and damages to the premises by Tenant, their family, agents, employees, or social guests in excess of ordinary wear and tear."

Does this mean I can deduct 625 of the 1250 for the days the house was empty? 

Thanks again for all of your help. They are threatening me with lawyers and such so I want to make sure my actions are within the laws of Colorado and fair to both parties.

Hi Everybody, I am wondering if anyone knows the rules in Colorado when a tenant breaks a lease the day before moving in. The prospective tenants viewed the property and decided they wanted to rent it. They had good references and had been in the current rental for 11 years. I collected their security deposit when they signed the lease three weeks before they were to move in. We agreed the first and last months rent would be due when they moved in. First, last and security is standard in the mountains. The day before they were to move in I met them at the property to collect the rent and give them the keys and they said they didn't want it anymore as they had found a place closer to their work. Now of course they want their security deposit back immediately. Does anyone know if I can keep part of their deposit for the missed rent? I am showing the house this weekend so hopefully it will only be vacant for 2 weeks. Thank you in advance for your help. Charlotte

Hi Everybody,

I am looking for a lawyer that works with Sub2 contracts in the Denver area. I have made an agreement to purchase my first subject to deal and want to make sure I start off on the best footing possible for both myself and the seller.

I would also appreciate any advice on sub2 transactions if any of you lovely bigger pockets experts would like to chime in.

I'm super excited about my purchase and there is no way I would have the confidence to jump into this with out all of the posts and podcasts. Thank you so much for sharing your knowledge.

Happy investing!

Charlotte.