All Forum Posts by: Diane Kruse

I am preparing to rent my first unit for $2000/month.  To ask for first, last month rent, and security deposit of $2000 seems too much ($6000) for people renting a home.  I was thinking first month and security.  I know I run the risk of being stiffed the final month and potential damage to home, but I have also heard renters can have the extra month rent applied through the course of the year if needed, so it makes no difference?

What sounds reasonable?

Thanks,

Diane

My observation is this is a very special niche property, and therefore more difficult to rent.  Have you explored rental comparisons in Denver?  Also, you run a liability risk as the owner of the property advertising a bedroom "mother-in-law" apt. without an egress window if something horrible happens.

Thanks for the update.  I was in Portland in September, and clearly the home I stayed in (airbnb) was someone's second or investment home...

So if one does not comply, what is the "punishment"? Also cost for license?

Diane

Thanks to all for the input.  As I said earlier, this is my first place.  I had no idea carpet will wear out or become unable to clean so quickly and need to be replaced.  If I can extend the life of the flooring with vinyl planking (also help re: animal issues) that will be wonderful for my bottom line.  

Thanks,

Diane

I liked the idea of vinyl planks because I thought they would last longer, thinking I could install myself, but my contractor was discouraging on price when he started talking about the need to level the cement floor (online it says less than 3/16" for every 10 ft - I've never used a self-leveler) and putting in a sub floor.  I won't be able to really check out the cement floor until the current residents move out.  I have done cement patching before when we put down carpet tiles in our basement.  Am I overthinking it? Have people used the vinyl planks in bedrooms - in a basement bedroom I thought it would feel "warmer" with carpet.  

Closing soon on first duplex, and need to finish basement into two bedrooms and family room on each side (6 rooms total, and one hall).  Any suggestions of good places in Denver to purchase carpet?

Went to HD and through this month they have free install if I buy carpet over a dollar per square foot, and can install within 72 hours to 7 days, depending on what I choose.  That sounds pretty good.  They said it would be $1 linear foot for material and to install the tack strips.  That seemed high given material is only $20/400 ft, but they will have to be nailed into concrete?

The person I spoke to recommended a .95 pad with moisture barrier on both sides of the pad.  I am going to allow pets - has anyone used this moisture barrier and did it make a difference protecting the pad and allowing repeat carpet cleaning from pet issues?  Or go cheaper expecting the pad to be replaced regularly?

Reading other forums, nylon with cut pile looks recommended?

Thanks for any advice.

Diane

Thanks for all the great input.  The first estimate I received is clearly too vague.  And my contractor wanted half the money up front to get on his schedule, which I needed to time with my closing.  I am meeting with him today with the purpose of more closely identifying the work, and will tell him I want it in writing.

Diane

Hi Mat,

I am in the same situation.  I met with a contractor and he provided an estimate on renovations, but it was very general.  I am meeting with him again tomorrow to try and get a more itemized estimate/statement.  And I realized I should get an "end date" for when the work should be completed.  I too would love to hear any advice.

Diane

I, too, was looking at condos in the beginning, and got nothing but discouragement from two different realtors. They cautioned me on special assessments and changes on HOA fees, plus if I needed financing it was more difficult to get a loan on a "unwarrantable" condo. That being said, I really liked the idea of many management/maintenance issues being covered by the HOA fees since I work full time, and some have amenaties or utilities covered which are nice to offer a renter. Now it is challenging to find a condo at a good price with low HOA so you can make a few hundred a month, but they are there. Will they hold their value since they tend to not be in the more desired part of town? Hard to know.

I am closing on my first duplex in Denver, CO.  I will check with my personal home and auto insurance, but are there any recommendations for an insurance company for a duplex rental?

Thanks,

Diane