All Forum Posts by: Kelli Powell

Hi all! I'm an out of state investor and looking for a little help with turnover in Colorado Springs. I have current tenants moving out 12/15 and new tenants moving in approx. January 1. I'm looking for someone who can gather keys and conduct a move-out inspection and issue keys to new tenants. I'm not looking for a property manager, just someone I can establish a relationship (maybe a local realtor) that I can pay a fee to help out with this task. 

I'm also looking for a move-out cleaner and would appreciate any reccomendations as the last one I had is no longer in Colorado Springs.

TIA!!

Thank you everyone! I took everyone's advice and the letter I sent is below. Any feedback would be great! I sent it yesterday and haven't received a response yet, but either way, I'm happy with my decision because it allows me to set a SOP and follow it in the future.

Dear *********,

We can propose the following compromise after thoughtful consideration of your needs and ours. First, it's important to share the reasons behind our preference for the lease to expire in the summer months:

1. Mitigating Risk of Winter Vacancy: One of our primary concerns is to mitigate the risk of vacancy during the winter season. Finding new tenants during the colder months can be challenging, and we aim to avoid any prolonged vacancy periods.
2. Enhanced Flexibility for Tenant Management: Another factor influencing our decision is the greater flexibility it offers our property manager, ****, to effectively manage and find tenants during the summer months. With more availability in her schedule, **** can dedicate ample time and attention to ensuring a smooth transition for both incoming and outgoing tenants.

In light of these considerations, we would like to present the following options for lease renewal:

Option 1: Current lease term ending on July 31, 2024 with tenants required to vacate at the end of the Lease Term if a new Lease Agreement is not authorized.

Option 2: 9-Month Lease Term

• Lease Term: August 1, 2024, to April 30, 2025 @ $2,600/month
• Early Termination Clause: Should you need to terminate the lease early, a stipulation of three months' rent will be required and
• Notice Requirement: Written notice of termination must be provided at least 30 days in advance.

For example, if you provide your 30 days notice on October 31st, tenants would be expected to vacate the property by November 30th. In such an event, the tenants will be responsible for paying a lease termination fee equal to 3 months’ rent ($7800), as liquidated damages for the Landlord's inconvenience and costs associated with finding a replacement tenant. The tenants will also remain liable for any unpaid rent, damages, or other charges accrued under this lease agreement.

We believe these options provide a balanced approach, offering you the security of a fixed-term lease while also allowing for flexibility in case your circumstances change.

Please take some time to review these options, and feel free to reach out to us with any questions or concerns you may have. We value your tenancy and are committed to working together to ensure a positive living experience for everyone involved.

Warm regards,

Thank you all for the suggestions; I appreciate it. Several of the suggestions posted are ones I haven't thought of that I will try. 

Not helpful, but thank you for your comment.

Hello,

I'm a self-managing landlord and I'm looking to build a network of go-to people for maintenance and emergencies. Any recommendations of positive experiences you have had within the last 6 months would be much appreciated.

Thanks in advance!

Hello, 

I'm an out-of-state landlord and I'm looking to build a network of go-to people for maintenance and emergencies. Any recommendations of positive experiences you have had within the last 6 months would be much appreciated. 

Thanks in advance!

I have wonderful long-term tenants whose lease ends June 30th. I purposely made it this way so that it doesn't renew in the winter. The tenants informed me that they are looking for a home to purchase and would like to extend the lease until September and then month-to-month until they find something.

Does anyone have suggestions on best practices so that it is a win/win? I don't want to get stuck trying to rent out the house in winter months (upstate NY and no one wants to move in winter) but also don't want the tenants to have to leave until they are ready. TIA!

My son bought a house in September 2022, lived in it, and then was deployed in March 2023. He will be returning soon but will be PCS to another state in the summer.

Questions:

He has been renting the house while he was deployed and only lived in the house for about 9 months after purchasing it. It will continue to be rented out because of his location change. Will the extension of the 2 out of 10-year rule apply to him if he decides to move back to Colorado and live in the house in the future? My understanding is that military can receive an extension of the "must live in the home 2 out of 5 years" to 10 years.

How does this work for taxes?? Does he have to report the income he received this past year and declare it a rental event though he would like to move back in eventually?

Will he still have to pay capital gains if he sells?

What are the options here?

Thanks!

My son bought a house in September 2022, lived in it, and then was deployed in March 2023. He will be returning soon but will be PCS to another state in the summer. 

Questions: 

He has been renting the house while he was deployed and only lived in the house for about 9 months after purchasing it. It will continue to be rented out because of his location change. Will the extension of the 2 out of 10-year rule apply to him if he decides to move back to Colorado and live in the house in the future? My understanding is that military can receive an extension of the "must live in the home 2 out of 5 years" to 10 years.

How does this work for taxes?? Does he have to report the income he received this past year and declare it a rental event though he would like to move back in eventually? 

Will he still have to pay capital gains if he sells? 

What are the options here?

Thanks!