All Forum Posts by: Patrick Farley

You failed Bjorn, but it was a noble effort.

Thanks Brett. Can you clarify, what is "E&O" and do you mean the PM company's brokerage?

All -

I have a unique opportunity with a company acting as a property management company, who happens to offer luxury accommodations for cannabis retreats in legal recreational markets (think STR/LTR property management firm). Their multi-year offer is well above market value for rent, so I want to proceed, but obviously need to protect myself as property owner.

Entering into an agreement with this company would remove me from managing the property and tenants directly, but what language would a contract need to include in order to end the arrangement with the firm (ex. we decide to list the property for sale)?  

Hope this kick starts solid discussion.  Thanks!

All - 

Looking to start a conversation here...

I have a unique offer on my rental home from a company offering luxury cannabis retreats to their clients in legal recreational markets. They operate like a property management company for STR/LTR offerings. I'm considering this offer as it would net me well above market value for rent but need to do my due diligence.

1.  Does anyone in my BP community have a CO residential lease for property mgmt agreements vs standard tenant?

2.  Is there an additional level of insurance I should be requesting from my agent over standard renters?  (The company has their own liability coverage as well)?

Any other considerations? 

Home is located within Denver city limits (S Broadway area).

I just entered into an active 2 year lease agreement (first, last, deposit in full) with a gentleman who's in the corporate housing business (business professionals, traveling nurses and insurance claimants to provide luxury housing while they are away). As the property owner I thought I did my due diligence by leasing to him and signing a sub-lease addendum, but as it turns out CCD denied his STR application, which I could now see why if he's not considered the "primary resident"

However, if it's possible, I'd like to make this work as the numbers make sense for both of us, and my lessee fully furnished the house and it would be taken care of far better than if it were standard tenants.  I could use some guidance on what my options are... if there's any way to salvage this opportunity besides exiting the lease.  

Thanks all.  Language is in the contract.  I know what needs to be done... suppose I was looking for some validation here.

That was the intention.  We've been in contact, and she has even partially funded, but there continues to be delays.  I have been patient, but this is likely a sign of things to come.  

I have a tenant that signed a 2 year lease agreement with me, but has not sent requested security deposit, first or last months rent as stated.  I opened my listing back up and have another verified tenant that I would prefer.  Am I under any obligation to the first signee given the individual has not sent requisite deposits?

BP -

We are converting our homestead to a rental for the foreseeable future while we relocate out of state. I'm planning to Quitclaim the deed out my wife's name into LLC then create new insurance policy to cover the property as a rental. Any landmines to avoid or best practices when it comes to Quitclaim? Thanks.