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All Forum Posts by: Theresa W.

Theresa W. has started 3 posts and replied 135 times.

Post: not allowing winter move outs

Theresa W.Posted
  • Rental Property Investor
  • Golden, CO
  • Posts 136
  • Votes 65

After leases go MTM, I ask for a new 1 year lease with the explanation that renting in the winter is difficult. I explain that I understand life happens and if they need to break the lease before April, I would allow them to do so but they would be responsible for rent until it is re-rented. I've had zero vacancy days with this strategy.

Post: DENVER May 19th Meetup!

Theresa W.Posted
  • Rental Property Investor
  • Golden, CO
  • Posts 136
  • Votes 65

Aaugh, missed it! I'm out of town for the next one, too. Looking forward to meeting up in July.

Post: Everett Mother-In-Law suite

Theresa W.Posted
  • Rental Property Investor
  • Golden, CO
  • Posts 136
  • Votes 65

As communities prepare for an aging population, accessory dwelling units or MIL apartments are becoming more common in SFR zones. Check with the city planners because if it is allowed, it may have restrictions, such as a requirement for an owner occupied main residence.

Post: Buyer is requesting to see my home inspection report

Theresa W.Posted
  • Rental Property Investor
  • Golden, CO
  • Posts 136
  • Votes 65

I'm not sure there are any advantages to doing so. If you've repaired items, the report is no longer valid. Some of the items may not be noticed by a new inspection report, which the buyer should be obtaining, not you. I'd politely decline, claiming it's no longer useful. Repeat as necessary.

Post: Retaining wall issue - house under contract - real estate lawyer?

Theresa W.Posted
  • Rental Property Investor
  • Golden, CO
  • Posts 136
  • Votes 65

@Drew Denham Well, it is his problem, but it doesn't sound like you can rely on him to contribute any $$, given his reaction. Do you know which side built it originally? If you can establish it was built by him or his previous owners, that might establish some ownership. Is it falling down over something valuable, like your driveway or on your home? If so, he may have some liability if it fails. Talk to your insurance company about how to handle it, as they've seen these situations before. Prepare for the worst case that you may have to foot the entire bill. Depending on what size wall we're talking, $10,000 may not cover it.

Post: Newbie From Colorado!

Theresa W.Posted
  • Rental Property Investor
  • Golden, CO
  • Posts 136
  • Votes 65

Welcome @Kelsey Bunker! Nice to meet you and we're practically neighbors. Consider setting a keyword search to "Denver" and you'll be in the loop on all the local conversations. Hope to see you at the next meetup.

Post: Retaining wall issue - house under contract - real estate lawyer?

Theresa W.Posted
  • Rental Property Investor
  • Golden, CO
  • Posts 136
  • Votes 65

Hi @Drew Denham A few things to consider:

1. Is the retaining wall to hold dirt on your property or the neighbors? It may need replacement, but if it's function is to hold your neighbor's dirt, I would think they need to put skin in the game. Whoever is uphill should pay more.

2. A long term solution would be to record an easement, allowing either party to do maintenance. Geogrid can go back 10 feet or more into the soil, so perhaps a 20' easement straddling the lot line would be appropriate. That could be something you and the neighbor record at the County yourselves.

I'd knock on the neighbors door and ask them what they think. It's not a cheap project, and if they leave you with the bill, you might have justification to negotiate on the price. Good luck!

Post: Does land zoned commerical/residential add value?

Theresa W.Posted
  • Rental Property Investor
  • Golden, CO
  • Posts 136
  • Votes 65

Hi @Christina R. Download a zoning map from your community or drop in to talk with a city planner to find out the exact zoning. That SFR may be a "legal, non-conforming" residential use in a commercial or mixed-use zone. I love these properties the best, because you can still get a residential loan (get a letter from the city stating it's grandfathered and legal) and you have future development possibilities with whatever the C zoning allows. Be aware that changing or ceasing to use the residence as a home for a period of time (often a year) will lose the legal non-conforming status and require it to be used as one of the permitted uses in that zone district. If it's mixed use, then residential is usually forced upward, that is, allowed on the second floors and higher, reserving the first floor for commercial uses. It's a common zoning for Main Street properties. Good luck!

Post: Can I move property lot line in FL?

Theresa W.Posted
  • Rental Property Investor
  • Golden, CO
  • Posts 136
  • Votes 65

Possibly. Your city will have minimum setback (buffer) requirements between a lot line and a building. Not a problem if you have two homes sitting on an acre, but if you've got two homes within a stone's throw of each other, the setbacks may not offer much wiggle room. If the lot line adjustment violates a setback minimum, the city will deny it.

Look at the plat requirements under the zoning section of the municipal or county code (whichever you're in). A Surveyor will run >$1200, platting fees will be a few hundred and it'll take 1-2 months if you're quick.

To get you started, look up the setback requirements for your zone district online, and measure it out yourself to see if the lot line adjustment can comply with the requirements. Then, call city planning to make an appointment to talk with a planner and give all the info to the seller who should have done this already. Sometimes you have to do the work for them to make the deal. Consider putting it under contract pending the city's approval and recording of the replat with the assessor. Good luck, it's worth it.

Post: Renting To Students

Theresa W.Posted
  • Rental Property Investor
  • Golden, CO
  • Posts 136
  • Votes 65

Colleen's solution is right on. I'd only add that you need to bring in the parents early on, because you can come to an agreement with the students, but their parents hold the money and can say no. Don't take the property off the market until you get the deposit. Ask me how I know.. :)