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All Forum Posts by: Theresa W.

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

Post: You know you're a Female Investor when...

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

Go to sweat some pipes... "Don't you have anybody else with you?"  Uhhh, no. Should I?

Post: DENVER February 1, 2016 MEETUP!

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

That last one at Micki's live-work flip was great - so many people!  I always learn something new at these.  Looking forward to the next one!

Post: Denver January Meetup!

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

I'll be there (taking notes)!  Can't wait to see it!

Post: Looking for a Real Estate Agent near Denver - Investor Friendly

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

@Tyler Giering, Welcome and I'm going to second an endorsement for @Micki M. as she found me a needle in the haystack in this difficult market.  She's the investor's realtor and has a great eye for these deals.  Good luck!

Post: Multi-family exit strategies

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

@George Wines, I'll chime in here, but @Mike Wood and @Jeff B. are right on.

As a former city planner in the Front Range, I can think of several legal issues preventing you from condominiumizing a duplex.  There's usually a party wall agreement, instead of CC&Rs that outline a commonly-held parcel with footprint or air rights to the units themselves.  A duplex condo would be notoriously difficult to mitigate disputes between two parties (there is no majority vote).  

You'll also be looking at separating water service (two direct lines and associated extra tap fee instead of one line that splits) and bringing the party wall up to fire code (2 hour separation throughout, even in the attic space).  Not to mention, the minimum lot frontages, lot sizes, or access to a main street (not alley) are hard to meet.

 It's a nightmare for future owners, and frankly, I've seen very few duplexes legally separated.

Post: Keeping utilities in your name or leaving it to tenants?

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

I like requiring tenants to sign up for utilities and stating utilities are "additional rent" in the lease to CYA in case of default. 

An ideal scenario is if you have a utility that will set up a "landlord" account which the bill defaults to yourself each time a tenant changes AND it also notifies you of non-payment.  If a utility doesn't offer this, I'd suggest you still be diligent about following up to make sure they're paying consistently, as properties in cold climates can have disastrous results with water shutoffs and frozen pipes.

My properties require tenants to pay all utilities, but I get notices if they do not.  The only time I bill tenants for utilities separately is when I need them on MTM (inherited tenants with sale or upcoming reno projects) and expect to terminate their lease soon.

Hi @Bill S.

Thank you so much for spearheading this group last night.  I thought it was very helpful and I was glad to meet a few other landlords.  Looking forward to the next meetup!

Theresa

Post: New from Fort Morgan, Colorado

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

Welcome @Kathy Brasby! I love Fort Morgan and visit it often. I especially like the HUD offers in your area. Best of luck on your sisterly adventures and I'm looking forward to hearing about your projects.

Post: Denver Aurora HVAC repair

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

I have a great guy too, that works on my properties in Aurora.  I guess I'll also send a pm.. :)

Good luck in this hot weather!  I suppose it makes for unhappy tenants.

Post: DENVER JULY 27th MEETUP!

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

Hey all,

I'm sorry to miss the meeting tonight - I'm laid up with a torn ACL/MCL/meniscus after a tragic (read: stupid) trampoline accident.  If anyone has a handyman contact they'd care to share, I'm looking for someone that can do small jobs in the Stapleton area.

thanks and hope to see you soon!

Theresa