All Forum Posts by: Tyler Howell

@James Carlson A Home Occupation Permit application with the city of Denver will automatically grant you a 3rd unrelated resident, but still not enough. Duplex's or MFH properties can have 4 unrelated per unit by default. Makes sense right - a small MFH can have 4 per unit but a SFR can have 2 or 3. *eyeroll*

@Joyce Jackson She has probably had a major change of circumstance and used the term "uninhabitable" in a lame attempt to scare you into giving her deposit back / let her out of the lease without pursuing her. Keep the deposit for damages, notify her in writing of abandonment, change the locks, and list the property for lease right away. 

Do you have other applicant options? If not, can she pay a 1.5 or 2x deposit?

Speaking of bad tenants - what process / service are you guys using for screening tenants?

@Joyce Jackson -  If she's paid rent, she has bought that month, so don't take any action. If she's only paid a deposit, and you claim Abandonment, you can repossess and change the locks without a court order. You have to "be sure" they've abandoned it. Having the keys returned to you, or them never picking them up, will suffice. If she's stated in writing (text or email) that she's abandoned the property, that will also suffice. However, if she's paid rent do NOT change the locks - that's illegal. You have to go through the eviction process. If the month she has paid goes by and she doesn't pay the following month's rent, you can then claim abandonment at that point. 

@Satyam Mistry Have 1 bank account that rent goes into for all properties, and 1 that all security deposits are kept in. You do not need a separate account for individual properties in any state I'm aware of. 

@Nick C. Re: living in the garage - garages are technically not permitted to be dwelling spaces, so you could theoretically get fined. However, fines on this type of thing in Denver and most jurisdictions are complaint-driven. So if your neighbors don't complain, you likely won't run into any issues. The Denver. gov site has some good info on going the permitting route. 

Hi @Manuel Perez, looking forward to connecting! 

@Jay T. Hi Jay - I think a lot of veteran investors on here will warn you against attempting to time the market or to beat it. You may spend 10 years looking for that below market value deal and never find it, when you could have bought in and had a decade of tenant-paid equity under your belt. I'd be happy to share property management tips when you do buy, and I'd encourage you to act on a fair deal rather than waiting for the unicorn. Oh, and I worked for your company for a few years as well back in the day:)

@Bill Hamilton is correct. Not only do you have to have a broker's license in Colorado to provide PM services, your employing broker has to approve the activity. That can be difficult as most large brokerage firms already have an established PM arm - you'd simply need to work as a PM for them, rather than "starting your own business" until you are eligible for an employing or independent license.