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All Forum Posts by: Tyler Howell

Tyler Howell has started 13 posts and replied 93 times.

Thanks for the feedback, @Marcia Maynard

Post: Construction Defects Law Amendment - Effects on CO Rental Market

Tyler HowellPosted
  • Property Manager
  • Denver, CO
  • Posts 107
  • Votes 43

http://www.constructiondive.com/news/co-constructi...

  • A new construction defects law that could revive condominium development has passed the Colorado House unanimously and is expected to gain Senate approval as well, according to CBS Denver.
  • The new legislation would reverse new-development obstacles contained in the existing law, such as a homeowners association's (HOA) ability to sue condominium developers without first obtaining homeowner approval.
  • Developers say the current law has led to "frivolous" lawsuits that have all but halted condominium development in the state. Since 2005, condominiums' share of the new housing market has dropped from 20% to 2%.

With a shift from rental apartment development to condos, downward pressure on rental prices in Denver could be lessened with a slowdown in the increase of new supply. Additionally, recent Freddie Mac research shows that less renters in the West are actively looking to purchase a home, and more intend to keep renting for the foreseeable future, than in any other US region.

This supports our stance that the greater Denver area continues to be a strong market for rental property investment.

Your thoughts on the new bill and effects on CO's market?

Post: Landlord access to rental property

Tyler HowellPosted
  • Property Manager
  • Denver, CO
  • Posts 107
  • Votes 43

@Brian Jackson Both CO and city/county of Denver use the term "reasonable". Here are the Denver regulations:

Sec. 27-26. - Inspections.

(1)

For the purpose of determining compliance with the provisions of this article, the manager or an authorized representative is hereby authorized and directed to make inspections to determine the condition, use, and occupancy of dwellings, dwelling units, rooming units, and the premises upon which the same are located. For the purpose of making such inspections the manager or an authorized representative is hereby authorized to request entry to examine, inspect and survey all dwellings, dwelling units, rooming units and premises upon which the same are located, at all reasonable times.

(2)

If the owner, occupant or operator in charge of a dwelling, dwelling unit, rooming unit and premises upon which the same are located subject to the provisions of this article and the rules and regulations adopted and promulgated in connection herewith, refuses or restricts entry and free access to every part of the structure or premises wherein inspection is sought, the manager or an authorized representative may seek from the county court a warrant for inspection and order that such owner, occupant or operator be required to permit an inspection at a reasonable time without interference, restriction or obstruction. The county court shall have jurisdiction and authority to issue warrants for inspection and order the owner, occupant or operator to allow entry and free access into all buildings, dwellings, dwelling units, rooming units and the premises upon which the same are located. The court shall have full power, jurisdiction and authority to enforce all orders issued under the provisions of this article.

(3)

It is unlawful for any person to violate the provisions of any warrant for inspection and order issued under the provisions of this article.

(4)

It is unlawful for any person, owner, operator or occupant to refuse to allow or permit the manager or an authorized representative free access to any building, dwelling, dwelling unit, rooming unit and premises upon which the same are located when the manager or an authorized representative is acting in compliance with a warrant for inspection and order issued by the county court and where the manager or an authorized representative is conducting an inspection, examination and survey in accordance with the provisions of this article or any rule and regulation adopted and promulgated in accordance with the provisions of this article.

(Ord. No. 997-95, § 1, 12-4-95; Ord. No. 500, § 12, 9-17-07)

http://www.constructiondive.com/news/co-constructi...

  • A new construction defects law that could revive condominium development has passed the Colorado House unanimously and is expected to gain Senate approval as well, according to CBS Denver.
  • The new legislation would reverse new-development obstacles contained in the existing law, such as a homeowners association's (HOA) ability to sue condominium developers without first obtaining homeowner approval.
  • Developers say the current law has led to "frivolous" lawsuits that have all but halted condominium development in the state. Since 2005, condominiums' share of the new housing market has dropped from 20% to 2%.

With a shift from rental apartment development to condos, downward pressure on rental prices in Denver could be lessened with a slowdown in the increase of new supply. Additionally, recent Freddie Mac research shows that less renters in the West are actively looking to purchase a home, and more intend to keep renting for the foreseeable future, than in any other US region.

This supports our stance that the greater Denver area continues to be a strong market for rental property investment. 

Your thoughts on the new bill and effects on CO's market?

Post: Denver Buyer/Renters Market Questions

Tyler HowellPosted
  • Property Manager
  • Denver, CO
  • Posts 107
  • Votes 43

@Preston Brown Assuming the property is maintained in decent condition and you are engaged or hire a property manager, a 5% vacancy rate will be plenty conservative for that type of property.

Post: Looking for a handyman in Denver

Tyler HowellPosted
  • Property Manager
  • Denver, CO
  • Posts 107
  • Votes 43

@Nick Van Sandt Sent you a PM.

Post: Investing for Short Term Rental in Denver

Tyler HowellPosted
  • Property Manager
  • Denver, CO
  • Posts 107
  • Votes 43

@Charley Silverman - @James Carlson is our local STR expert. He puts on classes and happy hours for like-minded investors. You may want to reach out to him - I believe he has a meetup in the near future where you may be able to link up with others looking to do deals like this.

Post: My $8000 problem. Do agents really deserve $200+/hr

Tyler HowellPosted
  • Property Manager
  • Denver, CO
  • Posts 107
  • Votes 43

@Joe Kim - have you looked into Hemlane? It's a semi-DIY landlord platform I think is right up your alley. Something like $50/mo. Company is based there in SF run by a Harvard MBA.

Post: What Is Your Highest Rent On A Single Unit?

Tyler HowellPosted
  • Property Manager
  • Denver, CO
  • Posts 107
  • Votes 43

$4995 2-bedroom apartment, downtown Denver.

Post: Denver Rental Market

Tyler HowellPosted
  • Property Manager
  • Denver, CO
  • Posts 107
  • Votes 43

@Lee Oday - The market is factoring in appreciation and high rental demand, which means very low vacancy rates, and making up for that return with higher prices resulting in lower CAPs. Appreciation is forecast to slow a bit this year, so look for prices to reflect that in the trailing 6-12 months. Once lower appreciation is factored in, you'll see prices level off allowing for a bump in CAPs. The market will not allow you to win in every aspect, unless you by chance are able to exploit a market imperfection which are very rare/short lived in highly competitive environments like Denver. Timing the market is tough, and arguably a fool's game, so if rental property is part of your strategy, waiting for the perfect deal might mean you wait forever.