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All Forum Posts by: Wesley Jeanette

Wesley Jeanette has started 4 posts and replied 42 times.

Post: Colorado HOA Board Membership Requirements

Wesley JeanettePosted
  • Real Estate Agent
  • Littleton, CO
  • Posts 44
  • Votes 12

One of the HOA's I am part of has a residency requirement for the board of directors. I have been looking through the CCIOA and other Colorado legal documents to see if this restriction is allowed in Colorado. I really don't want to be on the board but this HOA has several rules/resolutions that are very anti landlord. As I am not a lawyer it is a bit slow going. Does anyone know if my HOA is allowed to differentiate between resident and non resident owners in this matter? Is there a statute you could point me to? Greatly appreciate the help.

Post: Calculating monetary damages from an eviction

Wesley JeanettePosted
  • Real Estate Agent
  • Littleton, CO
  • Posts 44
  • Votes 12

I just went through my first eviction and let me just say man was it fun. I hired a lawyer for the eviction but now they want $1750 to file for the monetary damages. Based on everything I have heard I am not expecting to actually collect any of the damages that should be awarded to me so I feel like paying the lawyer is just throwing good money after bad and I can file everything on my own for about a hundred bucks. 

Here is where I am at. 

My tenants paid most of July rent, late. I was trying to get them to move out by August as I didn't want to go through the eviction process and I didn't think they would have rent by the first so I thought we could all be adults and come to some reasonable agreement. This was also only the second month in the property, off to a great start. I ended up getting most of the rent on the 16th, at which point my requests to find a new place broke down and I knew we would likely have to evict based on failure to pay rent and late fees. I thought there was a decent chance they would come up with the last bit of rent so I didn't post the 3 day notice at that point.  Lesson learned to always serve the 3 day notice on the first possible day. 

They did end up getting the last of the rent to me before the end of July, however, the check was returned. August 2nd I posted a 3 day notice for August rent and the remainder of July and the associated late fees. Those days came and went so my lawyer filed the next writ and got a return date scheduled.

The tenants showed up for the return date and agreed to a stipulation that they would be out the 26th, they had 11 days to move. The 26th came and went. At this point my retainer had run out and it was going to cost another $100 or so to have them file the writ of restitution plus filing costs. I was also told that because they failed to adhere to the stipulation we could file for a monetary judgement based on that but that was going to be a new retainer of the $1750.  There was/is also a chance the judge doesn't award me the damages based on that and we have to go to trial which would cost even more. That is when I decided I would go at it on my own.

We filed a writ of restitution and have a lockout scheduled with the sheriff for a time this coming week. They contacted us saying they were getting a truck Saturday (September 1st) and would be out in the afternoon. So we drove down and hung out around town waiting for them to call and let us know they were out. Finally at 10pm tonight I asked for an update and they said they were out.

The garage is still filled with their junk. Everything else looks fine from first look. Had they been out on the 26th I think I would have had a decent chance at getting it rented for the 1st. 

Wrapping this all up and getting back to my initial question, how do I calculate rent damages on this.

The lawyer had figured how much was owed up to the point in August when the 3 day notice expired. Can I add late fees and interest for August beyond the 5th? Can I include anything for the month of September as they were in there all day today and failure to leave on the 26th made me loose an entire week of prep time? At this point I am just putting what we had requested in the 3 day plus the legal fees. I would love to be able to add in something for the 7 additional stressful days and the costs on not having the ability to get it relisted, shown, and rented. 

Any guidance would be great. I am currently expecting all of this to be a loss and a rather expensive lesson but I do want to have a judgement against them for what is owed. That way I can hopefully save another smaller landlord from being scammed by these people.

Thanks for getting through this long post and I appreciate any feedback. Also I am in Colorado if that makes any difference. 

Post: Going through my first eviction, strange and slow process

Wesley JeanettePosted
  • Real Estate Agent
  • Littleton, CO
  • Posts 44
  • Votes 12

I'm currently going through my first eviction and the entire process seems crazy to me. Short story is my tenants just moved in in June and quickly started telling me this that and the other. Completely my fault and I should have never rented to them. I  guess you could say I've been far to kind in the past and unfortunately (or fortunately) I am no longer going to be that way. Anyways, they weren't able to come up with August rent (and ended up short in July when one of the checks was returned). I started the process of serving the 3 day notice on the 2nd and had the return date this morning.  I just got off the phone with the lawyer as I didn't need to appear for the return date. This is where my confusion starts to come in. They showed up and settled, agreeing to be out by the 26th. We did file the judgement but I guess if they get out then we remove it? The thing I don't get is how can they settle without giving me any of the money? If they aren't out by the 26th I would imagine I have to schedule a time to get the sheriff and that's going to take another 2-3 weeks.  All they (the courts) seem to have done in my mind is give them more time to live for free. 

After they are finally out I can take them to court again to try and collect my rent and any damages...

Basically this process is a lot slower than I thought. It's not as scary as people not in real estate make it out to be but it does seem to really favor the tenants who aren't holding up their end of the agreement/law. Also I would happily take a few weeks of vacancy than go through this again. I need to make my screening process more stringent.

Post: New Investor in Denver, CO

Wesley JeanettePosted
  • Real Estate Agent
  • Littleton, CO
  • Posts 44
  • Votes 12

Welcome to BP, it's a great community and I am sure you will find answers to most of your questions here.

I think you have a good starting point. For finding areas of Denver that interest you I would take an initial look at your general real estate sites that pull from the MLS to get a basic idea of prices (Realtor.com zillow redfin...). After that just drive neighborhoods. It would also be useful to connect with an agent sooner than later. They will be able to help narrow things down too.

I would say talking to people and getting your ducks in a row right away is going to be the most useful thing. If everything is in line when you find something you have the ability to jump. We are in a very competitive market, and if you have the ability to get into something before the summer that would be best. 

I would find a lender when you get here and get pre-approved as your first step. I use Elevations Credit Union in Boulder. I also have friends at First Bank and they do good ARMs, depending on what you are looking for. After that find yourself an agent who can look for properties and show you places, if you need recommendations feel free to reach out. I don't think you really need a real estate attorney to start if you are looking to house hack and finding an insurance agent will be most useful after you have the property under contract.

When you do get here we have a few meetups that are pretty solid so I would definitely check those out. 

Again welcome and feel free to reach out with any other questions or clarification on my ramblings 

Post: Looking to get started in Denver

Wesley JeanettePosted
  • Real Estate Agent
  • Littleton, CO
  • Posts 44
  • Votes 12

Welcome to the BP community. You should go to the meetup Monday in Denver, https://www.meetup.com/BadAssREI/ 

Post: New member from Denver CO

Wesley JeanettePosted
  • Real Estate Agent
  • Littleton, CO
  • Posts 44
  • Votes 12

Welcome to BP! It is a great community to be a part of.

Post: You're 20 years old again and want to get into real estate...

Wesley JeanettePosted
  • Real Estate Agent
  • Littleton, CO
  • Posts 44
  • Votes 12

I would network and see if you could partner up and do some flips considering you have helped gut and reno a property a few years ago. You seem to have liked that so I would start there.

Post: Rental Property 18 purchased: 7,500 sqft commercial property!

Wesley JeanettePosted
  • Real Estate Agent
  • Littleton, CO
  • Posts 44
  • Votes 12

That is awesome, congrats!

Post: Real Estate Agent - Newbie

Wesley JeanettePosted
  • Real Estate Agent
  • Littleton, CO
  • Posts 44
  • Votes 12

@Brian Cornick I actually haven't done anything yet with my license. The summer was busy (got married and found a new W2 job) so I didn't really do much regarding real estate except hang out on bigger pockets and run some properties through the calculators. I am hopeful that I will start doing more here before the year is out but the main reason I got it was for my personal use. I also figure if I can do a few referrals and help out in those I will be able to cover my costs and learn the things I need to learn. 

Post: Poll: Initial Down Payment

Wesley JeanettePosted
  • Real Estate Agent
  • Littleton, CO
  • Posts 44
  • Votes 12

I have always done first month rent plus 1 month security deposit. I think as your properties get more expensive it is a bit more unrealistic to do much more than that. On a 2k a month place your tenants need 4k, which isn't an insignificant amount of cash.