Aurora Property Management Blog

Beware of these Warning Signs of Bad Tenants when Renting your Investment Properties

Find the right renter is extremely important, which is why many landlords perform background checks and run credit reports before leasing. Just because everything checks out initially doesn’t mean there aren’t still some things you should be on the lookout for. Here are some signs that will tell you that you may have a potentially bad tenant on your hands so you can proceed with caution. Questioning the Process If an applicant questions why he or she needs an application or credit report, this should send up red flags. It could be that the individual has something to hide, and would rather not have you look into things quite so carefully. In a Hurry If an individual is in a hurry to move into your investment property quickly, it could be because there is an eviction or foreclosure looming. It might also be because that person is currently having disputes with his or her current roommates. Respectable tenants understand that the process takes time, and will not try to rush you in order to accommodate their needs. Frequently Moves or Changes Jobs If a would-be tenant has had multiple addresses over the past two years, it could be because that person is dodging rent payments. You should be especially cautious about people who have lived with others without being added to a lease. Those who tend to change jobs often might not be reliable, and you could have difficulty collecting rent as a result. Appears Evasive Individuals who try to evade legal questions might be trying to hide something. If an applicant cannot come up with a list of... read more

What Constitutes an Emergency…?

What Constitutes an Emergency…? It’s Saturday @ 7:45pm, and your tenant calls to say, “my kitchen sink is dripping constantly, it’s driving me crazy. It needs to be fixed tonight.” Luckily, you have it clearly stated in their lease that a “dripping sink” does not constitute an emergency, and therefore the sink will be taken care of 1st thing Monday morning. So, what does constitutes an emergency, these days? A weekend stove outage, a weekend water heater outage, and the usual HVAC problems, all of which, by universal law, always happen on a weekend (or on a Friday morning and the tenant waits until late afternoon to call us). In Denver, Aurora, Highlands Ranch, Parker and more, are these emergencies or are they just an inconvenience? So…what’s the difference between an emergency and an inconvenience for your Property Manager? To me, a non-working stove or water heater for a day or two – meaning Saturday or Sunday – is an inconvenience. The same might also be true of HVAC, depending on weather. The tenant may want immediate service at weekend prices, but I’ve asked tenants before – if you owned and lived in the house, would you call the plumber or HVAC company to come out at weekend rates to replace the water heater, just to be told what you already know, that the water heater/stove/HVAC isn’t working and parts aren’t available until Monday? And why should the tenant get better service than would the tenant, if also the homeowner, would provide for himself? If it’s freezing or 100 degrees, we respond to HVAC problems, but not otherwise and... read more

Aurora Real Estate Investing : Duplex, Multiplex or Single Family Home

If you’re looking into investing in a rental property, how do you go about choosing what type of residence to buy? What brings the highest rental income? Are mortgages or insurance rates lower on one versus the others? What makes a duplex better than a single-family home in terms of property investment values? A major factor is, of course, is cost of property. In many US cities, including Aurora and Denver, a duplex can be purchased for prices very comparable to those of single-family home or condominium. Keeping in mind, prices for multiplex properties are generally higher, but it means more units which means more income to cover those higher mortgage payments. Compared to a single family home, the duplex or multiplex can help with one real issue a rental owner may encounter: covering the mortgage in times of rental vacancy. When the single-family home is vacant, one month to several months, the investor must still cover the mortgage payment, which would usually be completely or partially paid by the tenant’s monthly rent. With a duplex or multiplex property, some of the mortgage payment will be offset each month from rents, unless all units go vacant simultaneously. And, when all units are rented out, the property will most likely show a positive income after the mortgage payment each month. Now, when it comes to the maintenance of a single-family home versus a duplex or multiplex, an investor may choose less units is less maintenance. Not too mention, property insurance rates for a single-family home is about 15% to 25% lower than the insurance for a duplex or multiplex. When... read more

Slipping Out of Middle Class?: How Aurora Real Estate Investing Can Help

Aurora Real Estate Investing as Economy Changes A growing number of people find it hard to pay their bills, much less enjoy the accouterments of the middle-class lifestyle such as gym membership and vacations. According to a recent piece by the New York Times, the data shows the middle class is shrinking even though many people still want the comfortable lifestyle. If you feel worried about maintaining your socio-economic standing due to job layoffs or want to help your adult children, consider real estate investing in the Aurora area. Not only is the rental market booming, but you can use established property management companies that handle all the complicated details. Whether it’s responding to maintenance calls, marketing and showing your property or enforcing the lease, your property manager can free up your time so you won’t lose valuable work hours. Supplementing your income with rental property Retired people on Social Security aren’t the only ones who need supplemental income. According to the Times, middle-class people make at least $35,000 a year, which is twice as much as a family of four struggling in poverty. However, few people can make it on a low middle-class income. American households bringing in $100,000 are also in the middle class, but that doesn’t stretch as far in today’s economy. Having a steady rental income stream can make it easier to afford college tuition, vacations and new cars. Getting out of debt with rental property Experts say a lot of middle class people struggling with debt. According to a piece by Nerd Wallet, in 2014, the average household in America had about $15,600 in credit card... read more

Renting an Investment Property to Baby Boomers: What Attracts the Best?

Are you a Baby Boomer? Property owners love the model Aurora-area tenant who keeps the property clean, renews their lease every year and doesn’t drawing noise complaints. Baby boomers in their 50s and 60s often have reliable income from their jobs as well as Social Security. Many baby boomers have been home owners in the past, but want to rent in Aurora. If you own an  investment property in Aurora, it’s likely you’ll rent to a baby boomer at one point or another. A reputable Colorado property management company that has experience working with tenants of all ages can guide you in fixing up your investment property so it appeals to boomers. According to a piece by Wells Fargo on buying or renting in retirement, more than 2 million baby boomers intend to rent in retirement. Boomers hear various reasons for which path they should take in terms of housing choices. Enjoying an elevated lifestyle Renters can sometimes find rental upscale condos, town homes or single-family homes in desirable neighborhoods where they can’t afford to own a home. Since they may be used to custom countertops, hardwood flooring and marble countertops in the homes they have owned in the past, baby boomers aren’t going to be as attracted to rental homes without any bells and whistles. They are attracted to the idea of someone else handling the maintenance and repairs, which is why it’s financially beneficial to have a good property manager who uses licensed, bonded and insured companies to do the work. Simplifying their finances Another reason some baby boomers choose to rent is because they don’t want to... read more

Property Management Company in Aurora Can Help You Find a Great Tenant

If you have a vacancy in a property rental unit you own in Aurora Colorado, then you know how important it is to fill it quickly. But in the rush to get a tenant for your Colorado property, many landlords don’t take the time to properly screen potential tenants. Legacy Properties-PM, a property management company serving Denver and Aurora Colorado can help you find a great tenant. A quality tenant is half the battle in the life of an investment property owner. If you find the right person, you won’t have to worry about chasing down rent every month, or ridiculous maintenance requests at all hours of the day and night. You can rest assured that your house, condo, or townhouse will be taken care of, and the person will abide by the terms of the lease. When you hire a property manager, they have a thorough screening process that will help you find the right person. Credit and criminal background checks will give you peace of mind, and employment verification ensures the renter has the means to pay the rent each month. We also check with previous landlords to see how they felt about the person as a tenant. When we’ve gathered all the information, we rate applicants on a 100 point scale to find you the best tenant for your property. In addition to finding a great tenant, we do the work ahead of time to make sure you have plenty of applicants to work with. Advertising the property and showing it to interested parties is also part of our service. After we find someone, we take... read more