If you are a Colorado investment property owner who wants to lease a home to good tenants, there is a lot to consider. Real estate can be a great investment if handled right.
One of the best ways to get good tenants is to have a well tended property to rent to them. Keep your property in good repair and upgrade it when you can to higher end finishes. Tenants who move into properties that are higher end tend to keep those properties in good repair and not abuse them.
Another thing that you, as a landlord, need to keep in mind when looking for a tenant is there are laws in place, both Federal and State, that dictate to you what you have to do, or are prohibited from doing when finding a tenant.
The Federal Fair Housing Act states that when selling or renting a home, you may not refuse to sell or rent, refuse to negotiate for housing, make housing unavailable, deny a dwelling, set different terms, conditions or privileges for sale or rental of a dwelling, provide different housing services or facilities, falsely deny that housing is available for inspection, sale, or rental for profit, persuade owners to sell or rent (blockbusting), or deny anyone access to or membership in a facility or service (such as a multiple listing service) related to the sale or rental of housing based on race, color, national origin, religion, sex, familial status or handicap.
That means that you have to rent your home to anyone who is able to afford your rent, regardless of their race, religion or handicap.
Colorado’s laws further expand the classes that are protected to also include creed, sexual orientation, marital status and ancestry. You MUST tread carefully when dealing with these laws. As a Colorado investment property owner, you don’t want just anyone there to ruin your investment. Your best bet is to hire a Property Management Realtor to help you. They know the real estate laws and how to work within them to find you good tenants who are qualified and will treat your property like it was their own.