3 Ways to Let Your Renters Customize Without Breaking The Bank

One complaint that renters often have is they can’t personalize their space. As a landlord, your first worry is protecting your investment, so allowing a tenant to make changes to your property, changes that could adversely affect its value, isn’t on your to do list. However, there are a few things that you could let the tenant do that won’t kill your investment.

Paint

3 Ways to Let Your Renters Customize Without Breaking The BankOne way to let your renters customize is you could let them paint. Paint is something that is easily “undone” for the next tenant or for sale down the line.

Paint is also something that makes people feel at home. If you are uncomfortable with just saying “sure, go ahead”, then set some limits. It is your property and tell the tenant that you get the final say on paint colors. Also keep in mind that if the paint chosen is, well, questionable, you can use the security deposit to fix it down the line. Remind the tenant that using the security deposit could be a possibility. But paint is an easy fix in the end.

Plant flowers, etc.

One way to further let them personalize their space is to let them plant flowers, shrubs and other landscaping. Many people enjoy working in gardens, and for the most part landscaping or even hardscaping will improve the value of your property. Keep in mind any restrictions set by a homeowners association or the municipality, and let the tenant know those restrictions.

Beautiful flower gardens make people feel at home, relax them and make the neighbors happy as well! It’s another change that can be an easy fix down the line. You can also make any garden choices contingent on your approval so it is a good way to let your renters customize.

Installing pet door

If you have tenants that have pets, and you approved those pets, installing a dog or cat door might be something they want to do. It can be an easy install and easy fix later. Make this change contingent on a few things. First, security. If the property is in an area where easy access to the house is not a good idea, then nix it. Second, the change must be ok’d and it must be reversed upon move out, or you will do so with the security deposit.

Any of these 3 things are an easy fix in the end, you have the security deposit to fall back on, and they will keep your tenant happy. And a happy tenant stays and pays!

Millennials Are a Rental Real Estate Investors Dream

Good news for rental real estate investors, according to a New York Times article Millennials are more apt to rent over buying. Here’s the scoop:

No Picket Fence: Younger Adults Opting to Rent, New York Times

Rent Versus Ownership

So why would Millennials look to renting over homeownership? A few reasons. First, they lived through the housing bust as Millennials Are a Rental Real Estate Investors Dream teens or early twenty somethings and saw family members and friends get hurt by it. They watched people they cared about being stuck with homes they could no longer afford, but also couldn’t sell. It’s had an effect. Fewer are willing to take that risk regardless of whether the market has rebounded.

Millennials – Reasons To Rent

Other reasons also have to do with not having to be tied down to a mortgage, but not out of fear, but out of convenience. Renting means that moving due to a job or for whatever reason is much easier. There is a huge difference between a year lease and a 15, 20 or 30 year mortgage.

Apartment complexes are taking advantage of that and offering all kinds of amenities that homeownership may not: well appointed apartments, pools, fitness complexes, fire pits, waterfalls, units with things like built-in iPod docking station hard-wired to speakers that pipe music throughout the apartment and link to TVs, and more. Things that would cost way too much due to the type of home that would have those types of amenities.

Hard To Qualify

Another reason many Millennials don’t look at homeownership is because they can’t qualify for mortgages. High amounts of college debt and difficulty in finding higher paying jobs makes it difficult to qualify for a mortgage. Renting can give them the ability to save towards a home later in life. It also means that they have more spending money for things like the weddings they are attending of friends and family members their age.

For whatever reasons, Millennials are hesitant to join the ranks of homeowners. It may change as they mature, but for now, this is good news for rental real estate investors.

Real Estate Investing In Colorado – 4 Things To Watch Out For

Real estate investing in Colorado – are you thinking about it? If you have been thinking about it, there are a few things you need to watch out for when finding that perfect rental property.

Location, location, location

First thing people look for in rentals is just the same as buying. In real estate it’s location, location, location. If it’s Denver’s Washington Park or Cherry Creek neighborhoods it’s for the best in executive rentals. There you can find a home, loft or condo with everything an executive could ever want. In those areas you can find something already built or choose something to be built to your particular specifications that is in preconstruction. As a landlord you will find tenants that are reliable, but who will have high expectations and demands.

 Real Estate Investing In Colorado - 4 Things To Watch Out ForMore on location

Other locations that are found in less expensive locations can still offer great things for prospective tenants. The lower cost can be attractive to you as a buyer, even though you can’t get as much in rent. Unlike executives, tenants who can afford this kind of property may just be looking for some of the amenities that they offer. Things like public transportation. In Denver there is great public transportation like their Light Rail: (http://www.rtd-denver.com/lightrail.shtml) and buses.

What else to look for

You also might want to look for things like good school districts, proximity to bigger employers or colleges. College kids as tenants? Well, they aren’t all partiers, and a few college kids with the need for a less expensive alternative to living in the dorms can be good tenants for a few years in a row. Other things to watch for? Parks and recreation. Families love that. Shopping districts. Entertainment. You get the idea. Things that make people feel at home and keep them happy.

Property Manager

Lastly, you want to find a great, seriously kick butt property manager. One that will keep your best interests at heart. Collect the rent, keep the place kept up to the best standards and run interference with the tenants. Location, location, property manager. That about sums it up!

Looking for an amazing Colorado Property Manager for your Colorado real estate investing, give Tena D a call today! 303-452-5853

How to Profit by Turning Your Home into an Executive Rental

You can profit by turning your home into an executive rental if you are willing to do a little work or make an investment of some money in it.

How to Profit by Turning Your Home into an Executive RentalYou have a property and you know you’ve been underwater on it. So do you walk away? Well, you could, but that would trash your credit rating. You may just want to consider making it an executive rental. It could be the answer to waiting out being underwater and how to make a profit in the meantime.

When the real estate bubble burst in 2008 many, many properties all of a sudden were worth a fraction of their former worth, and very often less than the mortgages that were on them. Property values were slow to come back, and in many areas haven’t come close to their pre-crash values. So if you own one of these properties, it’s tempting to walk away. Another answer can be to move into another area, rent out your home and wait the market out. Renting it out as an executive rental will mean you can demand more rent and stay ahead of the game.

Of course this might mean you need to invest some money into the property. Executive properties are more upscale. They have luxury amenities: granite, stainless steel, spacious and well-appointed rooms and bathrooms. Why, you’re thinking, would I throw good money after bad? Well, people renting executive properties know they will have to pay more to have a home that is guaranteed to be high quality. Also keep in mind that making those improvements also means your property value rises.

As an executive rental it will be much better cared for by your tenants. Executive tenants expect a certain level of quality; they are more apt to take care of it. A rental property well maintained means that you can either easily sell it later once values have risen to a point where you aren’t underwater any longer.

So don’t walk away from your underwater home, leverage it into a great asset.

Is Your Home an Executive Rental?

You’ve heard the buzz about executive rentals, but wondered if your home would qualify as “executive”. So what is an “executive” property?
To figure out what an executive property actually is, think about the most amazing high end home you’ve ever seen. A large home, which in some places are derisively called “McMansions” The homes are spacious and have high end finishes and quality upgrades. They aren’t typically on acres and acres of land, but on a few to small lots. Many are on small lots because the surrounding community provides the outside amenities so individual homes don’t need them.

Is Your Home an Executive Rental?Inside spacious is the operative word. High ceilings, grand entrances and large rooms. The kitchens have high end appliances, gourmet stoves, granite counters, wine coolers and are large. Baths have double sinks, separate showers with high end things like steamer showers or multiple shower heads, deep soaker tubs, heated towel racks, high end tile finishes. Bedrooms have large usually walk in closets. All rooms are spacious and well appointed. Floor finishes are also the best. Hard woods are top notch; tile is in finishes like marble, travertine and the like.

If it is furnished, it has well-appointed furnishings, quality materials, and modern touches, well decorated, but not overdone. Entertainment items like TVs surround sound, and stereos are top of the line.

Executive homes don’t exist in a vacuum. The communities where they occur have great amenities too. They have great hospitals, centers of entertainment, museums, culture and shopping. They are in subdivisions with homeowner’s associations that allow rentals and have great things like pools, gyms and golf courses.

Executive homes for rent are in high demand and your best bet is to hire a Realtor who specializes in renting and selling executive properties. They will be able to tell you what upgrades you might need to have the best executive property, and then help you find the best tenant.