Can You Rent a Home You Have Lived In?

Can You Rent a Home You Have Lived In? Sometimes the idea of not selling your home and moving is a possibility. How? By renting your home and paying that mortgage while you move to a new home. Sounds great on paper, but can you rent a home in which you have lived?Sometimes the idea of not selling your home and moving is a possibility. How? By renting your home and paying that mortgage while you move to a new home. Sounds great on paper, but can you rent a home in which you have lived?

We’re not talking legally. Legally you probably can (although a quick call to the county or municipality about what you may need to do is in order), but can you rent it to someone else and be ok emotionally?

First ask yourself an important question: can you detach yourself from the home?

Can you remove your emotional attachment to a place that has been home for years? It’s harder than you think. Every room has memories attached.

If you raised your children in that home every wall has precious memories infused into them. Can you stand the thought of owning it and having other people living there, changing things and making it theirs?

One thing you shouldn’t do to make it easier to rent it is “awful-ize” it

Don’t redecorate to make it look worse to make you feel better. Don’t remove things from the home, such as expensive upgrades you made to it, and put in less expensive ones.

Yes, a tenant might damage your property, but that’s the chance you take. Keep it in great condition. You wouldn’t do that to sell it, so don’t do it to rent it either.

Access to the property

Once you sign that lease you no longer have unlimited access rights to the property. That lease provides for your tenants a right to “quiet use and enjoyment” of the property.

That means that you can’t drop by whenever you want. It means that they can do what they would like, within reason and lease restrictions, with the property. It’s not your home any longer, so just walking in when you want is not allowed.

Rental Property Owners – Get Over Perfect

When you live in a home, your own home, you can have it as Rental Property Owners - Get Over Perfectperfect as you want it. From the décor to furnishings to landscaping to cleanliness, your home is yours. When your home becomes an income property and you have tenants, you need to get over perfect.

Do you have control?

When you have a rental property there are some things you can control. You can screen your prospective tenants. You can set certain types of rules. You can’t control the day to day lives and choices of your tenants. Here’s what we mean by that.

Parameters tenants must follow

Your tenants will have certain parameters they must follow. You can decide that you won’t allow pets in your property. Tenants must follow that rule. If you live in a community with a homeowner’s association your tenants must follow their rules about use of the property, what they can and can’t keep on it and so forth. You can limit the number of people who live there. These are big issues that you do have some control over.

What you can’t dictate to your tenants is what they do in your home

What is meant by this is you can’t dictate the amount or type of furniture used. You can’t dictate how they decorate. You can’t even dictate whether they paint, only that they have to repaint it back to how you left it. You can’t tell them how and when they can entertain. You can’t tell them how often they must clean and what shape they have to keep the property.

In short, unless they are destroying your property, hoarding or doing something illegal, how they decide to live is up to them. Your idea of perfect and their idea of perfect may be totally different and you cannot dictate these kinds of things as long as they are paying rent.

So get over perfect and allow your tenants quiet use and enjoyment of what is now their home.

Rental Property Management Brighton CO

Brighton, Colorado is a suburb with a small-town feel. You know Rental Property Management  Brighton COhow wonderful it is to live there since you own a property there. Now that you are moving away, you want to rent that property. You know that it will be difficult for you to manage the property since you won’t be living there. You need a great property management company. There are many to choose from, but your best choice is Denver Realty & Rentals. They provide the best service for real estate investors and their properties.

24/7 365

DR&R provides property owners every service they could need for the property and its tenants 24/7 365 days a year. No matter when issues arise, days nights or holidays. DR&R has plumbers, electricians and handymen ready to help whenever your tenants need them. Not only to keep your tenant happy but to keep your property in tip top shape.

Worried about what would happen if your tenant gives notice?

Or worse, stops paying rent and needs to be evicted? Well DR&R will handle the collection of rents, any necessary eviction proceedings. They’ll also get the property cleaned, repaired, shown to prospects and re-rented as quickly as possible. Keeping it rented isn’t the only way you can make money. DR&R will also improve it to increase your equity. They also inspect annually and between tenants.

Wide range of services

DR&R provides you with a wide range of services to make your property shine and stay rented. They provide cleaning and repairing between rentals, advertising the property between tenants with professional photos, background check prospective tenants and show the property, protect your identity if that’s your wish, help the tenants by providing quiet use and enjoyment of the property, make sure all fair housing laws (Federal and State) are followed, collecting rents and evicting tenants when necessary.

Don’t try to do it all yourself!

Hire the best property management company with the most expertise to handle your rentals. For more information visit http://denverrealtyandrentals. com/property-management/   
For more information about the Brighton, Colorado area visit these sites:

Is Your Rental Property A Business

You have a rental property. Whether it was a home you lived in or just an investment property, if someone asked you if it was a Is Your Rental Property A Businessbusiness, what would you say? How you answer depends on a lot of things.

One thing to take into consideration is how emotionally involved in the “business”are you? If you have emotions tied to the property or business relationship it may keep you from making practical decisions.

Here is an example:

A young couple moves out of state and decides to rent their first home to one of the couple’s siblings. The couple needs the rent money from the sibling to pay the mortgage so they can save the money they make now for their next home. This sibling is also responsible for the utilities. The couple keeps the utilities in their name just to be sure they are being paid. The sibling consistently shorts the rent and refuses to pay the utility bills. Instead of being able to rationally decide that evicting the sibling is the answer, the couple instead puts up with it until it causes issues between them. Business? Probably not!

Next, how do you account for the monies collected?

Is the security deposit in a separate interest bearing account? Are the costs and income also kept separate from household accounts? How the IRS determines if something is a business or not is by seriously looking at commingling of monies. Successful businesses, even family run ones, don’t put business assets into house accounts.

If you seriously want to treat your rental property as a business you need to change your thinking.

If you need help in what to do, contact a property management company like Denver Realty and Rentals. We can help and take the day to day responsibilities and money collection, etc., out of your hands. We can help you treat it like a business! 303-452-5853

Owner Behaviour Sets The Tone For Your Property Management Business

Have you ever heard that old saying that the customer is always right? Well, if you’re a property manager or run a property management business, owner behavior will certainly set the tenor of the relationship. It may even decide whether a property owner client stays a client! Not sure what I mean?

Here’s an example

Owner Behaviour Sets The Tone For Your Property Management BusinessYou are managing a property that is a single family home. The family is a typical one: mom, dad, 2 kids. Your property owner insisted on a pet free home, so their lease specifies no pets.

The family has given you, the property manager, no indication that they have a pet. You inspect the property regularly and don’t find any. Unfortunately your client has it in his head that the family has a cat, dog and other various pets in the home and won’t take your word for it that they don’t.

Their lease also says they, the tenants, are entitled to quiet use and enjoyment of the property and advance notice for inspections. Now guess who keeps showing up unannounced to “inspect” the property? Yes, the owner, their landlord.

A ripple effect

Whether there is a problem or not, the landlord can’t just drop in unannounced. Neither can you, the property manager. You know that. You’ve tried to explain it to your client. What the client’s behavior will cause is a ripple effect.

First, if he has you try and evict the tenant, they will have a claim against both you and the landlord for violating the lease as well. Down the line it could damage your business. You, as the property manager, will suffer. In the eyes of the tenant you are the landlord. You are an agent for the landlord and his bad behavior will reflect on you.

Do some initial screening

The answer? Screen your property owners. Set ground rules for what they may do if you are managing their properties. If they don’t like them, don’t take the client on. If they can’t abide them after you take over management, fire them. Don’t let your business suffer because of a bad client.