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.

Colorado Rental Property Management

As a rental property owner you know that taking care of one or more properties yourself can be exhausting and time consuming. Colorado Rental Property ManagementIn Colorado the best property management can’t be easy to find, but in Westminster, Broomfield and Louisville, among others, the best is Denver Realty & Rentals. They provide the best service for real estate investors and their properties.

DR&R provides many services

They are available for their clients 24/7 365 days a year. Important because emergencies don’t follow a schedule or wait for the office to open. They have relationships with vendors of all kinds to keep your properties safe and in great shape. They strive to not only keep the integrity of your property not only where it is, but to make it better from tenant to tenant. They do this through annual inspections and also between each tenant.

Other services include:

  • Check rental rates in your area
  • Prepare the home to be rented (thoroughly cleaned and repaired)
  • Advertising the property for rental
  • Provide professional photographs
  • Vet prospective tenants
  • Show the property
  • Take all the phone calls
  • Protect owner identity
  • Make sure the tenant has quiet use and enjoyment of the property
  • Follow all fair housing laws (Federal and State)
  • Move in, move out checking and cleaning
  • 24 hour answering for emergency
  • Owners are our first priority but we know happy tenants are an owner’s priority
  • Collection of full rents
  • Handle any necessary eviction process

Hire the best

Hire the firm with the most knowledge and expertise to handle your rentals. They only deal with the most experienced and affordable tradespeople to make repairs and do the upkeep on your properties. For more information visit  http://denverrealtyandrentals. com/property-management/

Want To Be A Real Estate Investor But Hate Cleaning Toilets?

Being a Real Estate investor sounds good, but you know you don’t want to be that landlord being dragged out of bed in the middle of the night to fix a leaky toilet. It’s kept you from taking the plunge so far, but what if you could invest and be a hands free investor? Investing in turnkey real estate is for you.

Benefits of turn-key investing

Want To Be A Real Estate Investor But Hate Cleaning Toilets?There are plenty of benefits to being a turn-key real estate investor. The first is not being a landlord. You do this by putting professional property management in place and you reap the rewards of investing without the time consuming job of being a landlord. The property managers deal with the tenants, fix what needs fixing, maintain the property, collect the rent and deal with evictions for you.

No rehab costs

Purchasing a turn-key property means you don’t have to spend money up front to rehab the property before you make a dime on it. It may appear to be cheaper to buy a foreclosure property but turn-key removes all the risk that foreclosure properties have. You know the condition of the property instead of guessing about it.

Tenant in place

Often turn-key investment properties already have a tenant in place, so you start off from day one making money on your investment. Vacancies mean no income, so finding one without the “for rent” sign on it will mean knowing what your income will be instead of estimating it.

Lastly, turn-key investment properties are usually in the best neighborhoods. Bonus for the amount of income and type of tenants. Marry that with a property management aspect and you can buy anywhere in the US, no living close by necessary!

Check out all the turnkey properties that we recommend here. This is a company that we work with who provides great turnkey properties for your investing needs!

Colorado Real Estate Investors – Should You Target Medical Marijuana Renters?

When you first became a Colorado real estate investor you probably didn’t think that there would be any discussion over renting to marijuana users. Alas, the day has come and although you decided that your average pot smoker isn’t your ideal tenant, there is a small group of them that you might want to consider – medical marijuana users.

Legal marijuana

Colorado Real Estate Investors - Should You Target Medical Marijuana Renters?There are a lot of people coming to Colorado in order to get legal marijuana for a loved one, or themselves, who need it for medical reasons. Many states still keep pot illegal for any use. This group isn’t usually your stereotypical pot user.

There are many conditions that are actually helped with the use, in whatever form, of marijuana. It relieves glaucoma issues. It helps cancer patients gain or maintain their weight when chemotherapy destroys their appetite. It helps patients with different seizure disorders. Whether they need it in pill form, smokable form or oils, many states don’t allow it as treatment for whatever their medical need. Colorado does.

So should you rent to them?

The answer is probably not an easy one. How can you navigate the state and federal disparity in legality, as well as all of the landlord tenant issues? If you choose to refuse to rent to a person who will actively be using the medical pot on your premises, there shouldn’t be an issue (anymore than if they were a smoker and you only rent to non-smokers). However, if their use is always done off of your property (such as at a doctor’s office or other place) refusing to rent would probably be a discriminatory issue. Most people, however, won’t be volunteering it, unless they ask about smoking in the property.

Benefit

What you might want to keep in mind is the perceived benefit you might just derive from specializing in leasing to medical marijuana patients. What is it? The image of the compassionate investor and landlord. That, my friend, can go a long way to getting you the best tenants.