All Forum Posts by: Ben Cochran

Thanks Michael Noto and Jeffrey Giffin , great info. Bill S. , thanks also. Yes the contract for the PM was terminated at closing. The PM stated that the security deposit would be mailed to me within a week but no mention of the rent for August. I've just sent out emails to the title company and previous PM inquiring about the rent for August. Thanks for the suggestion! I'll update as more info is received.

Thanks Nelson Mandela ..I'll go back through the contract and see if there's anything regarding the rent for August.

Hi all,

I am a first time landlord, here in Colorado. I just closed on my first duplex and I am moving into one side.

The opposite side has tenants with a one year lease. During closing, the previous property manager mentioned that he would transfer the security deposit to me within a week but he never mentioned anything about the rent for August and I didn't think to ask about it either.

I closed and took possession on August 3rd and my question is this; assuming the tenants paid their rent on the first, shouldn't that go to me or does it go back to the previous owner?

I haven't asked the property manager or my new tenants yet about the rent for August because I first wanted to ask the question here, to all the experienced investors, landlords and property managers that may have dealt with this situation before, and save myself the humiliation of looking like a dufus.

Thanks in advance,

Ben

Hi Logan McConnell , Mark Ferguson is right, there's a Pine Financial meetup at the Boot Grill in Loveland, the first Tuesday of every month. I'm there most of the time when my schedule permits. It's usually a good group, pretty laid back. Enjoy a cold beer or cocktail while you do a little networking. Good luck!

Yes, that's definitely against the rules and yes penalties can be levied.

thanks @Jason Chambers

I checked and there's no record of any type of illegal happening at the property. Like I mentioned in the first post, it's just a rumor. 

Great advice @Jean Bolger, thanks. 

I agree, even though they are required in Colorado to disclose if they "are aware" of meth use, I feel like they should squash the rumor and not plead ignorance, especially now that it has been brought up and Remax is sending a discloser letter to potential buyers. 

It's definitely CYA tactic. Pretty shady in my opinion. 

I just sent a letter that I won't sign any discloser prior to closing. Also I am willing to pay the $500 myself and have it tested during the inspection/due diligence period. 

Thanks

Thanks to everyone for the advice. I definitely agree that having the property tested is the right course of action. My bigger question is, assuming my offer is accepted and I begin my due diligence part of the home inspection, am I locked into the home without anyway out since I signed the "meth discloser" along with my offer?

I don't have any problems with testing the home (assuming the offer is accepted) but I want to make sure I can back out of the deal. 

Thanks @Tim Lindstrom

I'll check into that. 

Thanks @Johnny Kula

I've researched the property and there's nothing about it listed online. 

Here in Colorado I know that the seller is required to disclose if any meth was used or manufactured in the house but the owner says they have no knowledge of any drug use in the home. As of now, it's just a rumor.