All Forum Posts by: Canneton Howard

@JD Martin

Thanks for your comments. Separating utilities seems like the way to go. I hadn't taken that cost into account in my original calculations but I think in the end it will save a lot of headache and make it much easier to appropriately bill the tenants. 

Thanks for all your comments.

@Oren K.

Thanks!

Hey all, I'm looking for advice on how to handle a situation with a newly purchased duplex in Colorado Springs. 

After purchasing the property just a few weeks ago I was on site to work on some needed repairs. I was talking with one of the tenants and she was complaining about the last property management (who had just taken over a few months ago) including how they never updated the lease to reflect that utilities were covered by the owner. Apparently the previous lease had that clause (according to the tenant). However, the current lease that came with the property when I purchased it and the MLS listing, both stated that all utilities are paid by tenants.

This tenant's lease is up the end of March and the other the end of January. There is a clause in the lease that a new buyer can terminate leases with a 60 day notice but that puts me in the dead of winter with vacant units.

Obviously I have no obligation to pay for utilities as it is not stated in the lease, and it would kill my cash flow. However, I want to handle this situation carefully and am looking for ideas. Thanks in advance.

@Aaron Moore and @Colin Smith, would you mind sending me those contacts as well? I just bought my first rental property this morning so I want to get a few handyman contacts. Thanks!

For a real estate agent @Norberto Villanueva knows the Springs market well. He has been a huge help with my first rental property which I will be closing on the end of this month. 

As for a home inspector I used Dustin Snyder with A step above home inspections.

I highly recommend both of these guys.

Awesome! 

Thanks everyone for your replies.

Hey everyone, 

I'm getting close to purchasing my first rental property but am in need of a lawyer to go through rental agreements and other legal documents that I got through Brandon Turner's Book on Managing Rental Properties (awesome book by the way) to make sure everything is in line with CO law.

If you have some good recommendations of someone in the Springs I would love to hear about them.

Thanks in advance.

Welcome BrannDon! I'm in Parker as well so it's good to see others in the area joining BP. 

I'm a new investor as well looking at getting into Multifamily rentals. BP has something for everyone so take advantage of it. I've learned a ton already here on BP as well as from some of Brandon Turner's books and articles. 

Best of luck!

Welcome to Colorado and to BP Erika!

@Sean S.

I've recently started on this journey as a new investor as well and ended up joining BP as a Pro member to get even more resources at my fingertips including the rental and flip calculators which are awesome. 

Anyway, welcome and hope to see you around BP. I'm not too far from the Springs (Parker) so let me know if you would like to get together sometime and discuss how we might be able to help each other out.