All Forum Posts by: Account Closed

My husband and I have lived in Aurora for 27 years. We only have two rentals but both are in Denver. I think your cash flow is decent for the area, so I don't agree with some of the others posters here from other area who know nothing about the Colorado market. Personally, the reason I prefer renting outside of Aurora is because my market renter is typically a single high salaried millennial. I just find these type of renters to be easier, no kids, no drama. We like areas that are just on the cusp of gentrification where we can get decent rent but still get great appreciation. We like the northwest corridor, right now and both our units are in West Colfax/Jefferson Park. There are newer townhomes going up for around 480 and up, rents for 2300 and up to 3k depending on where you go. We sold two older homes just recently, putting around 220 down on each, hoping to close on our Jeff park townhome in August. Will try and rent for 2700-2800. While I love living in Aurora, from an investment standpoint, we stick to Denver.

I was thinking of adjusting the lease moving forward with a clause about this (cleanliness). Also, I will see how things go, if they don't seem to get any better (and my guess is they won't), then I just send them a DNR just prior to the end of the lease.

Yes, it's difficult to watch for sure. Just going to go with the flow for now unless, on top of the gross mess, the rent is always late. 

Ugh..

Ok, I agree. I think because we just bought the place and it is brand new, so I still have a great deal of attachment to it! I guess everyone lives they way they want to. Ugh...

thanks for the response!

So we got a new set of tenants, did the background check, credit check, everything came back OK. We popped over after 4 weeks to deal with an issue and I could not believe it. Now mind you, these are younger tenants, high-end furniture, nice car, etc.. but the place looked gross already! Garbage on the counter, not vacuumed yet, bathrooms were gross. No damage as I can see but omg!

I want to have an open mind here and say, maybe they are still "moving in" and that's why it looks so bad, but I can't help but think this is not the case. We told them we were coming and in the past, the tenants would go out of their way to clean up, not these two. It was really weird, almost like they could care less. My husband had to walk over dirty underwear!

My question is, is there any recourse for removing a tenant if they are "slobs?"

Hi, I have a BA in Fine Art and an MA in eLearning Instructional Design. I currently work full time as an Instructional Design Manager at a small Art and Design school here in Denver. I joined Bigger Pockets not too long ago to learn more about investing. My husband and I are "Little Pockets" lol with 3 total properties (2 rental and our own). This has always been my side hustle while working full time but, I would love to begin the transition into full-time REI.

My husband and I just swapped an older property for a brand new townhome in an up and coming area. In the past, with the "not so great" property, I never had a problem with getting tenants lined up within days. The rent was cheaper, property was not high end, tenants were not so fussy. However, with this particular property I have had it listed for a month now with only nibbles and no bites, rent is higher, the property is high-end, and there is competition for the same type of units in the area. Even though this can be stressful, I intend to stay the course and hold out for the best tenant. I wait a bit, lower the rent, market it, and keep going.

While we don't have a ton of properties, I have been doing this for about 15 years. So, my advice to you as a new landlord (and I am only saying this because I have done it!), is to be careful to not to go down the "desperado path." I like to refer to it as this because that's what happens when we get nervous about not getting a tenant right away. We end up with someone that is not the best because we are afraid of floating the property for a few months In order to get the ideal tenant who meets our requirements.

Do your research, wait to close the deal and then get the best fit. If you know the deal is "done" then it's OK to market the property in the interim, but do yourself a favor, don't freak out and go on desperado mode because you will end up with a desperado tenant lol! :) Good luck!

Thanks for the response! We have one more 1031 in the works, we also had the idea of eventually converting one to a primary residence. Although, not for several more years. We used Accruit, here in Colorado.

Also the other response here is correct, the funds need to be used to purchase a like property which means that when you do a 1031 exchange you have to take on at least as much or more debt than you currently have on the property you are exchanging. You can exchange one property for two properties as long as the debt is equal or more than what you currently have, anything less than that will mean that you are responsible to pay Capital Gains and rental recapitulation. So you can exchange the property you currently have, use it as a rental for a few years, and then convert it to your primary residence was what I was trying to say before.

Hi, I live in Denver Colorado. We just completed our first 1031 exchange and we are getting ready to do another one in June or July. You can actually convert a 1031 exchange property into your primary home, but the rule is that you have to own the property five years and live in it as a primary residence at least two of the 5. I'm not sure how the rule applies for which of the two years that would be though? What we did before completing the 1031 exchange was to set up a consultation with a really good real estate accountant, it really answered a lot of questions for us. Also, I'm pretty sure even if you live in the property 2 out of the 5 years there is still tax implications involved when and if you do sell the property later on down the road. Hope that helps! Good luck