All Forum Posts by: Drew Fein

@Derek Scruggs, definitely talk to @James Carlson before doing any STR, but as @Garry C. said, you can only airbnb (or STR) your primary residence in Denver.  The other two units, assuming they have different addresses, won't be your primary residence.  

I'd recommend Mike Corbey of Realspace Commercial Real Estate.  Feel free to PM me for his contact info.  Best of luck!

@Austin Carr, thought I should mention that you + one unrelated person = two unrelated people. That's the difficulty with Denver zoning. I don't think it's difficult to get the permit for a third person though. 

@Austin Carr, I respectfully, yet strongly, disagree with @Brian Garlington on using a sample lease from online (though I am an attorney so, of course, there's some bias).  Buying a solid lease is cheap, and it is the most important tool of the landlord.  Online leases seldom account for local laws.  I litigate over leases found online all the time, and these cases are expensive.

Hi @Austin Carr, a lot of good advice already on background checks and M2M v. year long tenancy. Thought I'd chime in on the lease. Renting by the bedroom raises a host of issues from a leasing perspective. As a result, the bedroom lease I use is nearly double the length of the standard lease. You also have to consider HOA regulations (if applicable) and, importantly, zoning. If you're purchasing in Denver, you can only have 2 unrelated people living in the house unless you get a special permit. This makes it very challenging to rent by the room in Denver. Best of luck in your search.

Thanks for the shout out, @Dan Mackin! @Maria Bocanegra, I would be happy to speak with you.

@Garry C., thanks for the shout out!  @Katrina Schmid, I am sorry to hear about your tenant.  I would be happy to speak with you.  

@Daniel Hyman is an investor-focused CPA on this forum, and his partner Zev is based in Denver. Best of luck!

I am a lawyer, so I thought I'd give my two cents.  :)

As you said, an eviction typically takes, at minimum, about a month in CO. Of course, this is assuming the tenant doesn't leave voluntarily and requires a sheriff's move out. Have you spoken with the tenant about leaving? 

You could serve a Notice to Quit for his criminal activity, but if he doesn't get out within 3 days, you'd have to file an eviction action and prove to a court that he was engaged in criminal activity with a possible sentence of at least 180 in jail. 

The other option would be to perform an inspection (if allowed under the lease) and see what other violations you could catch him on and then serve a 3-day demand.  He may be more inclined to leave if he sees you've got him on multiple lease violations.

I would be happy to review your lease and discuss further, if needed.  Best of luck. 

NOT LEGAL ADVICE.

Thanks for the shout out, @Matt M.!  @Gabrial Carter, I would be happy to speak with you about your legal needs.  Congratulations on your start in real estate investing, and welcome to BP!