All Forum Posts by: Mike Dumont

 Yes brokers are at it I am working with 2 different brokers that is how I found policy for $26k.  I believe they are having to shop excess / surplus markets.  If you know any brokers that excel in these situations please recommend.     Berkley Aspire is the carrier @ $26k.   I have been getting my *** kicked in CO with insurance on my LTRs basically most policies equal one month of rent or more on the properties (almost 2 months on this one if I pay $26k).   Been sending deductibles up to $10k+ to try and help.  I tend to safely insure with values of $300-$400 a square foot, always replacement cost policy with 2 years income replacement.   'I am interested to see what Colorado comes up with I feel like the State Legislature has been handing me L's recently.   

I have a 12 Plex built in 1966 in mountains of Colorado -  wildfire score is D (I think) -  despite hydrant 100 yards or less away and fire station  2 blocks away.  Had American Family past 4 years and non-renewed this year for no longer offering my product.  Policy was approx $7k a year for $1.8 mil replacement cost.  Now can't seem to find a quote under $26k ?  Woke up in shock I am about to pay $26k in two weeks.  Help me with some suggestions!  Tried all the big ones, Allstate, State Farm, NREIG, Farmers, Lemonade, etc.  Someone tell me their savior!!!    

NREIG?   I am struggling myself sometimes they can do it on harder properties.  

We have an interesting scenario this week - State of Colorado.  

The tenant pays a partial amount towards the security deposit with intent on paying the remainder of on their payday.  There was not a signed lease yet as we were going to sign when full payment was made.  On signing lease day informed would not move in.   We may have a loss not being able to rent.  Don't know where this stands since they didn't sign the lease.  I tried reading Security Deposit Statutes and couldn't find anything relevant.  

I used to require completed applications (free) to do showings so as to not waste my time.   As things moved slower and maybe missed out on some good tenants not wanting to participate in that process. Now I do showings with a modest phone call - text - pre-qualification (make sure they read your ad - big problem today).  By removing barriers to entry you may get more leads  consequently you will also waste more of your or your teams time.  One other tip is to let your listings expire and re-list that makes them not appear as 'aged and stale' - power users will check history and notice but you may get the attention of some and those that have recently setup alerts.  

Lost me at 'bowling people'  There is no useful information here.  

Lurker here for years, 24 doors across 8 properties all LTR in Colorado mountains.    Colorado is evolving very fast with some new laws such as the 'Just Cause Eviction' -  HB-1098 effective now.  Can't say I'm a fan and see this as frame work for rent control which is likely next.     It's getting harder to want to be a landlord in this state.  

Here is link to direct bill: https://leg.colorado.gov/sites/default/files/2024a_1098_sign...

Basically now you need 90 days notice for non-renewals with specific reasons so I wanted to hear how other investors are changing leases to take into account this new bill.   We focus on year leases and sometimes allow existing long term tenants to do shorter renewals if they're nearing the end of tenancy and moving or what not.   We use a 30 day notice clause where tenants give renewal decisions 30 days before lease expiration.  With new law I feel there are flaws with our lease structure with the 30 day renewal period.   On page 10 of the above bill it says if tenants refuse to sign a new lease 90 day notice is required for a Just Cause Eviction.  So....  are you asking your tenants to renew 90 days out and starting Just Cause ?  I think this will not be popular with some tenants as they aren't planning that far ahead?  How are others thinking about this and structuring their leases?  

Feels good to make an account and join the conversation,  

Mike