All Forum Posts by: Spencer Abeyta

The biggest hurdle self-managers face right now is changing laws. I believe most people can manage their own rentals if they are local. But, it is becoming a full-time job to keep track of all the changing legislation. If you are willing to take the time to read the laws and hire a lawyer to help you interpret them, self-managing would be viable. 

In my opinion, it may be worth it to hire a property manager so you can focus on your own goals regarding real estate.

Hello Kristen,

There are quite a few management companies that offer a lease only service. This service tends to cost more than a traditional tenant placement when the company continues management. From what I have seen in Colorado Springs, the lease only tends to range from half a month's rent to a full month's.

Keep in mind, Colorado is coming out of a very anti landlord legislative session and you will have to stay in compliance with the changing laws. The biggest bill that was just passed is the HB 24-1098 the No Fault Eviction Bill. I would highly recommend placing a tenant on a lease under 12 months for their first term so this bill does not apply to them.

I don't have a referral for a company in Arizona but we have a short term rental company in my local NARPM Chapter. They normally charge a larger percentage of income because STR are much more involved than LTRs. But this can be off set because STRs can earn a lot more than LTRs.

A host is very important to the experience of STR and responsiveness is critical. I would call companies in Arizona and see how long it takes for them to get back to you.

I recently transferred over to Century 21 Prestige Realty and I have been impressed by the communication. They manage properties in Little Rock and Jacksonville.

If you live in an area with rain or snow, then gutters are essential. Without gutters, water can roll off the roof and land near the foundation of a building. If this happens continually you can have foundation issues or water leaks inside the home/basement. Gutters will direct water away from the home.

In addition, make sure the dirt is sloping away from the foundation so it directs water away from the home.

I believe California has rent control in place, correct me if I am wrong. You should be increasing rent every renewal because in a rent controls situation it is very much a use it or lose it situation with increases. 

California has some tough tenant laws in place so I would double check those to make sure there is nothing in place about charging the tenant back for repairs. The disposal replacement should be a tenant responsibility in this case. Remember to always take pictures in situations like this because the tenant can always come back and say there was not a bone in the disposal and it becomes a he said she said situation. You can educate them on good housekeeping this time, but if it happens again, they are being negligent.

If you are looking for a property manager I can give you a good referral. He is a fellow NARPM member and we have known him for many years. Send me a DM Hugo and I can connect you two.

I would check your local legislation to see if holdover rates are capped. So far in Colorado they have not been capped. The rate can vary from company to company but the goal is to have a high rate so it motivates the tenant to move out when they are supposed to.

We currently have our holdover rate at 10% of the monthly rent per day. So a $1000 per month property will have a holdover rate of $100 per day.

When a tenant pays rent they would have to notify us what they want the money applied towards. If they do not tell us then it defaults to the PMs policy.

You would be able to offer a higher rental rate with a discount based on when rent is paid but we have not done that at my company.

Colorado also has a restriction where you can only increase rent on a tenant once in a 365 period. It is up to lawyers interpretation if a month to month lease fee is a rental increase or not.

I would not edit the lease agreement unless you are a lawyer. My recommendation would be to take it to a lawyer, have them look it over, and give it their blessing. 

I understand you goal of the BP lease is to save money but a lease up to date with local regulations would not be a place I would try to save money.