Property Management Education

Top 5 Lease Agreement Clauses

By Marc Cunningham Monday, October 18, 2021

Key Points:Be sure to include specific clauses in your lease to protect yourself against month-to-month situations, pets, marijuana, appliance wear and tear and subrogation of InsuranceWhether you self-manage your rental property portfolio or rely on a third-party property manage...

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How Much Should I Budget for Repairs?

By Marc Cunningham Thursday, September 30, 2021

Key Points:Remember that tenant turnover costs money, and you need to budget for this process.We recommend that landlords keep 8.3% of their annual income for repairs.Keep a reserve amount of money for big ticket items.How Much Should You be Budgeting for Repairs? To put int...

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Can Landlords Charge Late Fees?

By Marc Cunningham Monday, September 20, 2021

Key Points:SB21-173 “Concerning Rights Related to Residential Rental Agreements”Late fees are now capped at 5% or $50 in ColoradoNew rules for when late fees can be chargedSB21-173, Concerning Rights Related to Residential Rental Agreements, is a long bill that covers...

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What Can I Charge to My Tenants Security Deposit?

By System Sunday, September 19, 2021

Key Points:Ensure a smooth move out for both landlord and tenant.What can you deduct for a particular damage item?What is the difference between damage and normal wear and tear?If you own Colorado rental property, it’s imperative that you make yourself aware of the rules an...

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How Often Should I Inspect My Rental Property?

By System Sunday, September 19, 2021

Key Points:Inspect the property once a year during the middle of the lease term.Look for evidence of unauthorized pets, illegal activity, or maintenance needs.Many problems can be avoided with quality tenant screening.It is a critical mistake to place a tenant and then forget to ...

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3 Questions to Ask Before You Let a Repairman Into Your Rental Home

By System Tuesday, September 14, 2021

Key Points:Best way to screen a repairman or service companyThe importance of business liability and workman's comp insuranceThe benefit of a property management companyIf you are a self-managing rental property owner, it’s only a matter of time before you receive the d...

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Should You Own Your Rental Property in an LLC?

By Marc Cunningham Tuesday, August 31, 2021

Key Points:Considerations for best form of ownershipWhat does an ownership entity do?What are my options for an ownership entity?Real estate investors are faced with many important decisions on how they will own and operate their rental properties, including the legal ownership s...

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Can Landlords Refuse Section 8 Housing in Colorado?

By Marc Cunningham Tuesday, August 31, 2021

Key Points:Landlords must accept Section 8 / government subsidized housing. Some landlords are exempt. Hair styles are now a protected tenant class under the CROWN Act.BILL HB20-1332In 2020, a change was made for Colorado landlords regarding what was previously known as Sect...

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HB21-1121: Rent increase restrictions for Landlords in Colorado

By Marc Cunningham Thursday, July 22, 2021

Key Points:New notification rules for landlords Only one rent increase allowed per year Increased time and expense to evict non-paying tenants Having just closed their 2021 session, the Colorado Legislature recently passed HB21-1121, which is titled “Concerning Protections ...

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6 Questions to Consider Before Turning Your Home into a Rental Property

By Marc Cunningham Friday, July 16, 2021

Our team at Grace Property Management talks to many homeowners who are weighing their options when it comes to converting their primary residence into a rental property or selling. It’s not an easy yes or no. Six questions to ask yourself when trying to decide:If I did...

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