By Marc Cunningham - Monday, September 20, 2021

Can Landlords Charge Late Fees?

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 various aspects of rental agreements and rules for Colorado landlords...

By Marc Cunningham - Sunday, September 19, 2021

What Can I Charge to My Tenants Security Deposit?

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 and regulations regarding security deposits. When a tenant vacates your ...

By Marc Cunningham - Sunday, September 19, 2021

How Often Should I Inspect My Rental Property?

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 check back in on the property. There are 4 practices we advise for ins...

By Marc Cunningham - Tuesday, September 14, 2021

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

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 dreaded phone call from your tenant alerting you to a maintenance issue...

By Marc Cunningham - Tuesday, August 31, 2021

Should You Own Your Rental Property in an LLC?

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 structure of the property. Should you legally hold the property in your...

By Marc Cunningham - Tuesday, August 31, 2021

Can Landlords Refuse Section 8 Housing in Colorado?

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 Section 8 Housing. Section 8 Housing, now more accurately referred to as G...

By Marc Cunningham - Thursday, July 22, 2021

HB21-1121: Rent increase restrictions for Landlords in Colorado

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 for Residential Tenants Related to Actions by Landlords.” This b...

By Marc Cunningham - Friday, July 16, 2021

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

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 didn’t own this home today, would I buy it as a rental property? Th...

By Marc Cunningham - Friday, July 16, 2021

The Top 6 Tax Deductions for Landlords

Landlords and real estate investors are eligible for several great tax advantages offered by the IRS. However, investment property owners are often unaware of some of the benefits available to them. In this post, we will cover the top 6 tax deductions for landlords to claim come tax season.6. Repairs Any repair you make to your investment property ...

By Marc Cunningham - Friday, July 16, 2021

Why You Should Never Charge a Pet Deposit

Rental property investors often come to us with questions regarding renting to tenants with pets. Landlords and even property managers can make the mistake of charging a separate pet deposit (in addition to the security deposit). However, separately defined pet-specific deposits are not in the best interest of the property owner or the tenant.Let&r...