How To Deal With Water Damage In Your Colorado Springs Rental Property PART 1

Fresh Water

Brought to you by Muldoon Associates, Inc. Exceptional Property Management

This first part is going to cover the lesser of two evils in the water damage world, fresh water.  Some of you may be under the impression that fresh water events are no big deal.  The carpet got a little wet, you can shop vac it dry, and everything is good to go!  Unfortunately this is not the case and you are going to want to make sure this type of work is done right or you could be opening yourself up to lawsuits or health hazards.

Water extraction is a complex business now.  There is specialized equipment, chemicals and training required to properly extract and dry affected areas.  If your affected areas are not properly dried you could be creating the perfect atmosphere for mold growth which will cost much more than just doing it right the first time.  Fortunately, fresh water sources if tended to quickly are less of a health concern than contaminated water.  If drywall is not "too" wet it can be dried, carpets can be peeled back and padding replaced, and there will not be a need for as much removal of materials.

Fresh water can turn into contaminated water if it's not cleaned up quickly enough.  Every minute the water is left in the home it collects more debris, germs, dust and dirt.  It also wicks and soaks more and more areas in your home.  This is why it's so important to act quickly.  As the water gets more contaminated the cost of mitigation goes up.   Most water damage situations will involve humidity readings, specialized drying equipment and time.  The wetter an affected area is the longer it's going to take to dry.  This all seems common sense but you would be surprised how many folks I talk to are under educated when it comes to this type of damage and they are shocked with they get bills that often times range in the thousands.  I suggest contacting your insurance company and checking what kind of water damage coverage you have.  If you don't have proper coverage for fresh or contaminated water damage I suggest purchasing it or finding a company who offers what you need.

That finishes up our post on fresh water mitigation!  Check back soon for the second and final part of this series which we will cover contaminated water mitigation!

Daniel Muldoon

How To Deal With Water Damage In Your Colorado Springs Rental Property Introduction

Water Damage Introduction

 Brought to you by Muldoon Associates, Inc. Exceptional Property Management!

I'm writing this blog post to help property owners and property managers get more educated about water damage in a rental property or personal residence.  This is important information because incorrect actions can result in fines, health risks, and excessive damage to your property.  I'm not certified or licensed in the water extraction business but I do have a lot of first hand experience and that's what I'm going to be sharing in this 2 part series.  

There are 3 categories to differentiate between levels of contamination in the water source.  

Category 1 would include water from a fresh/sanitary source.  For example, the plumbing to your sink breaks and floods the kitchen.

Category 2 is somewhat contaminated water.  This also includes fresh water that has been left for an extended period of time.  Using the scenerio above, the water that came from the fresh water supply has been left on the floor, carpet, etc for a few days and has become contaminated with the dirt dust and debris on your floor.

Category 3 is grossly contaminated water.  For example, your sewer line backs up and floods your basement. 

For the sake of this blog I'm going to break it down into two category's, "Clean Water" and "Contaminated Water".  I'll also be touching briefly on insurance claims and insurance coverage.  Please stay tuned for the first part in our series!!

Daniel Muldoon

 

How To Avoid Water Damage In Your Colorado Springs Rental Property

In Colorado we have a semi arid desert climate but during our monsoon season it's not uncommon to have leaky roofs, flooded basements, and other water related issues. The water itself is a big problem but the potential for mold due to the water is an even bigger problem.  In order to avoid these issues it's imperative you take the steps in this blog to protect your rental property from water damage and mold.

At least once per year you should have a roofer come out and inspect your roof.  Many companies will provide this service for free and you should take advantage of it!  They will not only check out your shingles but also the soffit, gutters, flashing, etc.  All of these areas are possible points of entry if they are not totally sealed off.  Many times a roof leak will cause damage to ceilings and it's possible to drip into ceiling fixtures and create a fire hazard.

Window wells are another problem area that can allow water to enter basements or lower levels.  Make sure none of your downspouts empty near or around your window wells.  Place a couple inches of river rock in the bottom so the water can drain without eroding the dirt at your foundation.  Verify your gutters are draining properly to the downspouts and rain water is not flowing over the tops of the gutters.

Last but not least you need to make sure the drainage around your foundation is such that the water runs away and into the street as opposed to pooling up or draining into your foundation.  You will want to make sure your neighbors drainage does not come towards your property also.  In Colorado Springs it's against the law to have your drainage affect another property and water must be diverted towards the street.

I hope this information has been helpful to you and will help avoid issues with water damage or mold.  You will want to check with your insurance company and see if your policy covers this type of damage in case it does happen or if they offer a rider policy that will cover you.

Daniel Muldoon
Muldoon Associates, Inc.

Things To Do To Your Colorado Springs Rental Property Before Fall

Things are going great!  You have read my previous blogs on properly vetting tenants and keeping your rental property occupied and you have had months of smooth sailing!  Remember you still need to stay ahead of repairs and upkeep on your property.  As we come into fall it's a good thing to have a list of items that you will check and repair before fall hits.

Summer in Southern Colorado involves hot days and 60-70 degree nights.  There is little to no risk of freezing so hoses are easily forgotten and left attached to spigots, or sprinklers are set on auto-pilot with no fear of breaks.  As we come into the fall season the days will stay warm but the nights will begin to cool.  You will need to start the furnace soon and turn off the A/C.  Here is a list of things you should do to your rental property as we transition into fall.  Some of these items are tenant responsibility but use this as an opportunity to walk your tenant through the processes or provide them with preferred vendors to take care of it if they cannot.

1. Have the furnace serviced and cleaned
2. Keep an eye on your gutters as the leaves and sticks begin to fall
3. Get into the habit of spooling up your hose and removing it from the spigot
4. Fertilize and aerate your yard
5. Check all weather stripping and caulking around doors, windows, vents, etc
6. Winterize your evaporative cooler
7. Turn off your sprinklers are nights that are below freezing
8. Make sure you have secondary heating options in case there is a problem with the central heat
9. Mow your yard at higher depth to help protect the grass from the coming cold season
10. Remove all dead and overgrown vegetation

If you have completed this checklist you are well prepared for fall in Southern Colorado.  I'll be back shortly with a list of items to prepare for winter!

Daniel Muldoon
Muldoon Associates, Inc.

How To Effectively Complete A Move Out Property Condition Report on your Colorado Springs Rental Property Part 3

WHAT SHOULD AND SHOULD NOT BE WITH HELD FROM A DEPOSIT

This can be a tricky subject but here is a list of things that should never be with held from a deposit.

1. Yard Rehabilitation-A tenant moves out and your wonderful green grass is now dead.  Unfortunately there are too many variables that put you at risk of a deposit dispute.  Colorado is a desert climate, vegetation does not grow without human intervention in many areas.  Yards are like anything else in your home.  They have a serviceable life and once that's exceeded you cannot collect money to repair or replace without risking litigation.  Make your yard as maintenance free as possible.  If a tenant does not complete a final mowing, trimming, weed pulling at time of move out this could be a legitimate charge.
2.  Anything that has exceeded it's serviceable life-  Carpet is good for 5 to 7 years, if you have gotten longer than that, consider yourself lucky but don't plan on charging the tenants if it's damaged at move out.  Even if you went to court and won the case the magistrate may very likely award you a pro rated amount based on it's serviceable life.  In this case it would be zero dollars since the carpet exceeded it's serviceable life.  
3. Anything that is not documented on the move in inspection- If you failed to document any part of the home and it's damaged now, chalk it up as a learning experience.  If you go to court you will lose. Refund the money, kick yourself in the pants, and do a more thorough job next time.
4. Anything that is not outlined as a cost in the lease packet-  If you have not made a detailed lists of costs for repairs it's very difficult to enforce.  Include this form in the lease packet at move in and have the tenants sign it.
5. Ordinary wear and tear- Per Colorado State Law, ordinary wear and tear is allowable by law and cannot be charged back to the tenants.  Flooring, paint, windows, etc.  Scuffs, nail holes, fraying carpet by thresholds, are all considered ordinary wear and tear.  

This obviously is not an all inclusive list and there are limited circumstances where some of these may not be applicable but use this as a rule of thumb on your next disposition.

Daniel Muldoon
Muldoon Associates, Inc.

How To Effectively Complete A Move Out Condition Report On Your Colorado Springs Rental Property Part 2

MOVE IN AND MOVE OUT INSPECTIONS

After you have completed all of your repairs and upgrades and you have approved a tenant for move in you you will need to complete a move in inspection.  This will be for your records so you can refer back to the condition of the home after the tenants vacate.  We currently use written reports and photos but we will be converting to video inspections in the near future.  I suggest you use the method that works best for you but make sure you are thorough and have some type of visual documentation (photos or video).  

You will need to test and document the condition of every light bulb, switch, socket, door, window, knob, blind, etc.  Don't forget anything!  Open drawers, inside of fridges, furnace and filter, EVERYTHING!  Once the lease has terminated and the tenant has turned over possession you will use the same process.  Now that you have the move out and move in inspections complete you need to go line by line and compare the condition.  Many of the items that need to be repaired or replaced will be normal upkeep items that the landlord is responsible for.  You need to decide what damages are beyond normal wear and tear, complete the work, and keep receipts for the deposit disposition.  

Your disposition will need to be written and delivered to the last known address of the tenant or a forwarding address if provided.  Make a copy of the stamped envelope and place it in the file in case you ever need proof it was completed and mailed.  Hopefully if you did everything according to the law the tenant will not dispute any of the damages and you are in the clear.  If the tenant does dispute the damages they must do so in writing requesting their deposit be returned because it was wrongfully with held.  The landlord has 7 days to return the deposit (right or wrong) or the precedence in Colorado is you are already wrongfully with holding a deposit.  At this time the tenant can litigate for 3 times the with held amount.  Based on my experience it's best to just refund the deposit except in extreme circumstances.  This will cost you less in the future and even though it can be a tough pill to swallow it's the right financial decision.  

You may have legitimately with held the items owed but this can only be proven by a magistrate or judge.  It could take you month's and thousands of dollars to "prove them wrong" or "prove your right" but that does not make sense in the scheme of things.  I have also heard but not experienced that some magistrates will not award any money that was not addressed at move in.  You should have a form that outlines how much each charge will be if the tenant does not take care of it at move out.  I.E. cleaning is 250 dollars, locks are 75 dollars, furnace filter is 25 dollars, and the list goes on for virtually everything in the home.  This should be given to and signed off by the tenants.  A rock solid lease packet, inspections, and disposition will help keep your return on investment high and your days in court short.  

Daniel Muldoon

Muldoon Associates, Inc.

How To Effectively Complete A Move Out Inspection Part 1

DEFINING SECURITY DEPOSIT

Security deposits are probably the most litigous aspect of a tenancy.  The deposit is regulated by Colorado State law and how the deposit is to be handled post move out is dictated by law.  You must be certain you know every aspect of the laws pertaining to security deposits and dispositions in order to limit your legal liability.

In the state of Colorado a tenant is able to sue for treble damages when their deposit is "wrongfully with held".  This could mean a deposit was not returned in the allotted time (30 days by law unless agreed upon in writing by tenant and landlord at which time it will be extended to no more than 60 days.), with holding for damages or repairs that were not beyond normal wear and tear, or a number of other situations.

The security deposit belongs to the tenant but is held by the management company in order to secure the condition of the home at move out.  This means you better not use the deposit for anything during the term of lease.  It cannot be applied to last months rent, late fees, or anything else while the lease is in effect.  These fees can be with held from the deposit post move out if the tenant has not paid the account in full but you must wait for the lease to terminate and handle it on the deposit disposition.  I may sound like a broken record but I can't stress enough how important responsible and legal handling of the deposit is.

Now that we have defined the deposit and the disposition rules we will proceed to the move out inspection itself.  Per Colorado Law your lease must state that wear and tear damage is acceptable and will not be with held from the deposit.  This means nail holes, trim scuffs, carpet wear, blind wear, etc.  At every single move out (and likely more frequently) you need to be prepared to touch up paint, replace door stops, and other repairs as needed.  This is why long term tenancy and keeping your tenant happy is so important.  The longer they stay the less often you are doing touch up work.  Some landlords are under the impression the tenant is responsible for all damage and do not take normal wear and tear into consideration.  This is a complex subject because wear and tear does not apply equally to every situation.  If you have a property with one individual living in it compared to a property with 4 individuals living in it, the wear and tear will be more, typically, with more occupants.  This does not change the fact it's wear and tear and should be handled as such. 

There are things that can be with held from a deposit.  Major damage, abuse, or neglect.  For example the tenants take your brand new carpet and change their motor cycle oil with no oil pan.  The tenant would be responsible for the carpet but only in that area.  If it can be patched it should be patched and not replaced.  Remember, you are trying to avoid legal disputes so "sticking it to the tenant" is not the methodology you will want to use.  You must be fair and you must document thoroughly.

Your move in inspection is your first tool that needs to be taken seriously. Make sure you have pictures and written documentation, or a video with voice over.  If you ever do have a dispute you are going to need a rock solid inspection.  Your move out inspection must be just as thorough in documenting condition.  These are the first things magistrates will look at if you go to court.  The best thing to do is avoid court all together.  Many times it will cost you thousands of dollars in legal fees and many days in court and you may not even get legal fees awarded.

Daniel Muldoon
Muldoon Associates, Inc.

Reasons To Hire Muldoon Associates, Inc.

Muldoon Associates, Inc. has perfected the art of managing single family residential properties in and around Colorado Springs, CO and Pueblo, CO.  Whether you have a 1 bedroom home or a 10 bedroom castle we can handle your property management needs efficiently, effectively, and professionally.  We are so confident in our tenant placement services that we offer free eviction protection coverage.  If we have to evict a tenant that we placed in your property, we will absorb the legal fees.

We offer a simple flat management fee with no hidden costs, and no percentages!  Our costs do not increase based on rent, we offer our flat rate management fees to everyone.  Our flat fee includes tenant placement, security deposit disposition, rent collections, showing your property to prospective tenants, advertising, maintenance correspondence, tenant correspondence, online owner portals, tenant portals, and much more!

    

Let us handle your asset for only 99 dollars per month.  Nobody can match our services or our prices!  Muldoon Associates, Inc. has managed thousands of homes over the past 30 years.  We have implemented virtually fool proof systems and policies which allows us to keep our fees low and our quality of service unsurpassed.

Property management isn’t just a business to us.  It’s our name, our livelihood and our passion.  Investment properties can be risky but we do everything we can to minimize your risk while maintaining your return on investment.  Call or email Daniel Muldoon to discuss your specific needs and situation.  

Retaining Tenants In Your Rental Property!

Hello All!

One of many things that contribute to a successful investment in residential investment properties is tenant retention.  Your tenants are paying a lot of money to reside in your rental property and you want to keep them as long as possible!  Many costs involved with owning investment properties incur at move out so the longer you keep your tenants the better your cash flow will be!  I have outlined a few things below to assist in retaining tenants.

1.)  Don't chase market rents!  Although it seems like the right thing to do, constantly chaning your rents to chase markets up and down will result in lower occupancy.  If you have a good tenant you should reward them by maintaining the rent and keeping them happy.  If getting an extra 25 or 50 dollars a month is more important to you than keeping tenants long term, owning a rental property may or may not be the best investment for you.

2.) Be Responsive!  Since your tenants are paying you to live in a home and you have agreed to do certain things as a landlord which is outlined in the lease you need to be punctual and have open communication with your tenants.  If your tenants feel comfortable with you as a landlord they are more likely to stay when the lease comes up for renewal.

3.) Complete maintenance as needed!  This is very important!  There will be minor and major repairs needed at your rental property throughout the term of the lease.  It's imperative you respond quickly to all maintenance items brought to your attention by your tenants.  If you ignore, postpone, or forget about items that are concerns to the tenants they likely will not renew.

4.) Explain the lease terms prior to move in!  Setting expectations right from the start is a good way to avoid confusion and conflict later on.  Make sure you encourage the tenant to ask questions about the lease prior to signing so any concerns can be addressed in advance.

5.) Appreciate your tenants!  The folks living in your home are either paying your mortgage or adding to your retirement portfolio.  You should express to your tenants that you appreciate their tenancy and you would like to keep them long term.  Many tenants are willing to stay for multiple lease renewals if the relationship with their landlord is professional, courteous, and mutally benefical for the landlord and tenant.

Please visit by website to view information about my company, our software, and lots of other good information!  You can also connect with me on Twitter, Facebook, Google+, and my Residential Investment Property Blog!

Daniel Muldoon
Muldoon Associates, Inc.
Property Manager
Colorado Springs, CO

How To Maintain Quality Tenants During a Zombie Apocolypse

Hello All!

In a market full of zombies I think it's important that we address the quality of tenants in your rental properties during the current/future zombie apocalypse.  I realize this may not seem important but the fact is if brain eaters take over our local markets we need to be prepared!!  I have outlined 5 important items for your consideration in order to protect your investment property and maintain your quality of tenants during this crisis!

1. Zombies are not a protected class!  Feel free to reject any applicants who are zombies without worry of HUD violations if you so choose.
2. Install razor wire fencing and security windows/doors on your property.  Although there will be dozens or hundreds of zombies running rampant you will need to provide some additional protection for non zombie folks.  They will definitely be more interested in your property than a property that does not protect them from brain eaters
3. Don't get lax on your minimum qualifications!  Zombie or not, if your applicant is well qualified you want to do business with them!  You don't particularly care if they are eating people for dinner instead of pork as long as they are clean about it.
4. Only accept month to month leases.  Since zombies are a new phenomenon in real estate it's best to approach with caution.  It's much easier to terminate a month to month lease than it is to deal with an eviction.
5.  Create a zombie addendum.  This will be much like a pet addendum, possibly charge increased rent or a higher security deposit.  This will help your new zombie occupants to understand your expectations of them. 

This concludes my blog post on maintaining quality tenants during a zombie apocalypse.  I hope this was an entertaining and light hearted post to make your Friday more entertaining!  Please visit us at www.muldoonassociates.com!

Sincerely,

Daniel Muldoon
Muldoon Associates, Inc.

How To Establish A Rent Price For Your Rental Property

Hello All!

There are a couple things to take into consideration when you are pricing a rental property.  This post is going to touch on these details to help ensure you are not over pricing or under pricing your rental property.  The rental market is much like the sales market in regards to fluctuations.  Don't assume you can just automatically raise the rents every year and don't assume your property will have higher rents in the future than they do today.  I have worked with many properties where quite the opposite is true.  Units that were renting for 700+ per month have dropped into the 500's.  Homes over 1000 per month got hit hard in our last rental recession.

There are some online rental analysis websites but unfortunately these are typically not an accurate representation.  You will need to get more in depth to really find out what your property is worth.  It's important to price a property appropriately in order to obtain the best tenants with the least days on market.  Over pricing a property and you will have much longer vacancy times, under pricing a property could affect your bottom line. 

Make sure you don't just look at "active" rental properties.  By this I mean the properties that are currently being advertised but have not rented.  Although it's important to know your competition you will need to understand that folks can ask any amount for their rent they want. The active rental prices are not necessarily what the property actually rented for.  You want to find currently rented properties and that will be your best gauge.  Unfortunately there is not a method for an average home owner to obtain this information easily.  I suggest calling property managers in your area to get some information about their inventory.  I also suggest hiring a property manager but that's for a different article!

Once you have gotten information about a few similar homes and what they have rented for you will need to see if it's inline or not with the active rentals.  Since markets can change surprisingly quick this is an important step!  Just because a property rented for 1000 3 months ago doesn't mean it will again today.  If there are more homes in the area currently listed at 900 than at 1000, it makes no sense to advertise for 1000. Don't get caught up on the rent price!  I hear frequently that an owner needs to get at least X amount of dollars for rent to break even.  Unfortunately home owners and property managers do not dictate the rental prices, the rental market does. 

It will cost you far less to have a quality tenant in the property paying a large portion of the mortgage and maintaining your property than it will to leave it vacant!  Price aggressively, screen tenants thoroughly, hire a property manager and enjoy a smooth landlording experience!

Sincerely,

Daniel Muldoon

5 Ways to Maximize your Profit With your Rental Property

I have compiled a short but informative list of ways to maximize your profit on your rental property.  This is based on my decade of experience managing, renting, and owning residential rental properties.

1. Hire a property manager - There are too many things that you need to know and connections you need to have in order to properly manage your property.  A property manager can get work done quicker and cheaper than you can.  A property manager is knowledgeable in landlord tenant law, state and federal laws affecting property management and habitibility laws.  A property manager will not only save you money and time but their services can literally pay for themselves!

2. Keep a nice rental property - Squeezing every last penny out of a property, skimping on maintenance, etc are all ways to create long term profit issues.  If you stay up on anything that goes wrong in the home as it happens you will have fewer big ticket items to replace at the same time, your rents will remain at the higher end of your market area, and you will create a more optimum rental experience.

3. Screen Tenants - This is VERY important!  You should never descrinimate against people for their familial status, gender, sex, religion, disability, age, color, ethnicity!  You can however establish a realistic list of qualifications and apply them equally to everyone interested in your property.  Your goal should be to find a responsible tenant who understands your expectations as the landlord.  Without proper screening you could see your profits diminish very quickly!

4. Establish rents that are in line with your market area - Your goal should not be to ask for the highest rent possible and hold out for someone to pay it.  You will alienate more people than you will attract and your days on market will be negatively impacted.  Don't only look at available home pricing in your area, call around and see what homes have actually rented for.  Much like selling a home, the listing price and purchase price can be dramatically different.

5. Join a Landlord Group or Association - Organizations such as the Landlord Protection Agency can be very beneficial when it comes to being a landlord.  Their memberships are inexpensive and they provide lease docs, legal advice, and many other invaluable services.

I hope this helps you in your landlording adventures.  Feel free to contact me or comment here!  As usual, thanks for reading and I'll be posting again soon!

Daniel Muldoon
Property Manager
Muldoon Associates, Inc.
Colorado Springs, Colorado

How To Ensure You Will Get Your Security Deposit Back

Hello All!

Today I'm going to give some instructions to tenants who are moving out and interested in getting back their full deposit.  Although this process will vary depending on state, what your lease says, and what you have agreed to do with your landlord, there are some processes that are generally addressed and need to be taken care of at move out.

Despite popular belief, most landlords are not interested in with holding from anybodies security deposit.  It's far easier for a landlord or management company to complete a move out inspection and return a deposit in full than it is to make repairs and with hold money as needed.  I'm going to focus mostly on our lease clauses since I am familiar with them but make sure to read your lease and review your state security deposit laws!

In Colorado the state law says a security deposit disposition must be completed within 30 days of the property being vacated or the lease terminating, whichever happens last.  However, this time can be extended to 60 days if the lease terms allow it and the tenant has agreed to it.  Our lease is written to allow for 60 days. 

At the time of move in you should have either received a written inspection which you sign off on, or you should have received a blank inspection form to be completed by you and kept for your records.  You will need to refer to this information at move out and the property will need to be in comparable condition except normal wear and tear which is acceptable per Colorado law.  This is a good starting point for getting your security deposit back in full!  I have listed some other items that we look at when completing a move out inspection and creating a security deposit disposition/refund.

1.)  The carpets must be cleaned by a professional company using truck mounted equipment.  Portable carpet cleaning machines are not acceptable.  A receipt must be provided from the company who did the carpet cleaning.

2.)  The home will need to be thoroughly cleaned to include all appliances, behind appliances, bathrooms, window sills wiping down, etc.  This is very important!  Many cleaning companies do not clean behind appliances, windows, or sills, etc.  Just because you paid a company does not mean they will do the job right and you are on the hook for anything that isn't cleaned.

3.) Replace all light bulbs, batteries in smoke alarms and co detectors, the furnace filter, and any other small items.

4.)  If you have a pet, make sure to pick up any feces in and around the yard, repair any damage that was caused by the pet (i.e broken fence pickets, chewed or scratched doors or trim, etc)

5.)  Do NOT LEAVE TRASH AT THE CURB FOR PICKUP!  This is a common mistake. When you turn in keys to your landlord you are telling them that you have completed all of your responsibilities.  If there is trash at the curb it will likely be hauled at your expense.

6.)  Turn in all keys, garage remotes, parking passes etc. per the terms of the lease.  Our lease states everything must be turned in prior to noon on the last day of the lease.  Showing up late could mean additional rent charges.

7.) Make sure the yard is mowed, trimmed and weeded.  Lawn companies are not cheap and this could mean money being with held and a slower return of your deposit.

8.) Do not turn the utils off!  Instead, revert them back into the owners name or the management company (depending on what your lease states)

9.)  Provide a forwarding address to your landlord so they can send the deposit to your new address once they have completed the move out process

These are a few things you can do to ensure you get your deposit returned in full.  Obviously there could be additional requirements depending on your specific situation but this is a start!

Sincerely,

Daniel Muldoon
Property Manager
Muldoon Associates, Inc.

How To Approach Your Landlord About Pets

Hello All!

Today I will be giving a landlords perspective on how a tenant should address their pets.  There are a couple of different points in time where this will need to be addressed.  It's important to always be truthful and up front about the number of pets you have, breeds, ages, etc.  For a landlord to make an informed decision they will need all of this information available.

If you are approaching a new landlord about renting a property and you have existing pets, make sure they are aware of this prior to viewing the property.  Ask them if they accept pets and if yours meet their criteria.  Also verify if there is an additional deposit, pet rent, or a pet fee required.  You should probably ask if a pet addendum is required and review the terms of that also.  This way the landlord is informed of your pets and you are informed of the owners expectiations.

If you are living in a home currently and you have decided you want a pet...STOP!  You should not decide you want a pet until you have addressed it with the landlord.  The best way to do this is to first find out if the landlord will allow you to have a pet.  You will then need the specifics as to what kind, how many, how large, etc.  Don't go fall in love with the Mastiff at the pound before you talk with your landlord!

In many situations the landlord will not have any problems with you obtaining a pet as long is it falls within the parameters of what they deem acceptable.  You will want this information prior to looking for any type of pet.  There are very few things worse than finding the pet of your dreams and not being able to get it after talking with your landlord.  Once you know what the landlord expects you can go from there on what you should be looking for.

Once you have decided on the pet that fits in your landlords parameters you will want to notify them.  Give them some information about the pet so they can get familiar with your choice.  Pay any deposits that are required and sign any additional paperwork.  At this point the pet has been agreed upon by the landlord, it is now reflected in writing, the deposits have been paid and you had a smooth transition into pet ownership.  The landlord will be appreciative of your pro active approach and you will be happy knowing your pet will not be in violation of your lease agreement. 

I hope this quick blog entry will assist you in your current and future endeavours into pet ownership!  Feel free to contact me if needed.

Sincerely,

Daniel Muldoon

How To Deal With Pets In Your Rental Property

Hello All!

This is something I get a lot of questions about so I figured I would address it for the whole world to see!  Many landlords view pets as a negative thing and will not rent to people with pets.  I can say this is not necessarily the way to look at things!  Many responsible people own pets and you do not want to eliminate a large portion of your "tenant pool".  Over 50% of people own pets of some sort and many more are planning on getting pets in the near future.

There are a few things you will want to take into consideration when dealing with pets in your rental property.  Is the property located in an area where pet size or number are restricted?  For example, some homeowner's associations have varying restrictions on pets.  You will need to refer to your governing documents if you are located in an HOA and verify you are inline with their restrictions.  You will also want to check with your insurance company and see if they have any restrictions on what breeds, size, type of pet, or number of pets.  Some insurance companies will not allow certain dog breeds for example.

Once you have established what pets are you are allowed to have at your rental home you will want to decide what expectations you as the landlord have for pets.  I suggest requesting references for the pet from current or past landlords if you are looking at renting to a person with pets.  If a tenant is already in your home and they are looking to replace a pet (deceased, lost, etc) you will want to make sure you have as much information as possible before agreeing to do so. 

I suggest collecting an increased security deposit and also having the tenants sign a pet addendum form.  This addendum should include the type of pet, size of pets, quantity of pets, your expectations in regards to damages caused by pets, etc.  Many quality and qualified tenants are responsible pet owners as well and you wouldn't want to miss the chance to rent to an excellent tenant!

I will address how tenants should approach landlords about pets in another installment on this blog! 

Sincerely,

Daniel Muldoon

How To Choose The Right Property Management Software

Hello All!

In this post we will be going over what to look for in a property management software.  There are companies providing software that suits everyone from the one unit owner to companies that manage thousands of units!  You will need to begin by outlining what you want your software to do.  Will you only be using it to keep track of your occupants?  Do you need online rent payments or owner/tenant portals?  Will you be using the software to mass produce emails?  Would you like the software to automatically create templates for online advertising?  There are many powerful property management programs available at this time it's just a matter of deciding what's right for your situation.

Smartphones and tablets are very powerful tools and relatively inexpensive.  There are property management apps available for little or no cost and work well for the owner who has a few units or a small start up company.  Most of these apps will keep track of occupants, lease dates, inspection dates, and some even have built in payment features!  If this is all you need then a smart phone or tablet and an app should suit your needs just fine.

On the other hand if you are managing more properties or you need your software to do additional tasks you will need to upgrade to a desktop or laptop computer.  Many of the larger management software companies offer web based solutions.  This is great because you don't need much local hard drive space since all of the information is held in the cloud.  Typically you pay a monthly fee based on the number of units you manage and the features you need. All of the updates and changes are automatically done with no additional cost.  Beware though, you must have an internet connection to access the database so if you are out of service often, a web based solution may not work for you.

We use Appfolio for our property management software and it's been great for us!  They offer online ads, one click posting to craigslist, online tenant and owner portals, and all of the accounting features you would expect out of your management software.  Their customer service is excellent and they are constantly making their software better and easier to use!  There are other software choices such as Propertyware, Promas, Yardi Systems, TOPS and a few others.  Be sure to check out each one thoroughly so you know what the program can do for you! 

Feel free to comment, share, or contact me directly if you have additional questions!

Sincerely,

Daniel Muldoon

Pilot Series- How To Procure Quality and Qualified Tenant's #2

Pilot Series

 

As you recall from the first portion of this property management how to, we left off with having and utilizing a list of minimum qualifications.  Now we are really getting into the fun stuff!  You have a tenant who is interested in the property, they have reviewed and agreed to meet or exceed the minimum qualifications and they are ready to see the property!  You meet them and they fall in love, it's everything they have ever wanted, they rush home and complete your application which you will use to confirm their qualifications.

You have processed their application, spoken to current and previous landlords, verified employment, and the prospective tenants pass with flying colors!  You should approve them (preferably in writing, we use an official notice of approval form), and get them ready for move in.  By this time you should already have lease docs available for them to review.  I prefer to send them blank lease docs, answer questions or concerns that they have, then follow up with final copies.  I use mostly e-mail and e-signatures for this but it can be done with faxes or hard copies.

Ok you are really rocking and rolling now!  Tenant's have reviewed the lease and signed final copies, the home is clean and rent ready and the tenant's have signed the lease packet!  Congratulations on your new tenant who is qualified and quality!   This should really make the rental process easier on everyone.  They are comfortable knowing they have a responsible, responsive, and competent landlord. And you are comfortable knowing you took the time and had the resources to verify your quality and qualified tenant! 

This process works with commercial, residential, multi family, or just about any rental property.  The key to long term success is maintaining the property, upgrading as needed, and finding a tenant who is willing and able to maintain it for you

I hope this 2 part series will help you in your landlording adventures!  If you have questions or comments feel free to leave them here or email me directly.  Thank you for your participation and I'll be back soon with more real estate how tos!

Daniel Muldoon

How To Select The RIGHT Property Manager For You

Hello All,

Selecting a property manager is not something everyone will do but for those of you who need this information it's priceless!  Each property manager has their own methods and procedures for managing rental properties and you need to make sure they line up with your expectations.  My company for example has spent a lot of time and resources on cutting edge technology.  We accept online rental payments, we post videos and pictures for digital ads, and we rely heavily on email for efficient communication.

I spend a lot of time with trade organizations to make sure we keep up with all the latest legislation that could affect the management of rental properties.  This is very important because laws are changing frequently at the federal, state, and local levels.  You do not want to inadvertently break laws and unfortunately ignorance is not an excuse. 

If you plan on managing your rental property on your own you will need to make sure your lease docs are up to date and coincide with HUD regulations and state requirements.  These regulations now impact many aspects of rental management including the application process and rejecting applicants based on credit criteria.  If you are a management company or a person looking at opening a management company you will need to review your state and local laws, be up to date on information regarding move out procedures, tenant's rights, and holding security deposits. 

Make sure you interview multiple companies! Since each company is different you will find after interviewing a few in your area, which ones will be able to meet your needs and which one's will not.  Don't only look at the management fees but also look at what it includes.  If your decision is based solely on price you may or may not get what you are looking for.

Spending time asking questions and interviewing companies during this process will help ensure you get a company who will be able to perform the tasks you expect in a timely and professional manner.  Ask for references from tenant's and owners who do business with the companies you are interested in.  If they can't provide references or testimonials, they may or may not be worth doing business with.  You want to find a company who has good tenant rapport, good owner rapport, and spend the time to stay educated. 

You can look at the National Association Of Property Managers website for endorsed companies.  Ask the company if they are members of their local and state board of REALTORS or other trade organizations.  These companies and individuals are typically help to a higher ethical and educational standards.

I hope this article has helped spark some ideas on how to approach hiring the right property management company for your specific needs.  Feel free to comment or contact me for additional information!

Sincerely,

Daniel Muldoon

Who We Are- Property Managers Colorado Springs CO

Who We Are:

Muldoon Associates, Inc. is a full service real estate company.  We are family owned and operated and have been doing business in the Pikes Peak Region since 1981!  We handle distressed property sales, resales, new builds, small commercial, residential property management in Colorado Springs, Pueblo West and Fountain Areas, homeowner's association management, tenant placement services, real estate counseling, and real estate investing services.

Our company strives to provide professional services with a personal touch!  We have created this blog and these how-to articles and videos to help anybody who is involved in real estate property.  We will cover things like how to find a qualified tenant, how to use homepath.com when purchasing Fannie Mae listings, what to look for during inspections, and many more topics!

We hope you enjoy our venture into blogging and we encourage questions comments and support!  Feel free to email us with topics you are interested in seeing.  You can visit our website at muldoonassociatespm.com to view our current inventory or listings and rentals!  We also have information regarding HOA management in Colorado Springs, CO  and contact information.

Thank you for taking the time to be a part of this property management in Colorado Springs and real estate "how to" blog!

Sincerely,

Daniel Muldoon