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.