While not all inclusive, this checklist is a starting point for renters. To me, the most important tip is this: get the existing damages and needed repairs documented via photo and in writing.
This is an extremely difficult rental market. Don’t lose your security deposit because you didn’t document the move in.
Questions or have additional resources? Comment/post here!
Rob @ 719-440-6626
Good question! Here you go! Link to the Colorado Springs Housing Authority
Check these options out; Ours is one of those cities that’s never lacking for stuff to do!
Good question! In our city, we have somewhere around a 96% occupancy rate for rentals (I have heard it quoted as -1% but haven’t been able to validate that yet). This represents a great opportunity to invest in ‘income’ property here (I hope to buy at least one quadplex personally soon).
When I mention “cash flow,” I am specifically talking about the difference between the mortgage on a home and the rent it brings in. For example, a 3 bedroom, 2 bath home in Colorado Springs rents for – on average – $1100. What if you could buy that home with a mortgage of around $800 taxes and insurance included, then rent it out? The spread would be $300. Assuming a $20,000 downpayment, the ROI (Return on Investment) would be 5.5% a year gross. That’s MUCH better than a checking or savings account generates.
What if I don’t have $20K, you may be saying? That’s okay; there are other options from owner occupied quadplexes to partnerships and more.
Questions? Email me at robthompsonrealtor@gmail.com or call 719-440-6626.
Also, check out Bigger Pockets “Buying Rental Property.”
I get a lot of requests for information on tenant and landlord rights.
Knowing your rights and obligations is critically important in protecting the same!
For your reference, here is the Colorado Springs Fair Housing Information brochure!
This is not legal advice. Always consult an attorney before taking action.
Colorado Springs is an extremely competitive rental market. I’ve been tracking this specific aspect of the market for about 18 months now and it has only increased in it’s intensity.
As a consumer advocate and agent, I get a lot of requests for validation of listings, etc., as there are a LOT of scams out there, too.
What’s a tenant to do?
First and foremost, be aware of the market value of rentals here. A 3 bedroom, 2 bath home will rent for, on average, $1100. If you find one on Craigslist for $900 or less, be VERY cautious. When you engage the landlord, if they tell you they are out of town on a medical service mission to another country, or attending the needs of royal family in England (someone tried that one, for real), chances are it’s a scam. Actually, let’s call a potato a potato — that’s a scam.
How can you check a listing? If the ad is using photos marked “RSC” followed by a year (e.g., “RSC 2011, RSC 2014), those photos were pulled from the Multiple Listing Service (MLS) agents use. While some homes are listed for both sale and rent at the same time, it’s unlikely an authorized representative took the photos, uploaded them to MLS, saved them after the MLS post processed, then reposted them to a third site.
You can also check the landlord’s name against the El Paso County Assessor’s site. If “Adam Smith” is telling you he owns the home at 200 Gerber Rd, run the address through that site and it will return the owner of public record.
You can also check PPAR.com or Realtor.com to see if the home is currently for sale. If it is listed for sale, the list agent will know if the seller is renting it out as well.
Some other indicators include things like mismatched email addresses and names. My email is robthompsonrealtor@gmail.com — if I’m corresponding from robtomsonagent@gmail.com, braddpitt@gmail.com or adamsmithreallyimanagent@gmail.com, there’s likely a problem.
Additionally, if they want you to make a deposit ahead of signing a lease or viewing the property, that’s an indicator of trouble or fraud as well.
if you are looking to buy or sell a home in Colorado Springs or Denver area, call Rob at 719-440-6626!
…I personally wasn’t aware having an unleashed dog could result in a $50 fine. Good to know, as well as there’s a quick summation of a proposed change in the video.
The answer to this one isn’t cut and dry. Generally speaking, it’s more advantageous for a homebuyer to purchase a home “traditionally.” Rent to own (a.k.a. lease options) often require a large downpayment that may be lost to the seller should you the buyer choose not to execute a sale.
That said, they have their place in a market. If a person would like to buy a home but needs time to work on their credit, it’s an option. However, always consult with a lender, Realtor and attorney prior to signing or drafting a lease purchase option contract.
Looking to buy or sell a home in Colorado Springs? Call Rob at 719-440-6626!
I had a lunch meeting with a “numbers guy” today…was told that he expects rental prices to raise on average 10-26% in the next year. I have not yet verified this information independently, so take it as an unconfirmed data point. Anecdotally, this doesn’t actually surprise me, though, having watched the rental market here climb for the last 14 months.
Looking to buy? Low interest rates…HIGH demand (especially for a 3 bedroom, 2 bath home that rents for ~1100ish)…this is the market to do so!
Rob – 719-440-6626