Profile of a Good Rental Property

1) Need to have high demand for rental clients. Why do people want to rent in this city? Area? Neighborhood? Identify what is the appeal and draw for renters?

2) Consider “resale” value the same way you would for a primary residence. City Services? Public Schools?

3) What are the demographics of area? What type of people are renting? Professionals? College Students? Families?

4) Evaluate the main components of property–good condition? Roof, windows, furnace, hot water heater, ac?, structural integrity. How well will the property handle wear and tear?

5) Get a feel before buying what is the rental rate for comparable properties in same neighborhood?

What Makes a House a Good Investment

1. Good Neighborhood–No short sales or foreclosures, stable area, not in an “area of declining value.” Houses and yards well kept.

2. Good public schools–decent test scores, not over-crowded, good reputation.

3. Good services–Recreation Center, Library, Grocery Stores, Restaurants, Healthcare, Parks, Open Space, Downtown area close by.

4. Supply and Demand–more Demand than Supply is always a good thing. I forgot to mention this: if you buy New Construction you need to take into account where the Builder is in their plan. How many more homes are going to be built? And over how many years?

5. No location issues. If the house is not selling today because of its location then you’ll have the same issue when it’s time for you to sell.

6. Nice yard, easy access from back of house and kitchen.

7. Roof, furnace, hot water heater in good condition. And it goes without saying to buy a house with no major structural problems.

8. Open Floor Plan.

9. Big Kitchen

10. At least 3 bedrooms and 2 full baths on upper level or main level if it’s a Ranch style home. 2 car attached garage at a minimum–if other houses in neighborhood have detached garages then that is OK.

Based on my experience helping Buyers since 2002.

It’s not easy to buy a house nowadays. Obstacles we can run into:

House you like goes under contract before you have a chance to submit an Offer yourself.

Seller is not motivated and completely unrealistic about their sales price with house being over-priced. Seller is inflexible in negotiating.

Inspection issues are so problematic that the Contract falls apart in this phase.

House you like falls into Short Sale status and Seller is not able to sell their house without Bank’s assistance. Normally we can close in 30-45 days but a short sale takes on average 4-6 months at the earliest. And then you are not guaranteed that you can buy the house.

House does not appraise at the sales price.

Some Tips for You:

1. It’s a process. Timeline is fluid. Can do it in one weekend or it can take over two years. Be patient.

2. Your Buying Criteria will change over time. Once we start viewing properties you will find out what you thought you wanted is not what you really wanted.

3. Sherlock Holmes philosophy for finding the right house. “When you have eliminated the impossible, whatever remains, however improbable, must be the truth.” In the beginning of our house search I always recommend to my Clients to focus on what you don’t like first in a house. This helps us in the screening process.

4. If you’re buying a house as a Couple make sure to talk together about what you want. I’ve been in situations where Couples cannot decide and sometimes it gets ugly.

5. Buying a house can be stressful and you need to be mentally strong to get through all of the challenges we will face. It’s not a piece of cake. But, it will all work out in the end–I know this for a fact because I see it happen all the time.

Home Inspection Services

Gene Dowell CHI, PHI
Broadway Property Inspections
(720) 201-1429 Cell
(303) 932-3878 – Office
gmdowell@aol.com
www.broadwaypropertyinspections.com

Jeffrey Lyons, CHI/PHICertified/Professional Home InspectorISHI & InterNACHI Certified Home InspectorNEHA/NRPP Registered/Certified RMP
A-PRO Home Inspection Services
(303) 485-8800
www.homeinspectionboulder.com
www.homeinspectionlongmont.com

Henry R. Lopez Associates
(Structural Inspections)
(303)447-2813

Moving and Storage
Golden Van Lines
(Atlas Franchise)
Domestic and International Moves
Contact: Toni Nehls, 303/682-3343

Armstrong Relocation
(United Franchise)
Domestic and International
Contact: Rick Soeder
(303)752-6363

Granite Fabricator
Moros Fabrication
(303)473-0111

Home Insurance
Helen Wagner
State Farm Insurance
(303)442-7844

House Remodeling
Kitchen Cabinets
Warehouse Sales
(303)499-5891

HVAC

Climate Masters
(303)776-8556
www.climatemasters.com

Save Home Heat Company
(303)443-9762

http://savehomeheat.net

Flatirons Duct Cleaning
303/593-0698
www.flatironsductcleaning.com

Lawn Care

T & T Lawn Services
Tim Tran
(303)908-8683
tt11503@comcast.net

Carlson and Carlson Sprinkler
Paul Carlson
(303)666-5143

Lenders

Grant Hickman
Premier Mortgage Group
(303)302-3905
ghickman@pmglending.com

Pamela Mullen
Home Mortgage Consultant
NMLSR #403822

Wells Fargo Home Mortgage
MAC C7284-011
1960 28th Street
Boulder, CO 80301
303-245-7411 Tel
303-709-5208 Cell
866-972-5823 Fax
Pamela.M.Mullen@wellsfargo.com
www.wfhm.com/pamela-mullen

Lighting Fixtures

Inlighten Studios
5345 Arapahoe Ave., Suite 4
Boulder, CO 80303
(303)449-9899
Cheryl Gaiser
www.inlightenstudios.com

Window Replacement
Wolf Building and Design
(303)530-2818

Window Glass Company
LTS Glass
(303)665-7457

Carpet and Tile
Atlas Flooring
(303)442-3221

Installers: Nelson Melara
(303)682-2732

Electrician
Jeff McNeal
720/353-0607

General Contractor
MJC Construction
Mike Carleton
(303)818-8845

Structural Engineers
Enginuity
(303)664-9500

Healthcare
Pediatrician
Dr. Roy Nelson
Flatirons Pediatric Clinic
Louisville
(303)673-9001

Children’s Dentist
Dr. Keaton Howe
Young Dentistry for Children
Louisville and Westminster
(303)604-0710

OBGYN
Dr. Mary Elizabeth Bissell
Woman to Woman Healthcare
Louisville
(303)673-0224

Optometrist
Dr. Dennis Dupuis
Eyecare Center
Boulder
(303)449-2401