Do Colorado Landlords Have To Allow Marijuana At Their Rentals?

Do Colorado Landlords Have To Allow Marijuana At Their Rentals?

Marijuana legalization, both for medical and recreational use, is a hot button topic for Colorado landlords who may be worried about what they can and cannot allow under state and federal laws.

The short of it is that a landlord has the right to allow or restrict marijuana usage as long as the policy is clearly stated in the lease. Since marijuana is still restricted under federal law per the Controlled Substances Act, which supersedes state law, landlords cannot be prosecuted under the Americans With Disabilities Act, HIPAA privacy laws, or Fair Housing laws if they choose to ban marijuana on their rental premises. The newly passed Amendment 64 even clarifies the right of landlords to restrict marijuana at their rentals.

Many of these laws may continue to create a grey area for landlords, but as long as a landlord’s policy is clearly stated they can decide exactly what kind of stance they’d like to take on prohibiting or allowing marijuana.

More details can be found in this article from the Colorado law firm THS (see the PDF article here: http://ow.ly/jrcFl).

Make Moving Easy

Avoid Moving Meltdowns

Whether you are moving across country or moving across town, not being organized can cause lots of unnecessary aggravation and stress on everyone. Below you will find 5 great ideas to help keep your stress level to a minimum and keep your excitement while moving into your new place!

1. If you don’t use it, don’t move it!

Let’s face it, we all have items that seem to get moved from one corner of the house to the next, but never actually get used! If you can’t remember the last time you used something, get rid of it. Once you’ve pared things down, items in the storage areas of your home can be packed and labeled for the move.

2. Keep your essentials together

There is nothing worse than moving to a new place and having to search through dozens of boxes just to find your toothbrush, toilet paper, medicine, and pajamas. Make sure that you have a box designated for all of the small items that you can’t get by one day without. Not having to go through every box on moving day will help keep things organized and keep your family happy.

3. Keep important paperwork in one central location

Lots of things tend to get lost either temporarily or for good when moving. Make sure that all of your important paperwork; birth certificate, passport, financial records, etc. are kept together.  Losing any or all of these items, could really put a damper on things.

4. Label all moving boxes

It may sound like a hassle at first, but it will be nothing compared to the hassle you’ll encounter when you have no idea what is in each box. So what can you do to ensure your move is hassle free? Label, label, label!! Grab a sharpie or even use colored stickers for each room (kitchen items have a blue sticker; living room items have a red sticker).

5. Electronics and Cords

Sure it’s easy enough to unplug every cord from all of your electronics; but how easy is it to remember what cord goes where and to what? Make sure that when you are unplugging every cord, that you label what the cord goes to and keep all the cords for the same item together in a zip lock baggy. This will make setting up your new home a breeze!

The next time you move will be a lot easier if you follow these steps to moving success!

Washington Park and Capitol Hill

Wondering where to find your next place??

WASHINGTON PARK AND CAPITOL HILL!!

Why are people flocking to the Mile High City? Well according to visitdenver.org it’s because it has one of the nation’s strongest metropolitan economies! Median household income in the Metro Denver area is 15.6 percent higher than the national median income.

Wash Park

“The Washington Park neighborhood centers around one of Denver’s finest parks, known as Wash Park for short. The park covers 165 acres, and features one of the most popular running trails in Denver. Two scenic lakes and the city’s largest flower garden add to Wash Park’s bucolic charm. The Washington Park neighborhood encompasses the park’s borders, and stretches from Downing St. to University Blvd. The neighborhood is bounded by Cherry Creek Dr. to the north and I-25 to the south.”

Capitol Hill

“The Capitol Hill neighborhood is named after the Colorado State Capitol, which indeed sits atop a hill. Capitol Hill stretches from Broadway to Downing St. The neighborhood is bounded by Colfax Ave. to the north and 8th Ave. to the south. Many young professionals work downtown and enjoy the convenience of living close to the city in Capitol Hill’s historic buildings.”

Now after reading all of the amazing things Wash Park and Capitol Hill have to offer, check out these amazing apartments/ condos for rent!!

161 S. Emerson St

Apartment, Approx. 700 sq. ft.W-S-T paid for. Gas currently paid, option to charge back in future. Tenant pays Electric. Fridge, stove, and wall unit AC. Cross streets S. Emerson  St. and Speer. Off street parking.

180 Cook St.

Condo, Approx. 1194 sq. ft., AC, gas fireplace, deck, granite counter tops, W-S-T-H and snow removal included in rent, W/D, m/w, d/w, stove/oven, fridge, secured entry & secured parking. Located near 1st and Colorado NO SEC 8.

To schedule a showing, please contact Mavi Unlimited at 303.665.8944 or admin@maviunlimited.com today!

How Do You Know How Much Home You Can Afford?

I think most people know that right now might be a pretty good time to buy a new or first home. With some interest rates as low as 4.55% (for a 30 Year Fixed), & 3.69% (for a 15 Year Fixed) the option of buying over renting looks fairly positive (Bankrate.com).

However, how do we know how much we can afford? This article by Jason Hahn from Aol Real Estate gives us a few good tips on what types of loans you may be able to get to cost associated with new home buying.  This article gives us a the quick answer and the long answer on how to figure out what one can afford.

The Quick Answer

The rule of thumb is that most potential homebuyers can afford to buy a home that costs between two and two-and-a-half times their gross annual household income. So, for example, if a renter is looking to become a homeowner and this person earns $50,000 a year, they can afford a home that would cost between $100,000 and $125,000.

For those who can afford to put down a large down payment and have light debt loads or none at all, a buying a home up to four times their annual income might be reasonable. While this quick estimate offers a helpful lens through which to eyeball how much home you can afford, there are other ways to look at it, and they involve ratios, history and costs.

The Long Answer

It’s one thing to think about how much you might be able to spend on a home, it’s another to think about how much you’ll be allowed to. Or is it? Maybe the most complete, helpful way to assess what you can afford is to look at it from a lender’s perspective, which might be the most sober and insightful.

Mortgage lenders use two main calculations to decide whether you actually can pay them back: the front-end ratio and the back-end ratio. (They’re not nearly as complicated as they might sound.)

• The front-end ratio, or the housing expense ratio, is simply the percentage of your gross (that is, pretax) monthly income that will go toward paying the mortgage. Generally, conservative lenders want that to be less than 28 percent; others might push it to 30 percent or higher. But check with lenders to see what their actual thresholds are. (Since the housing bubble burst it’s a lot harder to find lenders willing to accept a 40 percent ratio, though that’s probably a good thing.) If you earn $5,000 per month, and the lender has a 28-percent threshold, the most they’d be comfortable with would be $1,400 ($5,000 x 0.28).
• The back-end ratio, or the debt to income ratio, is the percentage of your gross monthly income that will go toward paying all of your debt obligations: mortgage, credit cards, child support, car and student loans, etc. Some lenders want your total debt payments to be less than 36 percent; others allow as much as 40 percent or more. If you earn $5,000 per month and your monthly debt obligations now are $300, or 6 percent of your gross monthly income, your back-end ratio will be 34 percent ($1,400 + $300). Since that’s below the threshold of $1,800, or 36 percent ($5,000 x 0.28), you could be a good candidate for a loan.

Types of Loans

There are three main types of mortgage loans: conventional; FHA (Federal Housing Administration); and VA (U.S. Department of Veterans Affairs).

• Conventional loans are the most common way to buy a home in the U.S., hence the name. They typically require a down payment of at least 10 percent and sometimes up to 20 percent, in addition to a pretty solid credit score. However, these mortgages present lenders fewer hurdles than the other two.
• FHA Loans are a bit more forgiving, in the sense that they require down payments as low as 3.5 percent and are usually a bit more flexible with credit scores. Their thresholds for front- and back-end ratios differ from conventional loans, though.
• VA loans are great for U.S.military veterans and those now serving. Those who qualify don’t have to make a down payment and aren’t required to get private mortgage insurance.

That’s a quick overview, but the takeaway is: Explore your loan options to make sure you find the best fit.
Potential homeowners also need to figure in the other costs associated with a mortgage, like [property taxes, homeowners insurance and closing costs. It’s also important to note that the house you buy will be considered by your lender as collateral on the mortgage loan. In other words, should you be unable to repay the loan, the lender can foreclose on your mortgage and seize the house.

Home-Related Costs

The mortgage isn’t the whole story. Owning a home is expensive and it’s crucial to know that from the get-go. Things like maintenance, utilities, furniture, and association fees are among the month-to-month costs that you’ll incur along with the mortgage when you buy a home.

Use Your Weapons

There are tools to help you determine how much home you can afford, even beyond this guide. Mortgage calculators and home ownership calculators are easily found online and can narrow down how much house you actually can afford.

And use common sense. It’s easy to get swept up by the ocean of numbers that figure into a discussion of affordability, but don’t forget the basics. How much are you comfortable paying toward your home each month, really? Can big plans for the future affect your financial circumstances? How long do you plan on staying in the home? What would be the consequences of not being able to make your mortgage payments?

Owning a home is great, but carefully consider how much you’re willing to give up for it. You might find that renting is your best option right now. Knowing what you want to spend might be worlds apart from knowing what you can pay, so use every resource you can to help determine how much you can afford to spend on a new home.

Source: Jason Hahn, AOL Real Estate, 6/29/2011

http://realestate.aol.com/blog/2010/06/29/how-much-home-can-i-afford/

Bankrate.com

Who’s up for a picnic?!

A nice picnic in a park sounds like a great way to kick off your long, holiday weekend! Denver has some of the best places for outdoor picnics. A family picnic in one of Colorado’s many parks would be a perfect way to start your 4th of July Festivities! Not to mention, International Picnic Day was June 18th!

These great parks are also near by some great Denver eateries if you prefer to grab lunch or dinner indoors!

Sloan’s Lake/Edgewater Coffee Company: Find a grassy spot on the east side of Sloan’s Lake, where you can enjoy a serene view of this 177-acre lake set against magnificent still-white peaks in the distance. At the northwest corner of Sloan’s, Edgewater Coffee Company offers an organic, fair-trade caffeinated pick-me-up along with a simple, yet ideal picnic menu including deli sandwiches, a BLT and PBJ with chips and fruit cups.
Sloan’s Lake, mostly bounded by 17th Ave., Sheridan Blvd., W. Byron Place & Stuart St.
Edgewater Coffee, 5224 W. 25th Ave., Edgewater; 303.237.4383

Rosamond Park/Slices: If you’re bringing the kids, grab a shady spot on the northwest side of Rosamond, where you’ll find a playground, sand pit and a basketball court for post-dining entertainment. For an adults-only outing, park on the east side where Rosamond (pictured) places plenty of concrete picnic benches amidst a slew of shade trees and green rolling hills, complete with flower gardens and a babbling brook. For lunch, stop by Slices on Hampden Avenue, a family-owned and operated pizzeria a few blocks north where you can take advantage of the drive-thru. You can grab pizza by the slice or a whole pie; we suggest the Mediterranean or spinach and garlic.
Rosamond, 8051 E. Quincy Ave. (E. Princeton Ave. to the north & S. Tamarac Drive to the east)
Slices, 7155 E. Hampden Ave.; 303-758-0940

City Park/Swing Thai: You know we love downtown Denver’s City Park, where you can enjoy lunch with views of Ferril Lake, in the open greenway, or beneath a shade tree near the massive children’s play area. If you’re not afraid of picnicking with a little sauce, swing by Swing Thai first where you can pick up take-out with organic tofu and sans added MSG, antibiotics or gluten.
City Park, bounded by 17th St., York St., 23rd Ave. & Colorado Blvd.
Swing Thai, 845 Colorado Blvd.; 303-777-1717

Wash Park/The Local: You’ll have no trouble finding an isolated spot in this 165-acre urban park — whether you’re seeking a water’s edge spot by Smith Lake, a seat near the historic boat house or on the acres of open lawn where you can comfortably people-watch passersby on the interlacing trails. Before you mark your territory, stop by The Local and choose from panini, specialty burgers, wraps, tacos, locally made hot dogs and more; gluten-free and vegan options available.
Wash Park, bounded by Downing St., Virginia Ave., Franklin St. & Louisiana Ave.
The Local, 2217 E. Mississippi Ave.; 303-425-6225

Civic Center Park/Food Trucks: With its Greek amphitheater, fountains and numerous gardens, Civic Center Park is already a picnic haven dropped right in the middle of Mile High. However, on Tuesdays and Thursdays this summer you’ll find the bonus of Denver’s best food trucks gathered from 11am – 2pm to give you a plethora of gourmet options steps away from your picnic spot.
Civic Center Park, Colfax & Broadway

Thompson, Sherri. June 15, 2011, Huffington Post.

Condo Buying: Why Bigger is Better!

Here is a great article by Ann Brenhoff of AOL Real Estate. The previously held thought was that most Americans are downsizing in terms of home sizes, however this article  states that when it comes to buying a condo, buying a large condo may not be a bad idea.  

Here are three examples.

1. More homeowners to share the financial burdens.

Every condo complex is governed by a homeowners’ association that sets monthly dues to cover the common expenses such as landscaping, facility maintenance and exterior building upkeep. HOAs are required to maintain a reserve should an emergency arise, and they also can pass assessments — sometimes in the tens of thousands of dollars — to cover the cost of major complex repairs.

Do the math: If you buy a unit in a smaller complex, a greater share of the burdens will fall on each homeowner. It’s simple long division: 12 unhappy and financially strapped homeowners sharing a repair of $100,000 comes out to more per homeowner than when that $100,000 repair is divided by 50 unhappy and financially strapped homeowners. And if one of those homeowners falls under the financial wheels of the recession big rig and can no longer pull his or her weight, the missed payments need to be made up by the rest of the pool.

2. Some lenders require that a certain percentage of the units within a complex be owner-occupied.

If they aren’t, the lenders won’t fund mortgages to new owners. What this means is that those who need to sell their units have to find a cash buyer. Again, being in a complex with more units helps skew the odds in your favor. There have been complexes where, in order to avoid these situations, the existing homeowners actually buy a troubled unit to keep the complex mortgageable. Again, the complex has to be large to do this.
3. More of us are still buying big than buying small. 

Just 2 percent of all buyers bought units under 1,000 square feet last year, according to the National Association of Realtors. Compare this to the 16 percent who bought homes 3,001 square feet or larger. The median size of a home sold in 2010 was 1,780 square feet.

Popular wisdom says we are all downsizing. We may be trying to shrink our mortgages, and builders may be dishing up smaller new homes in the interest of shaving something off the price to remain competitive, but the numbers don’t lie. Buyers like big more than they like small.

Ann Brenhoff, June 16, 2011

http://realestate.aol.com/blog/2011/06/16/condo-buyers-why-bigger-is-better/

Top 10 Hippest Housing Markets!

In a recent article found on AOL real estate, Sperling’s Best identified the top 10 most happening cities in America. By exploring 5 key lifestyle criteria — culture, arts, music, population growth and sports. And wouldn’t you know it, but Denver was on there, and ranked 3^rd!

“This up-and-coming city is shaping up to be a major cultural destination. It features a high percentage of well-educated         residents and a focus on environmental initiatives. It’s also home to scads of extreme sports enthusiasts, who flock to the city for snowboarding and skiing”

Not a bad way to describe Denver!

According to Sperling’s Best, researchers said that the biggest difference between San Francisco(No.1),Boston(No.2) and Denver(No.3) and the bottom 3:Memphis(No. 48),Providence,RI(No. 49), and Tampa(No. 50) was the mushrooming art scenes and a commitment to the environment that catapulted of the top 3.

Here is the complete list of the top 10 and some other fun information!

1.  San Francisco, CA:  This West Coast hot spot earned top scores in arts and music, as well as high rankings in number of homegrown sports heroes, well-educated residents, healthy lifestyle and energy-efficient building.
2. Boston, MA:  The Boston metro area earns the number-two spot with great scores for the city itself and its music and arts scenes. Boston rises to the top for health resources and ranks in the top 10 for education level and LEED-certified buildings.
3. Denver, CO:  Sporting heavy interest in alternative sports such as the X Games, snowboarding and skateboarding,Denver also features a high percentage of young, well-educated residents and a heavy focus on green building. Its art and music scenes are not to be underestimated, coming in the top 20 with potential to rise to the top in future studies.
4. Portland, OR:  Featuring a stronghold on indie music and arts,Portland promises great things in the culture category, as well as a top 10 score for alternative sports fans.  This city also features a high score in LEED-certified building with a top 10 ranking in the city category.
5. Austin, TX:  Known for its “Keep Austin Weird” tagline,Austin may soon boast about greatness instead.  The “Live Music Capital of the World” ranks fourth in the category of indie music and nails the top spot in the city category with a high percentage of young, well-educated residents, a healthy economy and substantial green building activity.
6. Seattle, WA:  The birthplace of “grunge” in the 1990s achieves top 10 placement for its still-strong music and art scenes, and features a strong interest in alternative sports.  Not surprisingly, this eco-friendly spot scored fourth-highest for LEED buildings and for its level of educated residents.
7. Washington, DC:  DC residents can stand proud of their ranking in the city category, boasting the best job situation in the “Cities on the Edge” study, as well as stable housing, highly-educated residents, significant energy-efficient building activity and relative affordability for residents.  This locale may need to focus on upping scores in music, arts and sports, which – while above average – did not rise to the top.
8. Los Angeles, CA: The mega-metro of Los Angeles cracks our top 10 with consistently high scores for arts, music and hometown sports heroes.  Residents really love their alternative sports, propelling the city to third place in this category.
9. Philadelphia, PA:  While Philly residents may often consider themselves the underdog in professional sports, this city scored sixth for producing homegrown sports heroes. Philadelphia also features high scores in the music, arts and alternative sports categories, and scored high in health resources and stable housing.
10. Salt Lake City, UT: This winter sports haven rounds out the top 10 “Cities on the Edge” rankings, coming in second in alternative sports and third in the city category.  Its high number of young adults, healthy lifestyle trends and solid economy make it a strong contender for climbing the ranking in future years.

AOL Real Estate, June 2011

http://realestate.aol.com/blog/gallery/hippest-housing-markets/

Sperling’s BestPlaces

http://www.bestplaces.net/docs/studies/cities_on_the_edge.aspx

Good news for low-income Coloradoans

It was recently announced by U.S. Housing and Urban Development Secretary Shaun Donovan, that nine public housing agencies in Colorado will receive over $550,000 to connect low-income families with the necessary education and job training to set them on the path to self- sufficiency.  These nine agencies are among the 600 total agencies that will receive approximately $54 million in grants.

Funded though HUD’s Housing Choice Voucher Family Self- Sufficiency Programs (HCV/FSS), grants such as these allow public housing agencies (PHAs) to act with welfare agencies, businesses, schools and other local partners to develop complete programs to help those individuals already participating in HUD’s Housing Choice Voucher Program further their education or gain marketable skills that will enable them to secure jobs that pay a living wage.

Shaun Donovan says that this program is “absolutely critical” to the recent economy, and that research has shown that this program works. When people are given the tools to make better of themselves, they do says Donovan. What happens in this program is that ultimately the participants become more self- sufficient that more vouchers become available for other families, so families who have been waiting for a very long time. “For America to win the future, we need a trained and skilled work force.” (Donovon, 2011), and that is precisely what this program aims to do.

Colorado grantees include:

Adams County Housing Authority	2 positions	$93,183
Boulder County Housing Authority	2 positions	$124,740
Fort Collins Housing Authority	2 positions	$134,65
Housing Authority of the City & County of Denver	1 position	$44,464
Housing Authority of the City of Englewood	1 position	$44,128
Housing Authority of the City of Grand Junction	1 position	$51,761
Housing Authority of the City of Pueblo	1 position	$42,804
Lakewood Housing Authority	1 position	$33,663
The Colorado Department of Local Affairs,Division of Housing	2 positions	$103,522
Colorado total	13 positions	$672,919

The Landlord Times, March 2011

Weekend Events April 22-24!

This coming weekend if full of fun things to do! From Denver to Breckenridge there is something for everyone!

Unfortunately, this weekend’s weather forecast is not the most uplifting. For Friday, April 22, Earth Day; the forecast  is for a high of low to mid 60’s°. This seems to be the best looking day! Saturday however, could show us some precipitation. 9news is forecasting mostly cloudy with a chance for rain showers. Easter Sunday though is forecast to be partly sunny with a chance of rain. Highs for Sunday will be from 56-61 °. while the sun will may  be warm, the air will most likely be chilly — so dress warm, and pray that the weather people are wrong and we have 70’s° and above for the weekend!

That being said, here are some fun events to get out to do… weather permitting, of course.

• Breckenridge will be hosting a weekend long Easter egg hunt from  Saturday, April 23 – Sunday, April 24.  This is a free event! And on Saturday night, parents can partake in some fun too, a “hoppy” hour!

• For some adult fun, “Microwbreweries for the Environment” will be going on in some of Colorado’s finest breweries! Enjoy a night of $2 beers at the Boulder Theatre.  This event is on Friday, April 22nd at 8:30 pm. Tickets cost $25 and proceeds go to  the CU Environmental Center, Flatirons Neighborhood Farm, The GrowHaus and Sprout City Farms. http://www.bouldertheater.com/event_detail.php?id=1457

• To celebrate Earth Day, The Children’s Museum will be hosting WOW! a free event on Friday, April 22 that teaches the importance of Earth Day to kids while making crafts out of recycled items.

• The Annual Tulip Fairy and Elf Parade kicks off Spring in Boulder on April 23rd at 3pm on the 1300 Block of Pearl St. Mall. For more information on this event checkout http://www.boulderdowntown.com/events/tulip-parade .

 Have fun enjoying these Spring time events with your friends and family!

(Huffington Post April 21, 2011)

Make Your Property Profitable!

After nearly three years of an economical draught,  The US economy is slowly recovering, and employment figures are showing promising signs. However, Americans are still feeling as though their pocket books are under pressure. When looking at ways to pump up finances, homeowners might want to consider their best asset – Their home.

This article, from Dailyfinance.com, says that making money with one’s home does not mean using the equity in the home as a cash machine, but rather actually finding additional ways to generate income from the property.  All the ideas presented carry a common theme. This common theme is that some portion of the property will be rented out.

Dawn Kawamoto, of Dailyfinance.com says that depending on a person’s location, home owners can potentially make “$50 a month to upwards of $5,000” (Kawamoto, “How to Turn Your Home into an Income Property”). It would also be wise of the home owner to thoroughly examine “their plans with their insurance broker, check their city and county ordinances — especially in areas with rent control — and potentially have a real estate attorney weigh in on the matter if the arrangement with the tenant will be long term.”
“”Because you are now considered a landlord, you may be liable if a tenant is injured on the property,”   said Loretta Worters, vice president of the trade association Insurance Information Institute, in an email  interview. “Therefore, you may need to purchase landlord insurance. Most landlord insurance policies  cover the landlord’s legal fees should a tenant file a lawsuit. This type of policy would also pay out in     the event of a judgment against a landlord, protecting his or her personal belongings and assets, if the tenant prevails in court.” She noted most typical homeowners insurance policies would not cover such  events.”

The following are links to some different ways to make some money from your property:

* Renting out the backyard to campers or gardeners

*Renting out the driveway or garage for cars or storage

*Renting out a slice of land for a cellular tower

Read more at http://www.dailyfinance.com/2011/04/18/how-to-turn-your-home-into-an-income-property/

Thanks for reading our blog! We hope you find this information useful!