Call Now: 303-768-8255
Echo Summit Named Fastest Growing Company by Denver Business Journal

Industry Blog

Real Estate Investment Analyzer

Scott Lukes - Thursday, October 26, 2017
This easy-to-use Excel tool features effective metric calculations like  FastFlip and BUYandHOLD analyzers.  Excellent for simultaneously comparing up to 6 properties. Includes CAP rate, Cash-on-Cash return, Cash Flow and other key metrics.  

 

For this spreadsheet please Click Here 

Hot Denver Real Estate Investment Opportunities

Scott Lukes - Friday, October 20, 2017
Fitzsimons
While $billions have already poured into the project and the area, about $7 billion more has been committed for the next decade। This area, if you are not aware, will become the premier bio/healthcare-sciences research park and medical center in the country. The key point about Fitz is that the investments are now starting to become evident in the form of hotels and larger corporate presence (think Chipotle, etc). Property values should soar in the near future. At ~$155k for a good 3/2 SFR, you can easily get you into this neighborhood and cash flow with only 10% down. More investors will flock to this area when they see the investments and the physical changes to the area, so for Fitz, you should buy soon.


Walnut Hills
Simply put, Walnut Hills is one of the least expensive neighborhoods you can still be: 1) close to I-25, 2) in the ‘good’ part of the Cherry Creek School district, 3) walking distance to light rail and 4) walking distance to world-class shopping and entertainment (by Elephant Bar and CB & Potts off of Arapahoe)। I recently picked up a mint $275k property for ~$230k, which is literally walking distance to the Arapahoe lightrail stop (and feeds into the Campus Middle School and Cherry Creek High School). Rent is ~$1,550… phone rang off the hook the day I put it up for rent.


Cherry Creek Vista
Next to CC reservoir, walking distance to Light Rail and Del Frisco’s, good CC schools and streets with $500-600k houses, $700-900k houses, and $260-350k houses… ALL NEXT TO ONE ANOTHER. In the near future, the $260-350k houses are likely to experience a dramatic upward swing. In the meantime, this neighborhood feeds into the best schools in the state, has a brand new swimming pool and rec center, is a fantastic place to live, and has VERY FEW rentals. You could likely get into this neighborhood and cash flow with 20% down.

Critical Elements of Tenant Leases

Scott Lukes - Saturday, October 14, 2017
Over the past few months, I have reviewed many, many home-grown and ‘Realtor-provided’ tenant leases for individual investors and homeowners who are trying to go it alone in the property management route. I have been shocked by what I have seen.

My philosophy is that manageing your own property is always the #1 option… no matter what a PM company says, nobody will give it the care and attention that you will.

Tenant leases are different. This is where you can loose your shirt, your home, and sometimes both. I have spent over $20,000 in legal, financial and other fees over the years on creating the ‘perfect’ lease. Even with a perfect lease, it is easy for a career rental abuser to make the ‘apparently perfect’ application package. You will love them. You will empathize with them. You will want to have a drink with them. Then they will squat in your property for 6 months without paying rent, knowing there is nothing you can do.

Please, please, if you DO do your own tenant leasing, make sure you:
  • Do not give more than 5 days grace period before posting a Pay or Quit noitice. This will be their first test for you.
  • ENFORCE late fees. Behavior is learned, not inherited.
  • Mandate they carry renters insurance. I make them add myself or Echo Summit as an additional insured under the Liability section.
  • Include a PAYMENT OF FUTURE RENT provision that allows you to accept partial rent payments in the middle of the evicton process (otherwise, you have to re-start the eviction clock every time you collect a penny)
  • Here are some good free forms that I am happy to share with you
  • Many other elements to consider, but at least make sure of these.

10-13-17

Scott Lukes - Friday, October 13, 2017

Denver Property Management Company Echo Summit shares RentJungle stat:

https://www.rentjungle.com/average-rent-in-denver-rent-trends/

As of September 2017, average rent for an apartment in Denver, CO is $1589 which is a 1.01% increase from last year when the average rent was $1573 , and a 0.69% increase from last month when the average rent was $1578

Property Management Lockout Key

Scott Lukes - Sunday, October 08, 2017
Be sure to check with your locksmith to see if they an ingenious little tool call  the lockout key.

Basically, if you have a move-out/eviction scenario where you need to secure the property before the locksmith can change locks, there is a special type of 2-part key that jams a piece of metal into each lock, making existing keys unusable. The metal is removable with another special ‘key.'


So, of course, the first question is “what’s to prevent somebody from just kicking the door down?” That is the topic of a completely different discussion thread. Continue checking this blog and the Echo Summit website below for more on this and other topics.

Echo Summit | 6535 S. Dayton St, Suite 1050 | Greenwood Village, CO 80111 | 303-768-8255
Copyright © 2017 Echo Summit Property Management. All Rights Reserved. Website built by PMW | Sitemap