So, You Want to Be a Landlord? Investment Properties in Boulder

Whether you're thinking of renting out your home temporarily or if you're considering investing in rentals in the City of Boulder there are a number of quirky regulations you should know about.

• A Rental License is REQUIRED. Unless you meet specific circumstances, like roommate situations or short-term, temporary rentals of your primary residence, you are required to apply for a rental license.
• A new program called SmartRegs requires landlords to make certain energy efficiency updates to their properties by January of 2019. These can mean significant costs, so do the math before you buy.
• Occupancy limits are enforced. In most zoning districts, a family plus two other people or a total of three unrelated people can live together in a single-family house. If your property is an apartment, condo or townhouse, the city regulations generally allow occupancy of a family plus two other people or four unrelated people. Properties such as legal non-conforming units, group homes, rooming houses, fraternities and sororities have specific occupancies for each building.

The City also has some handy resources for landlords and tenants:

• The Landlord-Tenant Handbook spells out the responsibilties of both sides.
• The City of Boulder has endorsed the "Boulder Model Lease" which is recommended but not mandatory. Copies of the model lease are available from the Community Mediation Service, 2160 Spruce Street, Boulder, Colorado, 80302 or on the link above.

As a landlord for five years and a property manager for two years prior, I know from personal experience that being a landlord is not always fun. But by putting some time in on the front end, you can avoid a lot of hassles and costs later on. I highly recommend careful screening of tenant prospects, including credit checks.

It's also a good idea to put together a list of repair people you trust -- a handyman, electrician, plumber, HVAC repair, pest control contractor -- BEFORE you need them. That way, you're not scrambling when your tenant calls in February to say their furnace isn't working.

Contact me at monique@moniquecole.com if you would like a few names of my trusted vendors or if you have any other questions about being a landlord in Boulder.