Dave Watts, vice president sales and marketing at ForRentByOwner.com, in front of a high-end rental in Heritage Estates in Lone Tree.
"Uncertainty in Denver's real estate market means a lot of people can't sell their homes for what they'd like to get," said Dave Watts, who runs the Castle Rock-based For Rent By Owner residential property management firm with partner Dan Danser.
and Danser manage homes that rent for $1,500 to $5,000 per month.
"If the owner can't sell," Watts
said, "having $4,000 or $5,000 coming in each month is preferable to taking a hit."
[Watts] takes the complications out of renting because he
handles all the details.
I pay a small percentage each month to cover repairs.
So, if the hot water heater goes, the renter calls Dave
and not me."
Working through Watts
rented to one party at $3,000 per month and, after that lease expired, secured another renter at the same price.
Under greater pressure to sell after the second lease arrangement was up, she
prepared to move back into her
"But before I could move back, Dave
came up with not only another renter but a buyer who was looking for an investment property," she
"So I sold the house to the investor at my price, and he
now has a renter in there while that renter is building a house."
said, "Among the people looking for investment opportunities in rental properties are Californians who are amazed to find homes here selling for $125 per square foot when the same home would cost $325 a square foot in California."
The high-end rental game, he
added, "is a bit like a Monopoly game.