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Colorado Public Radio

Colorado Evictions Pick Up, But The Long-Feared Tsunami Hasn’t Hit Yet

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More Coloradans faced eviction after unemployment checks shrank and bans on eviction expired, but a long-feared tsunami of court cases hasn’t hit the state so far.

The state courts accepted filings for more than 1,200 removals throughout July, and nearly 300 more in the first week of August.

That was a sharp acceleration from the earlier months of the pandemic when the courts were all but frozen. Still, it’s far short of the state’s typical evictions activity, and it indicates that relatively few landlords moved toward immediate eviction as initial protections expired.

The Colorado Apartment Association argues that the low numbers are a sign of success.

“While evictions may creep closer to normal rates in August, the number of evictions is far, far below Colorado’s averages, and we attribute this to the way the community has stepped forward to help renters,” said Mark Williams, executive vice president for the organization, in a released statement. 

Surveys of large apartment operators have shown relatively few renters have stopped paying their bills altogether, and the apartment association said that there was “not a crisis.” Emergency government housing funds and unemployment benefits may have blunted the edge of evictions up til now.

“We’ve been really fortunate over these last several months to see the stimulus that was put in place … really work I think the way they were intended and help people make their basic needs, including their rent payments,” said Tony Julianelle, president of Atlas Real Estate, which manages thousands of apartment units on the Front Range.

Still, he said, a sharp reduction in unemployment benefits could push more renters to the edge. The $600-a-week federal supplement expired in late July, and the $300-a-week replacement may not arrive for weeks more.

September “is definitely going to be the stress test, if you will, without the level of support we’ve had for the last few months.”

Read the full article on CPR 

Business Insider

3 investments that boost passive income, from a property manager who built an $8 million real estate portfolio

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Generating passive rental income is the goal for any smart real estate investor, but it’s not always easy.

There are things about a property every investor should know before they close a deal, but sometimes, the unexpected happens, and landlords lose.

That said, there are a number of strategies investors should be mindful of that can help them secure a maximum return and avoid circumstances that can lead to financial setbacks.

A property management expert, Mike Hills has been house hacking for almost 20 years and knows what investors need to do to stay on top. He owns a portfolio worth more than $8 million, built off the strategy in which owners of multifamily rental properties live in one of their units while collecting rent from the others.

Here are the three things Hills has invested in to boost his passive income from that portfolio.

Read the full article on Business Insider

Nick Mertens Atlas Real Estate VP of Property Management

Atlas VP of Property Management Nick Mertens Provides Insight on Evictions

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If you know you’re going to be evicted, it can be beneficial to move before the formal process begins.

“It makes it really hard to rent again if you have an eviction on your record,” Nick Mertens says. If you’re behind on payments and know you can’t catch up, a better option may be to strike a deal with the landlord or property management firm. They may be willing to drop the eviction proceedings if you agree to move out voluntarily and leave the unit in good condition.

However, if a formal eviction does take place, the best way to find housing later is to be honest about your previous situation. Most landlords will discover the eviction when conducting their background checks so it’s best to share that information before they find it themselves.

Read the full article on U.S. News & World Report 
Denverite

Tony Julianelle quoted in Denverite

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Renters are worried a pandemic-caused eviction crisis is about to hit Colorado
A statewide ban on evictions has expired, and an order giving tenants more time to pay the rent is running out.

Tony Julianelle, whose Atlas Real Estate manages properties for landlords in Colorado and Arizona, advocated against eviction relief efforts at the Capitol. Atlas’s CEO said he was troubled by the length of the moratorium — which would have lasted until October — that legislators had proposed. He was also troubled at the idea of denying property owners the legal recourse of eviction when the terms of the lease, a legal contract, are broken.

“It is going to be important at some point to post notices and move residents out of properties that can’t pay,” he said. “The contract isn’t canceled. The rent is still due. And that accrual of debt can be very difficult for some people.”

Julianelle said tenants who can’t pay the rent can take such steps as moving in with a friend or back home with parents. Many of his clients are landlords with two units or fewer who depend on rent for income and to pay mortgages.

“These aren’t wealthy people positioning their assets,” he said.

Amid the coronavirus economic slowdown, some property owners have waived rent or worked out payment plans. Atlas hired an employee charged with helping tenants file for unemployment or find rent relief programs, Julianelle said. He portrayed evictions as a last resort.

“An eviction is a horrible reality,” he said. “No one wins in an eviction. The owner is not winning. The resident is not winning.”

Read the full article in Denverite 

The Denver Post

Tony Julianelle quoted in Denver Post article on Colorado’s Eviction Moratorium

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“Eviction is a last and final solution in cases where someone has become unresponsive and uncooperative,” said Tony Julianelle, CEO of Atlas Real Estate, a property management and brokerage firm in Denver. “It is a traumatic experience for everyone involved and something we will do everything in our power to avoid.”

Julianelle said Atlas has a person dedicated to helping tenants find sources of income or obtain rental assistance. They will even sit down and help them craft a budget and work out a repayment plan. Once they received stimulus payments and obtained the full range of unemployment benefits, many renters were able to get back on track.

Read full Denver Post article

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Denver Business Journal Logo

Atlas Team Comments on Protecting Investments and Renters During Triage Mode

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The Coronavirus pandemic has created a situation that no one could have predicted. As we approach the first of the month when rents come due, unemployment applications are skyrocketing as many businesses have been forced to close their doors and entire industries to grind to a near halt. Meanwhile, landlords must manage the concerns of their tenants while simultaneously ensuring they can cover their own mortgages.

Nick Mertens, vice president of property management for Atlas Real Estate, which manages roughly 3,200 units across Colorado and Arizona, said the company hasn’t had many people call in yet saying they won’t be able to pay rent. For the ones that do, the company is sending links to resources and trying to deal with each resident on a case-by-case basis.

“We’ve been impressed with organizations such as FirstBank who have already said they will look at deferring a month’s payment for multiple types of loans,” Atlas CEO Tony Julianelle said. “It’s also important to remember that it’s never to a lender’s advantage to take back a property or end up in foreclosure. It’s an expensive process.”

See the full article

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Mile High CRE Real Estate Denver

Atlas Rapid Growth Featured in Mile High CRE

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Atlas continues to expand and our new hires across Colorado and Arizona have been featured in Mile High CRE’s Movers and Shakers feature.

Atlas Real Estate, a full-service realty group specializing in real estate investments, brokerage and property management in Colorado and Arizona, has grown its property management division with new hires in Denver, Colorado Springs and Phoenix.

Atlas recently expanded its property management business to Arizona, merging with Valley of the Sun Real Estate & Property Management.

“Our property management services are powered by our experience as owners ourselves,” said Nick Mertens, VP of property management. “We’ve learned and earned our market authority from years of personally road-testing a strategy that enables us to produce results for ourselves, our residents and our clients.”

Colorado Springs is welcoming its newest property manager, Joe Crick, and Denver is welcoming three associate property managers, Diana Chavira, Taylor Wagner and Thomas Marry.

Atlas has surpassed 3,150 units under management in Colorado and Arizona. Nearly 100 percent of the firm’s units have been collected and occupied. A standard single-family residents’ lease has averaged five years with 82 percent of leases being renewed and an average of 10 turn time (days) between residents. Atlas has been rapidly expanding its property management team in order to match its growing demands.

“Our client-focused team is responsible for our significant growth,” said Ryan Boykin, co-founder and partner of Atlas Real Estate. ”Their commitment is fueled by a passion to serve residents with dignity and respect while serving clients with passive wealth-building solutions, and the sky’s the limit for this impressive team.”

Read the full article

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