420 friendly rentals (Fort Collins: hardwood floors, renter, homes)

[Dirtaddshp]

I am considering buying some properties in Colorado, I keep reading articles about landlords battling with their tenants over their choice of drug even though its now legal in Colorado for those over 21 years old.

I am curious to know what most landlord's policies are for allowing cannabis use, growing or otherwise in their rentals.

Are prospective tenants having trouble findings rentals with 420 friendly policies?

I am posting this in the Fort Collins area as that is the region i am considering buying properties in.

[Rainbow Demon]

Because every property owner in CO has the right to allow/disallow cannabis use/growing on their property... the answers you may receive will likely be across the board...just like the opinions on the topic as a whole.

I don't rent...but I know a few landlords and folks who are in the mix. Most folks I know who are landlords don't allow growing in their units/homes. The risk of damage is simply too great and they just don't need the headaches all around.

The units that are 420-friendly usually have a price tag that reflects such. One friend of mine had a unit for rent and said that 85% of the inquiries were from out-of-state folks who still think there's an open market here and due to "legality"... can simply rent a place, grow a quantity...and make bank. He said he'd never had so many inquiries on one rental. LOL.

So what are your thoughts as an investor/owner?

[Dirtaddshp]

Originally Posted by Rainbow Demon

Because every property owner in CO has the right to allow/disallow cannabis use/growing on their property... the answers you may receive will likely be across the board...just like the opinions on the topic as a whole.

I don't rent...but I know a few landlords and folks who are in the mix. Most folks I know who are landlords don't allow growing in their units/homes. The risk of damage is simply too great and they just don't need the headaches all around.

The units that are 420-friendly usually have a price tag that reflects such. One friend of mine had a unit for rent and said that 85% of the inquiries were from out-of-state folks who still think there's an open market here and due to "legality"... can simply rent a place, grow a quantity...and make bank. He said he'd never had so many inquiries on one rental. LOL.

So what are your thoughts as an investor/owner?

I figured with a 50% approval rating im going to get opinions all over the place. You make good points to the risk of damage to rentals when tenants turn them into grow ops. I think asking for two months worth of rents for security deposits would mitigate alot of that risk.

My main concern is the Fed and their love of asset forfeiture, so as much as i can charge a premium for a 420 friendly rental i risk loosing it all! I guess they say the bigger the reward the bigger the risk and vise versa.

Also i am thinking of special clauses if i allow growing and or consumption on the property. Such as any work on the home must be done by a general contractor and certified electricians. Or no consumption outside of the property, and requirements of odor scrubbers if growing.


Thanks for the feedback, i am also considering listing the properties on AirBnb but that would require me to be in proximity of the properties which i am not going to be in that situation.

[Sunderpig2]

The only way to do that sort of thing in total freedom and without worry is to be far away from the cities. That would disqualify Fort Collins as an option, but open up other areas.

The town isn't anxious to change it's family-oriented appeal. From a distance it might appear like pot heaven, but that's not reality. People will speak out if something seems like a problem around them. The police will also quickly move in and shut things down, legality or not. That's just how it is.

[Rainbow Demon]

I'm not sure 2X the security deposit would cover the damages if there were damages. I've seen guys set up gardens on 100 year old hardwood floors with no protection from moisture...and ruin those floors. No worries. We'll just move...

Your best protection, IMO, would be to let/make your renters understand that you have NO problem with a grow but that you WILL be performing inspections/entering the residence on occasion to ensure things are inline with the intentions of both the landlord and the renter. I would hesitate to place "limits"....either allow it...or disallow it. The middle ground is where folks "misunderstand" intent, IMO.

As far as forfeitures....it'd have to be one H e l l of a large grow to attract the attention of the FEDs. This isn't the 90's... today....nobody really cares and contrary to what was posted above..."legality" DOES play into the equation IF the players are in line with what the law states. (property owner is OK with the grow..plant counts are in line/etc).

It isn't that big of a deal if you put HONESTY upfront. Make your wishes well known. Stand your ground. If your renter steps outside the agreement you can toss them out...cus the law says you have the final say whether they can grow/possess or not.

good luck