Our topic today is how to limit the effects of marijuana on your rental home, particularly rental homes in Colorado.
First and foremost, our advice is to stay away from it. We understand that it’s hugely popular, and if you pay attention to the media today, you’ll get the idea that there’s some kind of “anything goes” policy here in Colorado. Recreational use is certainly attractive to people right now, and especially interesting to those out of state, but we continue to recommend to our clients that you just say no.
You have to remember that marijuana is still federally illegal. Therefore, our attorneys have advised us time and time again that there are still a lot of details up in the air about what is legally permitted and what can cause problems. There are a number of complicated issues being brought to court in terms of marijuana being accepted by the State but still federally illegal. For example, think about the rental income collected from properties where marijuana is grown and how it may or may not be seized by the federal government as legal proceeds. Something of that nature can get you into trouble and there are still a lot of unknown factors.
Also, we just don’t think it’s advantageous to clients to have a substantial grow operation in a rental home or a property’s garage or basement. When you do this, you’re inviting a lot of unwanted trouble. We continue to tell our clients that the best policy for your rental home is to say no to marijuana being allowed in any way, shape or form.
Our property management company incorporates a crime and drug free lease addendum, and that covers the prohibition of marijuana being used in our properties. Again, we’re going off the fact that marijuana is still federally illegal. For the time being, there is a zero tolerance policy in all properties managed by our company.
If you have any questions or you’d like more information about the implications of Colorado law versus federal law as it pertains to this topic, please contact us at Mavi Unlimited, and we’d be happy to tell you more.