Rental Housing Journal Arizona November 2016 by Professional Publishing, Inc

Rental Housing Journal Arizona

November 2016 - Vol. 8 Issue 11

2. Real Estate Investors Return to Buying Rentals

5. 89 Percent of Investors Want to Put Money in Real Estate

3. 7 Headlines Real Estate Investors Should Watch

6. Dear Maintenance Men – Plumbing, Pest Preventing Primer and Paint

WWW.RENTALHOUSINGJOURNAL.COM • PROFESSIONAL PUBLISHING, INC Monthly Circulation To More Than 7,000 Apartment Owners, Property Managers, On-Site & Maintenance Personnel

Four Questions to Consider When Deciding to Buy or Rent Tools

2Q16 Market Overview Multifamily Housing Update

By Tony English, Senior Tool Rental Merchant, The Home Depot

Payroll Job Summary Total Payrolls Annual Change RCR 2016 Forecast RCR 2017 Forecast RCR 2018 Forecast RCR 2019 Forecast RCR 2020 Forecast Unemployment (NSA)

1,957.3m 63.9m (3.4%) 59.7m (3.1%) 56.1m (2.8%) 49.5m (2.4%) 24.2m (1.2%) 15.0m (0.7%) 5.0% (Aug.)

2Q16 Payroll Trends and Forecast Phoenix employment growth remained on a steep trajectory during the second quarter, rising at a 63,900-job, 3.4% year-on-year rate, down slightly from 1Q’s 3.5% annual pace yet the fourth consecutive quarter of brisk 3.4% or faster expansion. Population growth appeared to be the catalyzing element as stronger demand for housing and public services boosted construction and government headcounts by 8,300 (2.5%) y-o-y, comparing favorably to 1Q’s 5,000-job advance. Never-

aintenance expenses are one of the largest controllable elements for a property manager’s operating budget, and you have to factor in both labor and equipment. One of the most important considerations for managing equipment costs is deciding whether to buy or rent necessary tools. In addition to the upfront vs. rental costs of the products, there are a lot of factors to consider when deciding to rent or buy. Equipment may be required continued on page 7

Top Tips for Real Estate Investing Trends and Data Surrounding the U.S. Real Estate Market and What it Takes to Become a Successful Owner and Investor By Michael Monteiro, CEO and Co-Founder, Buildium

aybe it was passing by the For Sale sign in your favorite vacation town, flipping through the new listings in your Sunday paper or receiving a property passed down through the family—there are countless ways and reasons that real estate investors enter the market. But once that purchase goes through and all the papers are signed, what are you supposed to do next? I know from experience it can be daunting to figure out what your first step should be, how to get a rental ready for the market and how to then expand the business.

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Rental Housing Journal Arizona

Real Estate Investors Return To Buying Rentals Real Estate Investors Start Buying Homes and Managing Them Like Apartments

s homeownership has dropped and more tenants prefer to rent, real estate investors, both institutional and individuals, have returning to buying more rental properties in the past year as the returns are now attractive compared to other investments, a new study shows. While the returns on rentals have remained about the same or dropped slightly, the returns are still favorable compared to other investing options. A new report by ATTOM Data Solutions, parent company of RealtyTrac, shows the average annual gross rental yield monthly rent, annualized, divided by median home price - among the 473 counties was 8.7 percent for properties purchased in the first seven months of 2016, down from an average of 8.8 percent for the same time period in 2015, a nine-year low. "While average rental returns on properties purchased so far in 2016 are at a nine-year low, these returns are still attractive compared to alternative investing opportunities," Daren Blomquist, senior vice president at ATTOM Data Solutions, said in a release. "After a drop-off in single family purchases by both individual and institutional investors over the past two years, we're starting to see investor acquisition activity pick up again,â&#x20AC;? Blomquist said.

Shifting attitudes toward renting and homeownership â&#x20AC;&#x153;Given shifting attitudes toward homeownership that are showing up in stubbornly low homeownership rates and our data showing more than 18 million non-owner occupied single family homes - one in every four single family homes - these single family rental investors will be an important and likely growing force in the real estate market for years to come," Blomquist said in the release. Institutional investors manage homes like apartments Nationally, 2.7 percent of all single-family homes that sold in the first seven months of 2016 were purchased by institutional investors - entities purchasing at least 10 properties in a calendar year. That was up 29 percent from a 2.1 percent share in the first seven months of 2015 and followed two consecutive years of declines. Over the last 10 years, the peak in institutional investor share of single family purchases nationwide was 8.4 percent in the first seven months of 2008. "The single-family rental operations have been proven in a public market. These homes can be managed like 2

apartments. When we first got started, we thought we could do that, but in the last year or so investors are really starting to believe it," Gary Beasley, CEO and co-founder at Roofstock, said in a release. "You've seen a couple of the public companies ramp back up on buying along with other institutional investors who have been on the sidelines who now want to get involved."

Georgia counties account for seven of top 10 for institutional real estate investors share Richmond County, Georgia, in the Augusta-Richmond metropolitan statistical area that borders South Carolina had the highest share of institutional investor single family purchases in the first seven months of 2016: 13.8 percent. Six other Georgia counties followed: Muscogee in the Columbus metro area that borders Alabama (13.3 percent); along with five Atlanta-area counties: Henry (13.2 percent); Douglas (13.0 percent); Newton (12.0 percent); Clayton (11.9 percent); and Paulding (11.3 percent). Rounding out the top 10 for institutional investor share of single family purchases were Jefferson County (Birmingham), Alabama (10.7 percent); Montgomery County, Alabama (9.8 percent); and Bell County, Texas in the Killeen-Temple metro area (8.8 percent). Resources: 22 best single-family rental markets with low vacancy https://public.tableau.com/profile/ darenjblomquist#!/vizhome/22HighYieldLowVacancySFRMarketsQ32016/ Dashboard1 19 best single-family rental markets with wage growth https://public.tableau.com/profile/ darenjblomquist#!/vizhome/19HighYieldWageGrowthSFRMarketsQ32016/ Dashboard1 17 best single-family markets that are millennial https://public.tableau.com/ profile/darenjblomquist#!/ vizhome/17SFRMillennialMeccasQ32016/ Dashboard1

Rental Housing Journal Arizona Âˇ November 2016

Rental Housing Journal Arizona

7 Headlines Real Estate Investors Should Watch by Larry Arth, Equity Builders Group

nvestors often call or email me all excited, or perhaps disappointed, because they have seen a headline or read an article somewhere on real estate investing and want to know my thoughts. Before you move past the headlines you want to ask yourself if this is local news, state news or national news? Does the headline or article in the news truly have an impact on your rental business? Sometimes headlines or articles can sensationalize a topic. You want to read between the lines. However in my experience there are seven topics I continue to see investors ask about and what they are watching. Each topic is interesting. While all together they suggest good times for landlords, if you read a little deeper, it may also suggest the window of opportunity is narrowing.

No. 1 - Wall Street investors shifting gears Remember the iconic headlines reporting on the interview with Warren Buffett in 2012 when he said, “I’d buy up a couple hundred thousand single-family homes if I had a way to manage them.”

You can hear him talking about this here in this recorded replay which helped jumpstart the housing rebound. This is exactly what Wall Street set out to do. The unfortunate part for many of my smaller individual investors is they were intimidated by these billion-dollar checkbooks buying up all the property. Headlines everywhere talked about the hundreds or thousands of homes private equity firms, hedge funds and real estate investment trusts were buying.

• The small mom and pop investors thought they were being squeezed out. • Gurus were making headlines with silly comments about the death of the mom-and-pop investors. Who were the gurus writing for? Themselves, because they wanted to sell their newest program. Well, you rest comfortably now. This group has gobbled up all it can handle and moved on to REITs and larger apartment buildings.

The number of single-family homes owned by Wall Street investors is only about 8% of all investment homes. Tenants quickly learned that individual investors do a much better job of managing properties. Managing properties is the comment Warren Buffett stated was the challenge for large-quantity investors to handle. So that baton has been handed back to the mom-and-pop investor, reducing the competition. With them out of the picture, individual investors are back to dominating the single-family rental home business which of course pleases many individual real estate investors. The interesting thing about these Wall street investors is they intended to hold these properties for just a couple of years, perhaps do a little fix up and sell for a large profit as the market corrected. The holding period proved to be so lucrative collecting the cash flow that they had to rethink their strategy and many are now holding these properties for long-term cash flow. Interesting that the big guys have now figured out what the small investor always knew - there is great sustainability in them single-family rentals. continued on page 9

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info@rentalhousingjournal.com Rental Housing Journal Arizona · November 2016

Rental Housing Journal Arizona

Market Overview ...continued from page 1 theless, some weakness was evident in “export” oriented industries, including manufacturing and professional and technical services. These sectors collectively declined at a -300-job, -0.1% y-o-y rate, a material decrease from the 2,800-job, 1.3% advance posted in the prior quarter. Seasonally-adjusted data also exhibited evidence of deceleration. This series indicates Phoenix netted 9,000 jobs in 2Q and 14,200 during the January-June period, down from 11,100 and 24,800, respectively, in 2015. Moreover, 3Q16 got off to a slow start with a –100-job net setback in July and August, down from 2015’s 18,500-job surge. RED Research used the rate of change of US payroll growth (+), and metro personal income (+) and nominal GDP (-) growth as independent variables to specify a 96.4% adjusted-R2 (SE=0.5%) model. The model projects 2% to 3% growth continuing through 2018, followed by much slower expansion in 2019 and 2020 in keeping with a national economic slump anticipated for that period. Occupancy Rate Summary Occupancy Rate (Reis) 95.0% RED 50 Rank 33rd Annual Chg. (Reis) -0.6% RCR YE16 Forecast 94.7% RCR YE17 Forecast 95.1% RCR YE18 Forecast 95.4% RCR YE19 Forecast 95.4% RCR YE20 Forecast 95.0%

2Q16 Absorption and Occupancy Rate Trends Reis found robust apartment demand during the second quarter as surveys indicate that households net leased 1,237 vacant units, up from 1,198 in the year earlier period and materially higher than the 889 unit trailing 10-year 2Q average. By the same token, supply also

was significant, totaling 1,290 units, compared to 868 in the year-earlier quarter and a 790-unit trailing 10-year mean. As a result, average occupancy was unchanged sequentially but down 60 basis points year-on-year to 95.0%, lowest in two years. Axiometrics surveys of 631 stabilized same-store properties found average occupancy of 94.6% in 2Q16 and 94.3% in 3Q16, representing y-o-y occupancy changes of 0 and –10 bps, respectively. Highest 3Q16 occupancy was observed among class-B assets (94.3%), followed by classes- C (93.8%) and –A (93.4%). Leaders among submarkets were East Mesa (95.2%) and Goodyear (95.4%), while Northeast (92.1%), Central North and Sunnyslope (each 93.1%) trailed. RCR crafted a 92.8% (SE=0.45%) model using inventory, payroll, home price and rent(t-3) growth as independent variables. The model forecasts constructive absorption throughout the 5-year forecast that falls moderately below supply over the next four quarters. After drifting down to the 94.7% level at year end, prospects are good for steady or moderately rising occupancy through 2019. Effective Rent Summary Mean Rent (Reis) Annual Change RED 50 Rent Change Rank

$833 6.1% 4th

RCR YE16 Forecast RCR YE17 Forecast RCR YE18 Forecast RCR YE19 Forecast RCR YE20 Forecast

5.0% 4.3% 4.2% 2.5% 1.8%

2Q16 Effective Rent Trends Reis report that average rent increased $11 (1.3%) sequentially in 2Q16, down slightly from 1Q’s $12 (1.5%) advance. Expressed on a year-on-year basis, rents increased 6.1%, representing the fastest metric observed since 2006. Indeed, the

rent advance was fourth fastest among the 65 markets that we track, the metro’s highest ever rank. Class- A assets were the prime movers as sector asking rents increased 1.4% sequentially while B&C gained 1.1%. Axiometrics surveys of stabilized same-store properties found that rents increased 8.2% y-o-y in 2Q16, and 7.2% in 3Q16. The former figure was the fastest advance observed since 1Q06. Classes-C and –B (8.7%/7.3%) were leaders again in 3Q16, followed distantly by class-A (5.5%). Among submarkets, Sunnyslope, North Glendale and South Mesa posted double-digit gains, So. Scottsdale (1.9%) trailed, and, Central North (5.0%), Tempe (5.1%-5.6%) and Northeast (5.1%) managed increases only in the 5% region. RCR specified a strong 96.8% ARS (SE=0.3%) model using metro payroll (+), inventory(t-1) (-), and personal income (-) growth and US home appreciation (-) as independent variables. The model projects further 4%+ rent growth through 2018. Expected slower payroll growth (the principal rent driver) in the forecast out-years will cause rent growth to decelerate to the 2.0%2.5% area after 2019.

prices were disclosed totaled 68, up from 28 during the prior quarter and 49 (the previous record) during 4Q15. Investors parted with $2.0 billion, an increase of 230% from the prior quarter and 41% greater than the former record set last fall. One record that did not fall was for average price per unit. The 2Q16 metric ($109,678) stands as the second highest level ever behind 4Q15’s $127,777 standard. Third quarter trade was moderately slower but approached 4Q15’s results as 45 trades valued at $1.12bn and $105,204 per unit closed. Trade was concentrated in the class-B segment. B– valueadds traded in the low– to mid-5% cap rate range. Recent construction A/B+ properties settled on low– to -high 4% yields. Standard “B” assets hovered at caps of about 5%. Recent trade compelled us to trim the purchase cap rate proxy -20bps to 5.3%. Using this level, model derived rent and occupancy point estimates and a 6.5% terminal cap produces a 6.0% 5-year unlevered annual total return estimate (R47 #33), up from 5.2% in 1Q16 owing to the improved rent outlook. Low model standard errors boost risk-adjusted returns. Phoenix’s risk-adjusted index of 5.88 ranks 11th among the RED 47 peer group.

Trade & Return Summary $5mm+ / 80-unit+ Sales 68 Approximate Proceeds $1.96bn Average Cap Rate (FNM) 5.3% Average Price / Unit Expected Total Return RED 46 ETR Rank Risk-adjusted Index RED 46 RAI Rank

$109,678 6.0% 33rd 5.88 11th

2Q16 Property Markets And Total Returns Investors feasted on Phoenix properties during the second quarter, setting new records for transactions closed and proceeds collected. Sales for which

By Daniel J Hogan

Director of Research djhogan@redcapitalgroup.com 614-857-1416 Office 1-800-837-5100 Toll Free

continued on page 10

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Rental Housing Journal Arizona · November 2016

Rental Housing Journal Arizona

89 Percent Of Investors Want to Put Money In Real Estate Family Important To Investors by John Triplett, rentalhousingjournal.com

new survey shows 89 percent of U.S. investors are interested in putting their money into real estate to benefit their family in some way and want to be geographically close to their investments, according to a release. The survey shows 80 percent of investors believe a real estate portfolio is one of the best financial legacies they could leave for their family. The new survey says that family is a driving motivation behind real estate investments, much more so than property flipping, according to the Better Homes and Gardens Real Estate survey done by Wakefield Research.

Family is reason investors turn to real estate survey shows • 79% of investor respondents feel it is important to invest in a property that they could use for themselves or a family member at some point. • 83% of parents who invest would consider buying a property for or with their child or grandchild to: • Co-manage and profit from together (40%)

vestment strategy, and as an industry, we need to help educate and guide these individuals on the right path to achieve this goal," Chris said in the release.

Real estate investing helps achieve financial success • Nearly all (96%) of U.S. investors surveyed who have invested in real estate believe their decision has helped them achieve some form of financial success: • 52% greater nancial stability

overall

fi-

• 51% greater long-term net worth • 45% greater monthly cash flow • Manage and profit from it themselves (39%) • Have their children or grandchildren live in the home during college (35%) • Fund college tuition in the future (35%) "To see consumer confidence of this magnitude is very promising,” Sher-

Rental Housing Journal Arizona · November 2016

ry Chris, President and CEO, Better Homes and Gardens Real Estate, said in the release. “Through this research, we've discovered that a majority of investors, including Millennials, Gen Xers and Baby Boomers, believe real estate is the best way to diversify an investment portfolio.” “Consumers are starting to look forward and see real estate as a viable in-

• 94% percent of those who have invested in real estate are interested in making a future investment of this kind. • 84% who have invested in real estate indicated that they will make another real estate investment. • 2 in 5 planning to do so in less than a year. continued on page 8

Rental Housing Journal Arizona

DEAR MAINTENANCE MEN: Plumbing, Pest Preventing Primer and Paint

By Jerry L’Ecuyer & Frank Alvarez

Dear maintenance men, I own a 16 unit apartment building built in the late 1960s. The property is in good shape and we try to address maintenance issue as soon as they develop. However, the drains lines are starting to get the best of us. For the past three years I have been experiencing clog after clog and now my main line appears to be blocked once again. Other than the obvious (the pipes are old) what can be contributing to my problem? Charles Dear Charles: You are not alone. Plumbing issues and rooter service is the largest line item expense as compared to other trades at any apartment building regardless of age. With plumbing and drains, it is best to be proactive rather than reactive. The difference in approach can save you thousands of dollars a year. In order to begin a proactive approach we will recommend the following: 1: Make an appointment with your local plumbing contractor or current service provider and tell them you are interested in having them join you on a thorough inspection of your plumbing, drains and fixtures. A professional

plumber may see things you will miss. 2: On the date of inspection have your smart phone or camera with you to document any items or areas of concern. A flashlight and clipboard with notepad will be essential. 3: During the inspection take extra care to look for improper drain connections, leaks, possible or future leaks, corrosion, staining and fixtures that can appear be near or at their life expectancy. Also keep an eye out for water damage, dry rot, fungus etc. 4: Check the garbage disposal unit under the kitchen sink and if you find 1/3rd HP disposal unit, consider replacing it with a half horse motor disposer. The underpowered 1/3rd unit is a large contributor to your kitchen drain line clogs. It is important to also instruct the resident in the proper use of the garbage disposal unit such as using plenty of water while using the disposer and not stuffing too much scrap food all at once. 5: Take special note of large trees above the route of the main drain line. The roots may be invading the pipe and causing many of the backups you are experiencing. Have the plumber use a camera snake to inspect the pipe.

6: If your property does not have proper mainline drain cleanouts; plan on having them installed. We recommend having the pipes hydro jetted at least once a year to clear grease from the lines.

Dear Maintenance Men: Three years ago, I had termite repairs done to the back side of my building. Turns out the wood was never painted or protected and now the wood is badly damaged. Would prime and paint have prevented this damage? George Dear George: It is unfortunate that your contractor did not complete his job by sealing or painting the new wood. This would have saved you the effort and expense of repairing the wood all over again. We cannot tell you how many buildings we see that had termite or dry rot repairs completed years ago, and they are still not weatherized or painted! It is not the cost of the lumber that is expensive, but the labor that you want to avoid by having to perform the same work twice. When replacing wood at your building you should insure that the proper

type of wood is used for an exterior job and that the wood is sealed with primer and paint. To do the job properly, the wood should be primed before it is installed followed by a second prime and paint. When using a contractor for this type of work, be sure to read the contract carefully. Make note and question the contractor if you see the terms: “Paint by others” or “Priming and Paint not included”. You can either ask the contractor to include these items or contract with a painting company to complete the job.

Dear Apartment Owners: We are getting close to the holidays, which means guests, cooking and an emergency call to you from one of your residents on Thanksgiving Day about a clogged sink or non-working oven with an apartment full of guests waiting for dinner. This scenario can ruin both yours and your residents’ holiday. The answer is: Preventive Maintenance. Before the holiday season begins, check each stove and oven for proper operation, many residents only turn on their ovens at this time of year, continued on page 8

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Rental Housing Journal Arizona · November 2016

Rental Housing Journal Arizona

Four Questions to Consider ...continued from page 1

Top Tips for Real Estate Investing ...continued from page 1 In 2002, when my business partner and I first started our property management business in Rhode Island, we had a lot of questions on how to successfully manage a property. We were faced with what seemed like a never-ending list of day-to-day, tedious tasks such as credit checks, lease renewals, rent collection, etc., while simultaneously trying to grow the business with new properties. But fourteen years later, and through some growing pains, we’ve seen the potential for real estate investment and the success it can bring.

on a seasonal or ongoing basis and used for small- or large-scale projects. Ask the following questions to help determine what’s best for you and your maintenance staff.

sores for residents. Renting takes this factor out of the equation and simplifies the process, allowing you to return all units to the tool rental center after being used.

How frequently will we use it? Generally speaking, this is one of the easier questions to answer. Renting is a viable solution when equipment is used a few times a year, while buying is much more economical when it’s an item of regular use. There may even be times when choosing to do both is the best option. For projects that require duplicates of the same tool, consider buying one and renting the extra items to complete the project more quickly. This will allow you to scale up and only worry about maintaining one tool or piece of equipment.

How do we transport the item? Lastly, take into account transportation costs if the piece of equipment is particularly large and factor in whether you will need to transfer it to different parts of the property. Avoid taking a toll on your current vehicles and consider renting a large truck or special oversized trailer to transport the equipment. It may be an additional cost, but it will make for smooth and safe transportation from the tool rental center to your property and back.

What kind of maintenance is required? Depending on the complexity of the tools, maintaining them may cost significant time and money, especially if your staff is not familiar with the ongoing upkeep. Purchasing equipment may require the assistance of an experienced professional and may hold up projects if tools are not in working order. Renting gives access to tools that are professionally and regularly maintained by experts. Your staff will then be able to spend more time and effort completing the project.

Tony has worked in the capital equipment manufacturing and equipment rental industries for nearly 20 years, with extensive experienced gained at Ingersoll-Rand, Sunbelt Rentals, and The Home Depot.

By Tony English, Senior Merchant, Tool Rental

Are you looking to expand your own portfolio in a thoughtful and low-risk way? While it will be trial and error to get a successful real estate investment or multiple investments off the ground, here are a few of the tips and indicators that helped my business partner and I along the way: Location Matters It may seem obvious, but location is a key factor when it comes to real estate investment. While it likely won’t make sense to invest in a property across the country because of travel constraints, a real estate investor or property owner/ manager should definitely put thought into what location will offer the most potential for rentals or flipping a home. This research can be done by looking at both industry trends along with other contributing factors. For example, Buildium’s annual Rental Ranking Report looks at a combination of U.S. real estate, rental housing and jobs

reports, along with property appreciation forecasts, and a comparison of quarter-over-quarter and year-overyear data to discover how rental markets are changing. For 2016, some factors to consider for location from the report include: • Top Performing Metros: The top five performing metros for the past year include: San Francisco, Seattle, San Jose, Calif., Louisville and San Diego. • Top Performing Region: The Western U.S. is currently the best region for rental property investment, thanks largely to the impressive rent increases and property value appreciation found there. • Vacancy Rate: Worcester, Mass. had the lowest vacancy rate with 3.05 percent, and Birmingham came in the bottom spot with a 17.67 percent vacancy rate. • Rent Variance: The percent change in median rent was best in Buffalo, New York at 16 percent and worst in Hartford at -6 percent. Looking at industry data along with other important statistics can help a real estate investor truly understand the market and serve as a valuable resource to guide property purchasing decisions.

Think Like a Renter Becoming a successful real estate investor goes beyond just finding a good piece of land or a property at a continued on page 11

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Rental Housing Journal Arizona · November 2016

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89 Percent of Investors ...continued from page 5 • 80% of investors surveyed who have never previously invested in real estate expressed an interest in making this financial commitment: • 96% of Millennial investors are interested in making a real estate investment, showing greater interest than their Boomer counterparts (83%). • Millennials are more drawn to personal real estate investments (79%) than commercial (49%). Unlike many other investments that can be made with the click of a button, real estate investments are often complex and require careful consideration, according to the release. In fact, 89 percent of investors who have made a real estate investment in the last five years feel it is important for a real estate investment property to be geographically close, so that they could either manage or use it themselves.

Non-real estate investor concerns For non-investors, this commitment can be a deterrent. The survey found 89 percent of non-real estate investors surveyed cited concerns about jumping in on an investment property. Here are the top reasons: • They don't know enough about investing in real estate (42%)

So for the non-real estate investor, there is a clear need for real estate professionals and their insights, according to the release, and 30 percent would be more likely to invest if they had access to a real estate investment professional for advice, or resources to explain how to get started. This need translates into a set of expectations. Approximately 53 percent of respondents expect a real estate agent to advise on managing the investment, as well as provide guidance on terms (49%) and down payment advice (47%). "The aspiration to invest in real estate is there, yet it is up to real estate professionals to explain the fundamentals and help to serve as strategic sources throughout the process,” Chris said in the release. “Our hope is that this research empowers our industry to provide the resources and develop the necessary information to accelerate this opportunity for both current and future real estate investors." About the Survey The Better Homes and Gardens Real Estate Investors Survey was conducted by Wakefield Research, among 1,000 U.S. investors, between June 30 and July 12, 2016, using an email invitation and an online survey.

• It requires too much time (41%) • Demands too capital (35%)

much

Dear Maintenance Men ...continued from page 6

starting

• It is "risky" (28%)

and the problem may be as simple as a pilot light being out. Also, check the oven’s temperature calibration with an oven thermometer. Because of heavier than normal use of the plumbing, it may be a good idea to snake out your main plumbing lines. Also, sending a note to each tenant on the proper use of the garbage disposal will be useful. Note what they should and should not put down the disposal unit. A few items to include on this “Do Not” list are: banana peels, potato skins, coffee grounds and any stringy food. Also make sure they turn on the water before using the disposer and put down small amounts of food at a time. Do not use the disposer as a trash can and then turn it on when full, it will clog. Halloween and other holidays also means more people than usual walking on your property. Is your property safe? What are some of the liabilities to worry about? Check trip and fall hazards. Sprinkler heads sticking up above the grass or landscape near sidewalks. Use pop-up heads to solve this problem. Look for sidewalks that have been pushed up by tree roots. This can be solved with a concrete grinder or replacement of the section and removal of the tree root. Cut any low hanging tree branches and look for branches that may break in heavy winter wind or rain. Check your decking for cracks or damage and inspect the exterior stairways for wear and tear. Inspect all your garage door springs, winter wind and rain may make them heavy causing the door to close or fall unexpectedly. As a precaution, always replace both garage

springs at the same time and throw away any used springs. Never install used garage springs. Check all property lighting and timers. Remember: Preventive Maintenance is cheaper than Emergency Maintenance! Bio: If you need maintenance work or consultation for your building or project, please feel free to contact us. We are available throughout Southern California. For an appointment please call Buffalo Maintenance, Inc. at 714 956-8371 Jerry L'Ecuyer is a licensed contractor & real estate broker. He is currently on the Board of Directors and Chairman of the Education Committee of the Apartment Association of Orange County. Jerry has been involved with apartments as a professional since 1988. Frank Alvarez is the Operations Director and co-owner of Buffalo Maintenance, Inc. He has been involved with apartment maintenance & construction for over 20 years. He is also a lecturer & educational instructor. Frank can be reached at (714) 956-8371 Frankie@BuffaloMaintenance.com For more info please go to: www.BuffaloMaintenance.com

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7 Headlines ...continued from page 3 No. 2 - Rental demand increasing in smaller cities I have a number of happy investors because of this increasing rental demand in smaller cities. Big cities in the past been dominated rental demands. You hear a lot these days about urban living and how apartments are expanding in downtown areas. However, what I see is that as more and more Baby Boomers have entered the rental market and they prefer to live in smaller cities. The Millennials as well often prefer a smaller city. As these two groups represent the two largest segments of renters, it opens up many more markets for small investors to diversify their portfolios into markets they feel more comfortable owning property in. Of course as I always remind investors the market should be sustainable. Which means it should be an undervalued market with plenty of job diversity and job growth No. 3 - Marriages and babies postponed along with home buying People are staying single and will not be tied down to a mortgage. This is pretty much what the Millennials are looking to do as I uncovered when researching Millennials in the market place. Most Millennials are delaying marriages and delaying having children, as they like freedom and mobility. Most are not getting married, if at all, until mid- and late 30s and with such a vast population -the largest group of people by sheer numbers- they have created a huge need for rental housing.

No. 4 - Many buyers cannot qualify for a loan Investors just love to hear that their tenants cannot qualify for a loan as they can keep those tenants longer. Truth is many can, they just do not know it. Studies and surveys conducted by a number of lenders show that most people do not even attempt to obtain a loan as they do not believe they will qualify. For a number of years, headlines talked about the challenges of getting a loan. While the challenges are still there, many simply do not believe they will qualify, so they opt to keep renting. Whether they can actually qualify for a mortgage or even feel they cannot, these people continue to rent, adding a stronger rental base for investors to choose from. Headlines suggest student debt is stopping Millennials from buying homes. However I would refer you back up to item No. 3 above as the biggest reason Millennials are not trying to get loans. No. 5 - Rental demand increases These are the headlines my investors love the best, and there are many of them. Every week I read multiple articles talking about home vacancy rates decreasing and rental demand rising. The question I often get asked is, “Will this rental demand be sustainable?” Only time will tell this for sure, but here is my take on it: For about a 10-year span from the mid-‘80s to the mid-‘90s we hovered around a 64% home ownership rate. Then when the mortgage industry switched gears to entice more home ownership, the ownership rate increased to over 69%.

We all know this created many challenges and the finance industry collapsed, putting us right back to where we were in the mid-‘80s with ownership rate down to more of a historic average. It appears to me without the outside influences of programs, rental rates and ownership rates are sitting at a comfortable place for the majority of people. Many people who were forced back into renting are finding comfort in the mobility and not being tied down to a mortgage. Many have found comfort in renting, so I believe we have many years of strong rental demand.

No. 6 - FHA financing for investors who live in a unit Small investors who want to own rental property can get FHA loans with only 3.5% down payment as long as they plan to live in one of the units. This of course allows many new investors to enter the business. In fact I had a conference call last week from an 18-year-old student who wants to do this very thing.So think big and do not let obstacles get in your way. No. 7 - Top markets for investing These types of headlines about top markets really require you to do your diligence. Keep in mind these are usually written by reporters often with no investing experience. Headlines like “Top 10 cities with fastest growing rent” will definitely grab your attention. The articles talk about cities with the fastest growing rents but the seasoned investors know that fast-growing rents do not alone make a good market. Many cities in California have fast-growing rents but are priced so high there is virtually no cash flow. They also may be overvalued markets and are lacking many economic fundamentals to ensure a cash flow for an investor. Always look deep into these articles and look for sustainability to these markets The next headline to watch Supply and demand appear to be safely in the hands of the landlord. The question now is, “How long will the window of opportunity exist?” This question makes me reflect back to one of my favorite lines from the movie, “Other People’s Money,” which says, “The game never changes, only the rules change.”

The comparison of course is that opportunities always exist, you just need to change with the times. I believe the next changing tide will be the increase in interest rates which will prompt changes in what, where and how we invest. For the better part of 2016, while rates are low, I believe investors are sitting comfortably and they have taken notice that they should be building their rental business portfolio. Resources: Private equity is my landlord https://www.bloomberg.com/quicktake/ rent-wall-street-is-my-landlord U.S. housing market steady as it goes in 2016 http://www.zillow.com/research/ august-2016-market-report-13240/ What the homeownership rate really tells us about housing http://www.zillow.com/research/ homeownership-rate-us-housing-12961/ Will urban growth continue or could rural living make a comeback? http://rentalhousingjournal.com/ articles/2016/09/06/will-urbangrowth-continue-and-couldrural-living-make-comeback Please visit Larry’s website here. http://www.howtobuyusarealestate.com/ About the Author: Larry Arth is a landlord and the founder and CEO of Equity Builders Group, a Florida based Real Estate investment Group. As a 36 year veteran to real estate investing, Larry understands that we are now in a global economy and as times have changed, investment strategies must change as well. Larry is an international recognized consultant and speaker and assists hundreds of investors per year, both foreign and domestic to realize their investment potential. He analyzes locations across the country for economic strength and the locations that yield the largest most sustainable return on investment. Within these locations he seeks out and gathers the best teams to deliver sound, high performing and most importantly sustainable turnkey investment. He works with investors to ride the wave of each area-specific market surge. Larry’s primary focus is offering (Non Listed) safe and sustainable turnkey investments to the passive investor.

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Rental Housing Journal Arizona · November 2016

Rental Housing Journal Arizona

Market Overview ...continued from page 4

The information contained in this report was prepared for general information purposes only and is not intended as legal, tax, accounting or financial advice, or recommendations to buy or sell currencies or securities or to engage in any specific transactions. Information has been gathered from third party sources and has not been independently verified or accepted by RED Capital Group. RED makes no representations or warranties as to the accuracy or completeness of the information, assumptions, analyses or conclusions presented in the report. RED cannot be held responsible for any errors or misrepresentations contained in the report or in the information gathered from third party sources. Under no circumstances should any information contained herein be used or considered as an offer or a solicitation of an offer to participate in any particular transaction or strategy. Any reliance upon this information is solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding your specific situation. Any views expressed herein are subject to change without notice due to market conditions and other factors.

Rental Housing Journal Arizona Âˇ November 2016

Rental Housing Journal Arizona

Top Tips for Real Estate Investing ...continued from page 7 good price. In the end, the success of a property always depends on its marketability, whether it’s for new buyers or renters. Does your property have the amenities that people are looking for? Is this a safe or quiet neighborhood in the city? Is the right property management company handling the property? Buildium’s annual American Renters Survey looked at these questions as it aimed to shed light on what tenants care most about in their apartment or home rental and provide insights to help property managers and landlords attract and retain the very best tenants. Some of the findings include:

• Overall, an in-unit washer/dryer, high-speed internet and central air are the three most commonly sought after amenities among the age groups surveyed. • Feelings about property managers tended to be significantly more negative overall than feelings about landlords. Of those tenants who don't like their property manager, 58 percent say they are extremely or very likely to move in the next year. • Among all the factors that renters consider when renting an apartment, 72 percent of the surveyed renters prioritized location. Indeed, when renters were asked

what they love most about their homes, two of the top three answers were a great location and a nice, safe neighborhood. It’s necessary for real estate investors to consider these factors if they want their investment to eventually be profitable through either selling or renting. Researching what tenants are looking for in that area, or what amenities are included in recent rentals or home purchases can really help convince that buyer or renter to make the move.

Going Digital is a Must It goes without saying that technology exists in every facet of our lives, and this goes for the real estate industry as

well. Adopting and implementing relevant technologies can only help an investor’s business, and there are a few ways to do this. Right from the start, technology should be used when marketing properties. Buildium’s aforementioned American Renters Survey found that when renters are searching for new housing, they first look at Craigslist, Zillow, a Google search and finally ApartmentList—clearly showing that just listing properties in the local paper is not a top search method. The report also found that a large percentage of potential renters are looking for digital options such as online listings, electronic leases, electronic payments and online maintenance requests/tracking. Especially for those renters in multi-tenant dwellings, where 37 percent of renters indicate they can currently pay online and 59 percent indicated they like or would like to pay rent via ePay methods. Additionally, while only 27 percent of residents say they currently use a tenant portal (property management sites where they can connect, get information, file maintenance tickets and pay rent), 45 percent report either having and loving it, or wanting one. When it comes to real estate investing, the success of a business goes beyond just purchasing a brand new condo around the corner. Investors should make sure to look into the key trends listed above and relevant research in their area in order to set themselves up for success. While in the end it always depends on the effort put in, these tips can assist as some fail-proof guidelines to help along the way.

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Rental Housing Journal Arizona · November 2016

Rental Housing Journal Arizona

Rental Housing Journal Arizona Âˇ November 2016