Rental Housing Journal On-Site June 2016

Rental Housing Journal On-Site

June 2016

8. Implementing A Utility Bill Back System For Multifamily Properties

3. Profiting From Clean Technology 4. Delaware Statutory Trusts 7. Look to Student Housing for Best Practices in Efficiency

9. New Legal Requirement for Washington Rental Properties 11. Dear Maintenance Men – Utilitarian Upgrades, Smelly Sinks and Fixing Fans

12. Ask the Secret Shopper – Teamwork 15. Multifamily Insights – Swimsuit Edition (Pool Rules) 23. Summer Safety Measures for Apartment Communities

www.rentalhousingjournal.com • Professional Publishing, Inc 17,000 Papers Mailed Monthly To Puget Sound Apartment Owners, Property Managers & Maintenance Personnel Published in association with Washington Association, IREM & Washington Multifamily Housing Association

1Q16 Market Overview Multifamily Housing Update

Seattle, WA Payroll Job Summary Total Payrolls Annual Change RCR 2016 Forecast RCR 2017 Forecast RCR 2018 Forecast RCR 2019 Forecast

3 Ways SEO Can Supercharge Your Student Housing Properties

A

s a leader in SEO and online apartment marketing, I have worked with hundreds of student housing properties and portfolios over the years. Whenever a university community calls MultiFamily Traffic, they always have the same problems for us to fix.

1,611.7m 49.4m (3.2%) 42.2m (2.6%) 33.9m (2.1%) 30.9m (1.8%) 28.2m (1.7%)

1. The phones in the leasing office are not ringing

RCR 2020 Forecast 25.1m (1.5%) Unemployment (NSA) 4.2% (Apr.)

3. They are either in the throes of, or, about to enter the “crazy months” of summer season lease-up. If they don’t get units leased for the next school year now, the property manager may be looking for a job come September. continued on page 5

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Basics of Student Housing

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1Q16 Payroll Trends and Forecast Seattle payroll trends remained on a robust trajectory during the first quarter, rising at a 49,400-job, 3.2% yearon year rate; up from 4Q15’s 46,800job pace. The solid performance was achieved with little help from the foundation manufacturing and business service sectors, which collectively added positions at a 5,100-job, 1.3% rate, down from 9,600 (2.4%) jobs in 4Q. Rather, growth was propelled by rapid hiring by trade, software and financial services concerns, where headcounts increased at a 16,330-job, 4.5% annual rate, up from 11,000 (3.0%) in the prior quarter. While the headline business continued on page 6

2. The property has become occupied only with students, with little or no non-student renters, the property is one step away from becoming a frat-house.

S

tudent housing can be one of the most profitable niches of buy and hold real estate around. But of course, that’s only if you know what you’re doing.

Student housing comes with two major advantages that should attract investors:

Advantage 1 Higher Rents: Students will generally pay a premium since they rent by the bedroom rather than by the house, as a family would.

Advantage 2 Almost Guaranteed Rents: By requiring a cosigner from each student’s parents, it’s highly unlikely that you will lose out on any rents or damages. continued on page 19

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Rental Housing Journal On-Site · June 2016

Rental Housing Journal On-Site

Profiting From Clean Technology Electric Vehicle Charging and Energy Upgrades

By Peter Vierthaler, President of Synergy Investments

A

re you prepared for the coming age of electrical vehicles (EVs)? Have you noticed more and more Leafs and Teslas navigating the streets of Seattle? I have, and I am wondering where they will be charging as their numbers swell. Electric vehicles are a growing percentage of the vehicle mix, and renters are already making housing decisions based on the convenience of charging at home. Apartment buildings with charging stations will have a distinct advantage as EV ownership continues to grow. What’s more a new generation of charging stations that track electric usage will convert vehicle charging from a cost to a source of additional income.

Today most owners of EVs reside in single family homes where charging is easy and convenient. Many top off at local businesses, at the office or at designated charging kiosks on major highways. This will change as these options fail to meet the burgeoning demand for electricity and renter adoption increases.

Electric vehicles are becoming increasingly mainstream as their driving range improves. Nissan has sold over 100,000 Leafs worldwide, followed closely by vehicles from other top manufactures including the VW eGolf, Kia

Soul EV and the BMW i3. Even Toyota has added a charging option to its Prius Plug-In Hybrid. Of course, no discussion of EVs would be complete without the Tesla model S, with its range of over 270 miles and the announcement of the new model 3 with a sticker price of $35,000 and 375,000 vehicles pre-sold for deliveries beginning in 2017.

There are 3 levels of charging that are common for charging EVs. Level 1

is the slowest rate of charging and can result in up to 12 hours to fully charge an EV. This level which requires just 15 amp breaker and single-phase (120 volt) service. Level 2 is the most common type of charging and takes 4 to 8 hours – overnight – for a full charge.

This style of charge requires 30 amps and two-phase (240 volt) service. Level 3 charging, or “supercharging,” is not an option for most apartment build-

ings, as it requires three-phase (480 Volt) service – usually reserved for large commercial or industrial operations.

Superchargers are typically offered by car dealerships and highway kiosks for charging in 30 minutes or less. Most residents will want the convenience of a Level 2 charging station or receptacle.

Charging stations are more than just continued on page 19

Efficiency is easy Puget Sound Energy’s Multifamily Retrofit program can save you time, energy and money. Get started today.

It’s easy: 1. Call a Program Representative at 1-866-997-9767 or e-mail multifamilyretrofit@pse.com to schedule a free energy audit.

2. An energy specialist will perform the audit and see if you qualify for the direct installation program, along with making other energy efficient upgrade recommendations.

3. The audit will also identify other ‘no cost’ and ‘low cost’ retrofit incentives your properties may qualify to receive through PSE’s Multifamily Retrofit program.

The savings start here.

Schedule your appointment today.

pse.com/multifamilyretrofit Rental Housing Journal On-Site · June 2016

3

Rental Housing Journal On-Site

Delaware Statutory Trusts

An Innovative 1031 Exchange Strategy

By Robert Smith and Robert Straton

F

or many years, owners of investment real estate assets have successfully used Section 1031 of the IRS code to exchange their property for “like-kind” property to defer the payment of capital gains taxes due on the sale of their original property. Most of these investors have traditionally identified and purchased up to three replacement properties in their exchange with the belief that this was their only option.

But many seniors, baby boomers and other owners of investment properties - who are at a stage in life where they are tired of dealing with the “Terrible T’s” consisting of tenants, trash and

toilets, and are seeking more passive investment opportunities - are now using an innovative 1031 exchange strategy in the form of a Delaware Statutory Trust (DST).

A Delaware Statutory Trust is a separate legal entity created as a trust under the laws of Delaware in which each owner or investor has a “beneficial interest” in the DST for federal income tax purposes and is treated as owning an undivided fractional interest in the property. In 2004, the IRS released Revenue Ruling 2004-86 which allows the use of a DST to acquire real estate where the beneficial interests in the

trust will be treated as direct interests in replacement property for purposes of 1031 exchange.

DSTs allow multiple investors (up to 2,000) to pool their funds to own one or more properties, with each investor owning a beneficial interest in the trust which, in turn, owns the underlying real estate asset(s). By owning a pro rata interest in the trust, each investor has the right to receive distributions from the operation of the trust, either from rental income, or from the eventual sale of the property. Upon thorough evaluation, the DST structure may be a viable 1031 exchange strategy for ac-

credited real estate investors (those individuals whose net worth is in excess of $1 million not including their primary residence and/or have an annual income of $200,000).

There are many benefits of the DST structure for property owners/exchangers. These include: • Low minimum investment: DSTs typically have a minimum investment of $100,000 for 1031 exchangers and $25,000 for cash investments.

• Remote management: The DST structure takes management continued on page 10

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Rental Housing Journal On-Site · June 2016

Rental Housing Journal On-Site

3 Ways SEO Can Supercharge ...continued from page 1

Having spent most of the last decade focused on SEO and online apartment marketing, I have seen fir5st hand what it takes to solve these problems for our student housing clients. I worry about the properties that haven’t shared this focus. I feel for property managers who are working their tails off right now and are worried about how corporate will look at them come the fall. In student housing there is no margin for error and a property manager is either a hero or a zero.

If you are stressed out, below are 3 ways you can use SEO to supercharge your student property and make sure you are the valedictorian of your company.

Are you ready to move to the head of the class? Follow these 3 simple steps: Laser target your audience: Most student housing properties have no idea what the top keywords students are searching for in the area and con-

sequently they have no clue where their property ranks on Google for those keywords.

Keywords are the words and phrases that students type into the search box of a search engine, such as Google, to find apartments that match what they are looking for. Some keywords have thousands of unique searches while others get zero. For example, “apartments near ASU” has 14 times more renters searching it than “apartments for rent near ASU”. The biggest mistake a property manager can make is trying to guess at what students are “asking Siri” or typing into Google. As reader of Rental Housing Journal, just call our office at 888-683-5885 and we will tell you the top 10 keywords for your property and where your website ranks for them at no charge.

Once you know your keywords you can go to work laser targeting the ones that have maximum search behind

them. SEO can get you to the top of search engines and leave your competing communities fighting over the keywords nobody is searching for.

Load Balance the rent-roll: Many times property managers call us after their property has already become the satellite home of Phi Delta Theta and Sigma Nu. Students are great, and if you specialize in off campus housing, they are your lifeblood. But one of the best things you can do for your property is to balance your rent-roll with non-students. This will provide you a buffer for the extreme seasonality of student housing and help keep the community sane, clean and livable for everyone.

The fastest way to achieve a healthy balance is to use the same laser targeting described above for non-students.

Returning to our ASU example; “apartments in Tempe” will broaden your exposure to non-students. If your property is an A property targeting “luxury

apartments Tempe” and “Tempe luxury apartments” will bring hundreds of high-end renters calling into the leasing office month after month.

Compensate for seasonality: The final problem we always have to solve for our student properties is how to turn their crazy seasonal lease ups into smooth open enrollments filling all of the units for the upcoming year in a fraction of the time is takes the rest of the communities in the area. Although getting your property ranked for the top student and non-student keywords goes a long way. We often put our student communities on steroids during the crazy months; we manage a Google AdWords campaign for them.

AdWords (Google AdWords) is an advertising service by Google for apartments wanting to display ads on Google and its advertising network. The AdWords program enables student housing properties to set a budget for advertising and only pay when people click the ads.

Conclusion: Proper use of SEO can be the difference between the Dean’s list and the Dunce Cap. Finding the right partner to help you manage your online presence can help you become your management company’s star pupil.

Matthew Easton is EVP of MultiFamily Traffic a SEO firm dedicated to making the phones in your leasing office ring. . MultiFamily Traffic professionally manages these campaigns making the phones rings with only the most qualified renters and saving each of our properties 40% - 70% on what they would have paid if they went to Google by themselves You can reach Matthew directly at 303-803-7372 or m.easton@multifamilytraffic.com

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Rental Housing Journal On-Site · June 2016

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Rental Housing Journal On-Site

1Q16 Market Overview ...continued from page 1 service number was soft the professional and tech component shone, rising 5,200 jobs y-o-y, strongest since 1Q13 (6,000).

Seasonally-adjusted data also were constructive. Metro payrolls increased 15,200 positions in 1Q, a 6-quarter high, and 4,900 jobs April, the best April add since 2013.

Although RED Research expect SEA labor market trends to continue to significantly out-perform the nation, our models expect U.S job growth to begin to revert to the normal 2% increase in GDP to 1% payroll growth relationship observed over the past 30 years. This reversion is largely responsible for the model’s forecast of slower job creation ahead, especially in 201718. SEA gains are projected to decelerate to 42,200 jobs in 2016, and 30,900 and 28,200 positions during 2017 and 2018, respectively.

Occupancy Rate Summary Occupancy Rate (Reis) 94.3% RED 50 Rank 43rd Annual Chg. (Reis) -1.3% RCR YE16 Forecast 92.7% RCR YE17 Forecast 93.4% RCR YE18 Forecast 94.1% RCR YE19 Forecast RCR YE20 Forecast

94.6% 94.6%

1Q16 Absorption and Occupancy Rate Trends Apartment demand was moderately weaker during the winter quarter as tenants absorbed a net of 1,063 units, down from 2,267 and 1,265 units in the prior and year-earlier periods, respectively (Reis). By the same token, supply levels remained elevated as developers delivered 1,827 units, producing a sequential quarter occupancy decline of –30 basis points (-130 bps year-on-year)

to 94.3%. This is the lowest Seattle rate observed in six years.

Large professionally-managed assets maintained higher occupancy. Axiometrics surveys of 514 stabilized samestore properties recorded a 95.4% occupancy rate, down -10 bps y-o-y. Class-C (95.9%) was highest for the fourth consecutive quarter, topping A- and B-class assets by 90 and 40 bps, respectively.

Kirkland, North Seattle and Redmond submarkets topped 96% occupancy while Beacon Hill (94.2%) brought up the rear. New properties leased up at a 16-unit/mo. average rate, up from 13 units in 4Q15.

RCR’s demand model employs stock growth (+), S&P500 returns (+) and vacancy(t-4) (+) as independent variables to achieve a 94.2% adjusted-R2. The model responds to weaker absorption in 1Q to project soft 2Q16-3Q16 demand (~900 units) irrespective of anticipated rapid stock growth. Consequently, occupancy is projected to fall sharply followed by a recovery to the mid-94% range as supply pressures abate.

Effective Rent Summary Mean Rent (Reis) Annual Change RED 50 Rent Change Rank RCR YE16 Forecast RCR YE17 Forecast RCR YE18 Forecast

$1,337 8.3% 2nd 2.1% 1.2% 3.7%

RCR YE19 Forecast RCR YE20 Forecast

3.9% 3.7%

1Q16 Effective Rent Trends Reis report that effective rent trends rebounded during 1Q16, rising $23 (1.8%) sequentially to $1,337, up from 4Q’s seasonally weaker, equal 4-year low $15 (1.1%) advance. Year-on-year comparisons held steady at 8.3%, nearly replicating results observed in the

previous two quarters. Primarily classB&C Auburn submarket recorded the strongest same-store sequential gain (2.3%/$938), matched by supply-heavy Downtown/Capitol Hill (2.3%/ $1,974).

Axiometrics same-store comparisons registered an 8.8% yo- y increase, down slightly from 4Q15’s 5-year high 9.2% metric. Class-C easily posted the strongest result (11.6%), topping classes-A (5.8%) and –B (8.8%) for the 6thconsecutive quarter. Among submarkets, largely class-B-/C Kent, Des Moines and Everett recorded 13%+ y-o-y gains, while Beacon Hill, Downtown and North Seattle fell short of 5%.

RCR’s SEA rent model includes job (+) and personal income (-) growth, home appreciation(t-6) (+), Baa bond yields(t-1) (-) and vacancy(t-1) (-) as independent variables to achieve a 97.2% ARS (S.E.=0.3%). The model finds that the projected sharp increase in vacancy expected in 2016-17 overbalances the positive impact of robust home price appreciation to inhibit rent growth for the next two years. Above average growth is projected to return in 2018 as supply levels decline and the metro occupancy rate improves.

Trade & Return Summary $5mm+ / 80-unit+ Sales 23 Approximate Proceeds $923mm Average Cap Rate (FNM) Average Price / Unit Expected Total Return RED 46 ETR Rank

5.6% $188,068 5.2% 33rd

Risk-adjusted Index RED 46 RAI Rank

3.2 34th

during the quarter, matching 4Q15’s results. Sales proceeds fell –13.9%, however, as the average price per unit sold plunged –17.3% quarter-to-quarter from $227,426 to $188,068. The decline was largely attributable to a shift in buyer from recent construction properties to “value add” plays. Indeed, the unit weighted average age of properties sold in 1Q16 increased seven years from 23 years in 4Q15 to 30 years during the first quarter.

Sales appeared to stall in the spring as CoStar reported only 3 closings in April and May. Buyers may be growing more reluctant to fight the looming supply bulge.

Cap rate trends reflected a degree of buyer caution. Average cap rates increased about 40 bps between 4Q15 and 1Q16 to about 5.45%. Value adds continued to trade in the mid-5% area, but caps on younger assets drifted higher.

RCR elected to raise the cap rate proxy 20 bps to 5.0%. Regardless, the expected 5-year total return metric declined from 6.6% to 5.2%, largely due to weaker forecasted rate of rent growth in 2016-17. The metric ranks 33rd among the RED 46 markets. Risk-adjusted returns were comparable, ranking 34th among the peer group.

By Daniel J Hogan

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

continued on page 17

1Q16 Property Markets and Total Returns Sales velocity was steady during the first quarter. A total of 23 transactions valued at $5 million or more closed

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Rental Housing Journal On-Site · June 2016

Rental Housing Journal On-Site

Look to Student Housing for Best Practices in Efficiency

By Scott Matthews, Director, Strategic Accounts, The Home Depot

S

tudent housing property managers face a specific dilemma when it comes to turning units: most of the tenants move at the same time. This presents a number of challenges, including strains on resources, inventory, storage, delivery and the general stress of project management, all of which make for a difficult transition between moving dates.

Because student housing property managers have to handle this process so quickly, their best practices can be viewed as a model for how to turn units efficiently. For suppliers and service providers, we can sometimes see the pain points clearly though from a perspective of outside looking in.

Having seen some of the best managers in the business tackle this unique challenge with ease, we pulled together a few things that set them apart.

Minimize external partners Outsourcing to multiple suppliers and service providers creates unnecessary time and hassle. Finding one partner that can handle end-to-end project management frees you up to focus on more important responsibilities – like growing your business.

stored temporarily until it is time for installation. Save the hassle of outsourcing that storage to an additional vendor or facing the added expense of several different shipments before the items finally arrive. Look for a partner who can customize your delivery as part of a larger project management offering.

Stock Inventory As you start to proactively source products in advance, look for a single source of in-stock inventory for all the products required. Also, consider your source’s geographic footprint. If the provider has a solid number of nearby locations, staff members don’t have to travel a long way for the random missing tools or emergency repairs that inevitably pop up throughout the year.

or over the phone. This allows you to keep business moving no matter where you are or what you need. Look into your options for delivery and pick up.

Benefits like specific delivery windows or the ability to place retail orders in advance and have them ready for pickup are not to be overlooked or undervalued. These can save significant time and money when unforeseen but inevitable issues arise.

Fulfillment Options A good partner will offer a variety of fulfillment options, such as the ability to order a product online, on location

Custom Delivery Once the product is sourced, create a custom delivery schedule. Big ticket items like appliances might need to be

Ongoing Services Building a trusted partnership during a busy season will also help with any last minute or quick needs that may pop up in the future. Again, a provider with an extensive footprint and local, brickand-mortar resources is essential here.

Turning units is one of the most logistically challenging processes a property manager will face, but identifying a turnkey partner to streamline the process makes things run more efficiently, frees up your time and gives you the reassurance of working with one person or team from start to finish. It also grants you the time to focus on tenant satisfaction and other property responsibilities.

By Scott Matthews, Director, Strategic Accounts, The Home Depot

Publisher Will Johnson – will@propubinc.com Designer/Editor Kristin Flores – kristin@propubinc.com

Advertising Sales Will Johnson – will@propubinc.com Terry Hokenson – terry@propubinc.com Larry Surratt – larry@propubinc.com

Rental Housing Journal On-Site is a monthly publication published by Professional Publishing Inc., publishers of Real Estate Opportunities in Investing & Real Estate Investor Quarterly

www.rentalhousingjour nal.com The statements and representations made in advertising and news articles contained in this publication are those of the advertiser and authors and as such do not necessarily reflect the views or opinions of Professional Publishing, Inc. The inclusion of advertising in this publications does not, in any way, comport an endorsement of or support for the products or services offered. To request a reprint or reprint rights contact Professional Publishing Inc. PO Box 6244 Beaverton, OR 97007. (503) 221-1260 - (800) 398-6751 © 2015 All rights reserved.

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Implementing A Utility Bill Back System For Multifamily Properties

By Cliff Hockley, President Bluestone & Hockley Real Estate Services

A

s utility costs increase, owners of multifamily properties have searched for a fair method to pass on these expenses. Most multifamily properties in the western states today have been built with separate electrical and gas metering so tenants expect to pay their own electric and gas bills. Landlords have traditionally paid for the water and sewer. This pattern is changing. Especially in large cities and towns, tenants have come to accept utility bill backs.

Landlords have many options to pass on these expenses: Often, landlords implement a Ratio Utility Bill Back System (RUBS).

(RUBS) is a method of calculating a resident’s utility bill based on occupancy, apartment square footage, number of beds, or a combination of factors.

Using RUBS to bill residents for water, gas and/or electricity expenses has several advantages including: • It requires no cash investment to get started • It enables owners to recoup any portion of the overall billings • It can be implemented easily and quickly

8

Designed by Pressfoto - Freepik.com

• It immediately improves cash flow Some landlords and management companies choose an amount of money, say $40 per month per apartment and use that as an estimate of water and sewage use to pass on to tenants. This approach typically keeps the rate lower to the tenants but can short change the landlords.

Many landlords take the bills and divide all of the water costs by the number of units minus an estimate for common area usage such as landscape irrigation and laundry room use. The quotient is passed on as the expense. They pass on the sewer expense using the same ratio.

The challenge with this approach is that many tenants complain about unequal water use, where some tenants use more water than others.

Landlords can implement a RUBS system themselves or use a property management company to handle the process for them. Many existing apartments have a utility configuration that does not support the installation of sub-metering equipment. For example, properties that heat water and supply water through a centralized boiler system such as high-rise apartment complexes and older condominium units can have multiple pipes supplying water

to a single unit. It is cost prohibitive to install several water meters to measure total water usage for each residence. In these cases, RUBS presents an excellent alternative for the owner or association to recover appropriate utility costs and increase cash flow at the property. When landlords use their property management company or a utility management company to manage the process for them , the property managers and/or utility management companies will tack on an extra processing charge to the bill, which typically has to be paid by the landlord. Laws in every continued on page 14

Rental Housing Journal On-Site · June 2016

711 Powell Ave. SW, Suite 101 Renton, WA 98057 (425) 656-9077 • (425) 656-9087 (fax) admin@wmfha.org

O

Executive Director - Jim Wiard Treasurer - Sheri Druckman

Board President - Brett Stevens Vice President - Becky Sanders Vice President of Suppliers Council - Rob Pendleton Immediate Past President - Kris Buker

Secretary – Laura McGuire

New Legal Requirements for Washington Rental Properties

2 Landlords must indicate on their property’s website home page whether they accept comprehensive reusable tenant screening reports. Just as any property’s website is required to include the Fair Housing logo, the home page of a property’s website must indicate whether they accept a reusable tenant screening report. WMFHA recommends the required language appear with or near the Fair Housing logo on each property’s home page.

Below are Frequently Asked Questions (FAQ’s) to outline the 3 parts of ESB6413:

Q: What is included in a CRTSR?

Comprehensive Reusable Tenant Screening Reports (CRTSR)

1) A consumer credit report prepared within the previous 30 days;

A: As defined by law, the report must include:

2) A criminal history which includes convictions, pending cases, a sex offender registry search and terrorism database search where final disposition occurred withcontinued on page 18

    

2016-2017

A brief description of each of these requirements follows.

1. Landlords must indicate in their screening criteria whether they accept comprehensive reusable tenant screening reports. The law already provides that prior to accepting any information about a prospective tenant, a landlord is required to notify prospective tenants what information may be accessed by the landlord, what criteria may result in denial of an application and what consumer reporting agency is used, in order for the prospective tenant to obtain a free copy of the consumer report.

The law will now require landlords to include in the written screening criteria whether they accept a comprehensive reusable tenant screening report. There is a penalty associated with failing to identify whether a landlord accepts a comprehensive reusable tenant screening report.

Designed by Pressfoto - Freepik.com

n March 29, 2016 the Governor signed a multi-part bill which provides landlords the option to accept a comprehensive reusable tenant screening report. Similar bills have been introduced in the legislature in previous years, each time making acceptance of reusable tenant screening reports mandatory. This new law makes acceptance of these reports discretionary. However the new law, which became effective on June 9, 2016, does contain certain requirements landlords must affirmatively take.

NATIONAL RE AL ESTATE INVESTORS ASSOCIATION National

REIA

A non-profit Trade Association serving the Real Estate Investing Industry for over 20 years.

Published in conjunction with

The law also provides that you may accept a reusable tenant screening report, and still access your own, customary tenant screening report, so long as you do not require the prospective tenant to pay for the customary report. to receive a digital copy of this year's The new law also now changes the Real Estate Opportunities in Investing (ROI) time period for return of a security deposit or accounting of charges from 14 Finding Investing Success in Today's Housing Market days to 21 days, a welcome change to the old law.

Rental Housing Journal On-Site · June 2016

Text REALESTATE-ROI to 44222

Finding Investing Success in Today’s Housing Market

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Rental Housing Journal On-Site

Delaware Statutory Trusts ...continued from page 4

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a DST portfolio which holds multiple income producing properties makes great sense for real estate owners who no longer want to shoulder the burden of active management. You’re not going to live forever, so you might as well start enjoying it now. Let someone else change the light bulbs and collect the rent.

responsibility for the property(s) out of the hands of investors and places it into the hands of a sponsor-affiliated trustee.

• Cash distributions potential: The rental income generated from the properties are distributed on a monthly basis directly into to your bank account, if applicable.

No more chasing down dead beat tenants in the dark of the night.

As rental income, this cash flow is also very tax advantaged. Just like your current rental income stream, much of it is tax sheltered via depreciation and interest expense.

• Diversification: Instead of having all your money tied up in one property exposing you to the risk incumbent in overconcentration, DSTs allow you to diversify both geographically and functionally. Like a REIT (real estate investment trust), DSTs can own multiple properties in different geographic areas with different functions. Ownership

of apartment buildings can be mixed with retail centers, office buildings, industrial warehousing, etc. In this way, a downturn in one sector of the economy can be off-set by an uptick in another.

• Low cost ownership: Unlike a tenant-in-common (TIC) program, investors in a DST are not required to maintain any type of special purpose LLC (limited liability company) to hold their real estate.

• Non-recourse loans: DST investors are not required to execute any loan guarantees or indemnities, given their purely passive relationship to the DST and its real estate. Therefore, if there is debt on the property(s), investor risk is limited to invested equity. Lenders have no recourse to investors other assets.

• Liability protection: The DST “wrapper” shields the exchanger/ investor from any liabilities with respect to the property.

Ambulance chasing lawyers and their “slip and fall” clients will have to tap somewhere else.

Of course these benefits say nothing of the leisure time exchanging into Delaware Statutory Trust properties may provide you. Property management can be a full time job. This unending round of responsibility precludes many other enjoyable activities. It’s hard to travel and see the world, visit your grandkids, or just plain relax, when you are tied to your telephone, tenants, and properties.

In our past, present, and future zero interest rate environment, investing in a multi-property DST portfolio may also be a smart strategy for cash investors without a property to exchange.

Unlike other passive, fixed-income investments, real estate may still provide a livable yield. As rental income, this potential money stream is also very tax advantaged. It can also position the investor to do a 1031 exchange upon the potential profitable sale of their real estate and avoid paying capital gains tax.

In summary, 1031 exchanging into

Robert Smith and Robert Straton are with Peregrine Private Capital, an advisory firm based in Lake Oswego, OR. They can be contacted at 503-241-4949 or rs@peregrineprivatecapital.com.

The information herein has been prepared for educational purposes only and does not constitute an offer to purchase or sell securitized real estate investments.

Because investors situations and objectives vary this information is not intended to indicate suitability for any particular investor. This material is not to be interpreted as tax or legal advice. Please speak with your own tax and legal advisors for advice/guidance regarding your particular situation.

There are risks associated with investing in real estate and Delaware Statutory Trust (DST) properties including, but not limited to, loss of entire investment principal, declining market values, tenant vacancies and illiquidity. Potential cash flows/ returns/appreciation are not guaranteed and could be lower than anticipated. Diversification does not guarantee profits or guarantee protection against losses.

Securities offered through Concorde Investment Services (CIS), LLC, member FINRA/SIPC. Peregrine Private Capital Corporation is independent of CIS.

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Rental Housing Journal On-Site · June 2016 7/23/15 1:28 PM

Rental Housing Journal On-Site

DEAR MAINTENANCE MEN Utilitarian Upgrades, Smelly Sinks and Fixing Fans

By Jerry L’Ecuyer & Frank Alvarez

Dear Maintenance Men: I am a rehab project on a building that consists of all two bedroom one and three quarter baths. The three-quarter bathrooms have a sink, toilet and bathtub, but no shower. I would like to convert them to a full bath by adding a shower. How do I do it?

Bill Dear Bill: This is a great upgrade to any unit.

There are a number of ways to go depending on your budget and do-ityourself skills. The most economical and simple solution to adding a shower to a bathtub is to install a diverter spout that includes a 1 half-inch hand shower fitting. The hand shower can be sold separately or as a kit with the spout.

Connect the hand shower hose to the spout and hang the showerhead on the wall. Other than installing waterproof shower walls, you are ready to go.

The second option is a bit more involved, but a much better solution.

Because most tub only bathroom usually have no wall tile or “shower wall” material, gaining access to your existing valve & plumbing system should be

easy. Let’s begin with the items you will need to start your project. (If you have an existing two-valve system, now is the time to go to a modern single valve setup.) The easiest apartment application valve to buy is either a Moen or Mix-it valve. There are many other brands to

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buy depending on your budget. The kit will come with a valve, spout, shower arm and head. You will still need to purchase a half inch copper pipe at least 56 to 59 inches long, a 90 degree brass elbow, slip to thread with ears to attach it to the wall stud at the shower head.

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Rental Housing Journal On-Site · June 2016

continued on page 21

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Rental Housing Journal On-Site

SK THE SECRET SHOPPER Teamwork

T

he importance of teamwork cannot be overstated or emphasized enough. Yet sometimes boundaries are so clearly drawn regarding the role or “job description” of each staff member, those employees who desire to “go the extra mile” are powerless to act and are forced to watch prospects and residents “fall through the cracks.”

Here is a question which brings up the issue of maintenance and leasing staffs getting involved with each others’ responsibilities:

Q

Is it appropriate for maintenance staff members to get involved in the leasing process and how far should they go?

A

This is an important topic, and it raises another question: Is it appropriate for leasing/office employees to get involved in some aspects of maintenance and how far should they go?

Many companies have to make difficult budget cuts in their payroll and reduce the size of their onsite leasing and maintenance staffs. The result is less office coverage and slower response

Designed by Pressfoto - Freepik.com

time to resident requests, as one or two team members are trying to do the jobs of three or four people.

Providing some “basic” training to your leasing and maintenance personnel to create an “overlap” in their job responsibilities will take some of the pressure off your team members during the busiest times of the month. It will also provide better service to prospective residents and existing residents.

If a leasing person is away from the office and a maintenance staff member encounters a prospective renter, the maintenance person at the very least could extend a warm, friendly greeting.

The visitor could be made comfortable and offered refreshments, if available, and be given a brochure to look at while he or she is waiting. If a guest card or visitor log is available, the maintenance person could request that it be filled out. Then, if the waiting time becomes excessive and the prospective renter has to leave, there will be a record of the visit, and a way for the leasing person to follow up.

Office personnel can provide this same type of support to their maintenance staffs, who are busy turning apartments and handling service requests. Every person working in the

office can be taught how to operate a plunger and an Allen wrench. Leasing team members must also be willing to pass out flyers, pick up litter, sweep sidewalks, maintain common areas, etc. If you are constantly paging maintenance to pass out your lease renewal letters or handle minor messes around your community, then you are delaying the make ready process, as well as prompt service to your residents.

REMEMBER: Being part of a team means doing whatever it takes to get the job done; whether it’s your job or not!

If you are interested in leasing training or have a question or concern you would like to see addressed, please reach out to me via e-mail. Otherwise, please contact Jancyn for your employee evaluation needs: www.jancyn.com ASK THE SECRET SHOPPER Provided by: Joyce (Kirby) Bica Former owner of Shoptalk Service Evaluations Consultant to Jancyn Evaluation Shops E-mail: shptalk2@gmail.com Copyright © Joyce (Kirby) Bica

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Rental Housing Journal On-Site · June 2016

Rental Housing Journal On-Site

igabit Internet

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What’s in it for you?

Wave G, formerly called CondoInternet, offers symmetrical speeds and local customer service plus game-changing performance beyond traditional ISPs.

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Rental Housing Journal On-Site

Implementing A Utility Bill Back ...continued from page 8 state are different regarding the costs of utility bill backs.

Other options Water sub-meters can be installed when a building is constructed or a sub-meter can be installed on the hot water side of the hot water heater within an existing structure when each unit has its own hot water heater. Meters can be read electronically or via a meter reader (by either a meter reading company, an on-site manager, or an on-site maintenance tech).

If the meters are read electronically, they are downloaded to a system in the manager’s office. From there, the information is transferred via phone line transmitters and receivers back to the multifamily utility company headquarters.

Individual meter readings are then imported into a billing system which creates and sends individual utility bills to the tenants. A monthly utility reimbursement check is then sent to the owner, manager, association manager or whoever is in charge of receiving payments. If the tenants don’t pay the utility billings it is up to the property manager to make sure the water bills are collected.

To implement this system, the landlord needs to be prepared to advance the capital expenses to install the system. This system offers more accuracy on about amount of water and sewer that is being used.

Usually, garbage bills can be billed back to tenants via RUBS as well. If each tenant has an individual garbage can, you can usually bill back by the can.

The key is to bill back a fair amount.

Oregon Laws In 2013, laws were passed to address utility and service sub-meter and RUBS charges at multifamily properties. The current language is provided below for reference. This clarifies how RUBS can be used in the state of Oregon.

According to OR90.536: Charges for utilities or services measured by sub-meter (1) If a written rental agreement so provides, a landlord using the sub-meter billing method described in ORS 90.532 (Billing methods for utility or service charges) (1)(c) may require a tenant to pay to the landlord a utility or service charge that has been billed by a utility or service provider to the landlord for utility or service provided directly to the tenants space as measured by a sub-meter.

(2) A utility or service charge to be assessed to a tenant under this section may consist of: (a) The cost of the utility or service provided to the tenants space and under the tenants control, as measured by the sub-meter, at a rate no greater than the average rate billed to the landlord by the utility or service provider, not including any base or service charge; (b) The cost of any sewer service for

5 reasons to use rentegration 1. Access - Rentegration.com is a web 4. Management Database - Rentegra-

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For example, a customer can use the rentall black, reversed to white, or in PMS 280 Blue/PMS 7543 Gray spot or 4/color applications. roll function to identify all delinquencies, Please see below for specific use examples.

2. Rental and Lease Forms - Unlimited apply fees, and create eviction forms with • No other colors are acceptable for use for the logo. use of •aNofull line of state specific rental a few clicks altering of the logo is allowed. If you have a special circumstance that simple requires something notof the mouse. and lease forms. provided on the CD,All pleaseRentegration.com call NTN NaTioNaL HeadquarTerS 1.800.228.0989 for assistance.

Logoscreated should not be put a busy background. forms •are byoverattorneys and/or 5. Value - Large property management companies that use Rentegration.com local rental housing associations. forWHITE only generation will save time BLACK (withforms 40% gray circle) 3. Simplified Accounting - Owners and money over other methods. Mid and managers can track income and ex- and small size property managers and pense for each unit, property and compa- independent rental owners can manage ny. Perfect for mid and small size property their entire business at a fraction of the managers and independent rental own- cost of other software and forms. ers, who neither have the need or budget for larger, more expensive software.

based, multi-user software offering customers 24/7 access to forms generation, archives, property management dataColor Standards for National base, basic accounting, vendor ordering • Logos are provided on the CD in all three forms: and other services.

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uNaCCePTaBLe CoLor uSaGe do NoT change the color

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CHECK-IN/CHE

CK-OUT CONDIT

TENANT(S): __________ ADDRESS: __________ ______________________________ ____________________ ____________________ ______ CITY: __________ __________________UN ____________________ IT: ______________ _____ STATE: ________ Rating Scale = (E)Excellent ZIP: _________________ (VG) Very Good (G)Good (F)Fair (P)Poor IN Out LIVING AREAS WA-RTG-40 Washington In Out KITCHEN In Out

OR-RTG-20 Oregon

CHECK-IN/CHECK-OUT CONDITION

ION REPORT

REPORT

Walls 48-HOUR NOTICE Windows OF ENTRY

TENANT(S): OR-RTG-24 Oregon __________________ __________________ ____________ ADDRESS: ____________________________________ __________________TENANT(S) : ______________________ ____________UNIT: ______________

BEDROOM 3

Walls

Walls

Stove/Racks

Blinds/Drapes

Windows

___________ ADDRESS: ___________ Rods ___________________ PET AGREEMENTCITY: ___________________________________ STATE: ________ ZIP: _________________ ______________________ DATE:_____ CITY: Ice

TENANT INFORMATION

Rating Scale = (E)Excellent (VG) Very Good

TENANT(S): ____________________________________________________ DATE:________ IN ADDRESS: ____________________________________________________ UNIT: _________ LIVING AREAS CITY: _________________________________________ STATE: __________ ZIP: _________ DESCRIPTION OF PET(S)

Walls

Windows

1) Type _______________ Breed _______________ Size ______ Age __ WeightBlinds/Drapes ___ Color ____ Name ________ Vaccinations: Yes____ No____ License Number: ______________

Rods

2) Type _______________ Breed _______________ Size ______ Age __ Weight ___ Color ____ Name ________ Vaccinations: Yes____ No____ License Number: ______________ Floor

Out

KITCHEN

In

Walls Stove/Racks Refrigerator Ice Trays Shelves/Drawer

Refrigerator

Trays ___ ___________________ Floor UNIT: _________ ___________ ________ STATE: Shelves/Drawer __________ ZIP: Carpet/Vinyl/Wo _________ od

Blinds/Drapes

______________________

(G)Good (F)Fair (P)Poor

Out

BEDROOM 3

In

Out

48-HOUR NOTICE Light Fixtures OF ENTRY

Disposal

Dishwasher

Pursuant to RCW 59.18.150, this is your Counter Tops 48 hour entering the dwelling notice that your landlord Locks unit and or their agents will ______________________ premises located at (Address) Cabinets be Ceilings ______________________ ______________________Sink Blinds/Drapes Electrical Outlets ____________ on between the hours Floor Rods of Garbage Cans (Date) and .

Windows (Time) Floor TV Antenna/Cable (Time) The entry will occur Blinds/Drapes for the following purpose:Fireplace Light Fixtures ______________________ ___________ Cleanliness Doors/Woodwork___________ ______________________ _________________________________ ____________ ______________________ Locks ______________________ _ BEDROOM Doors/Woodwork

Walls

Windows

Rods Floor Light Fixtures

state specific forms for

PMS 280/PMS 7543 over color

arizona, alaska, california, colorado, delaware, florida, georgia, illinois, indiana, kansas, kentucky, massachusetts, nevada, new Jersey, new york, north carolina, ohio, oregon, pennsylvania, texas, utah, washington, washington d.c., west virginia & more.

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3) Type _______________ Breed _______________ Size ______ Age __ Weight ___ Color ____ Name ________ Carpet/Vinyl/Wood Vaccinations: Yes____ No____ License Number: ______________ Additional Security Deposit Required:$

Light Fixtures

AGREEMENT

Doors/Woodwork

Locks Tenant(s) certify that the above pet(s) are the only pet(s) on the premises. Tenant(s) understands that the additional pet(s) are not permitted unless the landlord gives ten Ceilings ant(s) written permission. Tenant(s) agree to keep the above-listed pets in the premises subject to the following terms and conditions: Electrical Outlets

1) The pet(s) shall be on a leash or otherwise under tenant’sGarbage control Cans when it is outside the tenant’s dwelling unit.

TV Antenna/Cable 2) Tenant(s) shall promptly pick up all pet waste from the premises promptly.

3) Tenant(s) are responsible for the conduct of their pet(s) Fireplace at all times.

4) Tenant(s) are liable for all damages caused by their pet(s).

5) Tenant(s) shall pay the additional security deposit listedCleanliness above and/or their rental agreement as a condition to keeping the pet(s) listed above.

6) Tenant(s) shall not allow their pets to cause any sort of disturbance or injury to the BEDROOM other tenants, guests, landlord or any other persons lawfully on the premises.

1 7) Tenant(s) shall immediately report to landlord any typeWalls of damage or injury caused by their pet.

Windows 8) This agreement is incorporated into and shall become part of the rental agreement exe -cuted between the parties. Failure by tenant to comply with any part of this agreement Blinds/Drapes shall constitute a material breach of the rental agreement.

14

_____________________________ Landlord

Rods

______________________________ Floor Tenant ______________________________ Light Fixtures Tenant Doors/Woodwork

Locks ©2011 NO PORTION of this form may be reproduced without written permission.

Ceilings Electrical Outlets

Disposal

Dishwasher

Counter Tops

Cabinets

Sink

Floor

Ceilings

1

Electric Outlets

Phone

Towel Bars

Method of Service:

Personal Service:

* Add one additional

Rods Floor Light Fixtures Doors/Woodwork Locks Ceilings Electric Outlets

may be reproduced without written

Windows

Blinds/Drapes

Rods

Post and Mail:

Light Fixtures if served by post

Floor

and mail.

Doors/Woodwork

Locks

Locks

Ceilings

Ceilings

Electrical Outlets

Electric Outlets

Smoke Detectors

Smoke Detectors

Electric Outlets

©2009 NO PORTION

of this form may

Heating Electricity

©2009 NO PORTION

Tub/Shower

Fan (Exhaust)

Floor

of this form may

be reproduced without

written permission.

be reproduced without

sales@rentegration.com

Seattle

the installation or maintenance of the utility or service system or any profit for the landlord. [2005 c.619 §8; 2009 c.305 §3; 2011 c.503 §8]

Summary Utility bill back systems give landlords the ability to improve their bottom line. Using RUBS, landlords can install a utility bill back system without advancing any capital expenses. On the other hand, the amounts billed back are only close estimates. The electronic bill back system is more accurate. Billing back for a proportionate share of garbage also makes sense for landlords.

The bottom line is that it is definitely worth it for a landlord to bill back utilities. Not only is the bill passed on to the tenants, but more importantly, the tenants will pay more attention to the utility use which reduces costs and helps the environment.

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Essential Services Plumbing

Hot Water

BATH ROOM

Towel Bars

Sink & Vanity

Toilet

Light Fixtures

Doors/Woodwork

Toilet Tub/Shower Fan (Exhaust) Floor

permission.

Rods

*

Floor

day for compliance

Sink & Vanity

BEDROOM 2 Walls Windows Blinds/Drapes

Walls

Windows

Blinds/Drapes

BATH ROOM

Smoke Detectors

©2011 NO PORTION of this form

Walls

Landlord

Windows

Blinds/Drapes

BEDROOM 2

do NoT put over a busy background

wastewater as a percentage of the tenants water charge as measured by a sub-meter, if the utility or service provider charges the landlord for sewer service as a percentage of water provided; (c) A pro rata portion of the cost of sewer service for storm water and wastewater if the utility or service provider does not charge the landlord for sewer service as a percentage of water provided; (d) A pro rata portion of costs to provide a utility or service to a common area; (e) A pro rata portion of any base or service charge billed to the landlord by the utility or service provider, including but not limited to any tax passed through by the provider; and (f) A pro rata portion of the cost to read water meters and to bill tenants for water if: (A) A third party service reads the meters and bills tenants for the landlord; and (B) The landlord allows the tenants to inspect the third party’s billing records as provided by ORS 90.538 (Tenant inspection of utility billing records).

(3) Except as provided in subsection (2) of this section, the landlord may not bill or collect more money from tenants for utilities or services than the utility or service provider charges the landlord. A utility or service charge to be assessed to a tenant under this section may not include any additional charge, including any costs of the landlord, for

written permission.

Rental Housing Journal On-Site · June 2016

Rental Housing Journal On-Site

Multifamily Insight Swimsuit Edition (Pool Rules)

By John Wilhoit Jr., Multifamily Insight

A

s summer approaches commercial pools across the country welcome tenants and friends of tenants. Are your “pool rules” posted?

No glass, no running. Postings about attire? We are generally unconcerned about attire. However, regarding what is tasteful, there is always someone willing to test the boundaries of public opinion.

Since most properties are without a full time “pool police” good behavior is based substantially on the honor system. This honor systems assumes (assume being one of my least favorite words) people will be guided by society’s rules of decency. Are we fooling ourselves here? Decency, after all, is subjective.

Fore example; everyone likes a good looking swimsuit. We like them even more when displayed by someone that can wear them well. When it comes to clothing we hope common sense prevails. Whether in the bible belt or a stone’s throw from Hollywood Blvd, we hope the “essentials” are covered and remain that way in our public areas on property.

Fortunately, at the property level, no one need be in charge of regulating good taste in swimwear. Unfortunately, there are those occasional lost souls (or drunken, or exhibitionist souls) that see

• Sign size. Most municipalities have a minimum size. Find out prior to buying a new sign (that’s three inches too small).

Pools are a seasonal community amenity that provide enjoyment and requires responsible use. Pools are a leasing selling point and common area expense. Balancing practical use with enforcement of pool rules are an on-going part of being in property management.

About Multifamily Insight

the pool party audience as an opportunity to strut their stuff (literally). Here is where “community action” comes in.

Whereas many properties have onsite management, many do not. And those with a pool (an un-supervised pool) must rely on self-patrolling of errant behavior.

• Consider posting more rules than fewer rules. No diving “cannot” be presumed. Same with smoking. Unless it’s posted as a non-smoking area then smoking is assumed to be allowed.

• Consider posting the office telephone number in the pool area so that any residence or guest enjoying the pool can reach for their handy cell phone to report behavior that endangers safety or quiet enjoyment.

• Check your pool insurance rider.

It may have certain added pool postings that are required for your policy to remain in full force.

• Make absolutely certain to post pool hours.

Multifamily Insight is dedicated to assisting current and future multifamily property owners, operators and investors in executing specific tasks that allow multifamily assets to operate at their highest level of efficiency. We discuss real world issues in multifamily property management and acquisitions. This blog is intended to be informational only and does not provide legal, financial or accounting advice. Seek professional counsel. For more information, visit: http://www.MultifamilyInsight.com

• Water, pool guest and animals are always a bad idea.

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info@rentalhousingjournal.com 15

Rental Housing Journal On-Site

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Rental Housing Journal On-Site · June 2016

Rental Housing Journal On-Site

1Q16 Market Overview ...continued from page 6

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.

continued on page 20

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Real Estate Opportunities in Investing (ROI) Finding Investing Success in Today's Housing Market Rental Housing Journal On-Site ¡ June 2016

17

711 Powell Ave. SW, Suite 101 Renton, WA 98057 (425) 656-9077 • (425) 656-9087 (fax) admin@wmfha.org

Executive Director - Jim Wiard

New Legal Requirements

...continued from page 9

Treasurer - Sheri Druckman

in the previous seven years; 3) An eviction history containing any records of unlawful detainer actions from the previous seven years; 4) An employment verification; and 5) An address rental history.

and

Q: What am I required to do under the new law?

A: You are required to indicate whether you accept a CRTSR: 1) in your screening criteria, and 2) on the internet homepage maintained by you, where you advertise your property for rent. For example, if ABC Rental Company maintains one website for multiple properties, each property’s ‘home page’ must indicate whether you accept a CRTSR; the statement should not be on ABC Rental Company’s main webpage.

Q: What if I use a third party website like Craigslist or Zillow, etc. to advertise my rental property?

A: You do not have to indicate whether you accept a CRTSR on a third party’s website that is not maintained by you.

Q: What language do I use to comply with the law?

A: There is no specific language outlined in the law. Our recommendation

Board President - Brett Stevens Vice President - Becky Sanders Vice President of Suppliers Council - Rob Pendleton Immediate Past President - Kris Buker

Secretary – Laura McGuire

is to state one of the following depending upon your acceptance:

accept CRTSRs on the property’s homepage and in the screening criteria.

“We accept comprehensive reusable tenant screening reports” “We do not accept reusable tenant screening reports”

Q: If I indicate that I accept a CRTSR at one property, do I have to accept CRTSR at all of my rental properties?

Q: Does a CRTSR provide less information than a regular tenant screening report?

A: A CRTSR provides as much or more information than a conventional screening report.

Q: Will the CRTSR include a recommendation?

A: At this time we are unaware of any such CRTSR that provides a recommendation unless you have an agreement established with the screening company providing the report.

Q: What brings me

if a a paper

tenant copy?

A: CRTSRs are accessed electronically through an internet website with a secure portal only. A paper copy is not considered an accepted form.

Q: Am I required by law to accept a CRTSR? A: No, the law does not require you to accept a CRTSR. However, the law does require that you indicate whether you

A: No, you have the opportunity to choose which properties will or will not accept a CRTSR. Q: If I indicate that I accept CRTSR, does that mean that I can’t obtain my own screening report?

A: You can obtain your own screening report from your regular tenant screening company so long as you do not charge the tenant for the report if they have given you access to a CRTSR. Q: What is the penalty if I don’t comply with the law?

A: A tenant may recover a $100 penalty, court costs and attorney fees if you do not indicate in your screening criteria whether you accept a CRTSR. Order of Limited Dissemination Q: What is an Order of Limited Dissemination?

A: A court order signed by a judge that limits an eviction record’s use by tenant screening agencies.

Q: Will this new law prevent me or other landlords from providing a rental reference for a former tenant who obtained an Order of Limited Dissemination?

A: No, an Order of Limited Dissemination does not apply to landlords, only tenant screening companies. Landlords can still give a complete and honest statement of facts regarding the former tenant, even if an Order of Limited Dissemination has been entered by the court.

Q: Under what circumstances can a judge enter an Order of Limited Dissemination?

A: If a tenant makes a written request to the court, there are three circumstances under which a judge may enter such an order: 1) Sufficiently without Basis in Fact or Law. For example, if the wrong defendant is named in the eviction petition, or if service of the eviction action is improper, the court may enter an Order of Limited Dissemination.

2) Payment after Judgment. In the rare instance that a tenancy is reinstated, wherein the tenant pays all of the judgment, attorney’s fees, and costs within 5 days continued on page 22

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Rental Housing Journal On-Site · June 2016

Rental Housing Journal On-Site

Basics of Student Housing ...continued from page 1

Unfortunately, like with all good things, there are also disadvantages:

Disadvantage 1 Annual Turnover: Unlike with other rentals, most students will leave every year requiring you to release the unit annually.

Disadvantage 2 College Students Often Engage in College Student-esque Behavior: While the cosigners you get should protect you from losses, college students have a way of damaging pretty much anything inside and outside of a house or apartment.

The most important thing to look for in student housing is that the market isn’t oversaturated. Many developers have been building around college campuses lately and are thereby driving down rents and driving up vacancy.

You don’t want to come late to the party (that, by the way, college students will almost certainly be throwing).

Furthermore, it’s important to make sure that the university you’re looking to invest around isn’t a so-called “commuter school.” Many community colleges and the like could be called such because students often don’t live particularly close to campus. Investments

around such schools can work out great, but they don’t drive the kind of premium rents like four year universities do.

In other words, you need to know what you are getting into.

Around more established universities with students looking for nearby, off-campus housing, there will be several zones, for lack of a better word. So for example, Zone 1 is very close to the campus and students pay a large premium. Zone 2 is approximately five to fifteen blocks from campus and perhaps only on one or two sides of the university and students will pay a decent premium. Beyond that is hit or miss.

We have found that the best bang for your buck can be found in properties that lie around Zone 2, since Zone 1 will typically be bid up by more institutional investors. You will need to be ready to deal with multiple turnovers that all happen at about the same time.

However, if you can handle such turnover, there are great profits to be made in student housing.

Andrew Syrios is a real estate investor and property manager living in Kansas City.

He is a partner in Stewardship Properties, which owns properties in Oregon, Texas, Kansas and Missouri.

Profiting From Clean Technology ...continued from page 3 a simple wall outlet. Charging stations now come with card readers that allow for easy tracking and billing of energy consumption by specific customers.

Not only is the sale of electricity a potential source of income, but tenants will pay for spaces with charging access.

Consider this relative to an alternative scenario where tenants merely run extension cords from wall plugs, unintentionally stealing electricity from the building, and putting undue strain on its electrical system.

Also useful are the dual usage options that smart chargers provide.

Multiple cars can be hooked up to a single charger which determines the optimal charging parameters to make the most of a building’s limited electrical capacity.

Managing your building’s electrical systems is, of course, an important part of planning for a coming wave of tenants with EVs. Apartment owners may have had difficulty finding the additional electric capacity to install chargers, but common area and laundry room energy retrofits (in conjunction with switching gear) are changing that equation.

Even if your circuits are already being taxed by current usage you may have the capacity to provide EV charging and without even knowing it. New technology in lighting and laundry machines may provide some or all of the added capacity you need. Common area and parking lot lighting retrofits can reduce electric consumption by up to 80%.

LED technology provides the same quality of lighting at a small fraction of the cost of incandescent. New front load

washers and dryers reduce your electric cost as well. The new washing machines wash at a hotter temperature and spin a larger percent of the water out of your clothes, allowing for a much shorter drying time. Many of these upgrades can be made at little or no cost and can provide you with the additional capacity for EV charging that you need.

The process for installing EV charging stations is fairly straightforward. An electrician can determine the capacity of your electrical panel and the cost of running conduit to the designated parking spaces. A lighting retrofit – which makes sense whether or not you provide car charging – is a great second step to reduce electrical load and free up electrical. This will then determine whether you have capacity for chargers and how many vehicles they can accommodate. The third step is to contact charging station companies to get bids on the chargers themselves.

Charging stations come in a variety of flavors. I recommend charging stations that have card readers for electricity usage reimbursement and have the ability for dual car charging. Some companies offer a lease and other require you to purchase the charger.

Now you might be asking, what is in it for me? How do I benefit by providing EV charging to my building. The first benefit is customer retention. Residents with charging ability are far less likely to leave any time soon. The second is income. EV drivers will pay you more for the ability to charge their car, up to $75 per month. That is the price for the convenience of charging at home.

BUILDING STRONGER COMMUNITIES

IMPROVING HOUSING OPTIONS

2nd Annual Charity Golf Tournament

Each year, RHAWA Foundation supporters come together for a first class event to celebrate, network, and raise funds for a local charity.

The Golf Club at Newcastle September 14th Driving Range

Participate in four ways!

1. Sign up as a sponsor. Contact Melany Brown at mbrown@RHAwa.org for info.

2. Sign up as a foursome for $700.

3. Sign up as an individual for $175.

4. Sign up for banquet only for $75 / person.

Tournament

Banquet

8am

12:30pm

7am

$175 / player (Golf, cart, banquet) $250 after 8/15

Your day of golf will include:  Pre-golf breakfast snacks + hot beverages  18 holes at The Golf Club at Newcastle  Banquet lunch with awards

Register by 9/1 RHAwa.org/events

Proceeds Benefit

Event Sponsors:

Additional Sponsors:

Flynn

Colliers International | Country Financial Loeffler Law Group PLLC | Shine On Signs and Graphics Stepfar Technology Group | VanWell Masonry, Inc.

& ASSOCIATES

RHAWA Foundation | 2414 SW Andover St, Ste D207, Seattle, WA 98106 | T (206) 283 - 0816 | events@RHAwa.org /RHAofWA

Rental Housing Journal On-Site · June 2016

@RHAofWA

RHAwa.org

19

Rental Housing Journal On-Site

1Q16 Market Overview ...continued from page 17

Text 51WAYS to 44222 to receive our FREE e-book 51 Ways to Increase Your Rental Property Cash Flow

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Rental Housing Journal On-Site · June 2016

Rental Housing Journal On-Site

Dear Maintenance Men ...continued from page 11 sludge. Many times the horizontal pipe between the trap and the wall may have hard deposits coating the inside of the pipe. The deposits will collect food and debris that may slow the drains considerably. If you have a dishwasher, check the drain line leading from the air-gap or dishwasher to the garbage disposal. It may be full of sludge that will cause a smell to come through the airgap located next to the faucet. Clean or replace any pipes with deposits or sludge. Check both drain lines for the above problems. Now if you wish, run the garbage disposal with a few slices of lemon and it should smell good and stay that way. Once in a while, throw some ice cubes in the garbage disposal unit to help scrape away any debris. don’t worry about damaging drywall.

Cut a hole in the drywall stud to stud, 12 inches high at the existing valve level. Then cut a 4 inch wide strip of drywall 59 inches up from the location of the existing valves. Now that everything is exposed, remove the old valves, by cutting or use the propane torch to melt the solder joints. Install the new valve in place, cut a half inch copper riser between 56 and 59 inches and solder to the valve. Solder the brass 90-degree elbow to the pipe and screw the elbow to a cross stud. If you could not find an elbow with ears, use plumbers tape or a pipe hanger to secure the elbow in place. Test your plumbing installation for leaks.

Replace existing drywall around the tub with green board drywall or cement board. Install shower wall material of your choice. We recommend a one-

piece wrap around shower wall system available at your local home center.

Dear Maintenance Men: My rental unit has a kitchen with a double sink. The drains smell very bad. I have tried running lemon slices through the garbage disposal, it works for a short time, but the smell comes back. What steps do you recommend for resolving this problem?

Barbra Dear Barbra: The smell may come from a number of places. First, use a small toilet type bush with soap and scrub the inside of the garbage disposal. This will remove any slime build-up. (For safety reasons, shut the garbage disposal off at the breaker or pull the plug.) Next remove the drain trap and clean out any

Dear Maintenance Men: I have a problem with moisture buildup and wall damage in my apartment bathrooms. The bathrooms do not have windows as they are constructed away from any exterior walls. They do have vent fans, but they don’t seem to do the job. How can I solve this problem?

Bill

And equally important, many bathrooms have two wall switches; one for the light and the other for the fan. If this is the case, we recommend combining the two switches into one. That way when the resident switches on the light the fan will come on automatically. We find most residents will not turn on the fan if it has its own switch.

Bio: Please call: Buffalo Maintenance, Inc for maintenance work or consultation.

JLE Property Management, Inc for management service or consultation Frankie Alvarez at 714 956-8371 Jerry L’Ecuyer at 714 778-0480 CA contractor lic: #797645, EPA Real Estate lic. #: 01460075 Certified Renovation Company www.BuffaloMaintenance.com www.ContactJLE.com www.Facebook.com/BuffaloMaintenance

Dear Bill: First things to check is whether your vent fans are working and not clogged with lint or dust. If the fan is operating properly, check the CFM or Cubic Feet per minute of air movement. The minimum number should be 50 CFM. If the bathroom is getting more than the average amount of use, you may want to replace the existing fan with one that has a higher CFM rating. We recommend using at least a 120-CFM fan.

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711 Powell Ave. SW, Suite 101 Renton, WA 98057 (425) 656-9077 • (425) 656-9087 (fax) admin@wmfha.org

Executive Director - Jim Wiard

Board President - Brett Stevens

Treasurer - Sheri Druckman

Vice President - Becky Sanders Secretary – Laura McGuire

Vice President of Suppliers Council - Rob Pendleton

New Legal Requirements

Immediate Past President - Kris Buker

...continued from page 18

Designed by Pressfoto - Freepik.com

allowed by law, the court could enter an Order of Limited Dissemination.

3) Other Good Cause. In this case a judge must be satisfied that a tenant has proven their unique circumstances outweigh a future landlord’s interest in learning about a prior eviction record.

Q: What if the landlord and tenant settle the eviction case without a court hearing, will there be an Order of Limited Dissemination entered by the court?

A: If the tenant makes a written request for such an order, the judge must decide if the tenant has satisfied one of the three abovementioned circumstances to enter an Order of Limited Dissemination.

21-Day Return of Security Deposit Q: How long do I have to return the security deposit?

A: Effective June 9, 2016, you will have 21 days to provide a specific statement of deductions from the security deposit and return any balance of the deposit the tenant is entitled to receive.

Q: If there is extensive damage to the unit and I know that the cost is going to be more than the security deposit, am I still required to act within 21 days under the law?

Q: What if my existing, fixed-term rental agreement says the security deposit and statement of deductions will be returned 14 days after the tenant vacates the unit?

A: You must comply with your existing rental agreement. Landlords should continue to return the specific statement of deductions and any balance of the security deposit within 14 days until July 1, after the law become effective. However, if you wish to change the time limit you must give the tenant 30 days notice of the change. In a fixed term lease, such change would not become effective until the end of the term unless the tenant agrees otherwise. For month-to-month rental agreements, the change becomes effective in 30 days.

(The information provided in this document is given for general guidance only and should not be considered legal advice. You are encouraged to consult your legal counsel or call our office directly if you have any questions.)

The Washington Multi-Family Housing Association is happy to answer questions or offer training and guidance on this new law and other legislative matters in the state.

For more information about the Washington Multi-Family Housing Association, our educational opportunities, networking events or legislative efforts, or to sign up for membership, go to www.wmfha.org or call us at 425-656-9077.

Call us before July 31st and receive 30% off membership dues to join the association and support the industry that supports us all.

A: Yes, no matter what the level of damage or amount of security deposit, you are required to (1) provide a specific statement of deductions which details the cost of the damage caused by the tenant, and (2) refund any portion of the tenant’s security deposit the tenant is entitled to receive.

22

Rental Housing Journal On-Site · June 2016

Rental Housing Journal On-Site

Summer Safety Measures for Apartment Communities

By Mary Girsch-Bock, courtesy of www.propertymanager.com

W

ith the unofficial start of summer here, more residents will be spending time outdoors, looking for various ways to enjoy the sunshine and warmer temperatures. Year-after-year, the two most popular activities for residents include swimming and barbecuing.

The warm weather also brings a host of added responsibilities for property managers and staff alike as they work to ensure that their residents stay safe while they’re having fun outdoors.

Here are just a few things that managers can do in preparation for a stressfree summer: • Make sure that the pool and spa is kept clean and disinfected at all times. If there is any reason why they have not been disinfected, it’s important that the pool and/ or spa remain off-limits to residents until it is safe to enter.

• Ensure that all safety barriers and fences that surround the pool remain tight and impenetrable at all times. Every summer, there are unfortunate accidents involving small children that are able to gain access to the pool area through an open gate or unlocked door.

CPR training for staff, with training updated regularly.

• Safety rules don’t only apply to those using the pool. Barbecuing continues to be one of the most popular events on a warm summer day. To ensure the safety of those barbecuing as well as all of your residents, make sure that city and county fire codes are enforced at all times. Regularly maintain outdoor grills and be sure that all residents are aware of grilling restrictions such as no grilling on patios, balconies, or within a certain number of feet of any standing structure.

• For added safety, be sure to keep a fire extinguisher within proximity of any public grill.

Don’t allow your property to become an unfortunate statistic.

Make sure those barriers are in place and stay in place throughout the summer and all year round.

• Inspect pool-related safety equipment and ensure that poles and life rings are kept within proximity to the pool area at all times.

Rental Housing Journal On-Site · June 2016

• While most residents will have their cellphones close by, the clubhouse and pool area should have a working phone handy.

• Make sure that water safety rules are posted in a highly visible area, and make clear that those rules are enforced at all times with no exceptions. Managers may also want to consider offering

Keeping your residents safe and happy should be a priority for property managers year round. While it may be more challenging in the summer, the payoff – a happy resident is worth it.

23

Rental Housing Journal On-Site

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Rental Housing Journal On-Site · June 2016