Rental Housing Journal Utah November 2015 by Professional Publishing, Inc

Rental Housing Journal Utah

November 2015 - Vol. 7 Issue 11

2. President’s Message

UPCOMING EVENTS

3. Director’s Message

General Membership Meetings No meetings for Nov and Dec

7. Ask the Attorney

www.uaageneralmembershipmeetings.com

EVENTS Good Landlord Class Salt Lake .....................................8:30AM Dec 11th Ogden ......................................... 8:30AM Dec 17th www.GoodLandLordTraining.com Tribute Awards ...................................... Feb. 12th www.uaaTributeAwards.com

www.rentalhousingjournal.com • Professional Publishing, Inc Official Publication of The Utah Apartment Association Utah’s Leading Advocate for the Rental Housing Industry – 888-244-0401 – WWW.UAAHQ.ORG

From Multifamily Financing Options England Have Never Been Better to America T By Paul Winterowd, Bonneville Multifamily Capital

Peter Harradine installed as 2016 Board chair

he Mortgage Bankers Association (MBA) recently reported $195 billion worth or multifamily mortgages were closed in 2014. This record level of volume has continued to increase in 2015. This is good news for multifamily borrowers because there is clearly a lot of capital in the marketplace. Many multifamily investors without large scale operations are unaware of the many options available outside the traditional banking system. Again citing the MBA survey, the bulk of multifamily loans were funded by Banks and GSE’s (Fannie Mae & Freddie Mac). The next most common was Life Insurance Companies, then FHA and finally Commercial Mortgage Backed Securities (CMBS).

Banks and credit unions are commonplace and virtually everyone is aware they are a source of capital. However it doesn’t mean they are the only options when it comes to financing multifamily projects.

Government Sponsored Entities (GSE’s) Fannie Mae and Freddie Mac are two separate sources of capital. Their continued on page 6

Top 30 Management Companies in Utah

eter Harradine is an immigrant to America who’s first try was unsuccessful. “When I was 16,” Peter says, “my younger brother and mother had already emigrated from England. I was finishing up my senior year of high school and the plan was for me to join them in the states once I had completed my exams. However, once I made it

Professional Publishing Inc., PO Box 6244 Beaverton, OR 97007

PRSRT STD US Postage P A I D Sound Publishing Inc 98204

continued on page 5

he UAA has released a list of the Top 30 Management Companies by number of units managed in Utah. In addition, there are 3 Utah based companies who made the NMHC largest Apartment Management Companies list in the US, including:

Name Apartment Management Consultants (AMC) Bridge Investment Partners Cottonwood Residential

Rank 10th 39th 49th

Units 64,441 27,628 27,711 continued on page 4

Advertise in Rental Housing Journal Utah Circulated to over 6,000 apartment owners, on-site and maintenance personnel monthly.

Call 503-221-1260 for more information

Utah Apartment Association

President’s Message

How I Can Help Better the UAA Cheri Goss, Board Chair, Utah Apartment Association

• This year was the first year that every board member had an area of responsibility or a specific assignment. This helped engage the board in levels never seen before.

s I look back over 80 years of board chairs who have served the UAA, I know a single board chair has only a brief time to influence the organization. Therefore, I set goals of my own of how I could help better the Utah Apartment Association in the year 2015.

1 – Build a board culture of accountability, contribution and ownership by assigning areas of responsibility to every board member (33 volunteers this year) and tracking progress to empower ownership of UAA’s mission. This organization is run by the board, and I want my board members to each have ownership and an area of accountability while on the board.

data and resources offered by UAA including market and contact information. We already have great publications and resources and I want us to continue to provide more. • By year end we plan on releasing the first quarterly rental market data report that will cover both large apartments and independent rental units. I am excited to be part of and see the progression of the UAA.

2 – Make membership growth and outreach the #1 priority of UAA leadership and membership. We grew another 7,000 units this year and are making membership referrals a priority of the board, committees, and all members. • Last month we held a membership appreciation event to reward referrers we gave a grand prize of 1,000 dollars for membership referrals. We also just received a national award for membership growth, I think the more we grow the better we can serve our industry. So I would ask each of you to help us continue to grow this coming 2016 year by referring at least one new member each to the UAA this year.

4 – Continue to provide Quality Education opportunities for apartment managers like Apartment AllStars, UPRO and Good Landlord training etc. • UAA is the only association in the country that provides apartment all-stars training for free. In addition, our tradeshow education was the most attended ever. We have so many great programs I hope you will take advantage of.

3 – Establish UAA as the go-to place for data by developing and improving

5 – Create opportunities for members to have “fun” and release from

448 E Winchester St Ste. 460 Salt Lake City, UT 84107 Ph: (801) 487-5619 Fax: (801) 484-8649 www.uaahq.org

the stress of business. I personally love to have a good time and think this an important role of the association. • The UAA has provided countless opportunities to release myself from the stress of business and have fun. I thoroughly enjoy the many activities and meetings the UAA provides. I could not have accomplished these goals without the help of the 2015 board, committees, and UAA staff. It was an honor to serve the UAA as Board Chair this year. I look forward to the new heights that the 2016 Board Chair Peter Harradine will take with the UAA. I am grateful to be part of the great tradition of 80 years of volunteer leadership, as the UAA makes a difference in our business and in the lives of people in Utah.

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.

5 REASONS TO USE RENTEGRATION

1. Access - Rentegration.com is a web based, access to forms generation, archives, property management database, basic accounting, vendor ordering and other services. 2. Rental and Lease Forms - Unlimited use forms. All Rentegration.com forms are created by attorneys and/or local rental housing associations. OR-RTG-20 Oregon

CHECK-IN/CHECK-OUT CONDIT

ION REPORT

TENANT(S): ____________________ ______________________________ 48-HOUR NOTICE ________________ ADDRESS: ____________________ OF ENTRY O __________ OR-RTG-24 Orego__________ n ________UNI NIT: ______________ CITY: ______________________________ _____ STATE: TE: ________TENA : _____________ ZIP: NT(S) __________ __________________ __ ______ ADDR Rating

Scale = (E)Excellent (VG) Very Good PET AGREEMENT

WA-RTG-40 Washing

ESS: ____________ __________________ __________________ ____ D (G)Good (F)Fair DATE:________ F)Fairr CITY: F)Fai (P)Poo (P)Poor __________________ : __________________ ____ UNIT: __________________ UNI _________ In _____ STATE Out S TE:: __________ In Out ZIP: _________ BEDROOM

IN Out TENANT INFORMATION LIVING AREAS TENANT(S): ____________________________________________________ DATE:________ A ATE:________ KITCHEN ADDRESS: ____________________________________________________ UNIT: _________ Walls Walls CITY: _________________________________________ STATE: ATE: __________ ZIP: _________ A

48-HOUR NOTICE OF O F ENTRY R

Walls alls

Pursuant to RCW 59.18.150, this is your 48 hour notice that g the dwelling unit your landlord or their and premises located agents will be at (Address) __________________ Rods 1) Type _______________ Breed _______________ Size ______ Age __ Weight W ___ Color ____ Name ________ ____________ WA-RTG-20 Washin Ice Trays ____________ gton ______ Rods Vaccinations: Yes____ No____ License Number: ______________ ____________ on ___ Floor CHECK-IN/C Shelves/Drawer between the hours W 2) Type _______________ Breed _______________ Size ______ Age __ Weight ___ Color ____ Name ________ Floor HEC (Date)K-OUT CONDITI of and Vaccinations: Yes____ No____ Carpet/Vinyl/Wo License Number: ______________ od . ON Disposal REP ORT (Time (Time) ime) Light Fixtures (Time) W 3) Type _______________ Breed _______________ ___ Color ____ Name ________ Light Fixtures Size ______ Age __ Weight DishwasherTENANT(S): __________ The entry will occur Vaccinations: Yes____ No____ License Number: ______________ Doors/Woodwo Doors/W Doors/ _____oodwork rk _____ for the following purpos ADDRESS: _____ _____ ___________ e: Doors/Woodwork _____ ______ _____ _______________ __________________ _______________ Counter Tops Additional Security Deposit Required:$ _____________________________ _______________ Locks ____________ CITY: __________ _____________UN __________________ __________________ Locks _______________ Cabinets ____________IT: __________ ____________ __________ AGREEMENT ____ ______ STATE: _____ ____________ Rating Scale = (E)Exc Ceilings ___ ZIP: _____ Ceilings ____________ _______________ ______ ellent (VG) Very Tenant(s) enant(s) certify that the above pet(s) are the only pet(s) on the premises. Tenant(s) T Sink Good (G)Good Electric Outlets understands that the additional pet(s) are not permitted unless the landlord gives ten (F)Fair (P)Poor Electrical Outlets IN Out ant(s) written permission. Tenant(s) pets in theLIVING premises enant(s) agree to keep the above-listedFloor In Landlord AREAS Out Garbage subject to the following terms and Cans conditions: KITCHEN In Windows Out Walls Phone BEDRO Windows

DESCRIPTION OF PET(S)Blinds/Drapes

Stove/Racks

Refrigerator

TV Antenna/Cable

1) The pet(s) shall be on a leash or otherwise under tenant’s control when it is outside the Blinds/Drapes Windows tenant’s dwelling Fireplace unit. Blinds/Drapes 2) Tenant(s) enant(s) shall promptly pick up all pet waste from the premises promptly. Cleanliness 3) Tenant(s) for the conduct of their pet(s) at all times. enant(s) are responsible Rods 4) Tenant(s) enant(s) are liable for all damages caused by their pet(s). Floor 5) Tenant(s) rental enant(s) shall pay the additional security deposit listed above and/or their BEDROOM agreement as a condition to keeping the pet(s) listed above. 1 Carpet/Vinyl/Woo BEDROOM 2 d 6) Tenant(s) enant(s) shall not allow their pets to cause any sort of disturbance or injury to the Walls Light Fixtures Walls other tenants, guests, landlord or any other persons lawfully on the premises. Windows report to landlord any type of damage or injury 7) Tenant(s) caused by enant(s) shall immediately Doors/W oodwork Windows their pet. Blinds/Drapes Locks 8) This agreement is incorporated into and shall become part of Blinds/Drapes the rental agreement exe -cuted between the parties. Failure by tenant to comply with any part ofCeilings this agreement Rods shall constitute a material breach of the rental agreement. Rods Floor

Floor

_____________________________ Light Fixtures Landlord

Electrical Outlets

______________________________ Garbage Cans Tenant enant Light Fixtures TV Antenna/Cable ______________________________ Doors/Woodwork Tenant enant Fireplace

Windows enterin

__________________ Blinds/Drapes

MethodStove/Ra of Servic ckse: Refrigerator

Personal Service:

additional day for

Ice Trays

T Toilet

Shelves/Drawer

Locks

Cleanliness

Electric Outlets

BEDROOM 1

Walls

Windows

Fan (Exhaust) Dishwas

her

Counter Tops

Electric Outlets Cabinets Sink Light Fixtures Floor Windows Essential Services

Blinds/Drapes Plumbing

Heating

Electricity

Hot Water

BlueIndustry PMS 280/Gray PMS Partner 7543 Exclusive of:

PMS 280/PMS 7543 over color

Walls Windows Post

and Mail:

Blinds/Drapes

compliance if served by

Tub/Shower ub/Shower Disposa Floor

from the database. The modules are all integrated and work together. For example, a customer can use the rent-roll function to identify all delinquencies, apply fees, and create eviction forms with a few simple clicks of the mouse.

OM 3

Walls

BATH ATH A TH ROOM Towel Bars Towel

* Add Sink & Vanity Vone

Rods

post and mail mail.

Floor Light Fixtures Doors/Woodwork Locks Ceilings Electric Outlets Smoke Detector

sales@rentegration.com Doors/Woodwork

Locks

Ceilings

ton

- Owners and 5. Value - Large property management Color forand National Tenant Networkthat Logouse Rentegration.com for companies managers can Standards track income expense for each • unit, property and company. Per- only forms generation will save time and Logos are provided on the CD in all three forms: all black, reversed to white, or inproperty PMS 280 Blue/PMS 7543 Gray spot money or 4/color applications. over other methods. Mid and small fect for mid and small size managPlease see below for specific use examples. ers and independent rental owners, who size property managers and independent • No other colors are acceptable for use for the logo. neither have the need or budget for larger, rental owners can manage their entire busi• No altering of the logo is allowed. If you have a special circumstance that requires something not ness at aforfraction more expensive provided on software. the CD, please call NTN NA TIO NAL HEADQUAR TERS 1.800.228.0989 assistance. of the cost of other soft• Logos should not be put over a busy background. ware and forms. 4. Management Database - Rentegration. BLACK com is an easy to use, database driven soft- WHITE (with 40% gray circle)

BATH ROOM

Towel Bars

Sink & Vanity

Toilet

Tub/Shower be reprodu ced without

written permission.

www.Rentegration.com

503-933-6437

Advertise in Rental Housing Journal Utah Circulated to over 6,000 apartment owners, on-site and maintenance personnel monthly.

Call 503-221-1260 for more information • w w w. re n t a l h o u s i n g jo u rn a l .co m 2

Rental Housing Journal Utah · November 2015

Utah Apartment Association 448 E Winchester St Ste. 460 Salt Lake City, UT 84107 Ph: (801) 487-5619 Fax: (801) 484-8649 www.uaahq.org

Director’s Message

You the Members Run the Utah Apartment Association L. Paul Smith, CAE Executive Director, Utah Apartment Association

he Utah Apartment Association is classified by the IRS as a “501 C-6 Trade Association”. A trade association, also known as an industry trade group, business association or sector association, is an organization founded and funded by businesses that operate in a specific industry. According to Wikipedia. “An industry trade association participates in public relations activities such as advertising, education, political donations, lobbying and publishing. However, its main focus is collaboration between companies, or stan-

dardization. Associations may offer other services, such as producing conferences, networking or charitable events or offering classes or educational materials. Many associations are non-profit organizations governed by bylaws and directed by oﬃcers who are also members.” The part I want to focus on is that this association is governed by bylaws and directed by oﬃcers who are also members. In November, the 2015 UAA Board will be installed. That board will consist of thirty-three UAA members who come from diverse backgrounds. There will be landlords who own and manage single family homes and small rental properties. Others will own and manage large apartments. Some will be vendors who provide products and services to the industry. Many have multiple years of experience and great

expertise in property management. And though they are a diverse group they will unite as one entity to plan, direct and fulfill the mission of the Utah Apartment Association, which is that we should stay “Utah’s leading advocate and resource for the owners, real estate professionals, developers, management teams, suppliers and service providers dedicated to quality rental housing.” On the board, no one person has more power than the other. Even the board chair has no authority to make decisions or act for the board except that granted them by the board. There will occasionally be differences on the direction to proceed, how to allocate the precious funds of the association, and how to allocate the limited time of staff and volunteers. But they will be resolved because each board will shed any personal agenda

and learn to work as a team for the benefit of all members. The UAA does have a small staff but the strategic plan, our mission and goals, and ALL major decisions are made or supervised by the UAA board. In addition to board members, there will be another 150 UAA members who serve on committees like government affairs, events, membership and education. Committees also include a number of volunteers who will spend thousands of hours devoted to carrying out the work of the UAA. If you would like to give input to the UAA or get involved as a board or committee member please contact any board member (they are all listed in our membership directory and on the website www.uaahq.org) or contact a staff member at 888-487-5619.

Advertise in Rental Housing Journal Utah Circulated to over 6,000 apartment owners, on-site and maintenance personnel monthly.

Call 503-221-1260 for more information.

How much does the job pay?

How much

SHOULD it pay?

Help us find the answer! Take our 4 minute salary study survey

Want to build your business?

Start by building your education. An online CE platform with easy and convenient options that fit your schedule. Enroll in your real estate continuing education courses today and save 20% with promo code RHJ20.

www.RHJsalary.com Rental Housing Journal Utah · November 2015

rhj.theceshop.com | 888.827.0777

Rental Housing Journal Utah

Top 30 Management Companies ...continued from page 1 Rank

Property Management Company

# of Units

# of Properties

AMC

17,495

Wasatch Premier Communities

5,252

Alliance Residential

3,767

Cornerstone Residential

3,746

Millwood Management

3,188

Cowboy Properties

3,011

EMG

2,831

Greystar

2,538

Triton Investments

2,397

Pentalon Management

2,323

Utah Nonprofit Housing Corporation

1,951

Mission Rock Residential

1,915

Thompson Michie Associates

1,705

Concept Property Management

1,605

NALS

1,423

Utah Property Management Associates

1,316

The Sellers Group

1,285

Palmer Management

1,031

Diamond J. Management

986

Western States Lodging & Management

956

Core Communities & Investments

950

Keller Investments

898

Redstone Residential

887

Danville Development Corporation

871

Peak Living

843

Treo Rentals & Sales

835

La Porte Group

801

Bridge Property Management

788

LB Hunt Management

781

Milestone Management

768

Publisher Will Johnson – will@propubinc.com

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

Designer/Editor Kristin Flores – kristin@propubinc.com

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

www.rentalhousingjournal.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.

NAME

ADDRESS CITY

I am an: OWNER

STATE INVESTOR

ZIP

PROPERTY MANAGER

*Print subscriptions $25/year $15 each additional market $8 each additional market I would like: PRINT Editions: ARIZONA SALEM/EUGENE OR VISA

VENDOR

OTHER

E-mail subscriptions $15/year

E-MAIL COLORADO SEATTLE/TACOMA

PORTLAND OR UTAH

MASTER CARD

CARD NUMBER

EXP.

CVV

NAME ON CARD

BILLING ADDRESS Or mail a check to: Rental Housing Journal

PO Box 30327 Portland, OR 97294-3327

Rental Housing Journal Utah · November 2015

Rental Housing Journal Utah

From England to America ...continued from page 1 to the Denver airport the US immigration people searched through all of my bags and decided that I had too much stuff to be a tourist, like I had a Visa for, so they sent me on the next plane back to England to get my visa sorted out. I had to wait another two years before I could come back and reside as a permanent resident and then latter becoming a citizen”. Peter speaks with an endearing accent, one that gains him fame and attention wherever he goes. But it’s not the accent that impresses his real estate partner and father-in-law, Dave Harman Sr. with Century 21 Harman Real Estate and Harman Property Management Group. “Peter is a really hard worker,” says Dave. In fact, while Peter was dating his daughter Lisa, and finishing up his business degree, Dave saw something in him and asked him to come work for his property management business. “Over the last 10 years Peter has really learned the business well and during the last few years the business has grown tremendously under his leadership”, Says Dave. He adds, half-jokingly, “and now he is making me a ton of money!” Peter impresses everyone he meets, say Gloria Froerer, NAA Board Member and past President of the UAA. “I remember the first UAA board meeting he came to as a young fresh and new board member. When he talks, people really pay attention. And I don’t think it’s only because of his dreamy accent,” she says. Peter has worked his way up through UAA leadership and takes the helm of the UAA Board for 2016 at a time when he is also a rising star at the NAA. He serves on multiple

bers and others involved in sharing the importance of the UAA to others in the industry.” Peter has been an effective example of this. In 2015, two of the people Peter talked to about the UAA joined and he has several others on the hook that he is reeling in. “Some people who are in our industry just don’t know what the UAA does or understand how important the UAA is to our personal success. We just have to educate them and ask them to be a part of us. Once people join the association I think they soon realize what a great resource it is for them”. Among Peters other goals as board chair in 2016, Peter wants to focus on: • Stabilizing revenues streams and increase sponsorship income committees with the National Apartment Association including on the Independent Rental Owner’s Council and the Next Gen committee, where he is very respected.” Peter is a graduate of the NAA Lyceum program, an exclusive leadership training that only allows one person from the mountain west region per year. Peter is also a Certified Apartment Manager. As 2016 UAA Board Chair, Peter has set a goal to put emphasis on the mission statement and repeat the UAA Mission Statement at board meetings to help remind the board and staff of what our purpose is. “I think if we are evaluating all our activities by our mission statement we

will be more effective as an organization”, he says. Peter also wants to evaluate all UAA programs and services this year against the mission. “If what we are doing syncs with the mission,” he says,” we should keep it and ensure its success, if not then…” As one of UAA’s strongest members in Utah County, Peter has a desire to grow our membership in that county. “For some reason,” he says, “Utah County is where we have the lowest market penetration of any major county in Utah. It’s also the fastest growing county and one where we need to focus some of our membership growth efforts. I want to see not only staff focus more on Utah County but also all of our Utah county mem-

• Boost our value proposition by increasing networking opportunities, generating positive press in the media, and increasing our image and credibility with government and other groups • Continue to develop educational resources and training for maintenance, leasing and management “I am excited and honored to serve as board chair in 2016 and am thrilled to help continue our growth and accomplishments,” he says.

Foundation Repair & Concrete Lifting

Foundation Repair: • • • • • •

Foundation cracks? Sheetrock and stucco cracks? Sticky doors and windows? Uneven molding? Leaking foundation cracks? Sloping floors?

Our foundation piers can fix and prevent structure settlement

We can lift sunken:

We have your permanent solution

• • • • • •

Sidewalks Patios Driveways Garage floors Porch steps Basement floors

801-492-3503 CALL NOW FOR FALL SPECIALS

www.LiftBest.com Rental Housing Journal Utah · November 2015

Rental Housing Journal Utah

Multifamily Financing Options ...continued from page 4 purpose is to expand the secondary mortgage market by securitizing mortgages in the form of mortgage-backed securities (MBS). This allows more lending by reducing the reliance on locally based banks and credit unions. Fannie & Freddie Interest rates for Multifamily properties in today’s marketplace range from 3.75% to 5% depending on variables such as Loan To Value (LTV), Debt Service Coverage Ratio (DSCR), location of the property, and term of the loan. Fannie and Freddie have their nuances but in a general sense the two are quite similar. They both have programs for purchase or refinance loans including value-add type projects, student housing, and seniors housing. Ultimately the two are competitors so it makes sense to compare pricing, sizing, and structuring options between the two before picking one or the other. A very attractive aspect of Fannie and Freddie loans is they are non-recourse loans. Borrowers familiar with banks know most bank loans come with a full recourse stipulation attached. Usually they like the fact the property is the only collateral against the loan rather than any and all assets the borrower possesses. The max LTV with Fannie is 80% with a 1.25 DSCR whereas Freddie Mac is slightly more conservative at 75% LTV, 1.25 DSCR. Right now Freddie Mac rates are slightly lower,

however the underwriting process is slightly more cumbersome and can lengthen the time to fund by a week or two. Small Balance Loan Program Freddie Mac has developed a fantastic multifamily mortgage product for borrowers needing a loan in the $1 - $5 million range. It is called the Freddie Mac Small Balance Loan program and offers low rates (currently in the 4%-5% range depending on term, market, and LTV), minimal fees, and a streamlined process to funding in approximately 60-90 days. This is also a non-recourse loan with interest only options available. This is a perfect loan for a stabilized 20-50 unit property in Utah on either a new acquisition or a refinance. It is even possible to pull cash out of a property of this size with substantial equity. FHA Insured Multifamily Loans FHA is a part of The Department of Housing & Urban Development (HUD) and also insures loans for multifamily properties. There are a lot of misconceptions about FHA multifamily loans. It is true there is more bureaucracy to negotiate when going through the FHA process for a multifamily loan. There are also ongoing management stipulations that really just ensure the property continues to be well run and well maintained. Some of these regulations are unique to FHA loans but are ultimately nec-

essary to justify the low interest rates and longer terms. The benefits of a FHA loan can easily outweigh some of these challenges. The interest rates are currently in the mid 3% range for existing properties and the low 4% range on new construction. The most compelling feature of these loans is the 35 year term and amortization (40 year on new construction). This fully eliminates any future refinance risk in 5, 7 or 10 years. Undoubtedly we’re moving into a higher interest rate environment. The longer term and lower rates also reduces the monthly payment so monthly cash flows become richer. A recent comparison of a FHA vs. GSE loan on a $10 million mortgage showed over a $90,000 per year savings with the FHA option. Typically it doesn’t make financial sense to do a Multifamily FHA loan for loan amounts under $2.5 million because of the initial upfront work, but it can be done. FHA loans are also non-recourse mortgages.

can also be very attractive but are subject to the usual constraints of LTV, DSCR, Term and quality of property. Summary With regard to multifamily borrowing, the important thing to realize is there are a lot of loan options out there for multifamily property owners and developers. There is a much broader spectrum of funding options than what the banks offer. Non-bank loan origination will typically be more creative, move faster, and provide more flexible solutions around the borrower’s needs and unique situations. Bonneville multifamily Capital is a Utah company who does more than just make loans: they build relationships that last. For more information, contact Paul Winterowd at 801-3231053 or pwinterowd@bmfcap.com

ON-SITE-NW SEA

VALLEY, METRO, ARIZONA APT

Salsbury Indu

Feb, Apr, Jun, Aug, Oct, Dec

Life Insurance Company Loans Life insurance companies are typically more conservative funders of loans. This means the borrower will need more equity in the project (max LTV’s are in the 70% range), but they do offer early rate locks and can be more flexible around funding projects that aren’t fully leased up after construction. Interest rates on these loans

Salt Lake County’s AT NO COST Lead Safe Housing Program TO YOU! can add VALUE and SAFETY to your property METRO, ARIZONA APT VALLEY,

Salsbury Indu

Your property may qualify for

repainting and possible window replacement if your rental property

is located in Salt Lake County

was built before 1978

Jan, Mar, May, Jul, Sep, Nov,

has at least one bedroom (no studios)

is rented to low/moderate income tenants

1010 East 62nd Street, Los Angeles, CA 90001-1598 CALL CAROL AT 385-468-4892 Phone: 1-800-624-5269 • Fax:http://saltlakecountyleadsafe.org 1-800-624-5299 email: cdyksman@slco.org

September

Octoberp

The Industry Leader in Quality 1/8 Page 4 7/8” x 3 5/8” On-Site4

Order Factory Direct! 1010 East 62nd Street, Los Angeles, CA 90001-1598 Phone: 1-800-624-5269 • Fax: 1-800-624-5299

Advertise in Rental Housing Journal Utah Circulated to over 6,000 apartment owners, on-site and maintenance personnel monthly. Call 503-221-1260 for more information. 6

1/8 Page 4 7/8” x 3 5/8”

Rental Housing Journal Utah · November 2015

On-Site3a

Rental Housing Journal Utah

Ask the Attorney The Dos and Don’ts of…

Lockouts

Leverage Your “Internet Real Estate” with Property-Wide WiFi. By Jeremy Shorts, Utah Eviction Law

DO • Take lots of pictures or video of the condition of the property when you get in. • Have a constable assist you with the lockout. • Inventory all items left behind and follow strictly Utah’s abandonment laws. • Change the locks, even of your tenant has left the keys.

DON’T • Change the locks on your tenants without a court order. • Shut off the utilities as a means to lock them out. • Threaten the tenants that the locks will be changed at a certain time unless you have a court order that tells them they need to leave at that time. Even then, it is best to leave it up to the Constable or Sheriff.

Advertise in Rental Housing Journal Utah Circulated to over 6,000 apartment owners, on-site and maintenance personnel monthly.

WHY PROPERTY WIDE WIFI?  Offer An Exclusive High-Demand Amenity  Increase Per Door Cap Value  Future Proof Your Infrastructure

WHATS NOW POSSIBLE?  Virtual Tours with remote perspectives  Increase Loyalty, Retention & Revenue  WiFi Calling - Property Wide  Print from anywhere  HD Video & Audio Streaming - non stop  Maintenance team connected in real time  Property Owner/Corporate Property Tours

Next-Generation Internet as an Amenity. 1 800 468-6851 www.dualpath.net

Call 503-221-1260 for more information

Increase Your Laundry Room Capacity by as much as 50% And Save Up To 50% on Utility Costs

NATIONAL REIAU IS HERE TEST DRIVE IT NOW! Enroll In Online Classes And Start On Your Path To Real Estate Education With National REIAU Today Visit Us Today at www.NationalREIAU.com

ABOUT US Imagine real estate investing training that is fast, easy and convenient! National REIAU delivers great low cost, high quality investor training on exactly the subject you want, exactly when you want it. It is all available right here, right now with www.NationalREIAU.com.

Coin • Card Rent • Lease

We provide comprehensive course material through videos and provide the professional education that will set you apart from your competitors. Our ever-expanding selection of courses is timely, accessible and cost effective. REIAU will be the leading online resource for real estate investors, both beginners and advanced. The National REIA University is the most comprehensive educational program available for real estate investors.

OUR GOAL

HAINSWORTH LAUNDRY COMPANY

Life’s Good

Toll Free: (800) 526-0955 www.hainsworth.biz

Rental Housing Journal Utah · November 2015

National REIA’s goal is to put you in control of your education and training so you can learn more and earn more – on your schedule! From the “Quick Tips” clips, to on-demand videos to regularly scheduled webinars, National REIA brings you the information you need to manage your real estate investing business more effectively. We help you boost your bottom line, while reducing your stress and worry.

Visit Us Today and Start on Your Path to Real Estate Education At www.NationalREIAU.com

USER EXPERIENCE “Fingertip Technology” – education brought to you on your desktop, laptop, tablet or phone Cost Efficient Learning – education without travel costs or scheduling issues Accessible – 24 hours a day, 7 days a week Convenient – flexible and easy to use Engaging – education brought to you by highly qualified instructors with easy to follow presentations Personalized – work at your pace and in a location of your choice Real-time - information following best practices to keep you up to date.

7265 Kenwood Rd Ste 110 Cincinnati, OH, 45236

Toll Free: 888-762-7342 Email: info@nationalreiau.com

Rental Housing Journal Utah

LOWER MAINTENANCE COSTS AND LESS TENANT TURNOVER. GO SMOKE-FREE. www.tobaccofreeutah.org/muh-intro.html

Rental Housing Journal Utah 路 November 2015