Valley (Eugene, COrvallis, Salem, Or) RHJ December 2017 by Professional Publishing, Inc

December 2017

Rental Housing Journal Valley

2. Which Rental Property Flooring is Right for your Tenants? 3. President’s Message $50 Credit for Donating 5. The Realities of Property Management 7. Cash Flow from Car Charging

EUGENE · SALEM ·ALBANY · CORVALLIS WWW.RENTALHOUSINGJOURNAL.COM • PROFESSIONAL PUBLISHING, INC

Ways to Pet Proof your Rental Property

Outsmarting Jack Frost Are Your Properties Ready for Winter?

by Christian Bryant

ven though the current legislative climate for landlords in Oregon is very distracting, don’t let it keep you from protecting your property and preparing for winter. If they take the proper steps before winter comes, many landlords will avoid damage, unnecessary after-hours repair expenses, and lawsuits. These expenses can soar up into the tens of thousands of dollars. Next to improvements that will increase rent, and properly ...continued on page 6

hese ways to pet proof your rentals can be helpful as some landlords and property managers are concerned about opening their properties to pets. However, they also know they can attract and keep more good tenants if they are a pet-friendly property. The maintenance checkup this week provided by Keepe focuses on ways to pet proof your rental property to be sure you are protecting your investment and income as well as keeping your tenants happy. Ways to pet proof your rental with a property makeover Property makeovers are the best way to minimize property damage by investing in durable, long-lasting solutions. While they may require additional costs and work, property makeovers designed to thoroughly pet-proof are the most secure way to protect a property and increase the safety of pets. 1 - Vinyl, linoleum and tile floors are tough, impermeable and scratch resistant. Converting existing flooring into one of those durable alternatives significantly reduces the likelihood of flooring damage that results from the activity of pets and ...continued on page 5 Professional Publishing Inc., PO Box 6244 Beaverton, OR 97007

New Tax Laws Subtly Affect Commercial Real Estate Could Alter Capital Flows, Business Structures and Portfolio Strategies

by John Chang

ew tax laws hold modest change for investment real estate. The highly anticipated tax reform legislation making its way through Congress could be signed into law by President Trump this month. For real estate investors, the final versions appear relatively benign, with only modest changes to key provisions such as the 1031 tax-deferred exchange, mortgage interest deductibility and asset depreciation. The two versions, one from the House of Representatives and one from the Senate, have yet to be reconciled, but neither version holds any significant changes that will radically impact real estate investment. Finalization of tax rules to reduce uncertainty. Over the last year, elevated uncertainty generated by the range of potential government policy changes, including tax laws, caused many investors to move to the sidelines. A more cautious out-

PRSRT STD US Postage PAID Portland, OR Permit #5460

look pervaded the industry as investors awaited clarity on taxes, fiscal policy and a change in Federal Reserve leadership. This perspective could begin to ease as the implications of the new tax laws firm up and investors better understand how the new rules will affect their investments. With both versions of the tax plan offering generous tax cuts for corporations and pass-through entities such as Limited Liability Companies (LLCs), investors may see the new tax laws as an opportunity to reconfigure their portfolios. The new tax structure will apply to 2018 income for tax filings in 2019. Reduced taxes on pass-through entities may spark activity. Both versions of the tax proposal make only modest changes to the current tax provisions for commercial real estate. Personal tax rates and tax brackets vary significantly between the House and Senate versions but generally go down for most top-tier income segments. However, changes to the tax structure for pass-through entities that allow

tax rates as low as 25 percent may create significant benefits for private investors to move assets held as personal holdings into a pass-through entity. In addition, this favorable treatment could entice additional capital to enter the commercial real estate space. Both versions of the tax reform proposals preserve the 1031 tax-deferred exchange for real estate and make only minor modifications of the interest expense deduction for loans on commercial real estate and the depreciation of real estate assets. Some changes to come, but tax law likely final this month. The tax proposals will continue to morph as they go through reconciliation at conference between the House and Senate. Moderate differences between the House and Senate versions could take time to align with sticking points arising over the deductibility of state and local taxes (SALT) and the cap on mortgage interest deductions ...continued on page 7

Text REALESTATE-ROI to 44222 to receive a digital copy of this year's Real Estate Opportunities in Investing (ROI) Finding Investing Success in Today's Housing Market

Which Rental Property Flooring is Right for your Tenants?

hich type of rental property flooring is right for you and your tenants to both help with maintenance and be attractive to get new tenants? The maintenance checkup this week provided by Keepe focuses on flooring to be sure you are your protecting your investment and income as well as keeping your tenants happy.. Flooring is the first thing that rental applicants see during a showing of a rental property so which rental property flooring is right? Flooring choice for rental properties is the equivalent of curbside appeal for homeowners. Renters are motivated by different attributes than homeowners, so luxury or cost are not the only attributes to consider when making a choice of flooring. It is also important to consider which segment of the rental market the property at hand is targeting. For example, it may not make sense to install low-cost vinyl flooring if the location and finish of the property is more attuned to the high-end renter. That said, when it comes to flooring options at rental properties, there are a few technical

• Resale or releasing value • Eco-friendliness • Affordability Here are some pros and cons for different rental property flooring options Hardwood flooring pros • Variety: You can find hardwood flooring in a variety of colors, patterns (strip flooring, plank flooring, parquet flooring), width and thickness.

attributes that are important to consider. Rental property flooring basics There are four basic types when you are selecting flooring: • Hardwood

Also, you can take into consideration various criteria when comparing the available flooring options: • Variety

• Durability: Hardwood floors are durable, so it cannot be damaged easily. You can also place heavy furniture on it without any damage. Contribution to the resale value of your house: Hardwood floors increase the sale value of your house a lot, so if you think

• Ease of installation

• Laminate

• Maintenance

• Carpet

Softness • Durability

• Vinyl

• Maintenance: Hardwood is easy to maintain and it can be re-sanded and refinished several times to remove stains and scratches. With a new refinish you can change the color of your hardwood using a different stain.

Upcoming Events for The New Year 02/08/2018

2018 FAIR HOUSING FAIR

Form of the Month Multiplex Exterior Care Addendum M205 OR SINGLE FAMILY / CONDO / MULTIPLEX

EXTERIOR CARE ADDENDUM DATE __________________________________________ PROPERTY NAME / NUMBER ___________________________________________________________________________________________________________________________________________________________________ RESIDENT NAME(S) ___________________________________________________________________________

___________________________________________________________________________

UNIT NUMBER ___________________________________ STREET ADDRESS ___________________________________________________________________________________________________________________________________________________________________________ CITY ___________________________________________________________________________________________________________________________________________________ STATE ___________________________________ ZIP _____________________________________________________________

1. If the yard is to be maintained by Resident: It must be maintained in a clean and well groomed manner, including but not limited to, adequate watering of all lawns and planted areas, mowing and edging the lawn(s), fertilizing the lawn(s) and all plants as needed, and removing invasive weeds.

Lawns should be mowed to never exceed a height of 3 inches.

If the Premises are in a city that issues leaf clean up notices, Resident must timely comply with such notices.

If yard is not adequately maintained, in addition to all other remedies for material non-compliance, Owner/Agent may, after at least 10 days’ written notice, perform maintenance work on the yard and bill Resident for such work. If the lawn or planted areas die due to inadequate watering, or other actions or inactions by Resident, Resident will be responsible for all costs to replace the dead lawn and/or plants.

2. If a landscaping service is provided by Owner/Agent:

Resident is responsible for proper watering of lawns and all plantings.

3. All vehicles on the Premises must be parked only in spaces designed for vehicle parking. Absolutely no cars or other vehicles may be driven or parked on the lawn or planted areas. All vehicles owned by Resident or their guests must be legally parked if on a public street adjacent to the Premises. All vehicles on the Premises or parked on an adjacent public street must be in working order, properly licensed and insured. 4. Resident will keep the driveway free of oil spots. 5. Resident will keep all garbage areas cleaned up. All approved curbside trash and/or recycling receptacles may not be visible from the street any time other than collection day. 6. If pets are allowed, or Resident has an assistance animal, all animal waste must be promptly picked up and disposed of properly. Any damage caused by such pet/assistance animal is the responsibility of the Resident. 7. If smoking is permitted, cigarette butts must be deposited only in fireproof receptacles. BARK DUST IS COMBUSTIBLE AND CAN BE IGNITED BY CIGARETTE BUTTS. 8. Resident will keep all decks and patios properly maintained, including sweeping leaves. 9. All barbecues must be kept at least 10 feet from the exterior of the home and any combustible materials, and operated in compliance with all manufacturer’s directions, to reduce the risk of fire. 10. Clutter on the outside porches and yard is not allowed. No indoor furniture is allowed in the yard, on porches/patios (front or back), alongside the residence or anywhere on the exterior of the Premises. 11. Resident will notify Owner/Agent of all needed fence repairs. 12. Resident is responsible to winterize the Premises by placing faucet covers on all exterior hose bibs, draining sprinkler systems and ensuring proper heat of the interior of Premises during the winter months. If the Premises include sidewalks, walkways and/or driveways, Resident is responsible for keeping the sidewalk, walkways and driveways free from snow and ice. Resident will be responsible for damages caused by inappropriate use of chemicals for snow and/or ice removal.

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RESIDENT

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RESIDENT

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RESIDENT

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DATE

X X X

RESIDENT

_____________________________________________________________________________________

ON SITE

RESIDENT

OWNER/AGENT

The Multifamily NW Exterior Care Addendum is a form designed to address the many unique variables present in the exterior care of a rental home. Specific expectations are detailed concerning property landscaping, vehicles & driveway care, deck/patio maintenance, barbecue safety, trash protocol and more! This form is ideally signed along with the Rental Agreement and other essential move-in documents.

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DATE

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MAIN OFFICE (IF REQUIRED)

Rental Housing Journal Valley · December 2017

President: Ron Garcia Vice President: Phil Owen President Elect: Mark Passannante Secretary: Lynne Whitney Treasurer: Sandra Landis

Ron Garcia, RHA Oregon President

Past President: John Sage Office Manager: Cari Pierce

President’s Message $50 Credit for Donating

by Ron Garcia

mid all of the Holiday inspired messaging, shopping and planning there is another common activity many people partake in during December: It is last minute tax planning. Whether you have done so or not in the past, perhaps this year would be a good time to do it. I am talking particularly about every tax payers’ right to a $50 credit for donating to a Political Action Committee – commonly called a “PAC” What is a PAC? Encyclopedia Britannica offers the following definition: • Political action committee (PAC), in U.S. politics, an organization whose purpose is to raise and distribute campaign funds to candidates seeking political office. PACs are generally formed by corporations, labor unions, trade associations, or other organizations or individuals and channel the voluntary contributions they raise to candidates for elective offices, primarily in the U.S. House of Representatives and the U.S. Senate. PACs may also spend their funds

on what are termed independent expenditures— defined in law as a message “expressly advocating the election or defeat of a clearly identified candidate that is not made in cooperation, consultation, or concert with, or at the request or suggestion of, a candidate, a candidate’s authorized committee, or their agents, or a political party or its agents.” I might add that the tax perk is just the beginning incentive to inspire citizens to participate. When a cause is near and dear to your heart (or financial concerns) many people choose to invest much more. The financial limits are as follows according to OpenSecrets.org “PACs can give $5,000 to a candidate committee

Rental Housing Journal Valley · December 2017

per election (primary, general or special). They can also give up to $15,000 annually to any national party committee, and $5,000 annually to any other PAC. PACs may receive up to $5,000 from any one individual, PAC or party committee per calendar year.” There are 2 PACs that I know of (and have some affiliation with) that I would highly recommend to all of the members of the Rental Housing Alliance Oregon. “The Good Landlord PAC” which can be found at: www.goodlandlordpac.com, and the“More Housing Now” PAC at: www.morehousingnow.org. Why? There is no question that the conversations about the housing crisis throughout Oregon in general and Portland in partic-

10520 NE Weidler, Portland, OR 97220 (503) 254-4723 • Fax (503) 254-4821 info@rhaoregon.com • www.rhaoregon.org

ular has gotten louder and more divisive. Unfortunately, many politicians are simply not hearing the concerns of property owners and are basing their decisions on the loudest voices in the room, which are often the radical tenant rights activists. Long standing policy practices (like the Tenant Landlord Coalition) have been jettisoned in favor of pushing radical new and financially difficult restrictions onto Oregon landlords in both the Portland City Council chambers and the Oregon State Legislature. This year’s failed attempt to pass sweeping statewide rent control measures in the legislature (by a single vote) have done little more than embolden the political cause for sweeping changes going forward. Because of this I urge you to donate the largest amount of money you can to either or both of these PAC’s to represent your rights. It may be the best year-end financial investment strategy you can make. Also, Happy Holidays! Ron Garcia, RHA Oregon President •

Rental Housing Journal Valley

DEAR MAINTENANCE MEN: By Jerry L’Ecuyer & Frank Alvarez Dear Maintenance Men: I have a bathroom sink that is slow draining. I have already snaked the drain and found no stoppage. When I remove the pop-up assembly and have an open drain, water whooshes down with no problem. However, with the pop-up in place, water backs up into the sink and drains very slowly. Paul Dear Paul: Most bathroom sinks have an overflow hole near the top edge of the sink. This hole serves two purposes; 1: Acts as a safety drain to keep the sink from overflowing should the water rise above a certain level in the sink. 2: The overflow hole also serves as an air vent for the sink when the water levels are above the pop-up plug. The overflow hole allows air to escape through the drain and the water to evacuate more efficiently. What has happened is hair, toothpaste, grime etc. have built-up and sealed off the overflow drain where it exits just below the pop-up assembly plug. Most snakes

Water and Wax Removal

are too big to go through the overflow drain. Alternatively, a speedometer cable will work great or even a long zip tie will work. Push the cable or zip tie down through the overflow hole at the top of the sink and push any gunk out into the drain. Use water to help push the debris out the overflow drain, a funnel works great to direct a good flow of water. If you cannot get the overflow to drain, disassemble the main drain assembly to gain access to the overflow drain exit. Once the overflow drain has good airflow, the sink should drain a bit faster. If this does not solve the problem completely, look at restricting the water flow coming out of the faucet. Use a restrictive aerator to cut down on the GPM of the faucet.

Dear Maintenance Men: My property has 100-gallon gas fired water heating that serves four units. It is about 8 years old. The tenants are complaining of very little hot water. I have checked the tank and the thermostat is working, the water is hot. Are my residents making up stories? What am I missing? Thorne Dear Thorne: The water heater may need a bit of maintenance. The first thing to do is clean out the sediment at the bottom of the tank. This will require a shutdown of the heater for a couple of hours and some hands and knees work. Most 100-gallon gas water heaters have a clean-out port at the front

of the tank. The port is either round or oval. Be sure to get a new clean-out port gasket before starting this job. Once the water is drained and the port opened, remove all the sediment from the tank. You can expect to haul out one to two buckets of calcium buildup. (Sediment removal should be done once a year.) Removing the sediment will greatly improve the heating efficiency the water heater. Because of the age of the tank; while you have the port open, check the inlet dip tube and the anode rod inside the tank. If the anode rod is corroded, replace it by pulling it out from the top of the tank and inserting a new one. The anode rod is a sacrificial zinc rod that helps keep the tank from corroding. The second item to check is the cold-water inlet dip tube. Cold water entering the heater is routed to the bottom of the tank by the dip tube. If the tube is corroded, broken or missing, the tank will develop hot and cold areas, leading to complaints about short-term hot water. The dip tube is located inside the cold-water inlet pipe. Replacements for both the anode rod and ...continued on page 8

Flooring Right for your Tennants ...continued from 2 that you will sell the house in a few years, it’s worth installing hardwood floors.

• Maintenance: Laminate floors are easy to clean and require low maintenance.

Harwood flooring cons • Ease of installation: Hardwood is not as easy to install as the other options, so a professional is needed to do the job and it is an expensive installation because it includes laying the floor, sanding, staining and finishing.

• Affordability: Laminate flooring is an inexpensive choice. Prices may vary with quality but all in all it is a more affordable choice

• Softness: Hardwood floors are not soft so it might not be the first option if you have kids and/or older people in the house. • Eco-friendliness: Cutting forests is not an eco-friendly activity, so if you are green and love nature hardwood floors are not a choice. • Affordability: Hardwood is an expensive choice.

• Eco-friendliness: Laminate is not an eco-friendly option being manufactured with toxins and resins. So, you can have off-gassing with laminate flooring not recommended for people with allergies and respiratory problems. • Durability: Laminate floors can scratch easily, and damaged by heavy furniture. The only way to repair it is by changing the affected area.

Carpet flooring pros • Variety: you can find a large variety of carpeting for your house, in terms of colors, materials, etc.

• Ease of installation: Laminate floors (especially the snap-on ones) are easy to install so this can be an excellent DIY project. 4

• Softness: carpeted floors are soft and suitable for children and the elderly. Some people prefer them at least for the bedroom areas due to this quality. • Eco-friendliness: depending on the materials used they can be eco-friendly. • Affordability: the price of carpet-

• Affordability: Vinyl is by far the cheapest option. Vinyl flooring cons • Ease of installation: It is better to ask a professional to install it. • Eco-friendliness: As a plastic surface it does not qualify as eco-friendly.

Laminate flooring cons • Softness: Laminate floor is not a soft surface.

• Contribution to the resale value of your house: Laminate flooring can be neutral and somewhat detrimental to your house value when reselling it.

Laminate flooring pros • Variety: Since laminate flooring mimics hardwood, you can also find it in a variety of colors, patterns types, width and thickness.

ing can vary a lot but you can find nice options that are not very expensive.

• Contribution to the resale value of your house: Vinyl floors can decrease the resale value of the house Carpet flooring cons • Ease of installation: Professional installation is required for carpet installation, but the cost of installation is cheaper than hardwood floors. • Maintenance: Carpets get very dirty and it is not easy to clean and maintain, especially if your renter has pets. On move-out, professional carpet cleaning is a must. • Durability: Carpeted floors are durable because they are soft. • Contribution to the resale value of your house or releasing of your rental: Carpeted floors can be neutral to your house value. Vinyl flooring pros • Variety: you can find a large variety of vinyl for your house, in terms of colors, materials, etc.

These are the numerous rental property flooring options available and their pros and cons. Besides these attributes, the ultimate choice also depends on the type of renter that the property is targeting, the duration to an expected sale of the property, the expected frequency of renter turnover, etc. This post is meant to aid you in making the exercise of choosing rental property flooring somewhat easier. Keepe is an on-demand maintenance solution for property managers and independent landlords. Keepe makes a network of hundreds of independent contractors and handymen available for maintenance projects at rental properties. Keepe is available in the Greater Seattle area, Greater Phoenix area, San Francisco Bay area, and is coming soon to an area near you. Learn more about Keepe at http://www.keepe.com •

• Maintenance: Vinyl is easy to clean and maintain. • Softness: Vinyl floors are softer than other types of hard flooring. • Durability: Vinyl floors are durable because they are soft.

Rental Housing Journal Valley · December 2017

Rental Housing Journal Valley

The Realities of Property Management by Ann Chumg

any aspiring landlords believe that owning rental property is all about colleting rent without much hassle while their tenants take the utmost care of the property as their own, and the tenants will continue to occupy the property for long periods, generating an easy income for the landlord with very little effort. Unfortunately, this scenario doesn’t describe reality. Often times, landlords encounter numerous unexpected issues. Instead of rent being deposited directly into the landlord’s account every month, the landlord needs to deal with tenants who refuse to pay. Then there are late-night emergency calls alerting the landlord to the clogged toilet. And of course there is the daunting task of trying to keep the occupancy rate high at the market rental value. According to industry statistics, landlords spend on average 5-6 hours a week managing a rental. While owning rental property can be a great source of additional income stream, it is also time-consuming and requires hands-on management responsibilities. Real estate investors

usually have a busy schedule, and dealing with tenants takes away the time they could be spending to pursue more deals. Fortunately, there is a solution. Hiring a highly trained property manager is a great way to make life easier for landlords and maximizes rents and income for the landlords compared to the self-managed approach: • Property Managers know the landlord/ tenant laws for each city, State and federal governments. Property managers go through continuing education to keep up with the ever-changing laws. Keeping up with landlord/tenant laws can be time-consuming if one is not doing it on a full-time basis. New regulations are constantly in effect, and staying out of trouble depends upon

Pet Proof ...continued from 1 their potential ‘indoor accidents’. 2 - Bamboo is a good option if a warmer look is desired, as it is harder than most wooden flooring, making it not so vulnerable to scratches, and it is also not as permeable having less natural grooves. 3 - Polyurethane can be utilized to seal wooden floors if pursuing a complete floor makeover is out of the question. 4 - High-gloss, semi-gloss and satin paints result in hard, moisture-proof finishes that are preferable when it comes to preserving and protecting walls. These finishes create washable surfaces that are not vulnerable to stains and chips. Affordable ways to pet proof your rental property If pursuing a complete property makeover is not feasible, encouraging tenants to pet-proof their living space is still possible and certainly adequate to avoid the likelihood of damages. The ideas below describe affordable, easy and efficient ways to protect indoor spaces and promoting the safety of pets. 5 - Area rugs are ideal for making spaces look welcoming and cozy while avoiding risks associated with carpet flooring. They add a personal touch to pet-resistant flooring, while also being easy to replace as needed. 6 - Outdoor rugs can be utilized indoors as they are naturally more durable and designed for easy cleanup. They are available in many different patterns and shapes that can suit most indoor spaces. 7 - Shelves and wall hangings allow decorative pieces, houseplants and more delicate items to be displayed while being out of reach of curious pets. Taking into account how far off the ground pets can reach is fundamental to make sure that

anything sharp, valuable or toxic is safely stored, and shelving helps with utilizing height as a practical advantage. 8 - Thick, heavy blinds are preferable to fabric curtains and flimsy plastic shades. Dragging fabric, noisy blinds and hanging cords invite biting and pulling, which is why shorter draw strings and heavier materials are a safer option. 9 - Plexiglass and lucite panels are inexpensive and can be affixed to doors and windows to add a layer of protection from scratches. 10 - Non-textured furnishings minimizes the scratching and biting appeal that most texturized materials have for pets. 11- Metal, plastics and resin furnishings are sleek and thus less stimulating than wool, leather, and other coarse surfaces that make for inviting scratch and bite posts. 12 - Microfiber and heavy, tightly-woven fabrics are most resistant to tear and wear, which is important to consider when choosing linens, couches, armchairs and similar home decor. 13 - Baby gates can be used to separate pet-friendly spaces from other areas, especially those prone to housing products that are not safe for pets or displaying more delicate furnishings or flooring. Keepe is an on-demand maintenance solution for property managers and independent landlords. Keepe provides a network of trusted independent contractors and handymen who are available for maintenance projects in the Greater Seattle Area, Greater Phoenix area, San Francisco Bay area, and soon to an area near you. Learn more about Keepe at http://www.keepe.com

Rental Housing Journal Valley · December 2017

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one’s compliance with these laws. Professional property managers are experienced and well-versed in these laws, and they make sure landlords stay on the right side of the law, keeping landlords out of trouble with the landlord/ tenant laws. • Property Managers will manage the property efficiently, professionally, and economically, freeing the landlord to do other important things. • With a professional property manager, the landlord no longer needs to be the on-call maintenance person. The property manager will perform routine maintenance, preventing small issues from getting out of control. • Eviction is a process every landlord

will face at some point. When tenants breach their lease agreement, the landlord must enforce the terms of the lease. Unfortunately, this is easier said than done. There is a tremendous amount of red tape surrounding the lawful eviction process. Experienced property managers are always on the ball and able to handle evictions quickly, efficiently, and lawfully in compliance with State and federal regulations. In summary, hiring an experienced and knowledgeable property manager makes life a lot easier. Owning rental properties can be a great investment. Managing rental properties through professional property managers will take some of the load off, freeing the investor to pursue more investment opportunities. Ann Chung is the owner of Protocol Property Management, a firm dedicated to managing single-family homes in King County. For a free consultation, call (425) 753-0458. •

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Text REALESTATE-ROI to 44222 to receive a digital copy of this year's

Real Estate Opportunities in Investing (ROI)

Finding Investing Success in Today's Housing Market

Rental Housing Journal Valley

Jack Frost ...continued from 1 managing your tenant, investing in repair and maintenance avoidance will have the largest impact to your long-term bottom line. If you manage your own properties, you really can’t afford to skip these steps. And if you have a professional manager, you need to verify that their weatherization policies and procedures mimic these guidelines. To be as prepared as possible, there are three areas to focus on: the property, the tenants, and your business procedures. When it comes to preparing your rental property, there are the obvious things like having the gutters cleared, roofs cleaned, and providing vent and hose bib insulation covers. If you really want to invest in damage prevention due to winter weather, there are many precautions you can take: • If you live in an area that has prolonged periods of freezing temperatures or your water pipes are exposed to the elements, you may consider having electric warmers installed on your water lines. Standard systems are controlled by a switch, but I recommend upgrading to a temperature activated automatic switch. • After the first heavy rain, you can have the attic inspected for possible roof leaks that were created during the summer months. A quick roof patch before drywall is damaged or mold has a chance to grow is much more affordable. • Have all your trees inspected and pruned as necessary. Any trees or limbs at risk of coming down should be dealt with before the ground loosens due to rain, and the winter winds start.

a water line shut-off valve so that if the meter detects excess moisture from a leak, it will automatically stop the flow of water to that line. • Verify that all smoke detectors are in good working order. Christmas trees, decorations, and lights all increase the risk of fires in the home. This brings us to your tenants. Are you expecting enough from your tenants when it comes to protecting your rental in winter? Ideally, you will have your tenant’s weatherization responsibilities spelled out in the lease, or a weatherization addendum. It would also be a good idea to send out a weatherization reminder a few weeks before you anticipate freezing weather. At IRC Real Estate & Property Management (www.IRCEnterprises. com), we use this opportunity to send our tenants a winter newsletter. We include all their weatherization responsibilities, in addition to some holiday tips, recipes, local holiday events, etc. This has the added benefit of improving the tenants’ relationship with us. There are several things you can require of your tenants during the winter months. Obviously, not all of these responsibilities would be expected of tenants in multi-unit properties, but they are what we expect of our tenants in most of our 1-4 unit rentals. Tenants should: • Cover all foundation vents. Given that they are inexpensive, I would recommend buying and delivering these to your tenants. Every winter you should verify that the tenant has enough covers. Maybe even give them 1-2 extras, just in case.

• Make sure that the earth outside your crawl space vents is below the bottom of the vent and the grade slopes away from the structure. A simple build-up of debris and dirt outside a vent can lead to the flooding of your crawlspace, along with expensive mold problems.

• Disconnect all outside hoses, hose splitters, and water features. Then, of course, make sure tenants have enough hose bib insulators to cover all outside faucets. • Disconnect washing machine hoses and place them in the drain line so that both faucets can be left on at a slow trickle.

• For a higher tech preventative measure, you can install moisture meters under your sinks, by the water heater, behind the fridge, under the dishwasher, and behind the clothes washer. The low-cost versions will set off an alarm that someone must be home to hear. This also relies on your tenants knowing how to turn the water off to the line that is leaking. The higher cost option is connected to

• Keep all water inside the unit running at a slow trickle. • Keep temperature above 62 degrees at all times, even when away from home. • Familiarize themselves with water shut-off valves. • Notify you if they will be gone in the winter for more than a couple days. If needed, get their permis-

sion or serve a notice of entry to inspect the unit during their absence. • Lastly, make sure your tenants know who to call in the event of winter damage. The last area you should focus on is making sure that YOU are prepared to handle any problems that can arise with rental properties in the winter. No matter how much you prepare your property and tenants, there is always a chance you will have an emergency to handle. If you haven’t planned ahead, then best-case scenario is that you spend a few hundred unnecessary dollars on emergency repair labor in the middle of the night. Worstcase scenario is that you can’t fulfill your responsibilities as a landlord and expose yourself to a lawsuit by the tenants. If you complete these tasks before winter hits, you should be prepared to handle any emergency repair that comes your way quickly, at the lowest possible cost: • Find two licensed plumbers you trust and that have 24-hour emergency repair services available. • Find two drain clearing companies you trust and that have 24hour emergency repair services available. • If you don’t invest in space heaters, find two HVAC contractors you trust and that have 24-hour emergency repair services available. • Instruct all your emergency repair contractors to limit their after-hours labor to protecting the property from additional damage and making the unit safe for your tenant. Then have them complete the full repair during regular business hours. If your property is protected and your tenant is taken care of, then there is no reason to waste any more money on inflated after-hours labor rates. • To avoid expensive after-hours HVAC labor rates, we purchased some large electric space heaters for residential use. If heat goes out in the winter, then you are required to have it repaired or provide another heat source ASAP. The cost of you or a handyman delivering some space heaters in the middle of the night is much less than paying a HVAC contractors’ after-hours labor rates. This will make the tenants feel taken care of since you provided heat quick-

ly, and you’ll get to save money by having the HVAC repairs completed during normal business hours. If your rental unit has a wood fireplace or stove, you can also maintain a stockpile of wood to deliver instead of space heaters. • Lastly, make sure your tenants know how to get a hold of someone to report an emergency repair outside of your normal business hours. Within our company we contract with a call center company that has our after-hours contractors contact information. You could also incentivize one of your contractors to be available 24-hours and coordinate emergency repairs. Or you can simply give your tenants your cell phone number to call and be sure to have the volume turned up to high before you go to sleep. Winter can be a very scary time of year for a landlord, especially landlords with low-profit margins. If you are willing to put in some work and maybe even a little financial investment, you can avoid most winter emergencies. For those inevitable emergencies, you will be prepared to handle anything that is thrown at you with confidence. Don’t wait until 2:00 a.m. on Christmas morning when a tenant wakes you up with an emergency to find an after-hours contractor. If you get this done before winter and have your 24-hour repair phone numbers easily accessible, you will be back to sleeping soundly after making one phone call. No stress or worrying, just sweet, relaxing dreams, because you can rest assured that your tenants are being taken care of and your rental property is being protected. Good luck this winter, but don’t wait any longer to get prepared! Christian Bryant President of IRC Real Estate and Property Management www.IRCEnterprises.com •

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Rental Housing Journal Valley · December 2017

Rental Housing Journal Valley

Cash Flow from Car Charging by Peter Vierthaler

each of these buyers will need charging. 13 new entries of plug in cars just this year put electric vehicles in the price range for a much higher percentage of your tenants. Market penetration is increasing rapidly. Tesla is ramping up production and has over 500,000 reservations, the Chevy Bolt is selling at 1150 per month and the Leaf about 1200 per month. Plug-in and electric cars are expected to increase market share from 3% to 15% in just a few years. Pollution and environmental concerns have the largest economies in the world investing in electric vehicles. Be prepared for those tenants looking for the convenience and value in having car charging stations available near their residence. The demand is coming. The winners will be those that control infrastructure cost through adaptive power implementation, add value to their buildings, and are prepared for the next generation of car buyers.

f you own an apartment building with parking spaces, you have just struck oil. New technology creates significantly more electric capacity to charge cars in your garage or lot. Car charging is a new source of revenue. Parking spaces with car chargers rent for up to $50 more per stall. Early adopters of car charging will realize more income and less vacancy. The cost of electricity can be billed back to the tenants. Electric and chargeable hybrid cars are a rising share of the automobile market. Are you ready for them and the power that they will need to charge? Have you received inquiries yet from tenants looking to charge cars? If not, you soon will. Adding capacity for car charging can be expensive, ranging from $30,000 to $100,000 depending on a number of variables: the size of your building, location of the electric strike, size of the main feed conduit, size of the electric room and the number of chargers wanted. With adaptive power allocation, you don’t need to bring in additional power. Your existing capacity is all you need. . Adaptive power allocation means redirecting the available unused tenant electric capacity to car chargers. It redirects power instantaneously to and from chargers as available. If a stove is off that power can be used to charge cars. This was never possible before. Suddenly every building has capacity to charge five, ten, twenty or partially charge up to a 100 vehicles using existing power.

Drivers simply enter their car type, miles desired, and time of departure. The load management controller in conjunction with smart chargers does the rest. This comprehensive system bills vehicle owners for consumed power, it then notifies via a user’s smartphone the end of a charging session. For planning purposes, a tenants charging history is used to pre-

dict future charging requirements. The price of extended range electric vehicles (over 200 miles on a charge) has now come down to $35,000. For a $35,000 base price a driver can buy a Chevy Bolt or a Tesla 3. For $25,000 they can buy the lower priced Nissan Leaf with a range of 150 miles. This puts electric vehicles within reach of most middle class buyers and

versions. The House version could reduce tax rates on this income from personal rates as high as 39.6 percent to as low as 25 percent depending on whether the earnings are active or passive. The Senate version grants a 23 percent deduction on qualified pass-through income with some restrictions.

ficient tax benefits for these investors to reposition their portfolios into an LLC, sparking some investment decision that had been put on hold. Tax rules could favor rental housing. A byproduct of the new tax laws could be a boost in demand for apartment living. The doubling of the standard deduction, the establishment of a $10,000 cap on the deduction of property taxes and changes to the ability to deduct mortgage interest would reduce some of the tax incentives of homeownership and could thereby increase demand for apartments. This holds particularly true in states with high home prices and tax rates such as California and the Northeast, which would face the most significant loss of the tax-sheltering benefits of homeownership under the new rules. Demand for upper-tier rental units that have historically faced the most competition from homeownership could see the most benefit from the new tax rules. Tax laws may modestly dampen student housing demand. The House version of the plan would begin taxing graduate student tuition reductions as income. Some graduate students work at their university and receive tuition reductions instead of pay, and the new tax laws would effectively raise costs for students pursuing advanced degrees. In addition, the House plan repeals the deduction of up to $2,500 per year of interest paid on federal student loans. A resulting erosion of student housing demand would likely be nominal. Healthcare real estate could see ripples from new tax rules. Two provisions could impact healthcare-related real estate such as medical office buildings and seniors

Peter Vierthaler has been a multifamily real estate developer for 30 years, with a focus on apartment repositioning. He has taken a strong interest in clean technology and how it can be applied to the multifamily industry. Peter can be reached at peter@northwestpartnersllc.com or at 206-498-4708. •

New Tax Law ...continued from 1 for owner-occupied housing. However, Congress appears committed to finalizing the new tax code and delivering it to the president for his signature before the end of the year. Executive Summary • 1031 Exchange: Tax-deferred exchange unchanged for real estate. Both the House and Senate versions make no changes to the real estate portion of tax-deferred exchange rules. • Business Interest Deduction: Under the House version, the deduction of interest on real estate would be unchanged for real estate businesses. The Senate version also allows full deduction but extends depreciation timelines if the deduction is used. • Depreciation: Real estate continues to be depreciable. The House version retains current 27.5-year depreciation term. The Senate version increases the time of depreciation term to 30 years if interest deductibility is used but offers a 25-year depreciation period if no interest deduction is taken.

• Corporate Tax Rate: Maximum tax rate reduced from 35 percent to 20 percent under both the House and Senate versions. • Individual Tax Rate: Significant variance between the House and Senate versions. House creates four tax brackets; Senate version uses seven tax brackets. • Estate Tax: Doubles exclusion under both plans to $11 million for single filers and $22 million for married couples filing jointly. House version repeals estate tax by 2025.

Implications of Tax Law Changes Clarity on taxes empowers investor decisions. For the commercial real estate sector, one of the greatest benefits of the new tax law could simply be its final• Carried Interest: Under both verization, as this will reduce uncertainty. sions, the hold time of assets is With new tax rules in place, some of the increased from one year to three caution that emerged over the last year years to treat earnings as capital could abate, reinvigorating investors who gains. moved to the sidelines over the last year. The new tax laws could also inspire in• Pass-Through Income: Reducvestors to reevaluate how they structure es taxes on income generated their real estate holdings, particularly by pass-through entities such as private investors who hold their propLLCs, but there are many nuancerties personally rather than through a es in both the House and Senate pass-through entity. There may be sufRental Housing Journal Valley · December 2017

housing. The potential elimination of taxfree Private Activity Bonds (PABs) that are used to fund development of public interest projects like public seniors housing facilities could reduce construction of healthcare real estate. Another factor emerges under the Senate version: the elimination of the personal mandate. The elimination of this provision of the Affordable Care Act could reduce the number of insured by an estimated 13 million people by 2027. This change could reduce demand for medical services and seniors housing by as much as 5 percent over the next 10 years, though the direct effect on real estate performance may be minimal. The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. No representation, warranty or guarantee, express or implied may be made as to the accuracy or reliability of the information contained herein. This is not intended to be a forecast of future events and this is not a guaranty regarding a future event. This is not intended to provide specific investment advice and should not be considered as investment advice. Sources: Marcus & Millichap Research Services; NMHC, U.S. House of Representatives, U.S. Senate, U.S. Internal Revenue Service, U.S. Bureau of Economic Analysis, policyuncertainty.com. John Chang, First Vice President, Research Services Tel: (602) 707-9700 john.chang@marcusmillichap.com

Rental Housing Journal Valley

Dear Maintenance Men ...continued from 4 dip tube can be found at most plumbing supply houses. Dear Maintenance Men: How do I remove candle wax or gum from my rental unit’s carpet? Janet Dear Janet: The best way to remove candle wax from a carpet is to use a hand held clothes iron. Put an absorbent paper towel over the wax and heat the area with a hot iron. The paper towel will absorb the wax as it melts. Be careful not to burn the carpet as an iron can melt certain carpet fibers and scorch others. Start on the lowest setting. Remove any left over stain by blotting the area with a small amount of dry-cleaning solvent. (Dry-cleaning brand names to look for: Guardsman Dry Cleaning fluid, Woolite Dry Cleaning Secret,

Dryel or any dry fabric cleaner and in a pinch; lighter fluid.) Also, blotting with a mild detergent mixed with warm water may work. Make sure the detergent does not contain any alkaline or bleaches. Remove gum by either freezing the gum and removing it by pieces or using peanut butter to loosen the gum’s grip on the carpet. A product known as “GooGone”, found at Home Depot, may be used to remove gum, tar, grease and glue. Use Goo-Gone sparingly

been involved with apartments as a professional since 1988. Frank Alvarez is the Operations Director and co-owner of Buffalo Maintenance, Inc. He has been involved with apartment maintenance & construction for over 20 years. He is also a lecturer & educational instructor. Frank can be reached at (714) 956-8371 Frankie@BuffaloMaintenance.com For more info please go to: www.BuffaloMaintenance.com •

If you need maintenance work or consultation for your building or project, please feel free to contact us. Jerry L’Ecuyer is a licensed contractor & real estate broker. He is currently on the Board of Directors and Chairman of the Education Committee of the Apartment Association of Orange County. Jerry has

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Rental Housing Journal Valley · December 2017