The Landlord Times - Valley - March by Professional Publishing, Inc

VALLEY

Professional Publishing, Inc www.TheLandlordTimes.com

Vol. 17 Issue 4

April 2013

EUGENE • SALEM • ALBANY • CORVALLIS

MONTHLY CIRCULATION TO MORE THAN 5,000 APARTMENT OWNERS, PROPERTY MANAGERS, ON-SITE & MAINTENANCE PERSONNEL Published in association with: METRO Multifamily Housing Association & Rental Owners Association

Salem Housing Authority Okayed To "Tap Into Private Capital" To Preserve & Improve Public Housing Under New Groundbreaking HUD Initiative The Housing Authority of the City of Salem, Oregon public housing authority is among 68 housing authorities nationwide chosen to participate in a groundbreaking strategy to tap private capital in order to preserve and upgrade their public housing inventory as part of HUD's new Rental Assistance Demonstration (RAD) initiative. HUD's RAD initiative, approved by Congress as part of HUD's fiscal year 2012 budget, will preserve and strengthen 82 public housing units at the Robert Lindsey Tower that is owned and operated by the Salem by generating private capital to address backlogs in maintenance needs. Nationally, RAD is expected generContinued on page 6

Submitted by Portland Chimney & Masonry, Inc.

6 Questions with Darrel Dickson The Landlord Times recently caught up with apartment owner, broker and real estate entrepreneur Darrel Dickson about multifamily industry trends, the economy and real estate investment and management best practices. The Landlord Times: What about the industry has changed most since you started your career? Darrel Dickson: When I started in the business in 1987 interest rates were substantially higher than what they are today. Right now interest rates on 30 year amortization on a Market rate deal are about four and a half percent fixed for ten years. When I got started in the business it was in the 7-8% range for a ten year fixed rate loan. Therefore, if you can find an apartment building that is well priced you have a chance to

Professional Publishing, Inc PO Box 30327 Portland, OR 972943327

Manufactured Fireplaces: Repair or Replace?

make greater cash flow. There is a large demand to receive a stable return on investment from investors. Many are starved for cash flow. Currently, investors are getting almost nothing on bank certificates of deposits. When I started in this business interest rates on bank certificates of deposits were much higher. The returns through CDs at banks are currently close to zero. Investors can receive 5 to 10% steady cash flow in through owning apartment building. Investors will seek to deploy capital aggressively in the real estate considering the sustained low treasury rates that are available. TLT: What do you perceive for the economy in the next year so? How will this affect the industry? DD: Powerful demographic and economic trends will continue to strengthen the apartment market. The apartment market is in the fourth year of an increasing demand for

Current Resident or

PRSRT STD US Postage PAID Portland, OR Permit #5460

rental units. The US vacancy rates was at 4.3% in 2012, which is resulting in a projected 4-5% rent growth nationally in 2013. The oldest echo boomers turn 28 years old and have created a significant number of new households. Additionally, over the next few years approximately 1.2 million to 1.6 million immigrants will arrive annually through 2017. The unique demographics of increased Echo boomers as well as new immigrants looking for new rentals will put pressure on vacancy notwithstanding the increase in supply of rental units. Between 2005 and 2010 the number of 20 to 34-year-olds living with parents increased 600%. As the job market improves these young singles living with parents will be looking to exit from living with their mom and dad and get an apartment. TLT: The economy is clearly one of the most important topics of conversation and concerns. How is the economy affecting the multifamily rental housing industry today? DD: The home ownership percentages since 2006 in the United States are as follows: 2006: 68.9%, 2007: 67.8%, 2008: Continued on page 7

Many of your units, especially apartments and condominiums, are equipped with Manufactured Fireplaces. Over time, various parts of these Manufactured Fireplaces will wear out. Most commonly the interior fireplace area called the firebox. The firebox consists of the back wall panel, two side wall panels and the floor panel. When the Manufactured Fireplace is cleaned and inspected by a Certified Chimney Sweep and if cracks or holes are noted in the panels, these panels should be replaced soon after by the Chimney Sweep as a follow up service. The Manufactured Fireplaces are basically appliances and it is vital to their longevity to provide routine maintenance and part replacement as needed. If they are left to deteriorate or are not repaired, replacement of the Continued on page 6

Page 3

PRESIDENT'S MESSAGE Page 4

A MESSAGE FROM YOUR PRESIDENT …

Oregon 10 Day Pet Violation M018 OR

About the Form: This simple and underutilized form quickly addresses unauthorized pets on properties. This form actually includes two separate notices, the First Notice and the Final Notice. Upon discovery of the unauthorized pet, serve the tenant the First Notice of the Oregon 10 Day Pet Violation form. The First Notice explains that the pet must be removed in 10-14 days (depending on delivery method) or tenancy will terminate. The Final Notice is used in cases that a tenant has initially complied with the First Notice, only to discover there is another unauthorized pet. Serving the Final Notice the tenant has 10-14 days (depending on delivery method) to vacate the premises. There is no additional grace period with the Final Notice. OREGON

10 DAY PET VIOLATION DATE __________________________________________ PROPERTY NAME / NUMBER ___________________________________________________________________________________________________________________________________________________________________ RESIDENT NAME(S) ___________________________________________________________________________

___________________________________________________________________________

Pursuant to Oregon landlord/tenant law, this notice is to inform you that you are housing a pet on the Premises in violation of the Rental Agreement. This is substantially the same violation for which you were given prior notice on __________________________________. You cannot cure this violation. Your Rental DATE Agreement will terminate on the effective date indicated below. c This notice has been served personally and is effective 11 days later at midnight (end of day) on

__________________________________

DATE

FINAL NOTICE

c If written Rental Agreement allows, this notice has been served by posting on the main entrance door of the dwelling unit and mailed first class. It is effective 11 days later at midnight (end of day) on _________________________________ or DATE

c This notice has been served by first class mail only. It is effective 14 days later at midnight (end of day) on

_________________________________

DATE

OWNER/AGENT

____________________________________________________________________________________________________________________

ADDRESS

____________________________________________________________________________________________________________________

TELEPHONE

____________________________________________________________________________________________________________________

✁

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

___________________________________________________________________________

and all others. UNIT NUMBER ___________________________________ STREET ADDRESS ___________________________________________________________________________________________________________________________________________________________________________ CITY ___________________________________________________________________________________________________________________________________________________ STATE ___________________________________ ZIP _____________________________________________________________ Pursuant to Oregon landlord/tenant law, this notice is to inform you that you are housing a pet on the Premises in violation of the Rental Agreement. Unless the pet is removed by the date specified, your Rental Agreement will terminate and you must vacate the Premises. In addition, you are responsible for all damages caused by the pet.

FIRST NOTICE

c This notice has been served personally and is effective 11 days later at midnight (end of day) on

__________________________________

DATE

c This notice has been served by first class mail only. It is effective 14 days later at midnight (end of day) on

CITY ___________________________________________________________________________________________________________________________________________________ STATE ___________________________________ ZIP _____________________________________________________________

__________________________________

DATE

OWNER/AGENT

____________________________________________________________________________________________________________________

ADDRESS

____________________________________________________________________________________________________________________

TELEPHONE

____________________________________________________________________________________________________________________

ON SITE

RESIDENT

MAIN OFFICE (IF REQUIRED)

The LandlordTimes - Valley • April 2013

MULTIFAMILY NW President • Paul Hoevet Past President • Jeff Denson Vice President • Pam McKenna Secretary • Kirsten Bailey Treasurer • Chris Hermanski

PAUL HOEVET

Multifamily NW President

Hello Everyone. March 10th through the 13th I had the honor and privilege of traveling with your Executive Director, Deborah Imse, to Washington D.C. and representing Multifamily NW at the National Apartment Association’s Capitol Conference. While in D.C., we attended various committee meetings and seminars. In the Membership Meeting, we were able to witness Multifamily NW’s application for membership to the NAA be ratified. We then were able to watch the Board approve our Charter at the Board Meeting on March 12th. The NAA and all of their affiliates are excited to have us back and participating in their organization. On Wednesday, we were able to see just how influential the NAA has become in our nation’s capitol. Deborah and I were given a schedule of meetings with all of Oregon’s Congressional and Senate offices. We were able to speak with them regarding issues that have a direct impact on the Apartment/Rental Housing Industry. Topics that were discussed included: - Section 8 - Low Income Tax Credit

16083 SW Upper Boones Ferry Road, Suite 105, Tigard, OR 97224 503-213-1281, 503-213-1288 Fax www.multifamilynw.org

President's Message - Fannie Mae and Freddie Mac Reform - Immigration Reform All of these issues do and will impact each of our businesses in one way or another. We can’t sit on the sidelines and hope that someone else will run with the ball. On the national level, Multifamily NW’s message was received well by all of the offices that we visited. Our law makers understand that we are an organization that represents 150,000 apartment homes and single family rentals, and that we are promoting quality rental housing to all members. I would like to think that the time Deborah and I were able to spend in our law maker’s offices will benefit all of us. Our elected officials now have a source for industry information back in their home State of Oregon. I suppose that by Multifamily NW participating in the Capitol Conference we were able to show our Representatives and Senators that we care. We were able to convey that we are part of a national organization that represents over 6.7 million units and that our voices need to be heard. Now that Deborah and I have returned to Oregon, I would like to see

Multifamily NW continue to grow our grassroots efforts in Salem and other local municipalities. The above issues do and will impact each of our member businesses in one way or another, and there are many local issues that need our attention as well. We can’t afford to sit on the sidelines, so Multifamily NW is taking the lead. Still, if our organization is to be ef-

fective with our advocacy efforts, we need your help. The more involved you are in your association, the better it will be able to represent your business interests. For more information on how you can help make a difference, please contact Kristen Davies @ 503-213-1281 or visit our website at www.multifamilynw.org.

Multifamily NW 2013 Events: MARK YOUR CALENDAR! April 12, 2013 12:00 PM - 1:00 PM It's the Law Lunchtime Series: Domestic Violence: Making Sense in Challenging Situations

April 23, 2013 8:00 AM - 5:00 PM Certified Pool Operator (CPO) Training 4/23 & 4/24 - Portland, OR

April 15, 2013 9:00 AM - 1:00 PM ELEVATE: Forms and Notices - Portland

April 24, 2013 9:00 AM - 1:00 PM ELEVATE: Closing/Overcoming Objections - Portland

April 16, 2013 12:00 PM - 2:00 PM MWV Class: First Appearances (Salem, OR) April 17, 2013 7:30 AM - 9:00 AM Spring 2013 Apartment Report Breakfast April 22, 2013 9:00 AM - 2:00 PM ELEVATE: New Hire Class - Portland, OR

April 25, 2013 9:00 AM - 1:00 PM ELEVATE: Tax Credit - Portland, OR (2-day class: 4/25 &4/26) April 30, 2013 8:00 AM - 12:00 PM ELEVATE: Unit Inspection and Turnover Effectiveness - Portland

visit www.multifamilynw.org for more dates

Eugene - 541-485-5325 Salem - 503-363-5325

The LandlordTimes - Valley • April 2013

RENTAL OWNERS ASSOCIATION

205 W. 10th Avenue, Eugene OR 97401 (541) 485-7368 (541) 284-4052 info@ laneroa.com

President • Jim Straub Vice President • Michael Steffen Secretary • Scott Smith Treasurer • Pat Costello Board Members: Dennis Casady, Dennis Chappa, Robei Ellis, Devin Gates, Eric Hall, Tia Politi

A Message from Your President … It’s spring in Eugene and that can only mean one thing: the shortest distance between two points is under construction. You can expect to see the familiar orange barrels as you make your way to the ROA office. We understand from the City of Eugene that when their road crews arrive for repaving 10th Avenue, they will allow a lane for east bound travel on 10th during paving, now tentatively scheduled for sometime in July or August. Remember, if you can’t make it to the ROA office, you may call in your forms order, charge by phone and we’ll mail it to you the same day. You may also access ORHA forms online at www.oregonrentalhousing.com. Our February general meeting speaker, Brooks Hayes of Hayes Insurance Group, presented great tips on making certain that we stop and really think about our liability as landlords. Many thanks to Brooks for answering so many questions from our members. If you missed this meeting and would like a copy of Brooks’ very informative presentation, please call the ROA office at 541-485-7368. Our Affiliate Spotlight presenter was Ken Reiling of SparkleWash of Lane County. As I mentioned last month, we

were sad to hear that long-time ORHA and ROA member Bill Lewis had passed away. We have included Bill’s obituary in this edition of the bulletin (see page 21 in our newsletter). If you own or manage property in the City of Eugene, please note that the Social Host ordinance (Ordinance on Unruly Gatherings), passed by Eugene City Council on January 28th, 2013, went into effect on March 2, 2013. Violators were ‘educated’ (given warnings) through April 1st. Eugene Police Department will begin enforcement effective April 2, 2013. Under this new ordinance, both hosts and property owners could be civilly liable for police, fire and public works response to repeated illegal gatherings. Please read the article, taken from the City of Eugene website, on pages 14-15. As always, call the Helpline at 541-242-2850 if you have any questions about this new ordinance. As you’ll read in my Legislative Update on page 25 in our newsletter, after continuing negotiations, the Landlord-Tenant Coalition was able to reach agreement to move a Coalition bill forward in the Oregon Legislature. Regarding the Housing Choice Act (also known as the Section

8 bill), House Speaker Tina Kotek continues to move this bill through the Legislature. ORHA does not support this bill. And as ORHA’s Legislative Director, I testified to the Legislature to express our concerns with this bill. We will continue to provide updates on the 2013 Legislative Session. As mentioned last month, and as you’ll see in the article by ORHA President, Michael Steffen, (page 17 in our newsletter), ORHA (Oregon Rental Housing Association) has been working on revising our forms to correct inconsistencies and improve usability. We now have revised versions of the forms in the ROA office. Remember: Forms were not revised because of law changes and you may still use the prior edition of each of the forms. Please note also that the “Protect Your Family from Lead in Your Home” pamphlet was revised by the EPA in December 2012 and now includes information on “Renovate Right.” However, if you have a 2003 edition of this pamphlet, please note that we have contacted the EPA and have been informed that we may continue to use the 2003 edition. Please call the Helpline at 541-242-2850 if you have any questions.

Are you curious about the process of Fair Housing testing? Did you pass the test? Please join us for our April general meeting with our featured speaker, Pegge McGuire, Executive Director of the Fair Housing Council of Oregon as she presents, “Unlocking the Mystery of Fair Housing Testing - Using Recent Test Results to Improve Your Business Practices.” Pegge will share fair housing complaint and testing information gathered over the past several years. This presentation will help landlords identify business practices that may need improvement, helping us reduce the likelihood of future fair housing complaints. Our Affiliate Spotlight will be Titanium Legal Services, Inc. Jim Straub, President HOW MUCH OF MY 2012 DUES ARE TAX DEDUCTIBLE?88.9% of your dues paid to the ROA are tax deductible.Because our organization participates in lobbying on your behalf through the Oregon Rental Housing Association (ORHA), a small portion of your dues are not tax deductible.

VALL

EUGENE • SALEM • ALBANY • CORV

SMART PROPERTY MANAGEMENT

A PROPERTY MANAGEMENT COMPANY. LLC

Full Service ManageMent coMpetitive pricing proFeSSional evictionS Knowledgeable StaFF... over 25 YrS. experience continuing education providerS

503-465-4404 info@smartpm.co www.smartpm.co

SMART MANAGERS + SMART RESidENTS = SMART PRoPERTy MANAGEMENT

The LandlordTimes - Valley • April 2013

he telephone is your single most important leasing tool and it’s probably the easiest “tool” to operate at your community, but is everyone answering it when it rings? Many apartment communities are spending time and money on designing creative, effective ads and signage to make their phones ring. Yet, believe it or not, many leasing people are still choosing not to answer their telephones. Worse yet, those who are relying on answering machines and voice mail to take messages, are not always returning calls in a timely manner or even at all. I cannot tell you how many shopping reports I received last month with remarks like this: “If I had really been looking for a new home, I would have given up trying to reach someone here. The phone went unanswered as I attempted to make contact numerous times, and no one returned my call when I left a message.” For those property management companies who regularly evaluate their employees with a shopping program in order to “perfect their performance,” they are also testing to make sure someone is simply answering the phone and returning calls! Of course having difficulty making contact with the leasing office is merely an inconvenience for the Secret Shopper, as I am only PRETENDING to need an apartment. What about REAL renters out there? What do you suppose happens to them? My guess is they are living in your neighborhood, per-

haps in an apartment at the community next door because someone answered the phone on the day they were looking for a new home. The question that keeps coming up over and over again from property managers and owners is this: Q: How can I get my leasing people to convert more of their telephone traffic into actual visits and then rentals? Then there’s the question from the leasing consultants and managers who primarily work alone due to budget constraints and the size of their communities: Q: I know my supervisor is concerned about the office coverage and my ability to always answer the phone, but since I work by myself I have to take care of everything out on the property and also run all the errands. I just can’t be in the office all day, every day. What can I do? A: It sounds like the people behind these questions/concerns all have the same goal in mind, but have yet to devise a plan in order to achieve their objective. While the day to day operations of caring for each community and its residents must be carried out, there will be no new residents to take care of without active leasing. The most obvious solution is as simple as forwarding your office calls to a cell phone. By having calls forwarded and being prepared to quote information about your available apartments, you can easily set appointments while you are out walking a vacant apartment or run-

ning a bank deposit. Of course you will have to always be prepared with something to write on and possibly take a message if a call comes through when you are unable to talk. However, in receiving a “live voice,” rather than a message, your callers are more likely to give you their name and number for a call back rather than leave you a voice mail. Of course if you aren’t in a position to answer your phone, how about regularly checking for messages AND returning calls?? While you’re at it, how about also checking for e-mails from prospective renters. – Most of you can do that with your phone too! A: To those property managers and owners who already have their managers forwarding calls to a cell phone, but are not seeing a high percentage of callers being converted into visitors, maybe your employees need an “incentive” as extra motivation to work harder on setting appointments, rather than just answering questions and giving out information when the phone rings. It could be something as simple as a Starbucks gift card in the dollar amount of the number of callers turned into visitors and something more for every visitor who becomes a resident. (Of course a guest card system and/or telephone log would have to be in place for verification purposes. . . .) If the day-to-day responsibilities of managing your community make you repeatedly absent from your

leasing office, consider forwarding your calls to a cell phone. This will minimize the inconvenience to your prospective renters and anyone else that might be trying to get a hold of you, as well as make you readily available in the event of an emergency. By the way: It’s just as important to answer the calls marked “private” as it is to pick up when the calls are routed through an ad source or you see your supervisor’s phone number come up on your caller ID! – It just may be the Secret Shopper calling . . Are you dealing with a unique challenge or unusual situation at your community that you would like to see addressed next month? The Secret Shopper would like to invite you to send in your questions, as other people may be dealing with the same or similar issues. - You will remain as anonymous as the Secret Shopper! Please ASK THE SECRET SHOPPER by making contact via e-mail. Your questions, comments and suggestions are ALWAYS welcome! ASK THE SECRET SHOPPER Provided by: Joyce Kirby SHOPTALK SERVICE EVALUATIONS Phone: 425-424-8870 E-mail: joyce@shoptalkservice.com Web site: www.shoptalkservice.com Copyright © Shoptalk Service Evaluations

VALL

EUGENE • SALEM • ALBANY • CORV

www.TheLandlordTimes.com • Asphalt Repair • Crack Filling • Striping • Slurry Seal Quality asphalt Maintenance

Commercial & Residential • Protects & Prolongs Asphalt Life • Resists Oil & Gas Spills • Reduces Maintenance Costs • Improves Appearance • Licensed • Insured CCB# 165255 Since 1984

prompt Free estimates

503.362.9171 800 - 458-9171

www.salemsealcoating.com The LandlordTimes - Valley • April 2013

BEFORE

AFTER 5

VALLEY Salem

...continued from front page

ate more than $650 million in private capital to benefit more than 13,000 units of affordable housing for the next 20 years and generate more than $650 million in private capita to help address an e estimate $26 billion backlog in capital needs faced by public housing authorities. "This innovative and cost-effective approach greatly enhances our ability to confront the decline of our public housing and older assisted housing stock," said HUD Secretary Shaun Donovan. "With the initial implementation of RAD, the Obama Administration has begun to demon-

strate that public-private partnership can help preserve our nation's affordable housing and create jobs in the process." "HUD and our local partners are working to protect critically needed affordable housing for the residents in these communities," said HUD Northwest Regional Administrator Mary McBride. "This is a marketbased approach to helping local housing authorities tap into private capital to preserve housing for some of our most vulnerable citizens." Currently, public housing authorities are prohibited from raising pri-

Visit Us Online! • More News • Blogs • Post Comments • Videos • And More!

www.thelandlordtimes.com The Landlord Times: Your source for multifamily and apartment news and landlord, property management, property maintenance & real estate investing tips.

vate capital to maintain publiclyowned units. RAD allows public housing agencies and private owners of certain at-risk, federally assisted properties to convert their current assistance to long-term Section 8 contracts. Such contracts will allow owners to leverage millions of dollars in debt and equity to better address immediate capital needs and preserve these affordable housing units. In addition, participating agencies are freed from antiquated public housing rules and restrictions that hindered their ability to best preserve and manage their housing similar to other affordable housing owners and managers. In 2011, HUD released Capital Needs in the Public Housing Program, a study that found the nation's 1.2 million public housing units need nearly $26 billion to keep these homes in safe and decent condition for families, a figure well in excess of the roughly $2 billion Congress appropriates for capital repairs annually. Beyond the potential loss of this public housing, the Moderate Rehabilitation, Rent Supplement, and older Rental Assistance Payment (RAP) programs are at risk of being lost from the

affordable housing stock. RAD is part of the Obama Administration's comprehensive strategy to preserve public and HUDassisted housing. In November 2011, Congress authorized HUD to implement RAD as a budget-neutral demonstration program with two components, allowing for the conversion of assistance for both public housing and HUD-assisted properties that have expiring subsidies. HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov. You can also follow HUD on Twitter at @ HUDnews or on Facebook at www.facebook.com/HUD

VALL

EUGENE • SALEM • ALBANY • CORV

www.TheLandlordTimes.com

Manufactured ...continued from front page

Manufactured Fireplace is then needed which is much more costly. Not to mention being a fire hazard for the property itself.

to perform routine maintenance and cleaning. Let’s keep them safe, clean, properly maintained and ready for use.

*The National Fire Protection Association recommends annual inspections and cleanings of fireplaces. “13.2 Annual Inspection. Chimney, fireplaces and vents shall be inspected at least once a year in accordance with the requirements of Section 14.2.” In the Great Northwest fireplaces abound. With the burning season coming to a close this is a good time

Article submitted by Portland Chimney & Masonry Inc. Reference: National Fire Protection Association 211 Standard for Chimneys, Fireplaces, Vents, and Solid Fuel-Burning Appliances 2010 Edition. Chapter13 Maintenance

VALL

EUGENE • SALEM • ALBANY • CORV

The LandlordTimes - Valley • April 2013

VALLEY

6 Questions ...continued from front page 67.5%, 2009: 67.2%, 2010: 66.5%, 2011: 66%, 2012: 65.5% The percentage of a home ownership has consistently dropped annually since 2006, and every 1% drop in housing ownership represents approximately 1,000,000 new renters. Multifamily properties have been so doing well because there are fewer homeowners and more renters. The market for multifamily housing construction will remain strong in 2013 according to the NAHB chief economist David Crow. He estimates that there will be 299,000 new multifamily residential units built in 2013. He said that this is still considerably less than the 350,000 units the required to keep up with the demand and supply imbalance. That said, the cost of materials and labor make it unfeasible to build in certain areas. Also, there are financing hesitations on the part of some lenders to build new construction multifamily which makes it difficult in some circumstances. The demand for multifamily units will continue to remain strong. Multifamily assets remain have the highest occupancy rates with the most aggressive rent growth and are the easiest to finance. These are all compelling reasons for investors to continue to invest in apartment buildings in 2013.

TLT: What you feel are the most important things to consider when hiring a vendor for your business? DD: First look for someone that is concerned about doing the right thing for the property. Our management company looks to get three bids prior to hiring a vendor. We want to make sure that our vendors are providing work that has been competitively bid. At our management firm I also look to make sure that our vendors have good insurance and name our company and the apartment building as an additional insured. Good references from satisfied customers are important, as well as the knowledge to do what is right for the building and the tenants. TLT: Generally speaking what two or three pieces of advice would you give to a room full of investors? DD: Look to invest in markets where there is something significant going on for example major job and growth population growth and revVALLEY, METRO, ARIZONA enue growth are important to add value to a multifamily investment property. Secondly look to obtain long-term fixed-rate financing at low rates. Third look to buy well below replacement cost in well located

areas. And fourth make sure you do your due diligence very well prior to purchasing a multifamily property. Some of the best deals you do are the deals you don’t do. If you don’t have the time to manage your own property you will want to consider developing opportunities with sponsors who have a proven track record operating multifamily properties. TLT: For small independent owners do you suggest self-managing or hiring a property manager?

The Industry Leader in Quality

Darrel Dickson is Principal at Preferred Capital Management, Inc. and ApartmentsForSale.com.

VALLE

EUGENE • SALEM • ALBANY • CORVALLIS

VALLEY

EUGENE • SALEM • ALBANY • CORVALLIS

STAFF

ON-SITE

Publisher

Will Johnson • will@propubinc.com

APT. NEWS

Salsbury Industries Andrea Coulter

Jan, Mar, May, Jul, Sep, Nov, www.TheLandlordTimes.com

DD: If you or your wife has the time you can do the property management and save a lot of money. However if you are busy executive and you don't have time then really you want to find a property manager. It makes sense to have a property management that has a significant investment in the property so that your interests are aligned.

Editor

Andrea Coulter • andrea@propubinc.com

Circulation Manager •

andrea@propubinc.com

Designer

Andrea Coulter • andrea@propubinc.com

Advertising Sales Will Johnson • will@propubinc.com

Serving the Eugene, Salem, Albany, and Corvallis Multifamily Housing Industry More than 6,000 Distributed Monthly www. TheLandlordTimes.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, omport an endorsement of or support for the products or services offered. The LandlordTimes - Valley is produced monthly and is published by Professional Publishing Inc. An Oregon Corporation. PO Box 30327 Portland, OR 97294-3327. (503) 221-1260 • (800) 398-6751 Copyright 2013. All rights reserved.

Terry Hokenson • terry@propubinc.com

PARTMENT SIGNS by

3 x 8 - 3 Color Banner - $75.00 4+ Colors - $95.00

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

1/8 Page • Fire Extinguisher Certiﬁcation, 4 7/8” x 3 5/8” Recharge & Hydrotesting

• On-Site Maintenance ofOn-Site3a Fire Equipment • Fire Extinguishers, Extinguisher Cabinets, Fire Hose • Fire Extinguisher Training • Fire Suppression System Service • Building Fire Safety Survey

Now Renting! 555-555-5555

Feather Flags - $175.00

All Graphics Customizable Custom Sizes & Products Available! Contact Us Today! (Prices Do Not include Shipping)

PORTLAND

www.industrialsource.com 541-485-3566 503-232-6646 The LandlordTimes - Valley • April 2013

24”x48” A-frame - $219.00

Handicap Stencil 32” - $99.00 18”x24” Two Color Double Handicap Stencil 44” - $119.00 sided Corex Sign - $35.00 3+ Colors - $45.00

EUGENE

Door Magnets - $45.00

503-221-1260 or 800-398-6791 signs@propubinc.com

attention oregon multifamily housing professionals You’re invited to the biggest and most valuable event in the rental apartment industry.

6,200 colleagues | 350 suppliers | 50 breakout sessions

$125 Discount

for oregon professionals oregon multifamily housing professionals receive a $125 discount off their 2013 naa education conference & exposition registrations by using the code Oregon at www.naahq.org/oregon. Join us June 19–22 in san Diego — just a short flight away!

to register and for a complete schedule of events, visit www.naahq.org/oregon. use code oregon for your special discount!

Bring a group of five or more for even bigger discounts!

June 19–22, 2013 san Diego, Ca Interested in exhibiting, sponsorships or advertising? Please contact NAA Sales at sales@naahq.org.

The LandlordTimes - Valley • April 2013