rental housing journal on-site october 2015

Advertise in Rental Housing Journal On-SiteCirculated to over 20,000 apartment owners, on-site and

maintenance personnel monthly.

Call 503-221-1260 for more information

3. Property Managers Help Residents Save Money and Energy

5. Winter Is Coming

6. 2015 Changes to the Oregon Landlord Tenant Act (SB 390)

7. Amid Rapid Gentrifi cation, Inclusionary Housing Can Reduce Segregation

17,000 Papers Mailed Monthly To Puget Sound Apartment Owners, Property Managers & Maintenance PersonnelPublished in association with Washington Association, IREM & Washington Multifamily Housing Association

www.rentalhousingjournal.com • Professional Publishing, Inc

Rental Housing Journal On-Site October 2015

Prepare Rental Properties For Th e Winter Season

By Scott Matthews, Director, Strategic Accounts, Th e Home Depot

Fall is a great time to prepare prop-erties for the colder months ahead, which may help prevent or off set

costly repairs and high utility bills caused by harsh winter weather. Before winter hits, take steps to ensure that the prop-erty is ready for the elements with this must-have checklist.

1. Stock up. Property managers – espe-cially those handling procurement – should prepare for colder months by purchasing winter products, such as salt and ice melt, in bulk before the season changes. Buying in bulk not only saves time and money but also gives property managers peace of mind as they look ahead to potential extreme weather.

2. Seal gaps. Th oroughly examine roofs, siding, doors and window frames for damage and draft s. Repair damages immediately and seal around doors and windows with caulking, weath-er stripping, or a door sweep to help keep warm air in and cold air out. As a best practice, ensure exterior seals are strong where building materials meet, like where siding stops and brick be-gins. Encourage tenants to notify of any draft s or noticeable gaps in their units to prevent soaring utility bills.

3. Protect pipes. Install heat cables and pipe insulation to prevent freezing pipes as temperatures drop – especial-ly for pipes exposed to outside air or on exterior walls. Remind tenants to let faucets drip overnight during ex-treme cold to keep pipes from bursting and causing water damage. Repairing burst pipes can cost more than $600 – depending on where the pipe is lo-

5 Lessons For Winter Property Survival

As Darwin concluded, “It’s the sur-vival of the fi ttest.” If we hope to preserve our property over the

long term, there are simple truth’s we must accept and actions we must take in order to ensure the viability and value of the physical assets under our steward-ship. Th e simple truth is that as soon as a property is built, it begins the process of dying. It’s a harsh truth, but we have all seen it. With that said, there are some properties that seem to escape the in-evitability of decay, waste, and death.

So, how do they do it? Are they special in some way? What are those operators doing to extend the life of those proper-ties, or, at least, lessen the eff ects of time in order to retain value? Th ese operators

understand the following 5 lessons and keep them at the top of their preventative maintenance approach.

DEARMAINTENANCE

MEN: By Jerry L’Ecuyer & Frank Alvarez

Dear Maintenance Men: Being part of the Baby Boom generation

and staying active means I should know a bit more about “Aging in Place”. Can you explain this term and how it might aff ect my apartment community?

Bob & Joann

Dear Bob and Joann:Baby Boomers are 25 percent of the

population and the fi rst of the Boom-ers turned 65 in 2011 and the last will turn 65 in 2029. We heard on the radio the other day that 85 is now the new 75 and so on down the line. Th at is a large healthy aging group! Th ey are not going to go quietly into a nursing home which means as apartment owners & manag-ers; we need to prepare for this group. Aging in place means bigger showers with wider doors, taller toilets, grab bars and bath sinks that will accommodate wheelchairs. Th is does not mean turn-ing our units into institutions; there are many stylish accommodations to fi t a number of needs. For example a grab bar capable of supporting 250 pounds does not need to look like it came out of a hospital. Grab bars come in a variety

...continued on page 20



8. Ask The Secret Shopper

9. Low-Value Homes Leading the Climb Out of Negative Equity

10. 500 Resumes Just Arrived

12. Self Directed Retirement Account Investing

13. Washington Apartment Outlook

14. What To Do When You Need A Lawyer

15. More SFRs And The Call For Seasoned Property Managers

18. Market Update

26. Giving A Tenant “The Boot”

30. The Latest FAU

31. Rebuilding Together

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Rental Housing Journal On-Site

Rental Housing Journal On-Site · October 2015

35

3



Property Managers Help Residents Save Money and Energy

by Marc Courtenay

While vacancy rates are low many property managers are focusing attention on effec-

tive ways to retain good residents and pro-actively please their clients. Saving money is one of the most popular ways.

The cost of energy to heat and cool buildings is rising once again. With sea-sonal variations and the extreme tem-perature changes many are facing, now’s an auspicious time to consider an ener-gy-efficiency campaign. There are still many subsidized programs sponsored by utilities, manufacturers and the gov-ernment that reward the use of the latest, energy-saving windows, doors, insula-tion, furnaces and appliances.

Some encourage water savings in drought stricken areas like California, which according to the San Francis-co Chronicle is experiencing the most severe drought in over 1,200 years. Low volume toilets, shower heads and drought tolerant landscaping are some of the suggestions being implemented.

One way to begin is to visit the U.S. Environmental Protection Agency’s WaterSense website. WaterSense, a part-nership program, “…seeks to protect the future of our nation’s water supply by offering people a simple way to use less water with water-efficient products, new homes, and services.”

The EPA also has its popular Ener-gyStar program to help find countless ways to save both energy and money. The U.S. Department of Energy collabo-rates on the website and programs. Now in its 23rd year, EnergyStar is “…a vol-untary program to identify and promote energy-efficient products and buildings in order to reduce energy consumption, improve energy security, and reduce pollution through voluntary labeling of or other forms of communication about products and buildings that meet the highest energy efficiency standards.”

The list of certified EnergyStar prod-ucts is remarkable. It includes water heaters, lighting and fans, heating and air-conditioning systems, building products and even offers a list of office equipment and electronics that save en-ergy and money.

Many utility companies, municipal-ities and state governments offer rebate programs to reward energy efficiency. My local utility offers rebates on Ener-gyStar appliances, ducted heat pumps, windows and storage tank water heaters.

Use Energy Efficiency and Mon-ey-Saving Ideas to Create Client Conversations

Your owner-clients will always be im-pressed when you contact them with ideas to retain residents and save mon-ey. Some are probably thinking, “What’s my property manager doing to keep my business?”

That thought alone may motivate you to call or write your clients with ener-gy-saving tips and proactive suggestions to make their rental units more attrac-tive and less costly. Begin by calling your local utility companies and finding out what incentive programs and rebates are available in your area. Tell clients about the EnergyStar program and how it can save them money.

Be a reliable source of innovative ways to deal with the challenges of climate change. Initiate a dialogue with your clients to see if they have any questions or if they’d like to learn more. The good news is that money is available to offset the costs of energy-saving upgrades for rental homes and apartments. Let them know about the opportunities and keep them informed. You’ll strengthen rela-tionships; build more credibility, while contributing to the solutions to today’s energy challenges that impact us all.

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Winter is ComingHave a plan!

It’s budget season for property manag-er and everyone is scrambling to get them done accurately and on time,

while managing everything else that goes on daily on our properties. But, we can’t forget cold weather and freezing condi-tions are coming. Although, we have had a hot long summer into fall, we need to be prepared for cold weather. Prepare for the worst and hope for the best!

Here are some best practices for to help ease the process and headache.

Prepare the residents.

• Staff should be prepared with all emer-gency situations and how to navigate all emergencies. Winter can bring fi res, fl oods, freezing pipes, and freez-ing branches that can fall on buildings. All staff should know how to handle all of these situations. Be prepared with phone numbers for aft er hours emer-gencies for restoration companies, elec-tricians, tree removal and landscaping companies, and help organizations like Th e Salvation Army. It’s also import-ant to make sure that your whole team has contact information for all team members, in case of emergency.

• Prepare staff and residents for emer-gencies. Make sure everyone knows what to do in case of emergencies during business hours and aft er. Of-fi ce Hours and emergency contact in-formation, including emergency and utility information, should go out to all residents and posted on the offi ce door as well as voice mail.

• Publish and distribute an information booklet of emergency plans and re-minders. For example: in the event of a power outage, remind resident not to use stoves or space heaters that do not automatically shut off if tipped over. Avoid candles and make certain that residents have working fl ashlights and batteries. Another important plan to include is fi re evacuation. Make cer-

tain to walk your property and note potential areas of concern – IE side-walks, parking lots or stairway that might freeze over, etc. Include those in your plan.

Everyone hopes that none of these emergencies will occur, but they do hap-pen. Th e best way to overcome, min-imize damage and keep residents as happy as we can will come from BEING PREPARED!

By Dana BrownDana Brown has worked in all facets of the property manage-ment and rental housing industry for over 30 years. She is a national speaker and trainer who

consults with both property management compa-nies and industry service providers. You may reach Dana at: [email protected]

6



2015 Changes to the Oregon Landlord Tenant Act (SB 390)

By Cliff ord A. HockleyPresident, Bluestone & Hockley Real Estate Services

Once again, tenants and landlords have come together with the leg-islature to update the Oregon

Landlord Tenant Act. On June 15, 2015, Oregon Governor Kate Brown signed SB 390 into law. Th e law itself takes eff ect the 1st of January 2016. While most of the changes to the act are basic clarifi ca-tions, signifi cant issues are addressed as well. I have reviewed the changes in the act and summarized them here for your convenience. Please read carefully.

1. Clarifi cation regarding mailing of notices

To avoid confusion, ORS 90.160 has been updated insofar that notices expire at 11:59 p.m. on the last day of the notice period rather than at 12 midnight.

2. Timing for notices of restitutionORS 105.159 (with a specifi c focus

on ORS 105.151 regarding notices of restitution) has been updated insofar that notices of restitution expire at 11:59 p.m. on the last day of the notice period rather than at 12 midnight. Th is change also clarifi es that the mail time for no-tices of restitution starts at 12:01 a.m., the day aft er a notice has been placed in the mail, and ends at 11:59 a.m. four days later. However, if the end date falls on a Saturday, Sunday or other legal holiday,

then the notice period shall end at 11:59 p.m. on the day preceding the next judi-cial day.

2. Noncompliant pet feesORS 90.302 has been amended to

include authorization to charge non-compliance fees to tenants for failure to clean up the waste of a service/compan-ion animal from a part of the premises other than the dwelling unit. (Th e point of this change was to encourage owners of those animals to pick up animal waste at a property just like any other tenant would be responsible for.)

In addition, there was a change to the section of the act that addresses the pen-alties for keeping an unauthorized pet capable of causing damage to persons or property as described in ORS 90.405.

Initial noncompliance fees are limited to $50 (see ORS 90.302(3)(a)(A). How-ever, a fee for a second or any subsequent noncompliance relating to an unautho-rized pet can increase to a maximum of $250. Th ose unauthorized pet fees may not be imposed until 48 hours aft er the warning notice has been delivered to the tenant.

3. Assessments imposed by a home-owner / condominium association

ORS 90.302 has been modifi ed to ad-dress homeowner / condominium asso-ciation fees. Th is section clarifi ed that assessments can be passed on to tenants

if they are imposed for moving into or moving out of a unit or property located within the association.

To levy these fees the landlord must establish the fees in a written rental agreement at the beginning of the lease term and the landlord must give a copy of the assessment distributed by the as-sociation to the tenant before or at the time the landlord charges the tenant.

If a landlord charges a tenant a fee in violation of this section the tenant may receive from the landlord a penalty that recovers twice the actual damages to the tenant or $300, whichever is greater.

4. Regarding a tenant’s failure to pay for damages, utility fees and / or charges and deposits.

Amendments to ORS 90.412 (the “waiver” statute) clarifi es a tenant’s fail-ure to pay money to a landlord for dam-ages to the property, structures at the property, utility fees and / or charges and deposits. Th e following section is new:

Th e violation concerns the tenant’s fail-ure to pay money owed to the landlord for damage to the premises, damage to any other structure located upon the grounds,


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Amid Rapid Gentrification, Inclusionary Housing Can Reduce Segregation

Inclusionary housing, a policy by which developers provide for the construction of affordable housing,

can be used effectively to reduce eco-nomic segregation at a time of rapid gentrification in neighborhoods across the United States, according to a report published today by the Lincoln Institute of Land Policy. And it can be deployed while avoiding the negative economic impacts and legal concerns often cited by critics, according to the report.

“In hot-market cities, skyrocketing housing prices push middle class and low income residents far away from well-paying jobs, reliable transportation, good schools and safe neighborhoods,” said Lincoln Institute President George W. “Mac” McCarthy. “Inclusionary housing alone will not solve our housing crisis, but it is one of the few bulwarks we have against the effects of gentrifica-tion—and, only if we preserve the units that we work so hard to create.”

The report, Inclusionary Housing: Creating and Maintaining Equitable Communities, charts a path forward for local policymakers who are grappling with the effects of gentrification, but who are wary of overburdening developers, impeding new housing construction, or inviting legal challenges. Through a review of literature and numerous case studies, author Rick Jacobus offers solu-tions for overcoming the major political, technical, legal and practical barriers to the adoption of inclusionary housing.

“More than 500 communities have used inclusionary housing policies to help maintain the vibrancy and diver-sity of neighborhoods in transition, and we’ve learned much along the way,” Jacobus said. “Research shows that if programs are thoughtfully designed and implemented, they can be a valuable tool at a time when affordable housing is des-perately needed.”

Inclusionary housing is a strategy that taps economic gains from rising real estate values to create affordable hous-ing. Many inclusionary policies require a certain percentage of residential units in new developments to be affordable to lower-income residents, while others rely on developer fees, or provide for the con-struction of off-site affordable housing.

Chief among the concerns citied by critics is the potential for inclusionary housing to impede new construction by making development less profitable. However, many cities have avoided such impacts by allowing flexibility in how developers comply and offering incen-tives, such as the ability to build at great-er densities, according to the report.

Some of the key findings and recom-mendations in the report include:• Contrary to popular perception, rapid

construction of market rate housing actually fuels the need for more afford-able housing by changing the character of neighborhoods.

• The most successful policymakers have built public support and worked close-ly with private developers in the craft-ing of inclusionary housing policies.

• Offering flexibility and incentives to developers can prevent negative eco-nomic impacts, but these tools need to be used judiciously.

• Inclusionary housing has been chal-lenged in court, but programs can be designed to minimize legal risks.

• Follow-up, in the form of enforcement and stewardship, is critical. Some com-munities have created thousands of affordable homes, only to see them dis-appear after subsequent sales.

About the AuthorRick Jacobus is the principal of Street Level Advisors (StreetLevelAdvisors.com) where his work focuses on crafting strategies that ensure that everyone benefits from growth. He is the founder and currently serves as a consultant to Cornerstone Partnership (AffordableOwnership.org), a nonprofit initiative that supports local inclusionary housing programs.

The Lincoln Institute of Land Policy is the leading resource for key issues concerning the use, regulation, and taxation of land. Providing high quality education and research, the Lincoln Institute strives to improve public dialogue and decisions about land policy.

SOURCE Lincoln Institute of Land Policy

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8



SK THE SECRET SHOPPER

There is an old saying when it comes to selling/renting real es-tate that the three most import-

ant factors are: location, location, loca-tion. Yet, what if you are working at an apartment community that does not have these three things going for it? Maybe your community is “off the beaten path” and no one can fi nd you, or your build-ing is located in a neighborhood that is not considered desirable because it needs a facelift . Perhaps you are near certain types of businesses that may discourage people who are driving by from driving in. Th e issue of “location,” is obviously a concern based on the following question:

Q: I work at an older building that is tucked away in a secluded spot. It once had a great reputation, but over several years, the local neighborhood has taken on a “run down” appearance and many of the area businesses are not caring for their properties the way they once did. It’s getting harder and harder to attract new renters, not to mention trying to hang onto existing residents who are now concerned with security and safety issues. If I could pick up and move this building I would do it! Do you have any suggestions?

A: I want to commend you for your loyalty to your building and residents. It’s obvious that you care a great deal about the people and the place where you work, as well as your local community. Challenges with “location” are especial-

ly diffi cult as they sometimes fall into the realm of things that we consider to be “beyond our control.” We feel power-less and frustrated. On the other hand, diffi cult challenges present unique and exciting opportunities to become cre-ative and also get other people involved in the problem-solving process. Th omas Edison said, “Opportunity is missed by most people because it is dressed in over-alls and looks like work!”

Well... solving challenges related to “location” is work; it’s HARD work! It requires spending time analyzing ALL of the problems, not just the ones that are blamed on location. Let’s face it: Over a period of time, it becomes eas-ier and easier to make “excuses” and “blame” what is perceived as a “bad lo-cation” on EVERY problem that arises. (i.e. “No one can fi nd us because we are in a bad location!” How colorful and well placed are your signs? How skilled are you at giving specifi c, detailed direc-tions; even if it means using a local pub as a landmark? “No one will use our laundry facility because it is perceived as being ‘unsafe’ because we are in a bad neighborhood.” - Is your laundry room bright, cheerful and welcoming? Is the interior, as well as the exterior building and surrounding area, well lit? Can res-idents be introduced to each other and encouraged to use the “buddy system?”)

With regards to your neighborhood situation, perhaps your community could become a member of your local

Chamber of Commerce and network with other area businesses who care about the condition of your section of the city. Maybe your staff and residents could get involved civically and attend local town meetings to make your voic-es heard about what’s happening in your neighborhood. What about forming a block watch at your community?

Th e problems you face won’t go away overnight. Th ey took years to develop and will take time to correct. MUCH patience will be required to bring about any lasting change. Of course many peo-ple prefer to stay with problems they un-derstand rather than look for solutions they’re uncomfortable with. (It’s easier to complain than change!) However, if you always do what you’ve always done, you’ll always get what you’ve always got. You may not be able to change the lo-cation of your building, but you CAN change the direction of your thinking.

- Aft er all, it’s a lot easier to “pick up and move” people, rather than buildings!

If you have a question or concern that you would like to see addressed next month or if you would like to inquire about a shopping program and leas-ing training, please ASK THE SECRET SHOPPER by making contact via e-mail or fax. Your questions, comments and suggestions are ALWAYS welcome!

If you are interested in leasing training or have a question or concern that you would like to see addressed, please reach out to me via e-mail. Otherwise, please contact Jancyn for your employee evalu-ation needs: www.jancyn.com

ASK THE SECRET SHOPPER Provided by: Joyce (Kirby) Bica Former owner of Shoptalk Service Evaluations Consultant to Jancyn Evaluation ShopsE-mail: [email protected] © Joyce (Kirby) Bica

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Low-Value Homes Leading the Climb Out of Negative Equity

Home values in the bottom third of the market helped pull more homeowners out of negative eq-

uity in the second quarter of 2015, and condos were more likely than houses to be underwater.

• The U.S. rate of negative equity among mortgaged homeowners continued to drop in the second quarter of 2015, to 14.4 percent-- the first time the rate has been below 15 percent since the real estate bubble burst.

• The improvement was spurred by value growth in the least valuable third of the housing stock, which are far more like-ly to be underwater than other homes.

• Condos are more likely to be underwa-ter than single-family homes. Nearly 20 percent of all condos with a mort-gage are upside down.

SEATTLE - The U.S. negative equi-ty rate dropped below 15 percent in the second quarter of 2015, according to the Zillow® Negative Equity Reporti, but nearly 20 percent of condo-owners re-main underwater.

Condo-owners were in far worse shape than single-family homeowners in Chicago, Orlando and Las Vegas. And in only three markets – Detroit, Memphis, and Pittsburgh – single-family home-owners were more likely to be underwa-ter than condo-owners.

A high rate of homeowners who owe more on their mortgages than their homes are worth is a lingering effect of the real estate crisis. At its worst, more than 15 million homeowners were up-side down on their homes. Foreclosures, short sales and rapidly rising home val-ues freed nearly half of those homeown-ers, leaving 7.4 million homeowners up-side down at the end of Q2 2015.

The continued decline of the overall negative equity rate was fueled in the first half of the year by strong apprecia-tion for the least valuable third of homes. The least valuable homes are much more likely to be underwater than more valu-able homesii.

In the Atlanta market, for example, nearly 43 percent of the least valuable homes are in negative equity, while only 9.4 percent of high-end homes are under-water. Annual home value appreciation

among the least valuable homes in At-lanta had slowed for 12 straight months through June 2015. However, low-end homes have been appreciating annually more than more valuable homes. Since June 2014, annual appreciation in the bottom tier outpaced home value appre-ciation among all Atlanta homes, likely helping drive negative equity down there from 29 percent to 21 percent year-over-year.

Similar trends played out in Sacra-mento, Riverside, and Phoenix, all plac-es that have struggled with high rates of negative equity.

“If the overall negative equity rate is going to continue to fall, it will need to keep being driven down by improving health at the bottom end of the market,” said Zillow Chief Economist Dr. Svenja Gudell. “The least valuable homes really bore the brunt of negative equity during

the recession, and that’s where most neg-ative equity remains concentrated today. As more first-time buyers enter the mar-ket seeking these less expensive homes, home value growth at the bottom end could continue to outpace growth over-all, which will be good news for millions of underwater homeowners in these homes.”

Among the 35 largest housing mar-kets, Las Vegas, Chicago and Atlanta continued to have the highest rates of homeowners in negative equity. Con-do-owners had the highest rates of neg-ative equity in Las Vegas (36.7 percent), Chicago (32.6 percent), and Orlando (29.9 percent), while single-family home-owners had the highest rates in Las Ve-gas (23.8 percent), Atlanta (20.4 percent) and Chicago (19.2 percent).


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500 Resumes Just ArrivedWhich One Is The Property Management SuperStar?

by Ernest F. Oriente

Finding a new SuperStar for your property management company is never any easy task, especially in

our current economic climate. In addi-tion, a recent article published by the So-ciety of Human Resource Management {SHRM} says, “over 50 percent of the in-formation presented on a resume by a job candidate may be false or misleading”. In this article we will share some important tips and techniques for reading resumes, the most important first step for finding property management SuperStars.

Sorting the resumes: Resumes arrive by mail, E-mail or fax. Start by sorting these resumes into three stacks. Your “A” stack will include resumes from po-tential SuperStars who attach a custom-ized cover letter. This cover letter will address you personally and will often in-clude specific references to the advertise-ment you placed. Your “B” stack will in-clude resumes from possible SuperStars who will only attach a generic cover letter. Your “C” stack will include those who just send a resume and represent the least likely group to contain a SuperStar.

Setting up your system: Purchase an 8 ½ x 11 “flat desk file” with A-Z tabs. A flat desk file looks like an accordion file, except it lays flat on your desk and can be easily carried with you. Use your A-Z desk file to store the resumes of potential SuperStars, sorted by last name. When a person returns your initial telephone call or arrives for their first interview,

you will now have their resume right at your fingertips.

Tips for reading a resumeHere are some key questions to con-

sider when reading a resume: • What city/state does this person live in?

How long will their commute to work be? If this person does not live locally, how long will it take for them to accli-mate professionally and personally?

• How many companies has this person worked for in the past five years? Are the companies related? Any time gaps?

• What skills and experience can this person bring to your property man-agement team?

• Does this resume include specific and measurable achievements?

• Does this resume include any informa-tion regarding ongoing training and/or certifications?

• Does this resume include any informa-tion about professional and/or indus-try affiliations?

• Does this resume have any spelling or grammatical errors? Does the resume match their LinkedIn profile?

Tip From The CoachIn addition to the questions above, ask

yourself the following questions while reviewing each resume: Does this person have experience working with consum-ers? Does this person have a sales/ser-vice background? Does this person have experience developing relationships?

Conducting a telephone interviewSelect the best candidates from the re-

sumes you have been sent and schedule a ten minute telephone interview with each person.

During each call, ask the following questions• Are you currently employed?

• Why are you leaving your current em-ployer?

• What is the ideal position you are look-ing for? Why should you be the person selected for this position?

• What are you currently earning?

Take written notes during each phone call and listen carefully to this person’s telephone voice, their attitude, and how close their ideal position matches the po-sition you have advertised. Financially, your advertised position should be with-in 15-20 percent of this person’s current income. Lastly, give each person home-work or research to complete, prior to their first interview with your property management company.

Want to hear more about this import-ant topic or ask some additional ques-tions about how to read a resume? Would you like to see a sample of a world-class resume? Send an E-mail to [email protected] and The Coach will E-mail you a free PowerHour invitation.

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colors and designs. Many will double as towel bars and be virtually invisible to their primary purpose unless need-ed. A larger shower stall also will look opulent and practical at the same time. Replace old two handle faucets in the kitchen and bathroom for single handle or touch faucets. Consider installing an-ti-skid fl ooring in the bathroom and tub/shower area. A few other items might be contrasting color edging for the counter tops along with rounded edge and cor-ners. Replace all door knobs with lever handles for ease of use. Th is is a small sample of the things you can do to stay competitive in a growing market while not making changes that younger gener-ations would fi nd objectionable.

Dear Maintenance Men:I am starting my planning for a major

kitchen cabinet remodeling project in my rental units. However, I am having a dif-fi cult time making material and design decisions. What recommendations can you give?

Allen. Dear Allen,

When doing a kitchen or bath material selection, cohesive and functional design is important. Kitchen and bath rehabs are some of the most expensive work you can do in an apartment unit and proper planning is a must. In order to appeal to a larger segment of the population, try to keep the interior color scheme to neutral earth tones. Cabinetry quality varies greatly. Don’t let the cabinet fronts fool you. Manufactures designed their cab-inets to look good at fi rst glance. Keep

in mind, being in a rental environment, the cabinets also need to hold up to abuse. Look at the actual construction of the cabinet box or frame. Th ere is no need to use custom cabinets to fi t your existing layout. Th e use of prefabricated modular cabinetry can greatly reduce the time and cost to have a fi nished kitchen or bathroom. Using real wood cabinet fronts with 3/8” plywood sides is essen-tial for durability. Th e drawer fronts and sides should be connected with a dove-tail or other positive lock construction. Drawers that are held together by nails will not hold up to tenant abuse, nor will particle board constructed cabinets.

On a side note; if you are gutting the kitchen or bathroom, use this time to relocate and add more electrical outlets and under cabinet lighting.

Dear Maintenance Men:I have a conundrum! My roof is in good

shape, however I have a mystery leak or to be more precise I have a moving mys-tery leak. In other words, when it rains, the roof does not always leak in the same place. Th is is driving me crazy.

SamDear Sam:

A good roofi ng troubleshooter is worth their weight in gold. Here at Dear Main-tenance Men, we love a good mystery! First things fi rst; have your building in-spected by a reputable roofi ng company or roofi ng inspector. Th e inspection will eliminate non-issues and help point you in the right direction and may even solve the leak mystery.

Th e amount and intensity of rain will contribute too many roof leak myster-ies. Oft en a light rain will cause a leak in an area that would not leak in a heavy or prolonged rainstorm. Th e reason is material swell. A light rain is not “wet” enough to swell surrounding wood or roofi ng material and cut off the leak. Mind you, this is still a leak that needs fi xing. Th e deep penetration of water in a heavy or wind driven rainstorm will cause a leak by sheer volume that would not have leaked in a light rainstorm. Roof fl ashings are a common source of leaks that drip far from the source of the water intrusion. A roof fl ashing can be found were the roof material meets a transition area such as a chimney, a wall, a pipe or other structure. Shift ed or lift -ed composite shingles or roof tiles will cause water to come into contact with the felt paper under the roofi ng material and a break in the felt or roofi ng paper will cause a leak. Debris on the roof, val-ley, top caps, gutters etc can form water dams and cause leaks. Watch overhang-ing trees as well as they can damage the roof and cause leaks. Bio:Please call: Buff alo Maintenance, Inc for mainte-nance work or consultation. JLE Property Management, Inc for management service or consultationFrankie Alvarez at 714 956-8371 Jerry L’Ecuyer at 714 778-0480 CA contractor lic: #797645, EPA Real Estate lic. #: 01460075Certifi ed Renovation Company Websites: www.Buff aloMaintenance.com & www.ContactJLE.com www.Facebook.com/Buff aloMaintenance

Dear Maintenance Men ...continued from page 1

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2015 OREGON/WASHINGTON RESOURCE GUIDE

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Self Directed Retirement Account Investing

by Jeff ery S. Watson, Esq.

During a recent speaking engage-ment in front of a large REIA in a Midwestern state, I asked the

audience how many of them had set up a self-directed retirement account. Ap-proximately 85% of the room raised their hands. Aft er the presentation, I discussed that fact with a friend of mine who has been doing self-directed invest-ing since the late 1970s. He made the comment that when that question was asked just ten years ago, only fi ve to ten hands would be raised in a room of over a hundred people. Clearly the awareness of self-directed investing is growing.

With that in mind, I would like to share with you over the course of two articles what I consider to be the top ten recommendations for self-directed re-tirement account investors.

1. If you do not understand the deal, do not do it!

Th is is one of the fundamental rules in all types of investing, whether inside or outside a retirement account. Under-standing the deal means more than just being able to say you understand it. It means being able to explain it in a way that makes the complex sounds simple. You should be able to explain the deal in three sentences to an 8-year-old child. When a person is able to explain some-thing complex in a way that even an

8-year-old child can understand, then you know they truly understand what they are doing. I have seen too many investors who made investments with a self-directed retirement account and lat-er regretted it because the person with whom they invested or to whom they lent money was far more sophisticated than they were, and they felt like they had been taken advantage of. Ask me how I know!

Allow me to give you an example of a simple explanation. I am going to loan $50,000 from my retirement account to

Fred. Fred is going to use that money and other money to buy a house, fi x it up, and resell it. My loan to Fred will be secured by a mortgage against the house he is buying and fi xing. Th ere, in three simple sentences you can explain a deal that many people could take paragraphs to cover.

2. Always fund your accounts every year.

Many real estate investors are strug-gling with ongoing monthly cash-fl ow needs, and they forget to discipline

themselves to set up an automatic or systematic program for funding their retirement accounts, whether they are Roth IRAs, 401(k)s, HSAs or CESAs. Pick the two or three accounts that re-ally matter to you and determine what your monthly budget needs have to be in order to be able to put approximately $6,000 per year into those accounts. At a minimum, you should be funding ap-


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13Rental Housing Journal On-Site · October 2015

Washington

Over 500 industry attendees at the annual Washington Apartment Outlook economic forecast lun-

cheon held at the Seattle Sheraton were treated to some outstanding and informa-tive speakers, giving their projections and perspectives for 2016.

Th e aft ernoon session started with a warm welcome from King County Coun-cil-member Jane Hague.

Aft erward, WMFHA was very proud to bestow their Legislator of the Year Award to State Senator Andy Hill. In his capacity as chairman of the Senate Ways and Means Committee, Senator Hill negotiated the 2015-17 operating budget and rejected proposals to create new taxes, most nota-bly a statewide capital gains income tax.

“I am honored to accept this award and thank the Washington Multi-Fam-ily Housing Association for its partic-ipation in the legislative process,” said Senator Hill.

WMFHA Government Aff airs Director Joe Puckett brought attendees up to speed on both statewide and local government aff airs and legislative issues, including the upcoming Seattle City Council races. Th ese issues also included possible legislation re-garding tenant screening, rent control, tax on rental income and background checks.

Th is is a historic time in Seattle, as there will be at least four new City Council members aft er this November’s election.

Despite the current Seattle City Coun-cil’s resolution asking the State Legislature to modify or repeal the current state law exempting local jurisdictions from enact-ing rent control, WMFHA believes rent control is not in the best interest of the cit-izens of Seattle, and more focus should be made to solutions that can have the biggest positive impact on aff ordable housing.

Industry expert Dylan Simon from Col-liers International gave an excellent pre-

sentation on apartment development and sales activity. According to Dylan, 2015 is a breakout year for apartment sales. He anticipates 2015 will set a record for apart-ment sales volume, expecting to reach $4B in sales.

45% of the sales will be to institutional buyers, who favor Seattle for its economic diversity and strong job growth potential. Compared to previous years, sales to for-eign entities is well below past averages. More than half of sales are from San Fran-cisco area buyers.

Market demand and falling home own-ership are fueling strong investor demand in our market. “Cheap money” is a draw, with cap rate spreads over the 10-year Treasuries rate exceeding 200 basis points in King County.

Projected job growth in King Coun-ty exceeded 55,000 jobs in 2014 and is expected to exceed 64,000 jobs in 2015. Wage growth remains stagnant nationally, at less than 2% annually, but exceeds 4.5% in the local tech sector.

Seattle is the 21st largest city nationally but has the 4th largest apartment develop-ment pipeline. Condominium develop-ment remains nearly non-existent.

Quoting Yogi Berra, Dylan said “It’s tough to make predictions, especial-ly about the future”, although he notes that 2016 will continue to be a hot sales market, with interest rates and cap rates relatively unchanged.

Economist Matthew Gardner of Wind-ermere Services Company gave an excep-tional presentation on the current eco-nomic conditions nationally and locally as well as his forecast for the coming years.

U.S. payroll jobs have more than recov-ered from the Great Recession. Employ-ment in our state continues to expand rapidly, although job growth locally is expected to taper in the next couple years.

GDP growth this year has been a pleas-ant surprise and Matthew forecasts 2.8% growth in 2016.

Unemployment rates in Seattle are at an exceptional 3.7%, outperforming the U.S. by a considerable margin. Construction employment continues to rise. Matthew predicts more than 31,000 jobs will be cre-ated in King County in 2016, driving addi-tional demand for housing.

Infl ation is still a non-factor and will continue that way for quite some time, although rates are expected to increase in December. “Rental rate growth will slow in select sub-markets”, said Matthew, due to all the new construction. “Institutional demand will not slow anytime soon” pre-dicted Matthew.

Mike Scott from Dupre+Scott gave an entertaining market trends update, off er-ing his fall rental market survey numbers to the audience. Market vacancy rates are below 4% and even lower in some submar-kets. Vacancy rates by unit are highest at the higher rent levels.

Th e area average rent growth is highest in Seattle, due to the infl ux of newer apart-ment properties that rent for higher rent than existing properties. Taking this new stock out of the numbers, rent growth in Seattle is actually below other markets.

Despite high development activity in re-cent years, there are still over 13,000 units projected to be developed in each of the next three years, with 65% of those units being built in the city of Seattle.

Mike cautioned that although rent lev-els have recently increased at a higher pace than typical, rents have rebounded from dramatic declines a few years back. In addition, operating expenses continue to climb at a 4% pace, higher than NOI growth. Th is is not sustainable, he noted.

State and King County in-migration numbers continue at staggering paces. Al-

though more than 55,000 jobs have been added each of the last two years in the Puget Sound region, the forecast for the next three years is expected to be closer to 30,000 jobs gained annually.

Due to the infl ux of new construction, Mike expects the market vacancy rate to increase to a peak of 7% in 2018 before dropping again, and expects rent growth to decline and even go negative by 2018.

With increasing expenses for proper-ty taxes and utilities, and slowing rent growth, Mike predicts NOI to continue to decline in the next three years, before in-creasing again in 2019.

Th ere is no doubt that the Puget Sound region and Seattle market have experi-enced phenomenal growth and positive dynamics. However, each speaker cau-tioned about the cyclical nature of the real estate market, with ups and downs, peaks and valleys, exuberance and correc-tions. Th ey were less optimistic about the future trend.

Any artifi cial constrictions imposed by political means will have a profound nega-tive eff ect on the industry and residents liv-ing in rental housing. Market conditions are showing signs of a correction soon.

When pressed about politics vs. hous-ing solutions, Matthew stated emphatical-ly, “Rent Control is a very, very, very bad idea!” for the economy in Seattle.

WMFHA would like to thank all of our outstanding speakers, industry supplier partners who helped support the Wash-ington Apartment Outlook conference, and our members for supporting the asso-ciation and each other. For more information or for assistance, please feel free to call us at the Washington Multi-Family Housing Association at 425-656-9077 or go to www.wmfh a.org for more about how to join the association.

Apartment Outlook

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

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These days, a sharp pain in the knee or a persistent cough sends many people not to the doctor’s office,

but to the Internet, looking for a poten-tial diagnosis and cure.

Something similar happens with peo-ple in need of legal advice, says Jasen Mc-Daniel, executive director of the Jeffers, Danielson, Sonn & Aylward law firm (www.jdsalaw.com), which has been in existence in Wenatchee, Wash., for near-ly seven decades.

“It’s much easier to type in some search terms and hope you get some usable legal information, cheap or free, without hav-ing to visit an attorney,” McDaniel says.

But, just as with health issues, that’s not the wisest move, he says. Google is no replacement for a legal education and years of practical experience, and infor-mation via a website may “provide a false sense of security,” he says.

“There’s a reason it takes three years of post graduate law school and passing the Bar exam to become a licensed attorney,” McDaniel says. “Even legal issues that seem simple on the surface can become much more complex as you delve into the details and the existing case law.

“Because of that, you want a custom-ized, rather than mass-produced, ap-proach.”

For example, Jeffers, Danielson, Sonn & Aylward employs about 20 attorneys and is growing to an expected 27 by the end of 2017. JDSA Law is always on the

lookout to recruit highly skilled appli-cants to join them. The firm’s attorneys focus on 18 areas of law, such as agri-culture, construction, employment and labor, estate planning, healthcare, real estate and tax law, McDaniel says.

“I think one of the most important factors when hiring an attorney is the relationship,” McDaniel says. “You defi-nitely don’t get that through virtual-legal advice, where you aren’t physically in the savme place, and probably don’t get it at some law firms where the attorneys are overloaded with clients.”

Those in need of legal assistance have a few options when they shop around for an attorney. Here are pros and cons of each:

• Solo practitioner. Most towns of any size have at least a few attorneys who practice on their own. They often gen-

eralize, offering legal advice in a num-ber of areas, though in some cases they may focus on a particular area of law. “A solo practitioner can be a less costly option,” McDaniel says. “But you forgo the intellectual horsepower and colle-gial environment you get at firms that have a team of associates who share knowledge and experience with each other, ultimately benefiting the clients.”

• Large firms and mega-firms. These firms can sometimes employ 100 at-torneys or more who focus on nu-merous areas of law, and usually can handle more sophisticated legal issues than can the average solo practitioner. They may have offices in multiple cities and even multiple states. A downside is their services tend to be pricey, Mc-Daniel says, in some cases costing $800 to $900 an hour, or more.

• Small and medium-size firms. These firms can provide some of that person-alized attention that comes with a solo practitioner, combined with the so-phistication of the much larger firms. The attorneys often enjoy a collegiality that is sometimes lost at larger firms. And, generally, their hourly rates will be lower than those of the mega-firms. “One reason to go with a firm of 20 to 30 attorneys that has been around for decades is you get a high-quality attor-ney and support staff for an extraordi-nary value,” McDaniel says.

“Ultimately, it all comes down to finding the attorney that best suits your needs,”McDaniel says. “From that personal

relationship, to a focus on a particular area of law, to your budget, what’s im-portant is a fit that is right for you and your situation.”

About Jasen McDanielJasen McDaniel is executive director of the Jeffers, Danielson, Sonn & Aylward law firm in Wenatchee, Wash. (www.jdsalaw.com) The firm has been in existence since 1946 and focuses on a number of areas of law, including agriculture, construction, employment and labor, estate plan-ning, healthcare, real estate and tax law, among several others.

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More SFRs and the Call for Seasoned Property Managers

by Marc Courtenay

Good news is worth celebrating, and there’s good news for the property management business:

A huge increase in residential rental real estate will soon need your services.

As I’ve reported numerous times during the past two years, more and more homes are being purchased for conversion to single-family rentals (SFR). Since the crash of 2008-2009 the number of SFRs soared. In the past six years the big players in the SFR market were multi-billion dollar companies like Blackstone Group (symbol BX). If you were an individual trying to compete you’re chances were slim to none.

Many small investors, myself included, who wanted to buy foreclosed properties and rent them out in hopes of generating more income, were stymied. Before we could make an off er the house was sold. Th e housing crash had created a plethora of foreclosed properties for the big play-ers. It’s been estimated that institutions spent over $20 billion the past seven years buying over 100,000 properties.

Now the appetite for quality SFR prop-erties is expanding to the crowd-funding arena. I recently caught up with Scott Picken, co-founder and CEO of Wealth Migrate. Th is innovative fi rm is “…the leading global real estate investment marketplace, giving investors direct ac-cess to exclusive real estate investment

opportunities in premier markets around the world.” Picken explained that the company makes it possible for millions around the globe to have access to qual-ity real estate opportunities. Pooling the crowds’ funds with their “best qualifi ed partners,” Wealth Migrate endeavors to

live up to its name, allowing investment capital to “migrate” towards good deals.

An example of a “qualifi ed partner” is the company’s President Dolf de Roos, best known for his New York Times best seller Real Estate Riches, and renowned for his real estate investing prowess. Dr.

de Roos is currently working on his next project, “…balancing all the lessons of traditional real estate investing with the power of crowd-funding to enable inves-


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Market UpdateWhat is Going On Here?

by Chris Kuehl, PhD.

At the time of this writing inves-tors are running around as if their hair was on fi re. It sudden-

ly came to the attention of the markets that China has been slowing and that the price of oil had fallen. Th e timing of the collapse has been a little perplexing but it is something that many had anticipated for some time. Th e real question is what happens from here?

Th ere are parts of the economy that matter more to the folks involved in real estate investing than to others. It is inter-esting to note the turmoil in the oil mar-kets but housing data and trends matter more. Th e other factors that usually at-tract attention include the overall state of employment as well as the potential for interest rate changes.

Starting with the last sector fi rst, there has been an impact on the Fed’s thinking since the markets started their swoon. Up to that point the expectation had been that the Fed was going to hike rates in September. Granted, analysts have been predicting that rate hike for almost two years now but this forecast looked pretty secure. Now the expectations have changed. Th e talk is not of a December

rate hike and maybe not one until 2016. Th is change in opinion is predicated on the assumption the fed is not interested in throwing gasoline on a fi re and the as-sertion that acting now would drive the dollar even higher than it already is.

Th e Fed is well aware that the world’s

markets are in turmoil and there is no desire to make matter even less stable. Even though the markets have been pricing in these interest rate hikes for two years now there will be a reaction to changing rates aft er six years. Th e dollar

impact is more serious as the greenback has already been gaining and this has already hurt the US export community. Driving the interest rates up – even by a small amount – will trigger a further gain in the dollar and that is not help-ful. Th e Chinese devaluation of the yuan

drove dollar value already and it is very likely that more of this devaluation will take place as the Chinese try to get their economy back on track

Th e second area of note to the real es-tate investor – at least as far as the greater

economy is concerned – is the status of the job market. Nothing correlates more closely to home ownership than job numbers and nothing motivates people to move than changing jobs. Th e data of late has been improving but there are lots of nuances as far as job assessment is concerned. Th ere are even issues as far as how to accurately measure it. Th e Bureau of Labor Statistics is the keeper of the data and they release the offi cial job numbers based on the Household Survey conducted monthly by the BLS. Th e number we all hear is the U-3 ver-sion of that data and right now it says that unemployment is at 5.3% and that is pretty good. Th e U-6 version howev-er is almost twice that number at 10.6%. Th e U-6 version counts the “discour-aged worker” that is seeking work but not formally through the system. It also looks at the number of involuntarily un-employed individuals. Th e fact is that many more people are jobless than most people realize.

Th en there is the fact that workers are not nearly as mobile as they once were. Th e US was always seen as a place where


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tors to create global wealth together.”Picken knows what a boon this is for

outstanding property managers. In fact, great property managers will direct-ly benefi t from the company’s robust growth plans. Picken told me, “We’re constantly looking for seasoned proper-ty managers with a niche [like SFR] and a proven success formula. We look for well-connected visionaries in the fi eld of property management.”

Investors in the SFR space know that investing in quality properties is just the beginning. Th e most challenging step is attracting quality renters and success-fully maintaining the homes.

While organizations like Blackstone and Wealth Migrate concentrate on fi nd-ing great deals, they can’t successfully keep the residences profi table without a proven process of fi nding qualifi ed resi-dents. As Picken told me, “we’re looking for property managers with scale, who know how to take good care of our prop-erties and can grow with us.” He kept emphasizing competence, thinking big, and experience.

Th e SFR market in the U.S. will only grow hotter. Institutional investors al-ready own about 200,000 single-family homes. SFR properties now make up

13% of U.S. housing supply which is a 9% increase from just ten years ago ac-cording to Moody’s Analytics. Now with crowd-funding platforms like Wealth Migrate, a gigantic new infl ux of invest-ment capital is looking for SFR prop-erties to buy, rent out and produce in-come streams.

“We estimate that 25 million Chinese now own properties outside of China. Th ey want to get their money into sta-ble, English-speaking countries like the U.S.,” Picken concluded in our interview. “A ‘Great Wall of Capital,’ upwards of $5.6 trillion wants to move out of Chi-na” he opined. Th is phenomenal buying power especially wants real estate where there are shortages and many tenants.

As the big players like Blackstone be-gin to sell-off or spin-off their SFR hold-ings in the months to come, a whole new economic class of owner-investors will emerge. Th ey’re going to need great managers. Are you preparing for this “Great Wall of Capital” to knock on your doors and say, “We heard you’re the best property management company in your area. Would you like to grow your busi-ness with us?”Published courtesy of propertymanager.com

More SFRs and ...continued from page 15

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20



cated and the extent of the damage, so take the necessary steps to avoid the additional out-of-pocket cost.

4. Check the water heater. Ensure units on the property are in good condi-tion with thorough inspections. Drain and fl ush the hot water heater to get rid of sediment build-up. If it’s time for an upgrade, choose a model that’s compliant with the latest effi cien-cy requirements enacted in April of this year.

5. Install programmable thermostats. Wi-fi enabled thermostats off er cus-tomizable convenience by enabling users to control temperatures from their smart phone. Some models even sense when a unit is occupied, delivering comfortable temperatures when it is in use and saving energy and money when no one is home. Property managers can also program smart thermostats to send reminders for fi lter changes or extreme tem-perature alerts.

6. Clear gutters. Remove debris from gutters to ensure proper drainage around the property. Th e fall and spring seasons are the best times to clean gutters, and property managers should take this one at least two times per year. Improper drainage can dam-age landscaping and the property’s foundation and cause snow and ice to build up in the winter months.

7. Protect the landscaping. Th e steps to winterize your landscape largely depend on your location. In milder climates, like the West Coast or Deep South, you can protect your outdoor

plants by applying mulch or protective fencing and verifying that the freeze sensor on the irrigation system is working properly. In colder climates, drain water from the irrigation system so pipes and sprinklers don’t burst un-derground. Th ere are three common

techniques to winterize irrigation sys-tems – manual, automatic and com-pressed air blow-out methods – so property managers should review the options to determine which can best protect their landscape.

8. Defend against moisture. Keep out-door fabrics and surfaces safe from the winter elements with a moisture blocking spray or sealant. Use the product to protect walkways, wood and other outdoor surfaces before the harsh weather arrives.

9. Create a severe weather kit. Prepare for the worst by assembling a severe weather kit before the season hits, including generators, batteries, fl ash-lights and a First Aid Kit. Also include snacks, water and other essential supplies.

10. Help residents prepare. Encourage tenants to report maintenance issues immediately and share tips to help them get ready for the winter season. Let them know that they play a huge role in keeping the unit intact during the colder months.

By Scott Matthews, Director, Strategic Accounts, Th e Home Depot

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Self Directed Retirement...continued from page 12

proximately $6,000 into your IRA, your spouse’s IRA, and your HSA. If you do not fund your accounts, you will have very little to work with for investing purposes. The discipline of consistently funding your accounts creates the “seed” you will plant and subsequently reap in future, profitable harvests. If you never create the seed, you’ll never be able to plant it.

3. Know the things in which you can-not invest.

The list of things in which you cannot invest with a self-directed retirement ac-count is very simple: collectibles, shares of sub-S corporations, and life insurance contracts. Once you understand what you cannot invest in, it means every-thing else is possible. The same theory also applies to the next rule.

4. Know the prohibited transaction rules, or hire someone who does.

We all think we understand the rules; but when we are in a hurry and get into a deal with a lot of moving parts, we of-ten don’t take the time to analyze the transaction in light of all the prohibited transaction rules, particularly rules re-garding not providing a service to your account, as well as direct and indirect benefit rules. Many retirement account

investors are unable to distinguish be-tween what they believe is a service and/or managing their investment, let alone explain whether they are using their re-tirement account in a way that either di-rectly or indirectly benefits them now or in the near future.

It is prudent to do at least an annual review of the rules regarding prohibited transactions and disqualified persons so you can keep current as to what you can do with your self-directed retirement account investments. There are many good resources from custodians, ad-ministrators and trustees, lawyers, and even some reasonably-priced books on the internet. These will give you a ba-sic understanding of most of the rules for prohibited transactions and invest-ments, and disqualified persons. If you are a fact junkie like I am, or if you suffer from chronic insomnia, you may want to take the time to carefully read 26 U.S.C. 4975, as well as the Plan Asset Rules pro-mulgated by the Department of Labor.

5. Remember that it is a retirement ac-count, and you need to treat it as such by doing longer-term, cash-flow-pro-ducing deals.

Many times an investor gets trapped in what I call “yield disease.” They are looking for a high rate of return and are

willing to do short-term deals (such as hard money lending) in order to achieve those rates of return. While 3 points and 15% might sound impressive for a 6-month period of time, that deal pales in comparison to an investment that may last for four years consistently earning a 12% rate of return. Since the goal is to amass a good-sized retirement account, you need to work toward that goal. My suggestion is that you do it by focusing on longer-term deals. Consistency is important, because slow and steady wins the race.

Another benefit of doing longer-term deals is that it is much easier to do the necessary due diligence and underwrit-ing for one longer-term deal than for a series of shorter-term deals. There are fewer demands on your time and fewer opportunities to make mistakes.

The remaining five recommendations for self-directed retirement account holders will be available in next month’s publication.

Jeffery S. Watson serves as general Counsel for National REIA and practices law at the

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people could pick up and relocate to fi nd the job they want but that is less true today than in the past. Th e three most important inhibitions are that today the majority of households are dual earning and for somebody to take a new job the spouse will need to take one as well and that gets harder to arrange. Th e second problem is that many people have to sell their current home to move and in some markets that is hard to do. Finally there is the issue of split families where mov-ing creates custody issues.

Finally there is the most closely watched set of indicators – those that

deal with housing. Th is year has been decent and verging on good. Th e de-mand for new homes is up and that has boosted starts. Th ere has been more growth in the multi-family sphere than in the single family sector. Th e mood of the construction sector has been im-proving and there is a sense that millen-nials are fi nally starting to get engaged in the housing sector as they start to hit their 30s and late 20s. Th e price of homes has remained pretty stable but some hot-ter markets are seeing price hikes. Mort-gage rates have remained generally low but most assume that they will jump up a bit when the Fed fi nally starts to act.

What does the future hold? Th at is al-ways a challenge – aft er all, the science of economics is explaining tomorrow why the predictions made yesterday didn’t come true today. Assuming that the markets settle down by the time the leaves start to turn the economy of the rest of the year should be an extension of what we have seen thus far. Th e housing market will keep improving in most cit-ies – at least in the areas where there has been decent economic progress.

Th ose communities that are tied to the energy sector are going to keep suff ering and things are likely to get worse before

improving. Th is will aff ect the Dakotas as well as Texas and other states that have been connected to that boom. Th e growth will be in places that host health care related industries as well as those that are connected to the aerospace com-munity. Th e “popular” regions are now growing again – Florida, California, Colorado but the rust belt states keep shrinking.

Th e long and the short of it is that the US economy can expect to fi nish the year with growth close to the average of the last twenty fi ve years – somewhere in the 2.0% to the 2.5% range.

Market Update ...continued from page 16

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utility charges, fees or deposits and, fol-lowing the violation but prior to the ac-ceptance of rent for three rental periods or performance as described in subsection (2) of this section, the landlord gives a written warning notice to the tenant re-garding the violation that:

• Describes specifi cally the basis of the claim and the amount of money owed that constitutes the violation; States that the tenant is required to correct the vio-lation by paying the money owed; and

• States that continued nonpayment of the money owed that constitutes a violation may result in a termination of the ten-ancy pursuant to ORS 90.392

Th is statute is also amended to read that “ for violations concerning the tenant’s failure to pay money owed to a landlord, the landlord’s written warn-ing remains eff ective for 12 months from the date of the tenant’s failure to pay the money owed.”

5. Regarding renter’s liability in-surance and landlord requirements thereof.

Changes to ORS 90.222 are important given that as of January 1, 2016 landlords must provide a reasonable written sum-mary of the exceptions to the insurance requirements to tenants. Th is typically addresses low income tenants or tenants using vouchers or living in subsidized housing, and basically exempts Section 8 tenants for carrying rental liability insurance. Should a landlord desire to amend a month-to-month rental agree-ment, so as to require rental liability in-surance, the landlord must not only give

a tenant a 30 day notice, but must also deliver the same written summary of ex-ceptions to a tenant/tenants.

A landlord may require that the tenant provide documentation that the tenant has named the landlord as an interested party on the tenant’s renter’s liability insurance policy au-thorizing the insurer to notify the landlord of:

a. Cancellation or non-renewal of rental insurance policies

b. Reductions of policy coveragec. Removal of the landlord or other in-

terested party (like a property manage-ment company or an attorney)

If a landlord” knowingly” does not follow the modifi ed rules, tenants may recover actual damages or $250, which-ever is greater.

6. ORS 90.325 tenant responsibilities1. New codes require that new apart-

ments be constructed with fi re sprin-klers installed. To that end tenants may not remove, obstruct, or tamper with a sprinkler head used for fi re suppression.

2. Other new rules regarding tenant responsibilities defi ne what damages tenants are NOT responsible for:

a. Acts of God b. Conduct by a perpetrator re-

lating to domestic violence, sexual as-sault or stalking

c. Damage resulting from con-duct by a perpetrator relating to domes-tic violence, sexual assault or stalking.

A Landlord may require a tenant to provide verifi cation that the tenant or

a member of the tenant’s household is a victim of domestic violence, sexual assault or stalking as provided in ORS 90.453.

7. Utility and public service chargesORS 90.315 now allows landlords to

bill tenants for utilities and public ser-vice charges (charged to the landlord by the public service.

A ‘public service’ is defi ned as munic-ipal services and the provision of public resources related to the dwelling unit, including street maintenance, trans-portation improvements, public transit, public safety and parks and open space.

“Public service charge” means a charge imposed on a landlord by a utility or ser-vice provider by a utility or service pro-vider on behalf of a local government or directly by a local government. However, “public service charge” does not include real property taxes, income taxes, busi-ness license fees or dwelling inspection fees.

Provided your rental agreement re-quires a tenant pay a utility or service charge, landlords can bill for it but land-lords must bill for the utility within 30 days aft er receipt of the utility provider’s bill. If the landlord includes the bill in the monthly statement of the rent due, the landlord must separately and dis-tinctly state the amount of the rents and the amount of the utility and / or service charge.

To be able to bill back utilities to the tenant the landlord must provide to the tenant in the rental agreement or in a sep-arate bill to the tenant an explanation of:

a. Th e manner in which the utili-

ty provider assesses the utility bill or service charge.

b. Th e manner in which the service charge is allocated if the provider’s bill is allocated among multiple tenants, (for example: RUBs (Ratio Utility Bill back), sub meter, by number of residents in a unit, or by number of units).

Landlords must include a copy of the utility bill for the tenant to review or state in the rental agreement and / or tenant bill back that the tenant can inspect the bill at the landlord’s offi ce (during reasonable offi ce hours) and that the tenant can have copies of the bills at a reasonable cost. Utility bills and service charges can be transmitted to tenants via fi rst class mail, posted on the door, or via email, if the rental agreement so provides (ORS 90.155).

Service charge pass throughA landlord must provide 60 days writ-

ten notice to a tenant before the landlord may amend an existing rental agreement to require a tenant to pay a new service charge adopted by a utility service pro-vider (such as a billing service or a local government) that was not in existence at the time the rental agreement was entered into and that was adopted by a utility or service provider or a local gov-ernment within the previous six months. A landlord may not hold a tenant liable for a public service charge billed to a pre-vious tenant.


2015 Changes to the Oregon ...continued from page 6

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Metro AreaQ2 2015 Negative Equity Rate

% Change in Number of Homes in Negative Equity From Q2 2014 to Q2 2015

Q2 Negative Equity Rate for Condos

Q2 2015 Negative Equity Rate for Bottom-Tier Homes

United States 14.4% -19.3% 19.3% 24.0%New York-Northern New Jersey 12.0% -17.1% 12.6% 23.4%Los Angeles, CA 7.8% -25.3% 10.1% 12.2%Chicago, IL 22.0% -17.8% 32.6%Dallas-Fort Worth, TX 6.2% -38.7% 11.2%Philadelphia, PA 16.9% -9.2% 23.4% 32.4%Houston, TX 6.4% -25.1% 14.0%Washington, DC 16.4% -13.7% 20.2% 28.5%Miami-Fort Lauderdale, FL 16.3% -25.8% 23.0% 29.9%Atlanta, GA 20.9% -28.6% 27.8% 42.7%Boston, MA 7.9% -24.4% 12.9% 13.6%San Francisco, CA 5.4% -37.8% 7.1% 10.9%Detroit, MI 18.3% -24.0% 17.3%Riverside, CA 15.8% -20.6% 20.5% 24.2%Phoenix, AZ 18.2% -17.5% 26.1% 27.0%Seattle, WA 11.9% -34.2% 20.1% 19.5%Minneapolis-St Paul, MN 13.2% -21.7% 22.1% 22.9%San Diego, CA 8.6% -26.3% 12.7% 12.7%St. Louis, MO 18.8% -17.9% 24.7% 37.6%Tampa, FL 17.6% -25.3% 23.9% 34.1%Baltimore, MD 17.8% -13.4% 24.9% 30.5%Denver, CO 6.0% -29.9% 9.9% 8.5%Pittsburgh, PA 10.2% -8.8% 9.6% 20.6%Portland, OR 7.5% -40.9% 15.5% 10.6%Sacramento, CA 13.0% -23.8% 25.4% 20.1%San Antonio, TX 11.0% -19.0% 16.7%Orlando, FL 17.8% -25.8% 29.9% 31.2%Cincinnati, OH 15.4% -18.7% 23.3% 29.3%Cleveland, OH 18.3% -16.3% 22.5% 38.4%Kansas City, MO 17.9% -14.9% 23.8%Las Vegas, NV 25.0% -16.4% 36.7% 38.3%San Jose, CA 3.4% -31.8% 5.1% 6.2%Columbus, OH 14.2% -25.5% 24.6% 30.7%Charlotte, NC 12.1% -34.5% 21.3% 20.0%Indianapolis, IN 15.0% -17.1% 21.0%Austin, TX 6.9% -22.4% 11.0%

Source Zillow

Low-Value Homes ...continued from page 9

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Giving A Tenant “The Boot”The time has come that you want

to part ways with your tenants. How do you do it and what things

should you be careful of? How much no-tice do you give them? Can you do things in a way that will avoid upsetting your tenant and causing them to damage your property before moving? Can you walk up to the door of the unit to have a con-versation with them?

First thing is the amount of notice you give them. This depends on the reason for terminating the relationship. If you are just doing a no-cause notice to vacate then you can give them a 30-day notice, if they have paid rent for less than 12 months. 60-days if they have lived there for more than 12 months. If this is a non-payment of rent situation then you are able to give them a 72-hour non-pay-ment of rent notice on the 8th day of the month (assuming your rent is due on the 1st). This gives the tenant 72 hours to vacate or pay their rent. If your tenant threatens your safety or breaks the law while on the property then you may be able to give a 24-hour notice of eviction. Be careful with this one though and make sure that you are able to prove the violation. For most other lease violations you can give them a 14/30 notice. This is a notice that gives the tenant 14 days to cure the lease violation in a manner that is agreeable to the landlord or 30 days to move out.

If the tenants have not become hostile yet then I would suggest that when you give one of these notices you either call the tenant beforehand or do it in person and try to have a conversation with the

tenant at the same time. Keep in mind that the main goal is to get the tenant to move out. When you post a notice of eviction for a cause you can accomplish a lot by having a conversation with the tenant. Keep in mind that it is perfectly legal for you to do a “knock and talk”. That is you are allowed, without prior notice, to walk up the normal pathway to the front door to knock on it and try to talk with the tenants. Obviously be careful to stay on the natural path to the front door, don’t look inside any win-dows, and don’t walk around the proper-ty if you haven’t given notice. When you talk to the tenant let them know that you have no choice but to post this notice. Al-though if they are able to get moved out prior to the notice expiring or even prior to the initial hearing if you have to file an eviction, that you will drop the eviction. 90% of our evictions end on a positive note in this way. Ultimately we get what we want in that the tenant moves out without causing any additional trouble and sooner than if they fight it and we have a trial. They get the added benefit of

not ending up with an eviction on their record which could cause them to be de-nied at the next place they try to rent or pay much higher security deposits.

The reason that you want to have this conversation while still posting the nec-essary notice is that you want to reserve your right to evict them as soon as possi-ble if they don’t follow through on their side of the agreement. The majority of landlords have heard the “promises” and sob stories. If you still post the notice, but let them know that an eviction won’t end up on their record if they can follow through, then the ball is in their court and if they fail to follow through you haven’t lost any time and can still evict them as soon as possible.

The eviction process is much like getting a traffic ticket in that there is an initial hearing to see if you and the tenants can come to an agreement; and then there is a trial if no agreement can be made. The best thing that you can do is reach an agreement at the initial hearing. The reason is that the judge will make that stipulated agreement part of

his judgment. In entering this agreement with you and the court the tenants are waiving their right to a trial. So if they fail to follow through on their end you are able to file some paperwork at the courthouse and get your FED judgment. If you are evicting a tenant and part of the agreement is that if they follow through you will actually allow them to continue living at the residence then you can add to that agreement that they pay their rent on time. Most judges will allow you to require this for up to 6 months. This is a very good thing to add to that agreement as it makes it so that you can skip the hearing and trial and just evict them on grounds of violating their stip-ulated agreement if they fail to pay their rent on time.

The last bit of advice I can give is to never make it personal.

Keep in mind that even if they live in a property you own that this is just busi-ness. Don’t get sucked into arguments with the tenant and stick to the facts at all times. Always remember that your end goal is not to punish the tenant, but to get possession of your property back as quickly as possible with as little dam-age as possible. So be prepared to offer the tenant something (like dropping the eviction case) if it means they will move out sooner than later and without a fight.

Good luck with your next eviction!

Christian BryantPresidentPortland Area Rental Owners AssociationColdwell Banker Property Managementwww.CBPropertyManagement.com

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Lesson One: Gutters and drains are key.

When gutters, downspouts, and ground drains are neglected, they begin killing your buildings. These compo-nents are at the top of the most wanted list when it comes to the destruction of your physical property. When they are clean and clear of debris, they will redi-rect and remove thousands of gallons of rainwater per year. To find the estimated amount of rainfall at your property use the following equation: (total sq’ of roof surface X 0.6 X annual rainfall).

Here is a common property example from one of the properties in my portfo-lio in Portland, OR. It’s a 100 unit prop-erty with 10 buildings. Each building has a roof surface of approx. 2000 sq’. Using the annual rainfall for Portland (37.2”/yr), we can estimate that over 446, 000 gallons of water per year is landing on nearly all surfaces of my property, but

mostly on the roofing. Without clean and functioning gutters, downspouts and ground drains all of that water is pour-ing into your building envelope some-where. Whether it’s damaging the roof sheeting, deteriorating the fascia, pour-ing down the siding, splashing over the side and causing splash back on the un-derside of the siding, or simply creating standing water throughout the property, it will cause you problems. The obvious solution is to give your rain drain system the attention it deserves. I recommend 3 cleaning and line jettings per year. Start-ing in March, I want to get all the resid-ual debris out from the previous winter. Then in August/September I want to get them all clear for the upcoming Fall and Winter leaf drop, then I will do one final clean and jet in December/January to get rid of all the leaves and debris that was just dropped over the past 90 days.

Lesson Two: Sealant matters. The sealant (caulk) that is protecting

your windows and siding material joints is like the sentry guarding the castle gate. At first he is strong, flexible, dependable, and nearly unbeatable. However, he gets weaker over time, and, depending on his location, is constantly under attack and beaten down. Eventually, he fails and must be replaced. The truth of the matter is that even the best sealants on the mar-ket have a manufacturer’s recommend-ed useful life of around 3-5 years. This

means that if your property was built before 2013 and hasn’t had the sealant removed and replaced then your prop-erty is under siege, and there is noth-ing protecting the critical access points that could become an open gate for wa-ter, mold, dry rot, and building failure. Within the industry there is a push given the construction defect litigation envi-ronment that is prevalent to implement sealant replacement schedules every 4-5 years with a focus on the horizontal surfaces, especially those that are not

flashed with metal. This increased focus on the sealant will not only prolong the life of the material components, it will eliminate interior envelope damages. Since all surfaces and potential points of intrusion are being reinforced on a reg-ular basis, the life span of the envelope materials, and ultimately the value and future capital needs to retain the value of the property is preserved.

Lesson Three: Irrigation is key to NOI.

We all know water is very expensive. What we sometimes forget is, one of the largest water drains on our sites are our irrigation systems. These systems were designed, initially, to get things growing fast at the time of development. Green grass, healthy trees, and bushes that can be trimmed and shaped make the prop-

5 Lessons for ...continued from page 1





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erty look good and help with the initial lease up and aggressive marketing that it takes to get the property performing well fi nancially. But, over time, grass takes root, trees and bushes become ma-ture and native plants and trees stabilize, leaving much of our irrigation systems unnecessary. Take this opportunity to do an in depth irrigation audit and de-termine areas that no longer need to be watered. Some areas may need diff erent approaches, such as drip systems rather than the more common sprinkler heads which use far more water. If possible, remove entire zones in areas that have little or no grass, heavily shaded areas, or areas that appear to be heavily satu-rated. Taking advantage of these savings

will not only save you money but elim-inates the need for future maintenance and possible damage and repairs as well.

Lesson Four: Don’t forget about crawl spaces.

Although oft en forgotten, neglected crawl spaces can be can serious prob-lems. Th ey may be too cold and wet un-der the units, or too warm and wet above the units. Take the opportunity to get a visual on these areas. Here is where to focus; lower crawlspaces should be clean and dry. Check the vapor barrier to be sure there are no tears in the barrier, no standing water or stains of previous wa-ter stains from the previous winter. Also, be sure to inspect all plumbing pipes that

are within 5 feet of the outer foundation wall to be sure they are insulated.

As for the upper crawl space, take a few minutes in each building to look for potential problems that add to excessive moisture issues and ultimately mold. Check fan exhaust venting to be sure it is positively connected to the exterior of the building, be sure that intake baffl ing is in place (you should see some outside light coming in where the bird block and intake vents are located), so that clean air can come into the crawl space and help push the moist, stagnant air out the top of the system. Last, be sure insula-tion is in place all the way out to the edge of the roof. As long as the baffl es are in place this will ensure proper insulation for the units below.

Lesson Five: Emergencies are going to happen.

Be proactive by implementing and practicing emergency plans with your team. If there is an aft er-hours call, does every member of your team know what to do? Setting up emergency response protocols, such as pre-approved vendors for restoration, plumbing, carpet ex-traction, and leak locators to deal with the problems, and hotels restaurants, or even the Red Cross to deal with the residents. Have a centralized location at the site that has a list of all these vendors,

utility shut off locate maps, valve keys, fi re panel directions, and emergency protocols for fi re, fl ood, and blood, but also natural disasters, terrorist threats, gang violence, and even domestic vio-lence. When emergencies occur every-thing is chaotic, be sure your respond-ing site staff are trained, prepared, and are level headed so they can assume the leadership role your residents expect and deserve.

Zach Howell, CAMT, UPCS, LEED GADirector, Apartment Maintenance Institute

Zach carries a Psychol-ogy degree from Oregon State University. He is a nationally Certifi ed Apartment Maintenance Technician, LEED GA, and Certifi ed UPCS inspector carrying more than a decade of experience within the

multifamily housing, development, and construc-tion industries. Zach is a valued advocate for the Apartment Maintenance trade, serving as Subject Matter Expert for the National Apart-ment Association, Training Director for Th e Apartment Maintenance Institute, Community Education Faculty Member at Portland Commu-nity College, and 2014 Apartment Community Excellence “Oregonian Civic Award” Recipient.

He can be contacted via [email protected]

5 Lessons for ...continued from page 27

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8. Application order for tenant payments

According to ORS 90.220(9)(a), as of January 1, 2016 funds received from tenants must be applied in the following order:

a. Outstanding rents from previous periods

b. Rent from the current periodc. Utility or service chargesd. Late rent payment chargese. Fees or charges owed by tenants

under ORS 90.302 or other fees and charges related to tenant caused damag-es and other claims

Th is section does not apply to rent-al agreements subject to ORS 90.505 – 90.840 relating to manufactured dwell-ings or fl oating homes but does aff ect all rental agreements for fi xed term ten-ancies entered into or renewed aft er the eff ective date of this 2015 Act (January 1, 2016).

9. Defi nition change regarding emer-gency exits

Section ORS 90.100 creates new lan-guage requiring a landlord to provide an emergency or secondary means of exiting a bedroom (in addition to the main door to the room,) and allows a tenant to terminate such a tenancy on 72 hours’ notice unless the landlord cures the noncompliance, compensates for damages and pays a penalty for their failure to cure.

Th is change is aimed at landlords who rent out illegal units containing bed-rooms without legal or approved egress, which can be catastrophic in the case of a fi re or other emergency. Th is law is fo-cused on landlords who build extra rent-al rooms without a permit, with a specif-ic focus on basements, attics and rooms that have no windows that can be used for emergency egress.

If the landlord does not cure the non-compliance within a 72 hour period the tenancy terminates without any tenant penalties, and the tenant can recov-er twice the tenant’s actual damages or twice the periodic rent, whichever is greater. Within four days aft er termi-nation, the landlord must return all the security deposits and any prepaid rent owing to the tenant.

SummaryIn summary, as these new laws take ef-

fect, landlords must be vigilant in cases regarding the mailing period of notices, pet waste in public spaces / noncompli-ant pets, homeowner / condominium association assessment fees, tenants’ fail-ure to pay fees, exceptions to insurance requirements, tenants’ responsibility for damages, utility and public service charges, the order tenants’ payments are applied, and provisions for emer-gency exits as they adapt their policies, procedures and documentation to the new provisions.

2015 Changes to the Oregon ...continued from page 24 Th e Latest FAUBuy vs. Rent Index Indicates The U.S.

Housing Market Trending MoreFavorable To Buying Than Renting

Th e latest national housing market index produced by Florida Atlantic Uni-versity and Florida International Uni-versity faculty indicates the country as a whole is moving deeper into buy ter-ritory, as owning a home is expected to produce greater wealth, on average, than renting.

According to the latest Beracha, Har-din & Johnson Buy vs. Rent (BH&J) In-dex, as of the end of the second quarter of 2015, the housing market in the Unit-ed States as a whole is trending closer to buying being the superior option.

“Th e U.S. as a whole is still in clear buy territory,” said Ken Johnson, Ph.D., a real estate economist who is one of the index’s authors and an associate dean of graduate programs and professor in FAU’s College of Business. “Th e cities of Cincinnati, Chicago, Cleveland and New York City are deep into buy territory.”

Two cities that have been edging into rent territory - Miami and Portland - have “pulled back from the edge,” John-son said. “It’s coming back toward a toss-up between buying and renting. Th at’s a good sign for home pricing in Miami and Portland as it suggests prices are go-ing to level off in these metro areas.”

Dallas and Denver dipped slightly deeper into rent territory, making rent-ing the preferred method for wealth accumulation, on average. Houston, however, has plunged alarmingly into historic levels of rent territory.

“Houston is particularly worrisome coming in with a score of .633,” Johnson said. “Rapid property appreciation com-bine with shaky economic prospects to put Houston on the watch list for a near-term dip in housing pricing.”

Dallas and Houston “have faced rela-tively fl at income growth and rising in-dex scores that strongly favor renting,” said Johnson.

Honolulu, Pittsburgh, San Francis-co and Seattle remain toss-up cities, implying that they are at or near the indiff erence point between ownership and renting. Here the spread between monthly rent payments and ownership payments appears to be at a point where neither ownership nor renting is statisti-cally favored. SOURCE Florida Atlantic University

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Rebuilding TogetherWashington Multi-Family Housing Association partners with Rebuilding

Together Seattle for a volunteer Impact Day. September 29, 2015

Renton, WA – Th e Washington Multi-Family Housing Associa-tion (WMFHA) organized their

fi rst annual volunteer Impact Day, part-nering with Rebuilding Together Seat-tle. Rebuilding Together Seattle brings volunteers and communities together to help low income homeowners live in warmth, safety and independence.

In an eff ort to continue to give back to local communities and provide a way for the association’s members to be a part of a charity volunteer day, WMFHA chose houses owned by an Army veteran and a Navy veteran. “Th is volunteer day was extremely rewarding and heartwarm-ing for our member participants. To be able to help these homeowners out with needed repairs was a joy for all who at-tended”, stated Jim Wiard, WMFHA’s Executive Director.

WMFHA’s member companies do-nated materials, equipment and labor to make extensive repairs and replacements in the homes. New appliances installed included a refrigerator, stove, dishwash-er, washer/dryer and a new hot water heater. All vinyl fl ooring and carpet was replaced in one home. Kitchen cabinets and countertops were all replaced, along with bath and kitchen sinks. Window blinds were replaced. Volunteers per-formed gutter cleaning and landscaping as well. In a separate home, a complete roof was installed.

WMFHA would like to thank these members for their participation in this gratifying event: HD Supply, Roto Root-er, 1 UP Floors, Mono Rooft op Solutions, NPI Multifamily Renovation Solutions, TopLine Counters, American Floors & Blinds, Moen Faucet, Reinhart Electric Service, ABODA, Apartment Advantage Staffi ng, SUHRCO, CTL Management and Greystar Management.

Rebuilding Together Seattle serves low income homeowners who are elderly, living with a disability, families with children, or veterans in need.

Th e Washington Multi-Family Hous-ing Association is the Washington State chapter of the National Apartment As-sociation. WMFHA is a collection of over 80 Property Management compa-nies, over 900 Apartment Communities,

representing over 160,000 apartment homes, and over 190 service suppliers working together to promote and enrich the multi-family housing industry in Washington state. For more informa-tion please visit www.wmfh a.orgJim Wiard, WMFHA Executive Director (425) 656-9077 jim@wmfh a.org

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rental housing journal on-site october 2015

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