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Archive for January, 2012

SPOSFI Welcomes Its New President – Henry Karnilowicz – By SPOSFI

Posted on 29. Jan, 2012 by .

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Thank You Noni!
After four challenging years of dedicated service, our President, Noni Richen, is stepping down.  On behalf of SPOSFI and all San Francisco small property owners, our heartfelt thanks to Noni for service well beyond the call of duty (a president’s typical tenure is one to two years).
While Noni is stepping down from the presidency, we are very pleased that she will remain on the Board.
[AOA would also like to extend our thanks and appreciation to Noni for her dedication and service to our industry.  Many blessings and good wishes your way always!] [...]

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Bed Bugs – A Property Manager’s Nightmare How to Avoid Introducing Bed Bugs Into Your Community! – By Chuck H. Payton

Posted on 29. Jan, 2012 by .

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Bed bugs, once thought of as a rare pest spoken of only in bedtime rhymes, are an all too real nightmare for property managers across the country including California.  The presence of bed bugs in multi-unit housing cannot be tolerated.  Tenants dealing with a bed bug infestation suffer itchy, bothersome bites, and go to sleep each night knowing that there is an insect feeding on their blood while they sleep.  This gruesome thought causes extreme stress for tenants, and that stress is often passed along to the property managers and pest management professionals dealing with the infestation.  Controlling bed bugs in multi-unit housing facilities is one of the most difficult tasks encountered by property managers and pest management professionals (PMP).  Landlords and property managers must hire the services of a well qualified PMP with the experience to inspect service and provide the appropriate documentation to help control the infestation and keep the community free of bed bugs.  [...]

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Ode to the Welfare State

Posted on 29. Jan, 2012 by .

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The following article was published in the Daily News on November 4th, 1949.

Mr. Truman’s St. Paul, Minn., pie-for-everybody speech last night reminded us that at the tail-end of the recent session of Congress, Representative Clarence J. Brown (R-Ohio) jammed into the Congressional Record the following poem, describing its author only as “a prominent Democrat of the State of Georgia”. [...]

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Why Should You “Flip Out” Over Family Limited Partnerships – By Edgar Saenz, Esq.

Posted on 29. Jan, 2012 by .

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Family Limited Partnerships (FLPs, often pronounced “flips”) are a reliable mechanism for protecting assets from creditors and reducing transfer taxes. An FLP is an entity for the benefit of and controlled by the family. [...]

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Tenant Screening: One Wrong Question Could Cost You $37,000! – By Teresa Billingsley

Posted on 29. Jan, 2012 by .

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Are you in violation of Fair Housing rules? First offense fines have increased and are now $37,000. It is even more critical and cost effective to acquire the necessary knowledge to avoid the high penalties and legal fees trying to defend yourself against such claims.
Take the quiz below to see how prepared you are to legally screen applicants. Remember, one wrong question could cost you $37,000.00. [...]

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‘How Many Divisions Does the Pope Have?’ – By Jon Coupal, President, Howard Jarvis Taxpayers Association

Posted on 29. Jan, 2012 by .

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In the waning days of WW II, during a discussion of the future of Eastern Europe, British Prime Minister Winston Churchill cautioned Joseph Stalin to consider the views of the Vatican. To this the Soviet leader responded, “How many divisions does the Pope of Rome have?”
Stalin’s brutal sense of humor demonstrated that he only respected force. Since the Pope had nothing he feared or wanted, Stalin would ignore him. [...]

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Capital Improvements and Strategies for Dealing with Capital Expenses – By Cliff Hockley

Posted on 29. Jan, 2012 by .

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Typically, when investors consider purchasing an investment property, they inspect the property as part of their due diligence and also review the proforma income and expense reports provided by the seller.  In addition, the investors review the rental income and expenses to make a decision according to their comfort level and ability to raise cash (i.e. obtain financing to close the transaction).
In order to supply financing, financial institutions typically require certain debt coverage ratios as well as loan to value ratios.  In addition to the income and expense information, they usually look for vacancy rates, management fees and reserves set aside. [...]

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“21st Century Changes in Rental Multifamily Housing: Renter Demand, Choices, Behavior, Locations and Lifestyles” – by Michael Slater President/Owner – TRIAD Research & Consulting, Inc.

Posted on 29. Jan, 2012 by .

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Shifting Trends in Renter Demand and Housing Choices
Housing experts agree that the most challenging housing market conditions in memory, which began to take hold on the national housing market, including Florida about five (5) years ago, had their genesis during the Carter administration and the Community Reinvestment Act (CRA).   During the period from 2002 to 2006, fueled by inexpensive and highly leveraged mortgage financing, single family and condominium developers fed into a speculative market, and the resulting upward ratcheting of appraisal/valuation inevitably lead to a housing “bust” and the current state of affairs that the overall housing market is in today. [...]

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The Red Binder – A Must Have For All Properties – By Patty Purdue

Posted on 29. Jan, 2012 by .

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I am sure you are curious what the answer to this “must have” is and why is it so important?  Let me start by explaining the purpose of an Emergency Red Binder. Every employee should be prepared for emergencies and as we all know it is always too late if we are not ready.  The ability to handle an emergency with intelligence and common sense is something that you must train your employees and it starts with being ready for any emergency.
Now, sitting behind a desk and explaining the purpose is quite simple but when an emergency strikes we cannot try to take care of the problems that determine the word emergency, we have to be ready.  Unfortunately, the only way to really be versed in an emergency is to actually experience it.  [...]

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MRLANDLORD.COM Tips on Management: The $3,000 Late Fee I Gave Away! – By Jeffrey Taylor

Posted on 29. Jan, 2012 by .

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In the beginning, like many landlords, I was out on a financial limb buying my first multifamily building (a three unit rental property) and I was counting on every bit of that rent each month to pay the bills for that building. If a tenant didn’t pay on time, my main worry was just getting the rent – never mind a late fee. In fact, I was afraid that if I tried to charge the tenant a late fee that they might get mad at me. I had envisioned a domino effect in my mind. It starts with no rent, then, I tell the tenant they now owe the rent and a late fee. With that, the tenant gets mad and doesn’t pay anything and starts damaging the apartment. I had an irrational fear of things spinning out of control. [...]

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