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Archive for July, 2012

Landlord Sentenced to Prison For Lead Paint Violations!

Posted on 31. Jul, 2012 by .

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Landlord Sentenced to Prison For Lead Paint Violations!
By the U.S. Attorney’s Office, Maryland

[Editor's Note: 's important that you be aware of what happened to Mr. Murrell so that it does not happen to you! The following article is also a good reminder that if you or someone else is going to do repairs that you and/or your repair person become RRP Certified. AOA has become one of the primary leaders in this program and you can register to attend the next class by calling 1-800-827-4262.
Read on and please do not call AOA and request that your magazine be delivered to the jail house!]

U.S. District Judge Benson E. Legg sentenced Cephus R. Murrell, age 69, of Catonsville, Maryland, to a year and a day in prison, followed by six months of home detention as part of one year supervised release, for improper lead paint abatement at rental properties owned and managed by Murrell, as well as failure to disclose to tenants the presence of documented lead-based paint hazards. Murrell owns and manages approximately 175 rental housing units throughout Baltimore. [...]

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Why Smart Meters Are Not Smart For You! – by Ellen and Tobie Cecil

Posted on 30. Jul, 2012 by .

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Why Smart Meters Are Not Smart For You!
by Ellen and Tobie Cecil

Introduction to Smart Meters
As Pacific Gas & Electric (PG&E) in Northern California along with Southern California Edison
(SCE) and San Diego Gas & Electric (SDG&E) in Southern California roll out a combined total
of 11.7 million new electric and 10.6 new, gas Smart Meters (so-called), we as a property
management team see Californians’ Constitutional rights and personal freedoms eroding right
before our eyes! [...]

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Turn Your Dreams in to Your Goals – by Ernest F. Oriente, The Coach

Posted on 30. Jul, 2012 by .

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Turn Your Dreams in to Your Goals
by Ernest F. Oriente, The Coach

On February 9, 1996 I was fired for personal reasons from an executive position with a large sales organization
within the multifamily industry. For some, this day would be considered the day a large door was slammed shut.
Instead, I will always remember this date as the day 1000 windows were opened! On this day in 1996 my wife and I
climbed a small hilltop near our home in Southern California¦and we planned our future for many hours. Using
the principles of mind mapping, we created our written plan as we envisioned a new life for ourselves and for our
family: [...]

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Working with Residents During Tenancy: What You May Not Have Considered – By Julie Johnson

Posted on 30. Jul, 2012 by .

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Working with Residents During Tenancy:
What You May Not Have Considered
By Julie Johnson

There are many different scenarios that can happen during tenancy. Here are a few with
tips on how you may want to consider handling them.

Making Exceptions
If you need to make an exception when implementing the rules, make sure you document
exceptions carefully. For example, if you decide not to charge a late fee for a tenant who
has consistently paid rent over three years, you might add a new rule that you will waive
the first late fee if someone has been on time with rent for the previous x-number of
months. Bottom line; analyze situations on a case-by-case basis. Be sure not to make
exceptions as a rule, based on someone’s protected class and make sure you document
the reasons for the exceptions thoroughly. [...]

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The New Estate and Gift Tax Act – By Jeff Reed

Posted on 30. Jul, 2012 by .

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The New Estate and Gift Tax Act
By Jeff Reed

On December 17, 2010, the President signed into law the Tax Relief, Unemployment Insurance
Reauthorization and Job Creation Act of 2010 (Act), revising the income, estate, generationskipping
transfer (GST) and gift taxes for 2010, 2011 and 2012.
For 2010, the Act retroactively imposed an estate tax at a 35% rate with a $5 million exemption
and a GST tax at a 0% rate with a $5 million exemption. [...]

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Home vs. Business Expenses and Tax Deductions for Landlords From Completelandlord.com

Posted on 30. Jul, 2012 by .

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Home vs. Business Expenses and Tax Deductions for Landlords
From Completelandlord.com

No matter what anybody tells you, you cannot deduct personal, living or family expenses
as business expenses. The IRS is committed to keeping your business expenses separate,
despite a rise in fraudulent home-based business tax schemes. The IRS noted that the
following examples are not considered ordinary and necessary expenses to run a
business: [...]

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Apartment Insurance Costs Increase for the First Time in Four Years – By the National Multi Housing Council

Posted on 30. Jul, 2012 by .

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Apartment Insurance Costs Increase for the First Time in Four Years
By the National Multi Housing Council

The cost to insure apartments rose slightly in 2011, the first time in four years, according
to the National Multi Housing Council’s annual Apartment Cost of Risk Survey
(ACORS).
The survey, which is based on data covering 750,000 units operated by 57 apartment
firms, shows the average (nonweighted) total cost of risk (TCR) rising 1% between 2010
and 2011. By comparison, [2010's] report shows a 6% decline in the TCR. (Total Cost
of Risk reflects the cost of the three principal components of insurance premiums;
property, general liability and workers’ compensation. [...]

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Failure of Leadership in the Rent Stabilization Revision – By Michael Millman, Esq.

Posted on 30. Jul, 2012 by .

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Failure of Leadership in the Rent Stabilization Revision
By Michael Millman, Esq.
Below is an open letter sent to Mayor Villaraigosa.

Dear Mayor Villaraigosa:

Approximately six years ago, the L.A. City Council arranged for the Economic Round
Table Group to investigate the feasibility of continuing with rent control within the City.
The Council allocated $1,000,000 for the report. The report was issued and
apparently, Mercedes Marquez failed to deliver the report to others. Ultimately, it
was revealed that the Round Table recommended many substantial and fundamental
changes in the RSO. [...]

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The Tax Planning Countdown to 2013 Starts Now! – By Cliff Hockley

Posted on 30. Jul, 2012 by .

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The Tax Planning Countdown
to 2013 Starts Now!
By Cliff Hockley

As we begin 2012, all real estate investors need to pay very close attention to the ever
changing tax landscape. Particular attention needs to be paid to the significant tax
increases slated to occur in 2013. Investors considering whether or not to sell and pay
their taxes, or sell and 1031 exchange, must consider the year-over-year tax implications.
Real estate investors will have a much greater tax burden in 2013 than in 2012. [...]

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Is Your Fire Protection System in Compliance With the Fire Department or Your Insurance Company? – By CV Fire Protection, Inc.

Posted on 30. Jul, 2012 by .

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Is Your Fire Protection System in Compliance
With the Fire Department or Your Insurance Company?
By CV Fire Protection, Inc.

The National Fire Protection Association (NFPA) requires that all fire protection systems
be inspected, tested and maintained periodically in order to ensure a reasonable degree of
protection of life and property from fire. It is your responsibility to perform all other
periodical inspections and testing of the fire sprinkler system. An “Annual Test” will
provide you with preventive maintenance instead of costly major repairs. Most building
owners find out of these repairs when a “Five Year Test” is performed on the sprinkler
system and they realize the lack of maintenance over a long period of time. [...]

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