Arizona RHJ January 2018 by Professional Publishing, Inc

January 2018 - Vol. 10 Issue 1

2. 5 Maintenance Tips for Long-Lasting Rental Carpet Flooring 3. Can I Say “No Pot in My Apartments” 4. Dear Maintenance Men 5. The Multifamily Investing Forecast 2018

6. Landlords Missing Rent Payments Online after Company Bankruptcy 7. How Do You Practice Compliance In Apartment Leasing and Management? How Apartment Rules to Protect Children Could be Discrimination

WWW.RENTALHOUSINGJOURNAL.COM • PROFESSIONAL PUBLISHING, INC Monthly Circulation To More Than 7,000 Apartment Owners, Property Managers, On-Site & Maintenance Personnel

Ways to Pet-Proof Your Rental Property

Forget the Millennials, the Baby Boomer Renters Want Apartments

he current trends in apart-

ment development are suddenly attracting a new kind of renter, Baby Boomer renters over age 55 who want to live in apartments in the suburbs, according to a new study.

hese ways to pet proof your

These potential new tenants are highly educated and have no children in the household. “Whether driven by a change in lifestyle, a consequence of the housing crash, or an inability to downsize due to

rentals can be helpful as some landlords and property managers are concerned about opening their properties to pets. However, they also know they can attract and keep more good tenants if they are a pet-friendly property. The maintenance checkup this week provided by Keepe focuses on ways to pet proof your rental By Vinney Chopra property to be sure you are protectingle-family vs multifamily real ing your investment and income as estate investing? It is a queswell as keeping your tenants happy. tion many real estate invesWays to pet proof your rental with a tors ask again and again. Certainly property makeover Property makeovers are the best way there are advantages to both. Startto minimize property damage by in- ing out as a single-family investor, vesting in durable, long-lasting solu- veteran multifamily investor Vintions. ney Chopra shares his thoughts on While they may require additional this question

lack of affordable homes, senior households are embracing renting in droves,” according to RentCafe.com.

Some highlights of the Baby Boomer renters report:

Between 2009 and 2015, the percentage of the renting population over 55 years old increased by a whopping 28% (vs. 3% increase in renters 34 or younger). By education, the biggest changes came from renters holding a bachelor degree or higher: up by 23% (vs. 17% increase in college graduates).

Renter households with no children saw the most significant percentage increase when looking at family type: up by 21% (vs. 14% increase in families with children). Nationwide, the number of senior renter households saw a 2.5 million gain between 2009 and 2015, the largest net increase by age group, according to the study.

Baby Boomer renters choosing suburban lifestyle ...continued on page 9

Single-Family vs Multifamily Real Estate Investing

costs and work, property makeovers designed to thoroughly pet-proof are ...continued on page 9

When I started my real estate investing career about 30 years back, I thought buying single-family homes to rent was a great investment and would potentially secure my future wealth. So I began buying single-family homes and learning the business that went with it, such as financing, upkeep and the challenges that went with it. Since they were scattered in many states we chose to hire property management companies to manage them. The cash flows were erratic but the tax benefits of owning and renting them was good.

We just kept on purchasing and holding them for retirement. But I have to confess this year we sold all of them except for a duplex we bought six years ago that cash flows very nicely. Single-family and multifamily homes are great for both seasoned investors and up-and-coming investors. As with any real estate deal, please do your due diligence to ensure the deal makes

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sense financially and fits your personal goals for your investing business. “For those considering taking the plunge and investing in multifamily properties or single-family properties, it’s important to understand which investment vehicles do what,” writes Paul Esajian. “Deciding among single-fam...continued on page 2

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Rental Housing Journal Arizona

5 Maintenance Tips for LongLasting Rental Carpet Flooring

looring in rental properties is always a challenge, especially getting your rental carpet flooring to last longer. The maintenance checkup this week provided by Keepe focuses on ways to make your carpet last longer and be sure you are protecting your investment and income as well as keeping your tenants happy.

Rental carpet flooring can be one of the most high-maintenance parts of a property: signs of wear and tear as well as stains and dirt are most visible on carpet. Poor carpet care is easy to spot and tough on the eyes, which can make an otherwise appealing space loose its value. Improving poor carpet conditions generally means needing a complete replacement, which can be a lengthy and costly project. The tips below outline more affordable and effective ways to protect carpet floorings and preserve their longevity.

No. 1 - Consider stricter pet policies

spot-cleaning rental carpet flooring

It is fundamental to inform tenants about the risks of letting stains dry on carpet fibers, which usually results in permanent staining and visible marks. Utilizing an effective and carpet-friendly detergent and blot cleaning right away is the most effective approach to avoid permanent stains. Consult a trusted professional carpet cleaner about ideal detergents and make the recommended product available to tenants.

No. 5 - Invest in area-appropriate flooring

properties, which can then be utilized to repair carpet damage as needed. Always make sure to thoroughly communicate with your tenant what kind of responsible pet care is expected for animals to continue living in the property.

No. 2 - Schedule a deep-cleanCarpet is not a pet-friendly surface. ing service once a year for rentIt absorbs odor, and can easily hold al carpet flooring onto hair and stains. Indoor ‘accidents’ can take an unpleasant turn, and their odor can linger long after cleanup is attempted. The best way to ensure carpet flooring can be adequately repaired and cared for on the long run is to set a higher security deposit for pet-friendly

Most carpet manufacturers recommend having a yearly professional deep-cleaning as a way to prolong the life of carpets. It is best to steer clear of providers who utilize harsh chemicals, which can

be harsh on carpet fibers and might lead to discoloration.

No. 3 - Include hard-surface areas

Constructing a hard-surface area to act as a “barrier” against the dirt and debris brought in from outside can be extremely helpful when it comes to protecting carpet from direct exposure. A small tile or vinyl landing can be easily added in front of main entryways, and tenants should be encouraged to utilize floor mats to wipe their shoes on.

No. 4 - Provide tenants with approved detergents for

Carpet performs best and lasts longest in low-traffic areas, away from outside debris, food, moisture and pet exposure. It is ideal to remove carpet from kitchens and dining areas, opting for vinyl, tile and laminate options instead. This will avoid the high risk of food stains and spills while improving the look of the property.

Keepe is an on-demand maintenance solution for property managers and independent landlords. Keepe provides a network of trusted independent contractors and handymen who are available for maintenance projects in the Greater Seattle Area, Greater Phoenix area, San Francisco Bay area, and soon to an area near you.

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Single-Family vs. Multifamily ...continued from 1 ily or multifamily properties is largely about personal preference and goals.” So let’s take a look at single-family vs multifamily real estate investing and which is the right path for you.

Scattered houses vs units all on one site

“When you invest in scattered houses, the operating expenses are higher and management is more intense than it would be for a multifamily rental property with all the units on one site,” Jerry Chautin writes. “That’s why management companies charge more for scattered houses. It is difficult to monitor for unruly parties, pet damage and illegal activities such as making and selling methamphetamines,” he says. As a matter of fact we had that happen to us in CA inland rental single family home, where our property management company discovered a meth lab when the authorities cited us. We did get it all abated and re rented the house but after spending a lot of money in the process. The unexpected Capital needs due to having to buy a new boiler, air conditioning replacement or tune up, garage malfunction, tree roots getting too close to the house and many other expenses tend to eat in to the cash flow very quickly

3 advantages of single-family vs multifamily real estate investing 2

Easier to get into, single smaller loan or cash deal 2. Appreciation due to the neighborhood growth 3. Easier to sell when needed “While the market where the investment is located naturally influences all of these factors, there are a lot of potential advantages to single-family vs multifamily real estate investing properties,” Andrew Bilen writes. ”Particularly for individuals looking to build their portfolio over time, Single-family vs multifamily real estate investing offers the option of acquiring units gradually, while the strengthening housing market and high demand for rentals help to minimize risk.”

3 advantages of multifamily vs single-family real estate investing 1.

Higher Cash Flows, more consistent also due to less effect of vacancy; if 2 tenants leave out of 20 units apartment, it’s still 90% occupied. Bigger pool of tenants; less risk! 2. Bigger control over value, the value is based on the net Income the multifamily generates. By adding value the rents can be increased over time as the leases expire. 3. Economies of scale. This is a big one. We only need to replace 2-3 roofs if need be for 20 units

as compared to 20 roofs in case of single family homes. Maintenance requests can be handled easily in one location rather than im multiple.

7 more advantages of multifamily over single-family real estate investing

There are lot more than 3 advantages of multifamily vs. single-family investing. It is why I chose multifamily and I encourage Investors to go this route if they can as it just makes all the sense

in the world. • No. 1 - Scalability is much easier in multifamily. Rather than purchasing individual properties and slowly growing your business one transaction at a time, in multifamily, you are purchasing 20 units or 100 units in one transaction. • No. 2 - Forcing appreciation in multifamily is easier compared to single-family. You can give your apartment building (or even ...continued on page 4

Rental Housing Journal Arizona · January 2018

Rental Housing Journal Arizona

Can I Say “No Pot in My Apartments” When It’s Legal in My State? By John Triplett Rental Housing Journal

“However, any time I waive any of these things does not constitute an overall waiver. It basically means you should not ever do it again,” he said. “Just because you get away with it once, does not mean you get away with it every time,” Sachter said. Can I say no pot in my apartments Photo by Raihan Rana via creative commons

alifornia just

became the world’s largest legal marijuana market. When pot is legal in a state, what issues does this present to property managers and landlords of rental properties? This was Rental Housing Journal readers’ top story in 2017

Property managers are often confused and seeking to better understand how to handle the issues of legal marijuana and medical marijuana when it comes to tenants and rental housing in their states. Laws are changing all the time in many states, just as California did on January 1, 2018, as voters approve different levels of permission when it comes to marijuana. This leaves property managers trying to figure out what should be in their leases around the issue. You may be able to ban smoking, but do you really know what your tenants are eating or growing in their apartments? Do you really want to know if they are good paying tenants? Rental Housing Journal did a recent interview with Seattle, Washington attorney Bret Sachter, an expert in tracking the progression and transformation of marijuana laws, to discuss some common questions property managers have about marijuana and tenants. “I’ve been asked this a lot,” Sachter said, “but it does not come up as often as you might think. The overarching issue here is that, with few exceptions, people can do what they want to protect their property, even if the prohibited behavior is not illegal. You can prohibit smoking, prohibit pets, but with marijuana it’s much easier because it is federally illegal. So you can pretty much prohibit it if you want to no matter what, even medical marijuana,” Sachter said.

4 questions about pot, tenants and apartment leases

Sachter says in terms of Fair Housing issues, and the U.S. Department of Housing and Urban Development

No. 4 - Can I say 'no pot in my apartment?"

(HUD) it is a situation where HUD wants it in the lease that marijuana is illegal but enforcement is another issue, he said. It is not so much that HUD wants landlords to evict over marijuana, but that you have something in the lease language that allows for eviction in the instance of marijuana use on the property. “So it is pretty clear as far as HUD is concerned,” he said. Here are his answers to four questions on pot and apartments.

No. 1 - Tenants with a disability and medical marijuana

Question: If a tenant comes in and says I have a disability, here is a note from my doctor, I use medical marijuana, which is legal in this state, and I want to rent your apartment. Can a landlord prohibit that? Answer: “A landlord can absolutely prohibit that because marijuana is illegal under federal law.” The landlord can say, “I understand our state allows medical marijuana but as it is still a Schedule 1 drug and I prohibit it on my premises.”

No. 2 - Marijuana is legal in my state - but what does the lease say?

Question: What if a tenant says marijuana is legal and they should be allowed to use it? Answer: “If your lease prohibits smoking and prohibits use of illegal

drugs, then the legality of marijuana at the state level is irrelevant because under federal law marijuana is illegal. If your lease does not have those types of clauses, you should talk to an attorney in your state or city to find the best solution for your lease.” There is no law about reasonable accommodation for marijuana users, federal laws do not require it. As far as the federal government is concerned it is not ok. “One thing I would say, and it is important, I would encourage landlords just to make everything clear,” in the leases, he said. “Clarify in a lease that you must abide by all laws state and federal.” That is the case in residential. He said it can be different in commercial. (There was a commercial case in Oakland, California and you can read more about it here.) “But In residential it is not as tricky, and I am speaking very generally here,” Sachter said. “The states may have their own thing going on with legal marijuana laws, but it is still federally illegal. Make it crystal clear in your leases is my best advice,” he said. “How can you attract tenants in a state where it is legal yet protect the owners of the property? You cannot have it both ways.” “I know in Seattle there are Airbnb bed and breakfasts that specifically market themselves accordingly, as part of marijuana tourism to come and stay in our place where it is legal.” But if a property manager doesn’t want that going on, then they have to be up front in the lease. “If your tenant is Airbnbing to a tenant who is then using marijuana – well if you can’t catch them you cannot do anything about it. You have to prove they are doing this. They are going to be using marijuana regardless of what the lease says.”

No. 3 - What if the tenant using marijuana is a well-paying, good tenant?

“Landlords can certainly put a no-waiver clause in the lease. If I say, ‘Here is a list of prohibited things’ and if you do these prohibited things in the lease, you are subject to eviction,” he said.

Rental Housing Journal Arizona · January 2018

“Usually if you say, ‘No pot in my apartment’ and you find a tenant using marijuana and you haul them into court, more than likely the judge is going to say, ‘Have you stopped?’ to the tenant and ‘Are you going to do it again?’ and the tenant is going to say ‘No.” And then judge will say, ‘Ok, dismissed.” To put a more legalistic term on it, usually a court will be in favor of “allowing the tenant to cure the defect,” rather than evict for most things like that, Sachter said. Technically, in Washington, a landlord would serve a 10-Day notice to comply or vacate with the terms of the lease. This process, therefore, gives the tenant a chance to “cure” the violation before the landlord can evict. Check your local state laws on this.

What one experienced property manager says about pot

Sam Driver, Product Director for Buildium.com, and an experienced property manager at the property management software company, said as far as marijuana use in apartments, due to the newness of the legislation, the federal laws that supersede state and county laws, and liability concerns, it is not a topic that comes up a lot - yet. “Generally, the safest solution is to choose the most conservative path-impose a no-smoking policy, which can in some cased cover outside areas, and a crime provision that includes local, state and federal laws. In many states, there are setbacks from doors, and it is particularly important if the building is a place of work which a multi-unit apartment building certainly is. So your lease should contain a provision explicitly banning smoking and illegal activity. Because the feds still outlaw it, this should be sufficient,” Driver said. “This of course only covers the smoking angle. If a resident consumes it in another way, you'd likely never know,” he said.

Growing marijuana could put a power load on your apartments

“As for growing, that's less clear. But in general, unless the electrical system is designed for it, the loads grow lights put on the apartment unit could be excessive. I'd consider a reasonable use clause that specifies all high load equipment, including lights, air conditioners and any kind of pump be approved by you. “This would put you in a position to take action if they are putting too much ...continued on page 11 3

Rental Housing Journal Arizona

Dear Maintenance Men:

Courtyard Design, Disaster Preperation and Kitchen Remodel

ear Maintenance Men: I want to create a seating and relaxing area in the middle of my building’s courtyard. My thoughts are to use decomposed granite and eliminate the current grass area. How do go about installing the surface without making a mess or a future headache for myself. Bryan Dear Bryan: Decomposed granite or DG for short is a great way to add a durable, natural and water wise surface. A few things you need to know before you get started. The key word in DG is “Decomposed”. In other words, this granite is decomposing. There are three options: raw DG for flower beds, stabilized DG for walkways and resin-coated DG for driveways. For your purpose you need to use a stabilized DG for walkways. It has a binder mixed into the DG. Non-stabilized DG is much cheaper, but will of course decompose, create dust when dry and slush when wet. To properly install DG, dig down three inches overall and use a wood, rock or brick border to keep the edges of the DG from crumbling. As an option, lay down a weed barrier cloth under the DG. Apply DG in one and a half inch layers, water down (don’t flood) and

tamp or use a heavy roller to compress the DG. Wait eight hours between layers to let the DG settle. Repeat the above for each subsequent layer. When installed properly, the DG surface will be rock hard, stable, dust free and will allow water to drain. Dear Maintenance men: I am aware of having a disaster preparedness kit for my family, however, what do I do for my apartment building? Jason

Dear Jason: A quick list of what should be in your family disaster preparedness kit: Flashlight with batteries, canned goods, a Gallon of water per person, a knife, Meds and blankets at minimum. Now this works ok for a family, but may not be appropriate for an apartment building. The residents may very well shelter in place during a disaster and be fine. What may be in danger is your property! Start with a bit of preventive disaster maintenance. 1. Locate the main water shut-off valve and any minor shut-off valves. Make sure the valves

are in working order. If they are gate valves, it might be time to upgrade them to ball valves. Old gate valves are notorious for breaking valve stems at the moment you need them to work. 2. Locate and clearly mark the main electrical panel. 3. Locate and mark the main sewer clean-out. Run a mainline snake or hydro jet at least once a year. (A Friday evening main back-up is a disaster.) 4. Locate and mark the main gas or fuel oil shut-off valve. 5. Write down and post this information in a public area of your apartment building, including emergency phone numbers and how to get hold of management. Alternatively; Post this information on the inside of a kitchen cabinet door in each rental unit. Dear Maintenance Men: I am starting my planning for a major kitchen cabinet remodeling project in my rental units. However, I am having a difficult time making material and design decisions. What recommendations can you give? Allen. ...continued on page 10

Single-Family vs. Multifamily ...continued from 2

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a 4-plex or 8-plex) more curb appeal. Fix things in the property that make it more appealing as a living space for tenants, such as adding a media center, a dog park or a nicer laundry room. These improvements can be done in larger multifamily complexes such as 70 units or more. You will push up the value of the property exponentially. You will attract tenants to your building vs. another landlord’s building. That’s what you want. Plus, you’re creating steadier cash flow, because your tenants will want to stay. No.3 - More income in multifamily. We call these as Bill back Utilities or (RUBS). The residents are billed for a portion of the water, trash, sewer and pest control charges out of the total master bill that the owner receives. This way along with paying the monthly rents the residents pay a flat fee or a proportional amount each month for these services. Most of the multifamily properties are individually metered for electricity and each resident pays that separately by themselves. No. 4 - Great tax breaks. There are great tax breaks that come with investing in multifamily. When you provide housing it’s a good thing. The government thinks so, too. The city in which

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the property is located likes the idea, because you are helping the residents of that city by providing clean, safe, affordable housing to people who might not otherwise find it. As a result, you can gain all sorts of tax incentives. No. 5 - You can depreciate. I really like this, you can depreciate some parts of the apartments on an accelerated depreciation schedule. It’s great to employ a CPA company that specializes in this field. The savings are huge! No. 6- Multifamily properties hold their value. Once the property is rehabbed, and you’ve made it attractive to tenants, it will also attract other investors who will be interested in buying the property later if you want to sell. You’ve put in place everything required to attract and retain tenants. That means steady cash flow, which is appealing to investors. No. 7 - Investing in multifamily allows you to change lives. We provide great places for the residents to live in, we provide jobs for so many staff members at the property along with many vendors. Most importantly through syndications, we help a lot of Investors, who are doing well in ...continued on page 5

Rental Housing Journal Arizona · January 2018

Rental Housing Journal Arizona

The Multifamily Investing Forecast for 2018 By Vinney Chopra

and B class assets in B and A areas. In our companies, we have always gone after the jobs, and the emerging smaller markets outside of the large metro areas where there is path of progress and job market is healthy and growing. Below is a chart from Marcus & Millichap.

hat is your multifami-

ly investing forecast for 2018? I hear a lot that a correction is coming in multifamily Investing.

Is it really? When? Where, in what markets? How long will it last? These questions have been on the minds of a lot of multifamily Investing groups and multifamily syndicators. The market has been strong for about eight or nine years. Usually the market cycle lasts about that long too. I wanted to share my perspective on it. It is very hard to predit the future. Especially in the times of uncertainty with talk of possibly lowering of tax rates, and cutting out of social programs and small business tax breaks all in the name of economic growth. So it is very hard to project the multifamily investing forecast for 2018 due to 5 current factors. Many markets across the nation have peaked. The rents are at the highest level in years.

Is Class B and C the way to go?

The vacancies have been low.

There is less product for sale on the market The competition is fierce. But the savvy and tough investment groups always find ways to acquire the right properties even in the heated markets. One of the keys is to look at B and C properties in my multifamily investing forecast I have been fortunate to create a niche markets in Texas and Georgia. I have been able to do 12 syndication acquisitions in the last couple of years.

We have purchased C properties and B properties in growth markets through developing great relationships with top brokers and making quick decisions when opportunities arose. Just recently, Multifamily executive reports, “Class B and C multifamily housing will have the greatest potential for high returns in 2017 and well into 2018.” Do I agree? Yes, I definitely think so. For the last nine years, my companies and other multifamily investing groups have enjoyed healthy cash flow returns along with the equity gains in the C+

Multifamily executive reports that what is driving this is, “the oversupply of Class A communities in combination with a drop in demand, the rising cost of homeownership, and millennials entering the market by the millions. In the midst of this trend, foreign investors have begun to take notice and make their own plays on U.S. multifamily real estate. As we all know, the U.S. is becoming more of a renters nation, the millennials are loving the “portability” aspect of living. They like living in B class apartments with nice aminities, no need to mow the lawns or take care of the swimming pools etc. and no need to drive to the fitness club because all of this is contained at the dwellings. The growth of this segment of population as shown in the above graph tells the story. I predit the market for B class apartment communities will be quite healthy for a long time. Multifamily executive says, “Class B

Single-Family vs. Multifamily ...continued from 4 their profession but don’t have the time to invest. You can tell that I really am very bullish on investing in multifamily as compared to single- family. I sincerely hope that after reading this article, you will also look into diversifying and start investing in multifamily. The best game in my opinion is doing syndications- pooling money together in accordance with the SEC (Security and Exchange Commission) rules and regulations. There are many indications that multifamily apartment investments will continue to be great as you evaluate whether single-family or multifamily real estate investing is best: • 75 million Baby Boomers are headed into retirement. • Many of today’s apartment complexes may be converted to retirement communities in the future; the baby boomers are also downsizing. • Many millennials aren’t buying homes. • It’s getting more expensive to build new apartment units.

Vinney Chopra is the Founder and CEO of Moneil Investment Group and President of Ideal Investments Group. His latest accomplishments include acquiring 12 multifamily assets in the last 28 months, worth $132 million. His last two syndications were sold out in just a few hours, and one in 36 hours raising $4.7 million and another one $6 million in eight hours. Between the two syndication companies he founded, Vinney’s team is controlling over $200 million worth of assets. He is a mechanical engineer. After entering USA with $7, he graduated from The George Washington University with Master’s in Business Administration in Marketing, he shifted his focus to marketing and motivation. He was a professional fundraising consultant and motivational speaker for more than 35 years with a wonderful private company. Vinney and his wife started their real estate investments in 1983. Many times, people call him “Mr. Enthusiasm” or “Mr. Smiles.” He likes to bring great value to everyone he comes in touch with. He likes to add value to everyone around him.

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Summary:

Single-family vs multifamily real estate investing is a question faced by many investors. I hope this discussion has helped you decide which course is best for your real estate investing future.

Rental Housing Journal Arizona · January 2018

Rental Housing Journal Arizona

Landlords Missing Rent Payments Online after Company Bankruptcy

ozens of landlords around the country are missing rent payments online and still trying to collect funds tied up in an online ecommerce dispute that had led to a Kentucky-based online company bankruptcy last month.

CC Operations LLC dba eCHECKit, filed a bankruptcy petition in October in Kentucky. eCHECKit is the payment processor for the 13-year-old Fort Collins, Colorado, company eRentPayment, which offers landlords and property managers the convenience of collecting rent payments online. According to eRentPayment’s website, tenants pay rent on the company’s secure website and it is processed in the automatic clearinghouse, or ACH, network and then deposited in the landlords’ accounts. It is still unclear how many landlords may have received some payments and how many are still missing rent payments online and seeking payments from reports. The Ft. Collins, Colorado newspaper reported, as an example, landlord Wes Kalter’s tenants paid their $3,200 rent

eRentPayment Oct. 12 and had received 41 complaints last month and has suspended eRentPayments’ accreditation.

Missing rent payments online

us a route to fix this. ERentPayment is blaming eCHECKit ... all they are telling us is eCHECKit is declaring bankruptcy, and we’re out $250,000. They’re just blowing us off.” But eRentPayment emailed customers, claiming that recent payments weren’t made because of issues with its payment processor, eCHECKit, which filed for bankruptcy protection. The BBB of Colorado and Wyoming said it started getting complaints about

on Oct. 5, the same as always. The money paid to eRentPayment.com should have made it to Kalter’s account within three to five days. It never showed up, according to the newspaper. Kalter says he has talked to 91 other landlords who are owed about $250,000 in rent payments, and to Fort Collins police. Kalter told the newspaper he is not holding his tenants responsible and blames eRentPayment for “not giving

“In my husband’s and my case, it’s about $4,000 that we’re missing,” Sherrie Mills, a Denver Realtor who owns investment property, told the Business Den. Mills said she has used eRentPayment for three years. Mills told the newspaper she’s disappointed by what she sees as a lack of communication by the rent management company. Next month, she’s avoiding rent payments online and asking tenants to cut her a check. “I think it’s turned me off permanently,” she said. “At no point did we think our funds were at risk.” Multiple posts by various landlords around the country on Bigger Pockets discuss what has been happening with the payments. Rick Sands, president of eRentPayment, wrote on his company Facebook page, payments made through the site now are being processing by New Yorkbased Esquire Bank, and those made after Oct. 12 are being processed without ...continued on page 10

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Pursuant to RCW 59.18.150, this is your WA-RTG-20 Washington 48 hour entering the dwelling notice that your

landlord or their agents unit and premises located at (Address) ____________________ will be CHECK-IN/CHE ____________________ CK-OUT CONDIT ____________________ ION REPOR __________________ T on

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Light Fixtures

TENANT(S): _________ between the hours of __________________ (Date) and Doors/Woodwork ADDRESS . __________________ : __________________ (Time) _________ _________ (Time) _________ CITY: ___ Locks__________________ _________ The entry will _________ _________ occur for the following ___UNIT: ______________ ________ STATE: ________purpose: ____________________ Rating CeilingsScale = (E)Excellen ZIP: _________________ ____________________ t (VG) Very Good __________ ____________________ (G)Good __________ (F)Fair __________ Electric Outlets __________ __________________ (P)Poor IN Out ____________________ LIVING AREAS In __________________ Out KITCHEN In Out Walls

Cabinets Tenant(s) Tenant(s) certify that the above pet(s) are the only pet(s) on the premises. Ceilings understands that the additional pet(s) are not permitted unless the landlord gives ten Sink ant(s) written permission. Tenant(s) agree to keep the above-listed pets in the premises Electrical Outlets subject to the following terms and conditions: Floor

REPORT

TENANT(S): __________________________________ OR-RTG-24 Oregon ADDRESS: __________________________________ ________________________________ ______________UNIT: ______________ CITY: __________________________________ _ STATE: ________ ZIP: _________________

PET AGREEMENT Rating Scale

TENANT INFORMATION

Garbage Cans

Windows 1) The pet(s) shall be on a leash or otherwise under tenant’s control when it is outside the Antenna/Cable tenant’s dwelling TV unit. Blinds/Drapes 2) Tenant(s) shall promptly pick up all pet waste from the premises promptly. Fireplace 3) Tenant(s) are responsible for the conduct of their pet(s) at all times. 4) Tenant(s) are liable for all damages caused by their pet(s). Cleanliness 5) Tenant(s) shall pay the additional security deposit listed above and/or their rental agreement as a condition to keeping the pet(s) listed above. 6) Tenant(s) shall notBEDROOM allow their pets to cause any sort of disturbance or injury to the 1 BEDROOM 2 other tenants, guests, landlord or any other persons lawfully on the premises. Walls 7) Tenant(s) shall immediately report to landlord any type of damage Walls or injury caused by their pet. Windows 8) This agreement is incorporated into and shall become part of Windows the rental agreement exe Blinds/Drapes -cuted between the parties. Failure by tenant to comply with any part of this agreement Blinds/Drapes shall constitute a material breach of the rental agreement.

BEDROOM 3

Walls

Windows

BATH ROOM

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Walls

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Blinds/Drapes

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Phone

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Rental Housing Journal Arizona · January 2018

rentegration.com 503.933.6437 sales@rentegration.com Rods

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may be reproduced without written

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Rental Housing Journal Arizona

How Do You Practice Compliance In Apartment Leasing and Management? By Ellen Clark

an you imagine how delight-

ed you’d be if all of your employees were compliance experts? Studies of top performers in music, chess, and sports point to the importance of practice in the development of expertise. With most skills in life, if you want to be great, you have to practice.

But how does one practice compliance?

As trainers, we sometimes fall into the “check the box” mindset. We are happy when all employees take their fair housing or harassment training once a year. Deep down, though, we know it takes more than that to be really good at compliance. It takes practice.

How can you create meaningful compliance practice initiative?

Here are some tips! • Creating a recurring monthly training scenario will help your learners

to retain and transfer compliance lessons to their jobs. • Make a practice plan. Create an initiative around compliance practice. For example, create monthly compliance refreshers where employees get a few scenario-based questions to answer. Build a course in Vision X to deliver and score the questions. • Create a little competition and make it fun. Set up a simple leaderboard or acknowledge participating employees in a company-wide email or with a few words at a team meeting. You might be surprised what some healthy competition can do. • Focus on meaningful, relevant scenarios • Use realistic scenarios and decisions that employees will encounter on the job. • Making the practice scenarios relevant will ensure employees don’t feel they are wasting their time. Use your experience to generate real scenarios, but also scan HUD, EEOC or state agency websites for important

compliance news, recent claims and court decisions. These are great for developing scenarios. Learners tend to succeed when allowed to practice in a safe, low-stakes environment Create a safe space. In job training contexts, practice allows learners to succeed or fail in a safe, low-stakes environment. When presenting practice activities to employees, don’t penalize them for getting things wrong. People need to feel like they can try and fail without being afraid of consequences or feeling bad. Let them know that practice is low stakes because the high stake part is on the job! Practicing compliance strategies will not only keep things fresh in employees’ minds, but will allow them to apply their knowledge to novel situations in order for them to go beyond memorization to understanding. This is when you will start to see behaviors change on the job, which is what training is all about.

Read Ellen’s blog here. About the author: Ellen Clark is the Director of Assessment at Grace Hill. Her work has spanned the entire learner lifecycle, from elementary school through professional education. She spent over 10 years working with K12 Inc.’s network of online charter schools - measuring learning, developing learning improvement plans using evidence-based strategies, and conducting learning studies. Later, at Kaplan Inc., she worked in the vocational education and job training divisions, improving online, blended and face-to-face training programs, and working directly with business leadership and trainers to improve learner outcomes and job performance. Ellen lives and works in Maryland, where she was born and raised. For nearly two decades, Grace Hill has been developing best-in-class online training courseware and administration solely for the Property Management Industry, designed to help people, teams and companies improve performance and reduce risk.

•

How Apartment Rules to Protect Children Could be Discrimination

The Grace Hill training tip of the week focuses on how rules you think could protect children, could actually open up landlords and property managers to charges of discrimination. By Ellen Clark

ormally, when you think of

familial status discrimination, you likely think of things like refusing to rent to families with children, charging families with young children higher deposits, or steering them to certain buildings.

But what about rules or policies that are intended to protect children? Could these be discriminatory? A story from a condominium complex in Fremont, California brings to light the issue around policies or rules that are intended to protect children, but actually could subject the property management to discrimination charges. A condominium complex had a long-standing rule that tenants’ children could not run and play outside within the complex gates. The rule was set up by the homeowners’ association, citing safety concerns, and threatened to fine residents for violations. One of the residents claimed that she and her children were subjected to threats, intimidation, and harassment. A housing nonprofit called Project Sentinel brought a class action lawsuit pro bono and recovered $800,000 from the condo managers. Additionally, board

members of the homeowners’ association must undergo fair housing training and post signs indicating that children are allowed to play outside.

Excluding children from areas other residents can use could be discrimination

This news item reminds us that excluding children from areas that other residents can use could be considered discrimination—even if the intent of the exclusion is to protect them. Here are some tips for working with families with children in a way that

Rental Housing Journal Arizona · January 2018

complies with fair housing law. When working with prospective residents, it is ok to ask about the number of people who will live in the apartment home, but do not ask questions specifically relating to children.

Three questions to avoid asking: • • •

How many adults and children will be residing in your apartment home? How many children are in your family? How old are your children?

Instead, ask: “How many people will be residing in your apartment home?” Do not discriminate against families with children by stopping or restricting children’s use of community facilities or services. Safety and liability are still important, but you must create your community policies carefully. Avoid statements like: “Children may not skateboard on community property.” Instead say: “Skateboarding is prohibited on community property.” You may require direct adult supervision during children’s use of community provided services and facilities. However, the rules must not unreasonably restrict a child from using the amenities.

Don’t prohibit children from using amenities

Avoid rules such as: “Children under the age of 14 are prohibited.” Instead, say: “Persons under the age of 14 must be accompanied by an adult.” Familial status was added as a protected class in 1988 with the signing of ...continued on page 9 7

Rental Housing Journal Arizona

Investing Forecast 2018 ...continued from 5 and C properties also allow real estate investors opportunities to enjoy a significant lift in NOI by making small property improvements. Examples of these value-adds include putting in communal clubhouses, adding dog parks, putting cafes, media centers and offering community events. These upgrades to B and C apartments can be relatively inexpensive to implement yet can generate higher rents, leading to rapid ROI growth.” My present companies, Moneil Investment Group and Moneil Management Group have been bringing value to C and C+ communities and converting them to high occupancy Class B assets. The investors really like the fact that along with the cash flow returns they are enjoying the forced appreciation of their investment in equity gains.

Cafes and media centers are examples of value-adds

Millennials love apartments The generation has been dubbed Generation Rent and is expected to continue driving apartment demand through 2024. Experts assert millennials are interested in homeownership, but are too laden with debt to pursue it. Their interest in owning a home will become more apparent as they continue to age, pay off debt, get married and start families — but this is still a long way off for the majority of the generation. Meanwhile, Class B and C properties are attracting a wide demographic, from working-class individuals to millennials entering the market to downsizing baby boomers. These properties are typically 15- to 25-years old and are located in desirable buildings in well-established middle-income neighborhoods. They tend to offer residents the most bang for their buck, attracting renters in a down economy.

Why apartments are booming with Baby Boomers

There is a rental-demographic that’s feeling quite young and spry. And old age isn’t something they will be thinking about for years. It’s the Baby Boomers, most of whom

will turn 65 by 2030. Every single day, for the next decade, about 10,000 Baby Boomers will become 65 years old, retire and turn their attention to where and how they’re living. Born between 1945 and the early 1960s, this is a demographic that’s going to drastically redefine the composition of the U.S. population. In fact, 18 percent of all people living in the nation will be aged 65 and above in the next decade or so. While they’ve been homeowners for the better part of their lives, recent housing studies show that approximately over the last 10 years, Baby Boomers have become the second biggest rental demographic, right after the millennials. According to data coming from Harvard University’s Joint Center for Housing Studies reveals that between 2004 and 2013, renting saw a rise among people aged 50 to 75. Today, most renters are around 40 or older. Despite being a strong demographic that’s leaning more and more towards renting, the Baby Boomers haven’t received quite the same attention as the younger millennials. Property managers, landlords and real estate investors alike have been exploring ways in which they can make their rentals appeal to the more dynamic millennials. Fortunately, the things that the Baby Boomers and millennials want aren’t too different. They want a sense of community fused with interiors that are suited for their specific needs. Great opportunites lie ahead for more senior living facilities and nice, well-cared for communities to meet their demand. How about foreign investors in 2018 – what will we see in multifamily investing forecast for 2018? Multifamily executive reports, “More foreign investors are seeing this potential in the U.S. multifamily housing market. According to an analysis by Real Capital Analytics, as reported in National Real Estate Investor, foreign buyers poured a record $91 billion into U.S. commercial assets in 2015, $19.6 billion of which was invested in apart-

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ment communities. And through June 2016, foreign buyers invested a record $5.1 billion in apartment communities. “To put that number into perspective, over the course of the previous decade, foreign investors averaged a mere $5.4 billion in multifamily product annually. We’re seeing much of this money coming out of China, as well as Canada and Mexico. Additionally, in the commercial real estate industry, we’ve begun seeing an influx of investors from the Middle East and South Africa, many of whom are pouring money into multifamily properties. The reality is that the combination of a pro-deregulation president and potentially unstable economies abroad is making the current U.S. market especially attractive to investors from overseas, therefore drumming up foreign investment in the U.S. real estate market.” Multifamily on the rise Multifamily saw the next biggest inflow of overseas capital, with a broader subset of foreign sovereign wealth and pension funds increasing their exposures to the space. “While some overseas investors are focused on suburban investment strategies due to current urban development levels and pricing, others are seeking to align U.S. multifamily with office exposure from a market and sub-market perspective,” says JLL Americas Research Director Sean Coghlan. “We will see more transactions from these groups, likely at scale, in non-conventional structures and with strong domestic sponsors. However, selectivity will remain the norm.” Ongoing diversification With pricing elevated in primary markets, and targeted opportunities remaining limited, foreign investors will continue to expand the scope of their U.S. real estate investment strategies by both asset type and location, including moves into selected non-primary markets. What about rates of rent growth in 2018? This statistic presents a forecast of multifamily rent growth in the United States from the second quarter of 2017 to the fourth quarter of 2018. It

was expected that the multifamily rent growth would amount to 6.2 percent in the fourth quarter of 2018 in the United States. Multifamily real estate refers to a housing structure where multiple apartments are contained within one housing unit, or when several buildings form a larger complex. In the United States, 397 thousand multifamily houses were started in 2015. An average size of such a housing unit was 1,074 square feet in that year. As outlined above it looks like a healthy rental growth across the quarters in 2018. I definilty say that the rental growth depends on so many other factors and the forces behind the demand in local markets. Overall, I see a bright future for multifamily Investing in 2018 and beyond! Resources: 2017–2018 Forecast: Class B and C Apartments Will Rule JLL: Foreign CRE Investment Remains Strong U.S. real estate remains top draw for foreign investors Growing demand and tight supply are lifting home prices and rents Vinney Chopra is the Founder and CEO of Moneil Investment Group and President of Ideal Investments Group. His latest accomplishments include acquiring 12 multifamily assets in the last 28 months, worth $132 million. His last two syndications were sold out in just a few hours, and one in 36 hours raising $4.7 million and another one $6 million in eight hours. Between the two syndication companies he founded, Vinney’s team is controlling over $200 million worth of assets. He is a mechanical engineer. After entering USA with $7, he graduated from The George Washington University with Master’s in Business Administration in Marketing, he shifted his focus to marketing and motivation. He was a professional fundraising consultant and motivational speaker for more than 35 years with a wonderful private company. Vinney and his wife started their real estate investments in 1983. He currently owns single-family homes and multifamily units in Texas, California, Atlanta, Arizona and India. Many times, people call him “Mr. Enthusiasm” or “Mr. Smiles.” He likes to bring great value to everyone he comes in touch with.

•

Advertise in Rental Housing Journal Arizona Rental Housing Rental Housing Journal Valley

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Forget the Millenials ...continued from 1 Since 2009, 39% more Baby Boomer renters over 55 have chosen the suburban lifestyle for their rental housing. Among the 20 largest metros in the US, Riverside boasts the highest percentage increase in terms of senior renter-occupied households (63%), while Los Angeles posts the biggest gain (approx. 134,000). Comprised mostly of Baby Boomers, this generation has lived a big part of its life in the suburbs, essentially being responsible for the launch and prosperity of the consumer suburb. Owning a home and raising a family in a suburban community truly defined this age group. Now it finds itself in a big empty house, with too much space to keep up and high property taxes to pay. They are not moving into the city in an urban environment. “Lowering living expenses, looking for a different lifestyle, less house-related work and overall less responsibility can be achieved by downsizing, so a lot of retirees opt to rent,” Simona Solomie, a real estate broker with Remax Masters of Morton Grove, Illinois, who works with home sellers, buyers, and renters in the western and northwestern suburbs of Chicago, told RentCafe in the study. Baby boomers also account for the highest increase in renters in urban areas, but the spike in numbers is much higher in the suburbs (21% vs 39%). The second highest increase comes from renters aged 35-54, 27% in the suburbs and 8% in the city.

Discrimination ...continued from 7

New York City gained an additional 124,000 renter households over 55 during this time period and about 54,000 under 34. While Los Angeles and New York had the biggest numbers, the fastest growing areas Phoenix, Riverside and Tampa showed the biggest increases in Baby Boomer renters. Here are the top 10: Riverside, CA – 63% Tampa, FL – 61% Phoenix, AZ – 59% Dallas – 46% Seattle – 45% Atlanta – 44% Washington -44% Denver – 43% Minneapolis – 38% San Diego – 33%

the Fair Housing Amendments Act. This act made housing discrimination against families with children illegal and protects not only married couples with children, but also those who are single parents, legal guardians, mothers who are expecting, and people in the process of obtaining legal custody of a child. Take time to review this important area of the law with employees so that families with children feel both safe and welcome in your community. Ellen Clark is the Director of Assessment at

Grace Hill. Her work has spanned the entire learner lifecycle, from elementary school through professional education. She spent over 10 years working with K12 Inc.’s network of online charter schools - measuring learning, developing learning improvement plans using evidence-based strategies, and conducting learning studies. Later, at Kaplan Inc., she worked in the vocational education and job training divisions, improving online, blended and face-to-face training programs, and working directly with business leadership and trainers to improve learner outcomes and job performance. Ellen lives and works in Maryland, where she was born and raised.

•

This Baby Boomer renter is interested to live in a place that offers a convenient, quality lifestyle, a comfortable living space, a place to exercise, and a place to socialize all-in-one. •

Cities with largest increase in Baby Boomer renters

In all 20 largest U.S. metros in the study, without exception, the rate of increase in senior renters greatly surpasses that of younger renters. The two largest gains were in the Los Angeles metro and New York metro. The Los Angeles metro gained 134,000 new senior renter-occupied households and lost 26,000 renter households under 34 years of age.

Pet Proof ...continued from 1 the most secure way to protect a property and increase the safety of pets. • No. 1 - Vinyl, linoleum and tile floors are tough, impermeable and scratch resistant. Converting existing flooring into one of those durable alternatives significantly reduces the likelihood of flooring damage that results from the activity of pets and their potential ‘indoor accidents’. • No. 2 - Bamboo is a good option if a warmer look is desired, as it is harder than most wooden flooring, making it not so vulnerable to scratches, and it is also not as permeable having less natural grooves. • No. 3 - Polyurethane can be utilized to seal wooden floors if pursuing a complete floor makeover is out of the question. • No. 4 - High-gloss, semi-gloss and satin paints result in hard, moistureproof finishes that are preferable when it comes to preserving and protecting walls. These finishes create washable surfaces that are not vulnerable to stains and chips.

Affordable ways to pet proof your rental property

If pursuing a complete property makeover is not feasible, encouraging tenants to pet-proof their living space is still possible and certainly adequate to avoid the likelihood of damages. The ideas below describe affordable, easy and efficient ways to protect indoor spaces and promoting the safety of pets. • No. 5 - Area rugs are ideal for making spaces look welcoming and cozy while avoiding risks associated with carpet flooring. They add a personal touch to pet-resistant flooring, while also being easy to replace as needed. • No. 6 - Outdoor rugs can be utilized indoors as they are naturally more durable and designed for easy cleanup. They are available in many different patterns and shapes that can suit most indoor spaces. • No. 7 - Shelves and wall hangings allow decorative pieces, houseplants and more delicate items to be displayed while being out of reach of curious pets.

Rental Housing Journal Arizona · January 2018

Taking into account how far off the ground pets can reach is fundamental to make sure that anything sharp, valuable or toxic is safely stored, and shelving helps with utilizing height as a practical advantage. • No. 8 - Thick, heavy blinds are preferable to fabric curtains and flimsy plastic shades. Dragging fabric, noisy blinds and hanging cords invite biting and pulling, which is why shorter draw strings and heavier materials are a safer option. • No. 9 - Plexiglass and lucite panels are inexpensive and can be affixed to doors and windows to add a layer of protection from scratches. • No. 10 - Non-textured furnishings minimizes the scratching and biting appeal that most texturized materials have for pets. • No. 11- Metal, plastics and resin furnishings are sleek and thus less stimulating than wool, leather, and other coarse surfaces that make for inviting scratch and bite posts. • No. 12 - Microfiber and heavy, tightly-woven fabrics are most resistant

to tear and wear, which is important to consider when choosing linens, couches, armchairs and similar home decor. • No. 13 - Baby gates can be used to separate pet-friendly spaces from other areas, especially those prone to housing products that are not safe for pets or displaying more delicate furnishings or flooring. Resources: Why A Pets Allowed Policy Makes Cents Recommended Pet Policies for Condominiums and Apartment Buildings 7 Questions Landlords Have About Pets and Pet-Friendly Apartments Keepe is an on-demand maintenance solution for property managers and independent landlords. Keepe provides a network of trusted independent contractors and handymen who are available for maintenance projects in the Greater Seattle Area, Greater Phoenix area, San Francisco Bay area, and soon to an area near you. Learn more about Keepe at http://www. keepe.com

• 9

Rental Housing Journal Arizona

Maintenance Men ...continued from 4 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 cabinets to look good at first 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. Keep in mind; you do not need to use custom cabinets to fit your existing layout. The use of prefabricated modular cabinetry can greatly reduce the time and cost to have a finished kitchen or bathroom. Using real wood cabinet fronts with 3/8” plywood sides is essential for durability. The

Missing Rent Payment ...continued from 6

drawer fronts and sides should be connected with a dovetail or other positive lock construction. Drawers that are held together by nails or cabinets built with particle board will not hold up to tenant abuse. 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. If you need maintenance work or consultation for your building or project, please feel free to contact us. Jerry L'Ecuyer is a licensed contractor & real estate broker. He is currently on the Board of Directors and Chairman of the Education Committee of the Apartment Association of Orange County. Jerry has been involved with apartments as a professional since 1988. Frank Alvarez is the Operations Director and co-owner of Buffalo Maintenance, Inc. He has been involved with apartment maintenance & construction for over 20 years. He is also a lecturer & educational instructor. Frank can be reached at (714) 956-8371 Frankie@BuffaloMaintenance.com For more info please go to: www.BuffaloMaintenance.com •

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

Real Estate Opportunities in Investing Finding Investing Success in Today's Housing Market

issue. The latest Facebook posts from the company, however, indicate that some payments from early October still had not reached landlords’ bank accounts. The posts have attracted dozens of comments from frustrated customers, according to Business Den. The issues faced by Kentucky-based payment processor eCHECKit, have put Tempe, Arizona’s Check Commerce in the middle of the dispute, according to a report by the East Valley Tribune. The newspaper reported the Tempe-based company, rent payment online processor for eCHECKit, froze over $4 million of eCHECKit’s funds in a reserve account due to irregularities it noticed in debit and credit instructions that eCHECKit submitted on behalf of its merchants. In a notice to consumers, Check Commerce stated, “At that time, Check Commerce believed that eCHECKit lacked sufficient available funds to cover the corresponding credit transactions for the debits it had submitted on behalf of its merchants,” according to the newspaper. The issue began when property owners using the eRentPayment online platform realized they had not received automated clearing house payments submitted by tenants in early October, the newspaper reported. It became clear that issue stemmed from financial problems faced by eRentPayment’s payment processor, eCHECKit, the newspaper reported. eRentpayment said on their website last month, “We regret to inform you that our payment processor, eCHECKit, has informed us that it expects to file for bankruptcy protection. We are told that it suffered losses due to a fraud and that its processor, Check Commerce, has held over $4 million of its funds and will not release the funds to the intended recipients at this time. Please note that eRentPayment had nothing to do with the fraud eCHECKit suffered. It was apparently caused by another client of eCHECKit, according to a statement on erentpayment.com. “The transactions potentially affected were submitted after approximately 7:31:00 PM (Pacific time) on 10/03/2017 through approximately 7:01:33 PM (Pacific time) on 10/12/2017. Any transactions submitted after this time period should not be affected as they are being processed through eRentPayment’s new direct bank relationship. Similarly, any future transactions should not be

affected as they will be run through the new direct processing relationship. “We do not know if or when Check Commerce will send the pending transactions to the recipients. Accordingly, you should consider your options including having the tenant contact his or her bank to request the transaction be reversed. Specifically, the tenant may initiate a return for an “Incomplete Transaction.” We understand that the return code for this is “R10” and the bank will require a written statement from the tenant. Also, the tenant will have a limited time period to request the return from his bank, usually within 60 days from the date of the transaction,” the company said on its website last month. “We are contacting the Attorney General of Arizona, the National Automated Clearing House Association, and reviewing legal action against the relevant parties,” according to eRentPayment. Resources for rent payments online Ft. Collins Company At Center of Rent Payment Dispute Disappearing rent payments frustrate customers of Fort Collins firm Tempe firm’s $4M dispute sticks landlords nationwide Kentucky Western Bankruptcy Court Case 3:17-bk-33389 Online rent payments to Virginia. Beach landlord held up by bankruptcy •

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Rental Housing Journal Arizona · January 2018

Rental Housing Journal Arizona

No Pot ...continued from 3 load, without specifically calling out the use of the equipment. Pumps are a good area for monitoring, because of the intermittent load, they trip breakers, and anyone who is using a hydroponic system would need several,” Driver said.

What if I want to market my apartment to marijuana users?

“If, however, you wanted to roll the dice and market to this crowd, assuming your state laws allow it, remember that the federal laws would cover any bank deposits from proceeds," Driver said. “In this case, you'd be able to do it, assuming no federal intervention, in compliance with local laws. No insurer would provide EO&E (errors and omissions excepted) insurance to you, and you wouldn't be able to deposit any funds into a federally-accredited bank. So you'd have to self-insure, and run an entirely cash business, but you could do it, risking only federal enforcement. “The big question is, 'Would the premium rents be worth the risk of forfeiture?' If you run afoul of the federal

drug laws, the asset seizure possibility is a huge risk. You could lose the building. “If you're managing other owners' properties, then you'd be risking their assets even if you used different leases, unless you kept fully separate books, bank accounts, and co-mingled nothing. So I'd say it would be all-or-nothing," he said. “The timing is tricky, too. Leases contain a provision that stipulates that the contract is in force in a specific jurisdiction. If they change the laws rendering your lease out of compliance, what happens during the remaining time of the lease? Is it invalidated? Or does the contract remain in force until it expires? “Good questions for your lawyer,” Driver said.

How to keep up with status of pot laws in the different states

ProCon.org, a 501(c)(3) nonprofit nonpartisan public charity, provides professionally-researched pro, con, and related information on more than

50 controversial issues from gun control and death penalty to illegal immigration and marijuana laws across the country. "Using the fair, FREE, and unbiased resources at ProCon.org, millions of people each year learn new facts, think critically about both sides of important issues, and strengthen their minds and opinions," according to the company's website. Here are where the pot laws stand for medical and recreational marijuana in several states, how it was passed, and what is permissible in the possession limit, according to procon.org. You can see their excellent full chart here state by state. Keep this link as they update the ever-changing pot laws in the different states. Here are what some some states are doing with links to more information on each state's pot laws. Oregon: Ballot measure 67, 24 oz usable; 24 plants, 6 matures and 12 immature Washington: 8 ounces usable, 6 plants

Arizona: medical marijuana is legal 2.5 ounces usable, 12 plants Colorado: 2 ounces useable, 6 plants, 3 mature, 3 immature Utah: prohibited with a few narrow exceptions As a Presidential Scholarship recipient, Bret received his law degree from the Seattle University School of Law. In addition to his law degree, Bret holds a bachelor’s degree in evolutionary psychology and master’s degree in psychology. Bret has taken an interest in tracking the progression and transformation of marijuana laws, as they are among the most recent and highest-profile legal issues affecting entrepreneurs in Washington and, increasingly, all around the country. You can call him at 206-295-2547

•

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Rental Housing Journal Arizona · January 2018

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Rental Housing Journal Arizona · January 2018