Michigan Landlord Magazine June, 2018

MICHIGAN

LANDLORD

June 2018

www.rpoaonline.org

ALSO IN THIS ISSUE:

• Subprime Mortgages Making a Comeback with New Name • RPOA Members Get Over $46K in Home Depot Rebates WHERE REAL ESTATE INVESTORS GO FOR SUCCESS

A PUBLICATION OF THE RENTAL PROPERTY OWNERS ASSOCIATION

RENTAL PROPERTY OWNERS ASSOCIATION

Haven’t signed up yet?

The Home Depot 2% RPOA Rebate Program Sign Up for The Home Depot Rebate Now! The RPOA membership in the National Real Estate Investors Association makes RPOA members eligible to receive this extremely valuable rebate.

Sign up for The Home Depot rebate program through the RPOA and receive 2% back on all your purchases*— no matter how small or big.

This rebate is on top of any other discount or sale price, including contractor rates!

Call the RPOA today and start saving!

616-454-3385 * For semi-annual purchases over $5,000. Rebate checks are sent out semi-annually, usually in March and August.

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WHERE LANDLORDS GO FOR SUCCESS

IN THIS EDITION

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27

24

FEATURES 4

FROM THE DESK OF THE DIRECTOR

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NEW MEMBERS

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MEMBER-TO-MEMBER DISCOUNT PROGRAM

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UPCOMING SEMINARS & EVENTS

30 AD-O-GRAMS 30

CREDIT & DECISION REPORTING PROCEDURES

ARTICLES

VOLUME 54, NUMBER 3

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LANDLORD'S QUARTERS

www.rpoaonline.org

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7 SIMPLE STEPS TO REAL ESTATE INVESTING

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HUD PROPOSAL TO MAKE CURRENT RENT POLICIES SIMPLE AND MORE TRANSPARENT

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IS YOUR "NO PETS" POLICY COSTING YOU MORE MONEY THAN IT IS SAVING YOU?

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HAPPY 50TH ANNIVERSARY TO THE RPOA!

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SUBPRIME MORTGAGES MAKING A COMEBACK WITH NEW NAME

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HOMEOWNERSHIP & RENTAL VACANCY RATES HOLD FIRM

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RPOA MEMBERS GET OVER $46K IN HOME DEPOT REBATES

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HOW TO GET UP TO $18,000 FROM THE CITY OF GRAND RAPIDS

MICHIGAN LANDLORD editorial goal is to provide a forum for real estate investment and rental property ownership and management ideas and news. Our articles, columns, and other features should not be construed as investment advice, nor does their appearance imply an endorsement by the Rental Property Owners Association of Kent County or the Real Estate Investors of Michigan of any specific real estate investment or management strategy. An investor’s and manager’s best course of action must be based on individual circumstances.

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RENTAL PROPERTY OWNERS ASSOCIATION

From the Desk of the Director

50 Years! That’s how long the RPOA has been in business helping real estate investors and landlords succeed.

The first monthly membership dinner meeting was held in April of 1968.

The RPOA started as a small group of volunteer rental property owners to fight attacks on private property rights by the state and localities. It didn’t take long for the group to realize that they could also benefit from sharing ideas, techniques and solutions to common problems. Forms were developed that all members could share and credit reporting services were put into place.

The founding members of the RPOA include Howard Andrews (deceased), Jerry DiTrapani (deceased), Robert Keller, John Markosky, Al Minciotti (deceased), George Nobel, Sr., Arnold Toering (deceased), and Wayne Wyma.

In 1981, the RPOA was officially incorporated as a Michigan membership-based business association and was designated as a non-profit 501(c)6 organization. Not long after, the RPOA added additional benefits such as a group health insurance plan.

From its humble beginnings whereby spouses took turns volunteering to manage the office and answering members’ questions, the RPOA has grown into an national award winning full-fledged professional business association with four full-time employees, over 18 educational offerings, multiple meet ups, dozens of forms, large online knowledge base, nationally recognized podcast and more. And, we still hold to our roots by continuing the lobbying effort to keep government in check, protecting the real estate investment industry.

We’d love for you to join us on Wednesday, June 6 from 4-7:00 p.m. for our 50th anniversary celebration! We’re hosting an open house at the RPOA office, including hot dogs, chips and a drink. Stop by and connect with other members and the staff. See page 22 - 23 for more!

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WHERE LANDLORDS GO FOR SUCCESS

WELCOME NEW MEMBERS Biggs VerHage, Linda Chlebana, Roy P College Hunks Hauling Junk & Moving Domani Passa Icca, LLC E and M Enterprises, LLC Fresh Coast Group LLC Justa, Katie Phelan, Mary-Frances Soble, David S SRK LLC Tetradox LLC Villegas Group

Advertise in

MICHIGAN

LANDLORD Contact Kathy Bartnick, RPOA Ad Salesperson, at 616-318-3503 to reserve your ad space today!

June 2018 MICHIGAN LANDLORD 5

RENTAL PROPERTY OWNERS ASSOCIATION

LANDLORD'S QUARTERS — A Place for Landlords Landlords should prepare for and understand rights and responsibilities related to natural disasters.

Although not a topic in one of the cases in this bulletin, the issue of rental property damage caused by natural disasters is highlighted by the recent severe hurricane and wildfire seasons. Now seems a pertinent time to revisit this critical topic. Whether it's a tornado, flood, hurricane, earthquake, wildfire, or other natural disaster, the effects to people and property can be devastating. While some parts of the country are more vulnerable than others, no matter where your property is located, it is important that you, the landlord, are prepared and understand your responsibilities and liabilities as a landlord should disaster strike.

Prepare with steps to minimize loss.

Structural preparations. Structures on your property should always meet local building codes. In addition to meeting codes, if your property is in an area prone to a specific type or types of disasters, you can take certain steps to minimize damages. For example, in earthquakeprone areas, large appliances should be anchored, and in hurricane-prone areas standard windows can be replaced with impact resistant glass and hurricane shutters. The Federal Emergency Management Agency ("FEMA"), as well as state equivalent agencies, provide information on how to protect property. (See, e.g., www.fema.gov/protectinghomes#) FEMA also offers grants for eligible mitigation activities that reduce disaster losses and protect life and property from future disaster damages. These hazard mitigation grants are provided to eligible applicants (states/ tribes/territories) that, in turn, provide subgrants to local governments and communities. You can contact your local (county, city, tribal) emergency management office for more information on applying.

Insurance. As a rental property owner, you should ensure that you have adequate landlord insurance coverage— including property damage, liability, and loss of rental income. You may need separate insurance policies for certain disasters such as with flood or earthquake coverage.

Optional coverage may also be available such as with rent guarantee insurance and landlord contents insurance.

You should also require, via the lease agreement, that your renters: carry renter's insurance (with a minimum specified amount of coverage) that covers damage to their

personal belongings in the event of a natural disaster or other casualty; provide proof of coverage; and maintain the policy for the duration of the lease. Again, some exceptions to coverage may exist, such as is typical with earthquakes and floods; if you live in an area at particular risk for such events, you may wish to require tenants to obtain additional coverage for such natural disasters. In the event of damage to the rental unit due to a covered peril (such as fire), many rental policies provide loss-of-use or additional-living expense coverage. This pays tenant expenses for temporary relocation and other additional expenses that may arise (such as taking clothes to a laundry and dining out). Such coverage could potentially save you, the landlord, the cost of tenant relocation if repairs will take time (see landlord responsibilities below). In all cases, access to insurance coverage will be most efficient if you've taken pictures documenting the property prior to disaster striking.

Lease language. As discussed in more detail below, some state laws dictate landlord-tenant responsibilities in the event of natural disasters, but many do not. In any case, it only behooves your interests as a landlord to include in the lease language wording that governs what happens to your lease in the event of a natural disaster that leaves the rental unit uninhabitable. Lease language could, for example, provide that rent will be temporarily abated white the property is being repaired, or it could provide that the lease will dissolve in the case of a total loss to the property caused by a natural disaster (i.e., an "act of God" clause, which permits lease termination after a natural disaster).

The lease language should also define the tenant's responsibility to mitigate damages and to notify you (in writing) immediately of any damage to the rental premises.

Keep records safe. Natural disasters can wipe out all hard copies of important documents—from leases to insurance policies to property pictures. To protect yourself and to help ensure as quick a recovery as possible if disaster does strike, consider creating digital copies of such documents and store them in an online storage facility or as attachments to emails.

Landlord responsibilities.

Some state laws specifically dictate landlord-tenant responsibilities in the event of natural disasters. For example, under Texas Property Code Section 92, an owner has a duty to remedy a condition if the condition materially affects the physical health or safety of an ordinary resident. continued on page 9

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WHERE LANDLORDS GO FOR SUCCESS

SHIELD INSURANCE AGENCY Your Protection is Our Profession Joe Peiffer 616-378-6131 joep@shieldagency.com 2405 Porter St SW Suite B-3 Wyoming, MI 49519

Established in 2006, Shield Insurance Agency is a full service, one-stop-shop, insurance agency.

From auto to home to health insurance to Workers Comp to Commercial General Liability, we do it all!

My particular areas of focus are providing insurance solutions for Real Estate and Habitational Risks including: ● Condo & Homeowners Associations ● Lessors Risk (commercial and residential) ● Assisted Living & Group homes ● Apartment buildings ● Property Managers ● Real Estate Agents and Managers ● Builders Risk ● Hotels & Motels ● Rooming and Boarding homes ● Bed & Breakfast ● Mobile Home Parks ● Farms ● Vacant Dwellings ● and of course LANDLORDS and Rental Properties

We work with many great companies including: ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

AAA Aegis American Modern American Strategic Insurance (ASI) Capital Indemnity Foremost Fremont Grange JM Wilson Liberty Mutual Philadelphia Progressive Safeco State Auto Wolverine Mutual

June 2018 MICHIGAN LANDLORD 7

RENTAL PROPERTY OWNERS ASSOCIATION

Looking to connect with like-minded investors? Want to meet others in the business? Just looking for a good time? Then…join us every 4th Monday of the month from 5:00 p.m. to 7:00 p.m. for our monthly social networking.

Whether you’re looking to invest, already own, buy and hold investments, wholesale, flip or doing some other type of investment, it’s always worthwhile to interact with others in the business. See you there! Join our meetup group at https://www.meetup.com/Real-Estate-InvestorHappy-Hour-Grand-Rapids/

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WHERE LANDLORDS GO FOR SUCCESS

continued from page 6 Even more specifically, section 92.054 of the Texas Property Code provides that if the condition materially affecting an ordinary resident's health or safety results from a casualty loss such as a flood, the "reasonable time period for repair" begins when the owner receives the insurance proceeds.

Under Section 92.054(b) of the Texas Property Code, a tenant or landlord is authorized to terminate the lease if the premises are "totally unusable" after a catastrophe. If the premises are partially usable, under Section 92.054(c), the tenant cannot terminate the lease but is entitled to a proportionate rent deduction (unless otherwise agreed under the written lease).

The law in your jurisdiction may or may not spell out the landlord-tenant relationship and responsibilities in the event of natural disasters. Many state statutes more generally govern repair and maintenance responsibilities.

Generally, even though the resulting damage to rental property is not caused by you, the landlord, you still may have certain duties and liabilities to provide the tenant with a useable/habitable rental unit. A failure to meet those duties can leave you liable to your tenant(s) under the following legal doctrines.

Lease terms. The terms of the lease may (and should) spell out landlord and tenant obligations related to loss of use of the leased premises, whether from a natural disaster or other circumstances.

Warranty of habitability (residential). The implied warranty of habitability is implied in all leases. Depending on the jurisdiction, the warranty of habitability may be imposed by statute or under the common law. Generally, under the implied warranty of habitability, the landlord promises the tenant that the rental premises are suitable to be lived in. When a natural disaster hits and the habitability of a rental unit is compromised, it is the landlord's responsibility to repair any property damage as soon as possible (or within a "reasonable" period of time) so as to ensure the premises are habitable. When repairs will take time, landlords may (but are not necessarily required to dependent on lease language and local law) offer tenant temporary or permanent relocation (the cost of which may be covered under insurance policies) or provide amenities that would make the unit habitable (such as bottled water or a generator). The tenant is not obligated to remain in an unhabitable unit. Some warranty of habitability statutes (i.e., Colorado) allow a landlord to terminate a lease without future liability due to casualty or catastrophe.

Warranty of suitability for business pur-poses (commercial).

A few jurisdictions recognize a warranty of suitability for business. This warranty requires a landlord warrant that a commercial property will not have defects that could affect a tenant's business. Where the warranty of suitability is recognized, it may be waived under the commercial lease with language like "the premises are leased as is" or language that waives the warranty in cases of natural disasters.

Covenant of quiet enjoyment. Similar to the warranty of habitability, the covenant of quiet enjoyment is implied in every lease and promises that the tenant will be able to possess the premises in peace, without disturbance, including with basic services that allow for it to be livable. If a natural disaster leaves a rental unit with unfit conditions that substantially interfere with the tenant's use and enjoyment of the leased premises, a tenant that vacates the property may (depending on governing law, lease terms, and repair actions of the landlord) be able to bring a claim for breach of covenant of quiet enjoyment and damages that may include the tenant's relief from having to pay further rent, as well as damages related to relocation.

For commercial tenants, damages may also include those ascertainable damages related to loss of business.

Constructive eviction. A constructive eviction occurs when a landlord does not actually evict the tenant, but does something or fails to do something that renders the premises untenantable—such as by failing to make repairs at a reasonable pace following a natural disaster. A tenant that vacates the premises may pursue a claim for constructive eviction, and seek damages such as reimbursement for relocation costs and relief from further rent payments.

Repair and deduct. Some jurisdictions recognize the remedy of "repair and deduct." This remedy may be available to tenants where, after timely and adequate notice, the landlord fails to make repairs necessary for the premises to be livable and the tenant takes on the repairs, deducting the repair costs from future rent.

In any and all cases of natural disaster, advanced preparation and an understanding of the law and responsibilities can only help.

Source: FEMA, "Protecting Homes"; www.fema.gov/protecting-homes# Source: RentPrep.corn, "Landlords and Natural Disasters"; www.rentprep. com/rea 1-estate/landlords-natural-disasters/ Source: The Guardian, —We don't have anything': landlords demand rent on flooded Houston homes" (Sept. 4, 2017); www.theguardian.com Source: Texas Apartment Association, "Rental Housing Owners' Rights And Legal Responsibilities After A Natural Disaster Or Other Catastrophe;" www.taa.org

June 2018 MICHIGAN LANDLORD 9

RENTAL PROPERTY OWNERS ASSOCIATION

7 Simple Steps to Real Estate Investing

by William Bronchick

Whether you are brand new to real estate investing or an expert in the game, it is critical that you understand these 7 Simple Steps to real estate investing.

when) the market shifts and there are suddenly 35 identical properties on the market for sale in the same building? How long can you afford to carry a negative cash flow on the property?

First Things First • Real estate is not a get rich quick scheme.

However, if you learn the foundations and put them into practice, you will make more than enough money to realize all of your dreams and goals. • The real estate bubble is not going to burst overnight. The real estate market will, however, shift and the real estate market will change just as it always has! What's hot now may turn ice cold in the next few years. But there are ways to "bubble-proof" your real estate investments. It's actually quite simple.

Or how about taking over property "subject to"?

Sure, it's a great strategy and lenders may be inclined to turn the other way and not exercise the "due on sale" clause so long as the interest rates are at rock-bottom prices. But if the interst rates spike to 10-11%, don't you think lenders might be much more inclined to exercise the option to make you pay the 5% note?

Now, having said that, the real estate market will change and what is working today in real estate may not in the future. The rental market is very strong now but may change in the future.

Real estate is cyclical, and cycles have some degree of predictability. With predictability, you can grow your real estate business into a cashproducing, profit-pulling machine that runs itself with the changing real estate market trends. It is still possible to make money in real estate.

In fact, now is just as good a time as any to get started in real estate investing.

But you've got to make wise investments.

Sure, you may make some serious cash in preconstruction, but what happens if (no, not if, but

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What this means is simply that you must be experienced in the basics of the tried and true techniques, strategies and systems that have worked in the past, are still working and will work in the future. You've got to have all the tools in your bag so that you can go with the flow and not be affected when real estate markets begin to shift.

Step 1: Set Your Plan Figure Out what your long-term real estate goals are (aka retirement and wealth building) and figure out whatyour short-term needs are with regard to making money in real estate. Then, set up the proper entities and put the plan in place.

Step 2: Determine What Your Target Market Will Be You cannot be all things to all real estate markets. If foreclosures appeal to you, start

WHERE LANDLORDS GO FOR SUCCESS

investing in the foreclosure market. If you want to be a landlord, look to out of state owners to focus your real estate marketing efforts.

Step 3: Be Consistent And Persistent Real Estate is not a get rich quick scheme.

Real Estate is get wealthy over time and put some quick cash in your pocket today. You've got to follow your plan and stick with it to see real results in real estate. You've also got to continue to increase your education and your experience.

Step 4: Don't Fall Into The "Analysis Paralysis"Learn To Analyze Properties Quickly.

Don't get caught up overthinking. It is quite simple actually. What is the property worth?

What does the property need for repairs? And how much can you get the property for? It all comes down to numbers!

Step 7: You Must Continue Your Education It is important that you are always investing in your education and learning new tactics, strategies, and tips that will help you make more in real estate.

William (Bill) Bronchick is a best-selling author, attorney, investor and mentor. Bill is also the son of Top Real Estate Expert Phyllis Rockower. Phyllis also ran the Los Angeles Real Estate Investor Club for many years. It was her wish to Continue her legacy and to bring current and applicable information to her current and hopefully new followers. For more information, visit http://toprealestateexpert.com.

Step 5: Become A Master Of Finance!

Real estate is the business of marketing and finance. You must learn about mortgages and interest rates and loan programs that are out there. You must know how to use finance to negotiate your deals and to sell your properties.

Step 6: Become A Skilled Problem Solver The reason you will get real estate deals that others don't is because you are able to solve people's problems. Anything goes on the real estate playing fieldYou've got to be ready!

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June 2018 MICHIGAN LANDLORD 11

Rockfinch is a full service property management and real estate brokerage. Our experience can guide your next transaction as a first time home buyer or a seasonal investor.

Chelsea M. Roelofs Broker, Rockfinch Realty 616.446.0041 C 616.265.5284 O hello@rockfinch.forsale 925 Bridge Street NW Grand Rapids, MI 49504

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HUD Proposal to Make Current Rent Policies Simple and More Transparent In a recent release, the U.S. Department of Housing and Urban Development Secretary Ben Carson recently unveiled a package of reforms designed to offer Public Housing Authorities (PHAs), property owners and HUDassisted families a simpler, less invasive and more transparent set of rent structures, and places HUD’s rental assistance programs on a more fiscally sustainable path.

WASHINGTON – U.S. Housing and Urban Development (HUD) Secretary Ben Carson today unveiled a package of reforms designed to offer Public Housing Authorities (PHAs), property owners and HUD-assisted families a simpler, less invasive and more transparent set of rent structures, and places HUD’s rental assistance programs on a more fiscally sustainable path. Through its Making Affordable Housing Work Act, HUD is seeking to reform decades-old rent policies that are confusing, costly and counterproductive, in that the incentives they create often fail to adequately support individuals and families receiving HUD rental assistance in increasing their earnings.

HUD helps 4.7 million families to access affordable, quality housing and pay their rents, more than half of which are currently headed by senior citizens or persons living with a disability. The rent reforms proposed today will not increase rents paid by qualifying households currently receiving assistance that are comprised of elderly persons or persons with disabilities.

“The system we currently use to calculate a family’s rental assistance is broken and holds back the very people we’re supposed to be helping,” said Secretary Carson. “HUD-assisted households are now required to surrender a long list of personal information, and any new income they earn is ‘taxed’ every year in the form of a rent increase. Today, we begin a necessary conversation about how we can provide meaningful, dignified assistance to those we serve without hurting them at the same time.”

PHAs and landlords participating in HUD’s rental assistance programs must currently navigate a complex set of rules to properly calculate a household’s rent contribution. Under these existing rules, tenants are required to surrender vast amounts of personal information each year and are often charged wildly different rents even though they have similar wages. Likewise, owners and PHAs, many with limited staff, must spend many hours calculating the correct payments for their tenants, who may themselves be confused by byzantine rent rules for tenant income calculations. The complex annual income recertification process creates a perverse set of conditions that increase the risk of inaccurate income reporting and discourage family unification and progress toward self-sufficiency.

Currently, Congress requires HUD-assisted households to contribute 30 percent of their adjusted income toward rent while the government pays the difference, up to a maximum amount. This approach, with its complicated set of income certification requirements, imposes substantial administrative burdens on PHAs and owners and may suppress residents’ earned income.

HUD is proposing a simplified structure of ‘core rents’ that offers a more transparent and predictable rent calculation that streamlines program administration for PHAs and owners and is easier for both landlords and tenants to understand. Under this core rent proposal, PHAs and owners would only be required to verify income every three years rather than annually. This would substantially ease the administrative burden on PHAs, owners, and residents and would effectively encourage increased earned income without adversely impacting a household’s rent for up to three years. HUD will also create a menu of ‘choice rents’ that PHAs and owners may implement to promote greater flexibility, local control, and self-sufficiency for non-elderly/non-disabled households. For more on the release, go here.

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RPOA Member-to-Member Discounts:

WHERE LANDLORDS GO FOR SUCCESS

Members offering members BIG savings.

Check out the discounts being made to RPOA members only: Patronize one of our Associate members participating in the Member-to-Member Discount Program!

ANDERSON BROS STEAMATIC Carpet cleaning – 3 Rooms for $119 | furniture cleaning – $15 off of $75 or more | 10% discount on area rug cleaning (in shop only and free pick up and delivery). Call for a free quote 616-949-2453. www.absteamatic.com

BENDER MAINTENANCE & HOME IMPROVEMENT 10% off hourly rate for RPOA members. Property maintenance, general repairs; prepare property to rent at acquisition; inspection compliance for Section 8, City of Grand Rapids. General Contractor, Cer tified Lead Renovator, RPOA Member. 616885-0132.

COMPASS REALTY R P OA exc l u s i ve d i s c o u n t !

1 free hour of consultation.

Call Tom at 616-550-4447 or www.teamkoetsier.com.

DISCOUNT HOME IMPROVEMENT RPOA members: receive 6% off your order. 616-451-3600.

FARM BUREAU INSURANCE Jeff Lamborne Farm Bureau Insurance Agency offers group discounts. Call Jeff for details.

616-447-0274.

GRAND RAPIDS CARPET & FURNITURE CLEANERS RPOA Members receive 4th room free! Call Dave, 616-453-5368.

HOME DEPOT

JR MORTGAGE SERVICES

RMS LLC

Sign up for the Home Depot rebate program through the RPOA and receive 2%* rebate on all your purchases—no matter how small or big. Call the RPOA office to get your rebate program started now! 616-454-3385.

Free appraisal for 1 to 4 family unit homes with closed loan application for RPOA members only. Jim Riley, 616-292-4491.

*2% OF TOTAL PURCHASES OVER $1,249

Protect your investment! RPOA members, call for special pricing.

Need something other than carpet cleaning? We provide FREE ESTIMATES on all of our services: air duct and dryer vent cleaning, tile and grout cleaning, and flood/fire/mold restoration.

Call the Simple & Quick cleaning and restoration experts! 616531-1666

Towing of abandoned and improperly parked cars on your property. Offering to RPOA members at no cost. Free signage for RPOA members if required by State of Michigan laws. Call 616-475-9836 for impound or email impounds@rmsonline.us.

SEMI-ANNUALLY.

INDOOR CLIMATE SOLUTIONS Offering all RPOA members Grand Rapids heating inspection stickers for $50.00 each and 5% discount on repair or replacement of any HVAC equipment. Over 40 years experience servicing and installing furnaces, boilers, air conditioning.

616 - 8 91 - H E AT (4328) www.indoorclimatesolutions.net.

JACK’S LAWN SERVICE Jack’s Lawn Service is offering an exclusive discount to RPOA members only. Call for your exclusive discount today. 616698-8616.

JB HARRISON INSURANCE AGENCY Independent agents repre­ senting several companies (Auto-Owners, AAA, Citizens, Hastings, Hartford, Pioneer State Mutual, Progressive). We do the shopping for you. Group discounts available for RPOA members. Call Mike Murphy at 616-868-0050 for details.

MODERNISTIC CLEANING & RESTORATION

OFFICE MAX/ OFFICE DEPOT O f f i c e M a x o f fe r s s p e c i a l discounts on expensive supplies like ink cartridges. More than a vendor or a supplier…they’re your strategic partner, your ally, your advocate. To access this discount, contact the RPOA office. 616-454-3385.

REPUBLIC WASTE REMOVAL SERVICES Exclusive RPOA New Members and Existing Members discount $12.13 rate per month is good for one year. Republic reserves the right to increase rates at any time. Call Roy James at 616662-6862.

RYLEE’S ACE HARDWARE 10% discount on all purchases.

S o m e r e s t r i c t i o n s a p p l y.

Offer valid at our two Grand Rapids stores, 1234 Michigan St. NE and 1205 Fulton St. West and our Walker store, 4300 Remembrance Rd. www.ryleesace.com.

SHERWIN WILLIAMS Sherwin Williams offers a 30% discount on paint products and also offers a 30% discount on paint sundries. Applicators are discounted 35%. Other pricing is very competitive within the local market. A special discount card must be obtained from the RPOA. 616-454-3385.

SOS HOME REHAB $10 off the first work order perfomed for RPOA Members only. Call Shane Sarver at 616-446-4899 or email at ssarver@soshomerehab.com

Associate members who would like to participate in the discount program should call 616-454-3385.

"The promotion of offers, including discounts, rebates and other such benefits, goods, and services provided by the Rental Property Owners Association of Kent County (“RPOA”) members and advertisers within the Michigan Landlord magazine (collectively, the “Offers”), are for informational purposes only and are not an endorsement or recommendation. The Offers are not made by the RPOA or the Michigan Landlord magazine and the advertiser/member is solely responsible to you for the delivery of any goods or services. Your correspondence or business dealings with, or participation in the Offers or promotions of, advertisers/members found in the Michigan Landlord magazine, including payment and delivery of related goods or services, and any other terms, conditions, warranties or representations associated with such dealings, are solely between you and such advertiser/member. Neither the RPOA nor the Michigan Landlord magazine guarantees the existence or continued existence of any Offers, which may change from time to time. You agree to waive and release the RPOA and the Michigan Landlord magazine from and against any and all liability, loss or damage of any sort, incurred as the result of any such dealings with, or as the result of the presence of, any advertisement or promotion within the Michigan Landlord magazine.”

May May2018 2018 MICHIGAN MICHIGANLANDLORD LANDLORD 15 15

RENTAL PROPERTY OWNERS ASSOCIATION

Rental property financing solutions from United Bank.

Here at United Bank, we do more than write mortgages; we create, customize and innovate to provide a loan that fits your unique situation. Whatever it takes, we’re here for you. Now that’s a real mortgage solution.

UnitedBank4U.com | 616.559.7000

Member FDIC

616-885-0132 David H. Bigelow RPOA Member

Bus: 616-453-5368 Cell: 616-822-4710

Grand Rapids Carpet & Furniture Cleaners since 1944 We use

RPOA members receive a 25% Discount

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WHERE LANDLORDS GO FOR SUCCESS

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Insure unlimited properties on one policy Easy online access to your policy to add/change/remove properties Insure vacant/rehab/new builds/tenant occupied homes on the same policy One easy monthly bill for all properties insured Insure multiple entities on one policy Replacement cost or Actual Cash value available Simple Property Reporting form Insure Property in any of the 48 continental states

Call today for your free quote, whether you have one property or one hundred, we can help.

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Important information for: Farm Bureau Great Lakes Mutual Insurance customers As of 10/01/2014 Farm Bureau Insurance will no longer be associated with Great Lakes Mutual Insurance. This change in carrier may result in a premium change. If you are currently insured with Great Lakes Mutual and you would like to keep your policy where it is, you will need to switch to a licensed agent. Our agency has been writing with Great Lakes Mutual for the past 6 years and we have an outstanding record with the carrier and our customers. Please contact our office today if you would like to keep your policy with Great Lakes Mutual Insurance. We can write in any area of Michigan, West, East, North, South.

Noel Selewski Agency Inc. Ph: 855-50-INSURE (855-50-467873) Email: nselewski@yahoo.com www.noelselewskiagency.com

June 2018 MICHIGAN LANDLORD 17

RENTAL PROPERTY OWNERS ASSOCIATION

Is Your "No Pets" Policy Costing You More Money Than it is Saving You?

by Taylor Smith

There are many reasons why landlords choose to not allow pets on their properties. Some people are worried about the damage to the property and others are worried about the reaction of the neighbors and other tenants. But, the most common reason by far is that the landlord used to allow pets and got burned by a tenant that allowed their pet to damage the property.

This is unfortunate because, if properly handled, renting to pets can be a highly profitable tool for a landlord. The key is to minimize and offset risk by doing thorough background checks of the pets and their humans, by collecting sufficient deposits to offset the risk, and by collecting additional revenue through pet rents.

Why bother in the first place? Isn't it much simpler to just say "no pets" and not worry about it? Not necessarily. Often, having a "no pets" policy is much more complicated and problematic than allowing pets under controlled circumstances.

How a "No Pets" Policy Creates More Hassles The first problem with not allowing pets is that it limits your marketing ability. Fifty percent of renters in the United States have a pet.

This includes tall tenants, short tenants, rich tenants, poor tenants and every other sort of tenant. By putting "no pets" in your ad, more than half of the people who are looking for a place won't even consider your place.

This means that it will take twice as long to rent your unit and it means you could have fewer quality applicants. Instead of saying no pets allowed in your ad, you could put "pets negotiable" and then when they come, you can see what kind of offer they are willing to make. And who knows, maybe they will love the place so much that they will decide that the cat can live with grandma for a few years up on the farm while they enjoy your property.

The second problem with a no pets policy is that it creates an incentive for a tenant to get around the policy one way or another.

Landlords who don't allow pets are much more likely to have a tenant who hides an unauthorized pet in the house. They are also much more likely to get a falsified request continued on page 21

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WHERE LANDLORDS GO FOR SUCCESS

According to the latest Zillow Rent Forecast (covering August 2016 through August 2017) rents will rise in 34 of the 35 largest U.S. metros. Overall, rents are forecasted to rise 1.7% over the next year, the same rate of increase as the past 12 months. Interestingly, the northwest cities of Seattle & Portland are projected to rise 7.2% and 6% respectively-which will outpace San Francisco's projected increase of 4.9%. Go here for more. http://realestateinvestingtoday. com/zillow-forecasts-rising-rent-large-u-s-metros/

Is it time to check your

Install a smoke detector in every bedroom of your home and in the hall that leads to one or two bedrooms, and make sure there is at least one on each floor of your home, even in your basement.

Smoke Detectors?

Test your smoke detector each month and replace it if it doesn't work or if it is already 8 to 10 years old.

Smoke alarm safety is very important.

Having enough smoke alarms and keeping them in working condition are important fire safety steps you can take to save lives in your home and in the homes of your renters.

Replace your smoke detector batteries at least once a year and especially when you hear the warning signal that the battery is low.

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June 2018 MICHIGAN LANDLORD 19

RENTAL PROPERTY OWNERS ASSOCIATION

Work With Realtors Who Actually Own Rental Properties.

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WHERE LANDLORDS GO FOR SUCCESS

continued from page 18

for an assistance animal. And if they are forced under Fair Housing laws to accept an animal, they are going to have to come up with animal rules in the lease, will have to face the potential damage, the problematic issues of dealing with other tenants and all of the other negatives associated with allowing pets anyway, WITHOUT any of the benefits (like additional security and income) that you can get out of pets but not assistance animals.

Evaluating Risk Don't be so focused on minimizing your potential losses that you forget to maximize your bottom line profits. If a dog does $500 worth of damage but you got an extra $1,000 in security deposit and $2,500 in extra rent and fees, did you come out ahead? Of course you did — you made $2,000 and still have $500 in additional security. The key is to evaluate the potential risk and ensure that you are receiving proper security and compensation for that risk. That means evaluating your potential costs, setting a minimum requirement for a deposit on top of that and then potentially asking for more rent as an opening to negotiations.

It is also important to evaluate risk by doing a background check on the animal and its owners. If the owners have poor credit or a poor rental history, then it might be safe to say that such irresponsibility might also indicate that they won't be responsible pet owners that will keep their pet from damaging the property.

It's also a good idea to do some checking up on the animal itself. Get references from previous landlords, require copies of veterinary records and city licensing and feel free to exclude animals that might not have such a history (or charge an even higher deposit). Also, make sure that it is clear to the tenants that you are approving this specific animal and not giving them a license to bring in any animal they want. And remember, you still have the right to restrict pets based on breed, size, age, species or any other factor you wish.

The principle ways of off-setting risk are by: • Charging a higher deposit • Charging a negotiated amount of "pet rent" on top of the regular rent In addition to this, you should do regular inspections on all of your properties and make sure that the animal's behavior is not causing damage to the property or problems with the neighbors. By properly using these tools, you are able to not only ensure that the tenant can pay for almost any potential damage, but you can also make a tidy profit in the process.

Reprinted in part with permission of the Rental Housing Association of Utah.

May 2018 MICHIGAN LANDLORD 21

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Happy 50th Anniversary to the RPOA! That's 50 years of helping landlords and real estate investors succeed in the industry!

The RPOA offers help in many ways, including continuing education for landlords and real estate investors, governmental lobbying at the local and state level to help protect and further advance landlord rights and laws that pertain to landlords and real estate investors, national and local discounts with a number of industry leading companies and vendors, free online forms, credit checks and decision reporting, and much more!

We hope that you can come out and celebrate this wonderful achievement with us.

We want to honor not only the RPOA, but you, its' members, for being a critical part of the largest real estate association in Michigan!

Come out and enjoy some good food with other members, meet the staff, and have a great time. See you at the celebration!

June 2018 MICHIGAN LANDLORD 23

RENTAL PROPERTY OWNERS ASSOCIATION

Subprime Mortgages Making a Comeback with New Name Yes, you read that headline right…subprime mortgages are making a comeback and they have a new name: “nonprime.” Realty Check’s Diana Olick is reporting that although the subprime mortgage industry vanished after the so-called Great Recession it is now being reinvented as the “nonprime” market. In addition, she reports that Carrington Mortgage is now offering mortgages to borrowers with “less-than-perfect credit” and that demand from both borrowers & investors is exceeding expectations. Indeed…things might get weird, again…buckle up.

“California-based Carrington Mortgage Services, a midsized lender, just announced an expansion into the space, offering loans to borrowers, “with less-than-perfect credit.” Carrington will originate and service the loans, but it will also securitize them for sale to investors.”

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WHERE LANDLORDS GO FOR SUCCESS

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It’s true. Your source for paint is also your source for flooring.

Count on Sherwin-Williams Floorcovering Centers for leading brands, 24-hour turn and reliable installation.

And, of course, know that our Paint Stores are right around the corner with the coatings, tools and expert advice you need to complete the job. You see, for quality, competitive prices, and expert service, we’ve covered it all. To find the nearest Sherwin-Williams Paint Store or Floorcovering Center visit sherwin-williams.com/store-locator ©2015 The Sherwin-Williams Company

June 2018 MICHIGAN LANDLORD 25

RENTAL PROPERTY OWNERS ASSOCIATION

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WHERE LANDLORDS GO FOR SUCCESS

Homeownership & Rental Vacancy Rates Hold Firm The U.S. government is reporting that the national vacancy rates in Q1 2018 were 7.0% for rental housing and 1.5% for homeowner housing. The rental vacancy rate of 7.0% was virtually unchanged from the rate in Q4 2017

RPOA Members Get Over $46K

in Home Depot Rebates

As they say, it pays to be a member of the RPOA! RPOA members earned over $46,000 in rebates this past semi-annual period (July 1-December 31, 2017). If you are shopping at Home Depot and not getting your rebate checks, make sure you are correctly registered. If you have questions, please feel free to call Heather VandenBos at the RPOA to work you through the process. And, don’t forget, your membership not only earns you 2% cash back but it will enable you to save huge on paint, appliances and cabinets

How to Get Up to $18,000 from the City of Grand Rapids If you haven’t heard yet, rental property owners in Grand Rapids may be eligible to receive up to $20,000 (2-4 units) to make their rental units leads safe. The grant program typically pays to replace windows, doors and porch decking. In some cases, the program will pay for vinyl siding and exterior painting. Monies are also available to replace lead lines and more depending on the eligibility of the occupants and the location of the property. For more information, call Kathy Bartnick at the RPOA office at 616-454-3385.

June 2018 MICHIGAN LANDLORD 27

Upcoming Seminars & Events

RENTAL PROPERTY OWNERS ASSOCIATION

CE = CERTIFIED COURSE FOR REAL ESTATE CONTINUING EDUCATION PHP = PROFESSIONAL HOUSING PROVIDER CREDIT

HELPING REAL ESTATE INVESTORS BECOME MORE SUCCESSFUL June 5 @ 10:00 am - 12:00 pm

BASIC BUYING AND SELLING RENTAL PROPERTIES AND ACQUISITION STRATEGIES 2 Hours CE Credit for Licensed Real Estate Professionals 2 Hours Credit for RPOA PHP Buying and selling residential rental and investment real estate can be very profitable—if done correctly. However, there are many pitfalls and problems that can arise in real estate transactions. Learn the correct way to handle real estate deals and how to avoid complications and difficulties while saving money in the process and improving your return on investment.

Join Tom Koetsier, experienced buy and hold real estate investor and broker, as he eliminates the mystery from purchasing rental and real estate investment property. Through his class you will learn how to keep it legal and profitable as you negotiate inspections, title work, transfer taxes, and other important real estate transaction nuances.

June 5 @ 6:00 pm - 9:00 pm

REI ANALYSIS – ADVANCED METHODS FOR COMMERCIAL MULTIFAMILY 3 Hours CE Credit for Licensed Real Estate Professionals 3 Hours Credit for RPOA PHP Are you ready to move beyond the basics of real estate investment analysis? Do you want to invest in something more than single family rentals? If yes, this class is for you.

Getting into real estate investment can be easy… keeping the financial records necessary to manage expenses, cash flow, rent collection and tax preparation can be challenging. In this course you’ll learn the fundamentals of financial record keeping, cash vs. accrual, determining basis, how assets and income are managed under an LLC, and a lot more.

June 14 @ 6:00 pm - 8:00 pm

PROTECTING YOUR REAL ESTATE ASSETS 2 Hours CE Credit for Licensed Real Estate Professionals 2 Hours Credit for RPOA PHP As a landlord, do you know if you’re protected from vandalism, damage from burst pipes, or injuries resulting from environmental sources such as mold? Will your personal assets be protected from claims and creditors in a financial crisis? If you would like to know the answers to these questions or have other questions about your legal rights and responsibilities as a landlord, this course is for you! Join David Hill, RPOA Attorney, as he explains how to best protect your valuable assets from claims, lawsuits, and other un-doings.

Learn about what situations can create financial problems for landlords, your liability risk, and the steps you can take to protect yourself and your assets through business structure.

Also, learn about insurance and how trusts affect these issues.

Whether you are a beginning or experienced real estate investor, landlord, or a broker looking to get the best value for your client, you need to understand and know how to run your numbers.

While this is true for smaller deals, the numbers are even more important for larger more capital intensive investments in commercial multifamily. A lot of people believe MATH is a four-letter word. But there’s no getting around the truth that in real estate MATH = MONEY!

June 19 @ 10:00 am - 12:00 pm

The instructor, Brian Hamrick, controls 380 units and has bought and sold over $16 million in real estate assets. Brian also hosts the “Rental Property Owner & Real Estate Investor Podcast”, which is sponsored by the RPOA.

What’s your plan for your transition into retirement? Are you planning to divest yourself of all your real estate before you retire? Or, are you planning to have family members or existing partners or employees take over the business and send you monthly checks? Or, are you planning to sell off your real estate assets a few at a time in order to fund your retirement—maybe selling your rentals on land contracts?

June 7 @ 6:00 pm - 8:00 pm

ACCOUNTING SYSTEMS, CASH FLOW & TAX BASICS

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2 Hours CE Credit for Licensed Real Estate Professionals 2 Hours Credit for RPOA PHP

TRANSITION PLANNING FOR REAL ESTATE WEALTH It’s never too early or too late to think about how you’re going to build wealth, plan for retirement and leave a legacy for which you can be proud.

In this course you’ll learn proven strategies to turn your real es-

REI Happy Hour Meetup

RPOA Women's REI Meetup

4nd Monday of the Month at 5 p.m.

Harmony Hall 401 Stocking Ave NW, Grand Rapids, MI

Once a month at 5:30 p.m.

See our meetup group on www.meetup.com for updated information

! s u n i Jo

! s u n i o J

REAL ESTATE INVESTORS (REI) FRIDAY MORNING BREAKFAST ROUNDTABLE Held every Friday, 8–9 a.m.

Cheshire Grill / 2162 Plainfield NE, Grand Rapids, MI

West Michigan REI Club Meetup WHERE LANDLORDS GO FOR SUCCESS 2nd Monday of the Month at 6 p.m.

Buffalo Wild Wings Grill and Bar 2720 44th St. SW, Wyoming, MI

REGISTER BY CALLING 800.701.7762 OR EMAIL CONTACTRPOA@RPOAONLINE.ORG tate investments into a reliable stream of income that will last a lifetime and avoid the cataclysmic results of being unprepared.

Upcoming EPA RRP Courses

June 21 @ 8:00 am - 5:00 pm

June 27 @ 8:00 am - 5:00 pm

MICHIGAN BUILDERS PRE-LICENSE 60 HR (5 DAYS) To obtain your Michigan builders license, you are required to take Michigan Builders Pre-License course.

This course is the State Approved Residential Builders Licensure. You will learn all seven disciplines (42 hours of instruction) in addition to electives (18 hours of instruction) to fulfill the 60-hour State requirement. You will receive the application forms and information needed regarding the Residential Builders exam.

• • • • • • •

Regulatory and statutory requirements Marketing and sales Business management Estimating cost, project management and scheduling Contracts, risk management, and liability Michigan Occupational Safety and Health Act (MIOSHA), Michigan Residential Code, and Building Science 5 Days course. June 21, 22 – 25, 26 & 27.

EPA RRP CERTIFICATION TRAINING 8 Hours CE Credit for MI Licensed Real Estate Professionals & Builders Earn EPA RRP Renovator Certifications Not knowing how to work in a lead-safe manner can expose your rental business to liability. The EPA now requires all landlords to use lead-safe work practices and be certified under the new RRP rules. Ed Wenz, Certified Lead Safe Work Practices Trainer, licensed contractor and Landlord, will teach lead-safe work practices in a comprehensive session. Seating limited to only 12 participants! Don’t wait to register. $215 Members/ $235 Non-members

June 28 @ 8:00 am - 12:00 pm

EPA RRP REFRESHER COURSE This course teaches rental property owners, contractors and other paid professionals how to work safely in housing with lead-based paint and comply with EPA’s Renovation, Repair, and Painting (RRP) Rule, and HUD’s Lead Safe Housing Rule. If you have a current RRP Certification, look at your expiration date. If you took the RRP class 5 years ago, you are due for recertification. Sign up before your expiration date to maintain your eligibility for this class. Those who wait until or after the expiration date will be required to take the 8 hour class instead of the 4 hour class. $168 Members/ $188 Non-members

All events are held at the RPOA office unless otherwise noted.

Cost: $35 Gold/Silver/Affiliate members, $45 non-members unless otherwise noted.

June 2018 MICHIGAN LANDLORD 29

RENTAL PROPERTY OWNERS ASSOCIATION

Procedures & Prices RPOA & REI DECISION REPORT REQUEST

PLEASE FOLLOW THE PROCEDURES BELOW WHEN REQUESTING DECISION REPORTS FROM THE RPOA: • When possible, please use the RPOA Decision Report Request

Form and fax it to the RPOA office at 616-454-6163 OR send us an e-mail with the same information to: contactrpoa@rpoaonline.org.

(DO NOT fax applications to us.)

• You must have the following minimum information to run a report: • First and last name of prospective tenant(s).

• Current address of the prospective tenant, including street with number, city, state and zip code.

Ad-o-Grams CARPET CLEANING RPOA members receive 25% discount. Premium carpet care at affordable prices. Call for free estimates! RPOA member Dave Bigelow at 616-822-4710 or Grand Rapids Carpet and Furniture Cleaners at 616-453-5368.

• Social Security Number.

• Date of Birth • Your RPOA member #, name of membership, and an indication on how you would like the completed reports handled, i.e. faxed back to you (if so, provide the fax number), or you will call the office for the report, or you will pick up the report in person.

• WAIT AT LEAST THREE (3) HOURS before contacting the RPOA office for your reports. Though we can sometimes get reports done quicker, there are many things out of our control that can interfere with this process, including but not limited to credit reporting agency computer problems.

• Contact us for your decision report results promptly. For reasons of confidentiality we shred all reports after 3 days.

AAA

OTHER GUIDELINES FOR DECISION REPORTS: • You cannot run a decision report on yourself.

• You can only run a decision report on another family member if you are doing a business transaction with that person that is related to real estate or rental property.

• You cannot run a decision report for another business person, real estate agent or landlord. Your credit reporting privileges through RPOA extend only to your personal business.

• You can only run a decision report for a legitimate business transaction where credit is required. These transactions include owner financed real estate, leasing, collections and land contracts.

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• You must follow all the rules and regulations of the Federal Fair Credit Reporting Act. A copy of this Act is available at the RPOA. • You must give a person denied housing or financing because of information contained in a credit report a notice to that effect. Examples of notices that you can use and what needs to be included in the notice can be found in the RPOA office; or log on to the RPOA website (www.rpoaonline.org) and go to Tenant Screening.

REPORT PRICES (AS OF JANUARY 2017) Single: $18.50 Double: $30.50 Criminal Background Report, additional charge.

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(616) 532-3626 or (888) 821-8846 Gerritsappliances.com

RENTAL PROPERTY OWNERS ASSOCIATION

WHERE LANDLORDS GO FOR SUCCESS

BOARD OF DIRECTORS

1459 Michigan St. NE • Grand Rapids, MI 49503

President: Brian Hamrick (616) 975-9770 E-mail: brian@higinvestor.com President Elect: Kim Post (616) 648-9752 E-mail: kim@postandassociates.org Secretary: Keith Littlepage (616) 292-7964 E-mail: Keith@SuccessInvestS.com Treasurer: Justin Workman (616) 318-6400 E-mail: worknitproperties@gmail.com Tom Koetsier: Past President

Phone:

(616) 454-3385 • Fax: (616) 454-6163

(616) 550-4447

E-mail:

contactrpoa@rpoaonline.org

Web Sites:

www.rpoaonline.org

www.MIrentalguide.com

www.tenanthistorywebsite.org

Office Hours:

Monday - Friday 9:00 AM - 5:00 PM

The Rental Property Owners Association is a nonprofit business association whose mission is to support and facilitate its members’ success in real estate investment and management.

Steve DeKoster (616) 776-0572 Gary Hall (231) 798-6430 David Hill (616) 254-8417 Allison Koetsier (616) 633-9445 James Loftus (616) 889-0488 Rob Minch (616) 540-2270 Sharon Olson (616) 550-7181 John Potter (616) 318-1549 Mark Troy (616) 452-4200 Russ VandenToorn (616) 965-2300

Email: tkoetsier@grar.com

E-mail: sdeko@aol.com E-mail: rent@altpropertymanagement.com E-mail: dhill@kreisenderle.com E-mail: akoetsier@compass101.com E-mail: loftja@gmail.com E-mail: minch1973@hotmail.com E-mail: smolson4@live.com E-mail: jpotter@grar.com E-mail: mtroy@compass101.com E-mail: russ@rentupm.com

RPOA STAFF: (616) 454-3385 Clay Powell, Director E-mail: clayp@rpoaonline.org Kathy Bartnick

E-mail: rpoaoutreach@rpoaonline.org

Ava Grover

E-mail: avag@rpoaonline.org

Heather VandenBos E-mail: heatherv@rpoaonline.org Rachel Wood

E-mail: rachelw@rpoaonline.org

MAGAZINE EDITOR Clay Powell (616) 454-3385

E-mail: clayp@rpoaonline.org

MAGAZINE DESIGN & LAYOUT Rachel Wood

E-mail: rachelw@rpoaonline.org

AD SALES Kathy Bartnick (616) 318-3503

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E-mail: kvallie@aol.com

June 2018 MICHIGAN LANDLORD 31

“

Over 100,000 listeners in Michigan, all 50 States and throughout the world.

“

Each week we discuss topics, tips and techniques designed to make you a more confident and successful rental property owner and real estate investor.

Interviewees include buy and hold investors, flippers, wholesalers, property managers, brokers, legal advisors, insurance providers, mortgage brokers— you name it; we’re talking to some of the top names in the real estate investing business in Michigan.

Our host is Brian Hamrick from Hamrick Investment Group. Brian is a successful multi-unit and apartment investor with over 450 units in Grand Rapids, Wyoming and Lansing, Michigan.

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