SEPTEMBER 2019 RHA UPDATE NEWS LETTER

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September 2019

A monthly newsletter published by the Rental Housing Alliance Oregon

rha est. 1927

www.rhaoregon.org

In this issue:

RHA Calendar of Events .................................... page 2

BACK TO SCHOOL

President’s Message ..... page 3 Landlording 101 ................ page 4 Clogged Drains................ page 5 THANK YOU PICNIC SPONSORS .......................... page 6 Property Managers & Homeowners Associations....................... page 7 The No “No Cause” Era .......................................... page 8 Property Ownership & 1031 Exchnages ........................ page 11

See President’s Message Page 3

RHA Calendar of Events September Dinner Meeting Wednesday September 18, 2019

Price: $35.00 per person if registered by end of business September 13, 2019 $45.00 per person if registered after end of business September 13, 2019

Adam Abplanalp from the Cobalt Group will give a review of new Oregon tax laws, the Tax Cuts and Jobs Act, how they affect small landlords, and what they can do to maximize your tax savings.

When: Wednesday, September 18, 2019 at 6:00pm Location: Spin Catering at the Tony Starlight Showroom 1125 SE Madison St., Portland, OR 97214

Parking vouchers available.

Menu: Organic mixed greens with seasonal toppings and dressing on the side, Artisan roll with butter, Herb roasted chicken medallions, Beef tri-tip thin sliced, Sweet potato mash, Seasonal vegetables, and Fresh baked cookies.

For additional Dinner Meeting Information visit: https://rhaoregon.org/event/september-2019dinner/ Must register with RHA Oregon to attend

DATE

EVENT

LOCATION

TIME

INFORMATION

9/2

Labor Day

RHA Oregon Office

9:00am5:00pm

Closed in Observance of Labor Day

9/11

Board Meeting

RHA Conference Annex

4:00pm

9/18

Dinner Meeting

Tony Starlight Showroom

6:00pm

9/21

Mentor Roundtable

RHA Conference Annex

11am

10/9

Board Meeting

RHA Conference Annex

4:00pm

10/15

Dinner Meeting

CFM Gresham

6:00pm

10/24

Mentor Roundtable

RHA Conference Annex

6:00pm

See Above for more details

Members Only FREE Dinner Meeting

DATE

CLASSES

LOCATION

TIME

INSTRUCTORS

9/12

Successful Real Estate Investing

RHA Conference Annex

6:30pm

Cliff Hockley w/Bluestone & Hockley

9/19

Tax-Deferred 1031 Exchanges

RHA Conference Annex

11:30am

Austin & Roger W. Bowlin w/ Real Estate Transition Solutions

9/19

Screening Class

WebEx

7:00pm

Marcia Gohman w/National Tenant Network

9/24

Risk Management Reduce Liability

Standard TV & Appliance Beaverton

6:30pm

Amber Clark w/The Garcia Group

9/24

Screening Class

WebEx

7:00pm

Marcia Gohman w/National Tenant Network

10/4

Screening Class

WebEx

11:00am

Marcia Gohman w/National Tenant Network

10/8

Screening Class

RHA Conference Annex

11:00am

Marcia Gohman w/National Tenant Network

10/10

Fire Prevention & Safety

RHA Conference Annex

6:00pm

Kim Kosmas w/ Portland Fire & Rescue

10/17

Water Intrusion Problems

RHA Conference Annex

11:30am

John Lombardi w/John’s Waterproofing

10/18

Screening Class

WebEx

7:00pm

Marcia Gohman w/National Tenant Network

10/19

Landlording 101

Holiday Inn- Wilsonville

9:00am

Mark Passannante w/Broer & Passannante

10/22

Mold Prevention & Remediation

Standard TV & Appliance

6:30pm

Mike Gardner w/ Real Estate Mold Solutions

For additional class/event information visit: https://rhaoregon.org/education 2

RENTAL ALLIANCE UPDATE SEPTEMBER 2019

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President’s Message Back to School

Ah – September. The days are not quite as long, our mailboxes (or inboxes) are full of Labor Day sales ads, and millions are gearing up to go back to school. When my wife and I first became landlords, we both worked full-time jobs at Vanderbilt University in Nashville, Tennessee. This time each year marked a bittersweet shift in our lives as we returned from our relatively unstructured summer schedules to the routine of teaching classes, advising students, and serving on committees. Our primary tenant base comprised of mostly graduate and professional students, so we often also had turnovers at our rental properties. September was a busy time.

Today, I look back with some amazement at how we were able to balance all the demands of our time at our “day jobs” and still manage our rental properties. How times have changed. The rapidly changing environment for housing providers here in Oregon, and specifically in Portland, has significantly increased the time I spend on property management issues; it is only because we don’t both work full-time that we are able to hold on to our property rental business. I suspect this is true for many RHA members; regulatory changes in our business have far outpaced the ability of most of us to keep up.

So, as the yellow buses return to the roads, and the crossing guards return to the crosswalks, take a moment to consider your personal back-to-school strategy. Are you up to date on this year’s statewide law covering rent control and no-cause terminations? If you have properties

in the City of Portland, are you fully familiar and compliant with the (now permanent) relocation ordinance? Are you ready for the new screening and security deposit regulations coming March 1?

If you have mastered all these topics, congratulations! If you haven’t, you might consider going back-to-school yourself and enrolling in some classes offered by RHA Oregon this fall. We will be covering these topics regularly as part of our introductory and special topics classes. You might also attend one of our dinner meetings: this month features Adam Abplanalp of The Cobalt Group, a Portland accounting firm that has many landlords as clients. As you may have discovered this past April, the 2018 Tax Cuts and Job Act had several consequences for housing providers.

Adam will be speaking on “Tax and Accounting Strategies for Landlords,” including a review of new Oregon tax laws, the TCJA, and what you can do this year to maximize tax savings. I hope to see you there.

Also, September is FEMA National Preparedness month.

This isn’t just about hurricanes on the Eastern Seaboard – we here in Oregon should also prepare for the various possible disasters that may affect our properties and our tenants. Whether you are renting out single family homes or multiplexes, I hope that at least one of your tenants knows where the fire extinguishers are located, and how to turn off the water, gas, and electric supplies to your property in the event of an emergency.

Finally, a HUGE thank you to the many affiliate and dual members of RHA Oregon that sponsored our annual picnic last month. You will find them listed elsewhere in this issue. While there are many topics we can master through ongoing education and experience, some things are best handled by other professionals. Please look first to these service providers when you are looking for help with your property management.

Ken Schriver RHA Oregon President

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RENTAL ALLIANCE UPDATE SEPTEMBER 2019

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RENTAL ALLIANCE UPDATE SEPTEMBER 2019

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Clogged Drains are Never Ideal for Tenant or Landlord

by Keepe, reprinted from the Rental Housing Journal

Recently, Keepe has been getting many jobs for clogged drains; these situations are never ideal for anyone. To help you when you encounter such issues, here are some tips from our maintenance crew.

Consider this scenario: Your tenants are trying to take a shower and the water keeps coming up on their feet (or even higher).

If you are dealing with a lot of standing water, the drain is probably clogged and fixing tenant drain clogs is something you should address as soon as possible.

Standing water for long periods of time can lead to more problems for you. Depending on the severity of your drain’s clog, you might be dealing with standing water sitting in your tub for hours or even days. Insects tend to breed in standing water; mainly mosquitoes, flies and dragonflies, and they’ll be a nuisance if allowed to reach adult form and continue to breed. These insects can also carry diseases that can harm your family or your pets. Standing water also causes mold and mildew to form; this is a breathing hazard for anyone in the home.

To get rid of the nasty clogs, try using baking soda and vinegar. Mix 1/3 of a cup of baking soda with 1/3 of a cup of vinegar in the measuring cup. It will fizz immediately; pour it down the clogged drain right away. The fizzing action will help remove the gunk, hair and grime that has built up in the pipe. Let it sit for an hour, or even overnight if you can. Flush with hot water to melt whatever is clogging your drain away.

Keepe is an on-demand maintenance solution for property managers and independent landlords, making hundreds of independent contractors and handymen/women available at rental properties. Keepe is available in the Greater Seattle area, Greater Phoenix area, San Francisco Bay area, and Portland area, and is still expanding. Learn more at http://www.keepe.com 5 Tips to Help With Fixing Clogs 1. Use a drain claw to help grab hair or anything else that may be blocking the drain.

2. Pour dishwashing liquid and hot water down to clean drains.

3. Invest in a drain wig to help prevent hair clogs.

4. Use granular drain and trap cleaner to help prevent food or grease-based clogs.

5. To help prevent future clogs, regularly fill the tub or sink with hot water and let it drain. This helps flush away small levels of debris before that can become a bigger problem.

FIND EVICTIONS STRESSFUL?

503-­‐242-­‐2312

Full FED Service First Appearances evict@landlord-­‐solutions.com Small Claims

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RENTAL ALLIANCE UPDATE SEPTEMBER 2019

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A Big Thanks to those who Sponsored the RHA Annual Picnic this year!

GOLD SPONSORS

Warren Allen LLP Broer & Passannante John’s Waterproofing Rarebird Property Management Beutler Exchange HFO Investment Real Estate Good Affordable Roofing

SILVER SPONSORS Real Estate Transitions Solutions Frost Pest Management Bluestone & Hockley The Garcia Group Stegmann Agency LizC Real Estate Investments

BRONZE SPONSORS Real Estate Mold Solutions From Here 2 There National Tenant Network Gateway Property Management Willamette HVAC Kaady Appliance Anderson & Associates O’Meara Carpet Cleaning

The picnic sponsorships keep the entry fee down to $5.00 per adult , and zero charge per child every year, and this year the sponsors assisted in making the ride bracelets available to members for $12.50 as the retail price of the bracelets is more than $20.00.

RHA wants to make sure that we give a great BIG THANK YOU to all those that sponsored.

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RENTAL ALLIANCE UPDATE SEPTEMBER 2019

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What value do property managers add when they manage Homeowner Associations?

by Cliff Hockley & Pam Hill, Bluestone & Hockley Real Estate Services

We recently surveyed our owners and were surprised to learn that many of them have no idea what an HOA /Community Association Manager does for them. The goal of this article is to help clarify this.

Property management companies’ partner with the association’s Boards of Directors in order to maintain or maximize property values, maintain a comfortable living environment for all owners and create the infrastructure for a successful association. This is a big responsibility and it’s prudent to use a professional specializing in community association management.

We have assembled a short list of some, but certainly not all, of the many things that community association managers do for clients.

The role of the manager and management company is to act as the agent on behalf of the association. There are many responsibilities delegated to the property manager which are typically of an administrative nature.

Organization – Administrative services • • • •

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Serve as the primary contact for all association issues Respond to daily owner requests – via letter, email, phone and often now by text.

Rule enforcement: the most common issues are rental caps, parking, security, pets, and excessive noise and other nuisances.

Track property transactions -Coordinate with real estate brokers and lenders during a sales transaction -Maintain the website with association documents and details Facilitate Architectural Review requests – process applications for building alterations and review with the board and the architectural review committee. (continued on page 10) www.rhaoregon.org

RENTAL ALLIANCE UPDATE SEPTEMBER 2019

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The No “No Cause” Era of Portland Residential Property Leasing.

by Charles Kovas, Charles A Kovas Law Firm It’s a difficult time to be a residential landlord in Portland, Oregon. Owners have found that their property, which was once an investment, is now controlled by their renters. In other words, even though a basic right of property ownership is the ability to use the property for any lawful reason, once you rent it you are stuck leasing it indefinitely unless the renter breaches the law or your rental agreement.

In Portland, an owner can only serve a no cause notice if they are willing to pay the tenant to move and provide 90 days’ notice. The cost ranges from $2900 for a studio, $3300 for a 1 bedroom, $4200 for a 2 bedroom, up to $4500 for a property with 3 bedrooms or more. There are a dozen exceptions to this rule, including landlord sharing the dwelling, landlord living on the other side of a duplex, ADUs, moving in an immediate family member, etc.

Outside Portland, an owner can serve a 30 day no cause notice at the end of the 1st year. Note that Milwaukie and Bend extend this to 90 days.

If the owner has 5 or more residential units, after the 1st year an owner cannot serve a no cause notice at all. If the owner has 4 or fewer units, the old standard of a 60 day notice of non-renewal still applies.

The owner with 4 or more residential units is forced to continue to rent in perpetuity unless the tenant breaches the law, the rental agreement or the owner has one of four (4) alternate uses for the property, known as “Stated Cause.”

A stated cause notice is a 90 day notice, with payment of 1 month’s rent for one of four (4) Stated Cause reasons.

the dwelling unit, to the tenant not more than 120 days after accepting the offer to purchase.

Lastly, if a tenant is on a term lease, and commits 3 or more violations of the lease within a 12 month period, the landlord can choose not to renew with 90 days’ notice at the end of the term as long as the owner has sent warning letters informing tenant of this 3 strikes law.

Alternative. The money payment is triggered by the service of a notice of termination. If the owner can communicate with the tenant peaceably, the owner can propose a Termination Agreement. A Termination Agreement is a written agreement where tenant gives landlord a notice of Termination in exchange for something, such as free rent, or more than 90 days. Anything that has legitimate value grounds the Termination Agreement. The Termination Agreement must state that it (1) constitutes a notice of termination from tenant to landlord. (2) Landlord intends to rely on the Agreement in managing the property, and (3) The Termination Agreement can be filed in court if tenant fails to comply.

These Termination Agreements provide an alternative, particularly outside of Portland, where the relocation penalty is not so exorbitant. More importantly, a Termination Agreement provides a measure of control to owners and hopefully saves money on legal costs. © 2019. Author Charlie Kovas is an attorney and a member of the Board of Directors for the Rental Housing Alliance Oregon. The Law Firm of Charles A. Kovas, 4949 Meadows Road #600 Lake Oswego, Oregon 97035. Phone: (503) 496-5543, Fax: (503) 496-5510, or email, charleskovaslaw@gmail.com

(1) The landlord intends to demolish the dwelling unit or convert the dwelling unit to a use other than residential use within a reasonable time; (2) The landlord intends to undertake repairs or renovations to the dwelling unit within a reasonable time and: (A) The premises is unsafe or unfit for occupancy; or (B) The dwelling unit will be unsafe or unfit for occupancy during the repairs or renovations; (3) The landlord intends for the landlord or a member of the landlord’s immediate family to occupy the dwelling unit as a primary residence and the landlord does not own a comparable unit in the same building that is available for occupancy at the same time that the tenant receives notice to terminate the tenancy; or (4) The landlord has: (A) Accepted an offer to purchase the dwelling unit separately from any other dwelling unit from a person who intends in good faith to occupy the dwelling unit as the person’s primary residence; and (B) Provided the notice and written evidence of the offer to purchase 8

RENTAL ALLIANCE UPDATE SEPTEMBER 2019

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Dear Maintenance Men

by Jerry L’Ecuyer & Frank Alvarez

Dear Maintenance Men: I have just received a code enforcement violation letter for some problems I was not aware of at my building. I typically keep my property in good order, but a few maintenance items may have slipped by. The violation letter has me very upset, as the problems mentioned are minor. How do I make this all go away? What do I do first?

Bill Dear Bill: It is always a bit upsetting to have someone else tell you what to do with your property. The first thing to understand about a code violation letter is that it is not a personal attack. Look at the violation letter as an opportunity. The city is giving you a heads up to potential problems at your building. You may have a drug or gang issue you were not aware of or landscaping issues, or even deferred maintenance issues.

Essentially, it is a wakeup call to pay closer attention to your building & neighborhood.

The first thing to do when you get a code enforcement violation letter is to call the city and speak to the code enforcement department. Make the call with an open mind and calmly get the facts. The purpose of the call is to let the code enforcement department know you are aware of the situation; you are cooperative and willing to resolve the issue.

Keeping the lines of communication open with the city is essential to solving your current issue. Should you need more time to compete the corrections, contact the officer in charge of your case and ask for an extension. The violation will not go away if you ignore it! Take before and after pictures of the repairs or issues. Upon correction of the violations, call the code enforcement department and let them know the work is complete. The faster they sign off on the violation letter the better.

Dear Maintenance Men: I am updating my resident move-in letter about the proper usage of the appliances in the unit and I have a question about coffee grounds. I have always heard it is bad to put coffee grounds down the garbage disposal unit, but don’t know why? The grounds are finely ground and should pass through the disposal just with no problem. Can you enlighten me?

Lenny

use enough water to wash it away. What happens with the coffee grounds, especially with back-to-back drains, is that the coffee grounds tend to pile up in the pipe as it goes through the wall. Over time it will pack the pipe completely.

The garbage disposal does not have trouble with the grounds themselves; it’s what happens after they leave the disposal.

Again, if the coffee grounds are fed slowly into the disposal with plenty of water running, the grounds will disperse and not compact in the drain line. Unfortunately, we find most residents are not really patient enough and just dump the grounds and go.

Dear Maintenance men: I have given my residents information on how to prepare a personal emergency preparedness kit for their families. My question is for you is: does my Apartment or commercial building need an emergency preparedness kit? And if so, what should be in it?

Diana Dear Diana: 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 shutoff 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 Lenny: The problem with coffee grounds is most people just dump the contents of the coffee machine into the drain and don’t www.rhaoregon.org

RENTAL ALLIANCE UPDATE SEPTEMBER 2019

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What value do property marnagers add CONTINUED FROM PAGE 7

•

Make sure the property and the property owners carry the appropriate property and liability insurance. insurance.

Accounting / Financials • • • • • • • •

Prepare monthly financials and share with the board on a monthly basis Collection of monthly assessments Track special assessments Track property and ownership transitions Draft an annual budget and coordinate with Treasurer, Board, and Owners Tracking of delinquent assessments Coordinating with association Attorney regarding collections Review, approval, and payment of all association bills

Attend staff, Board and subcommittee meetings • • • • • •

Schedule and attend board meetings and subcommittee meetings such as landscape and building maintenance subcommittees Consult /guide board members to fulfill their duties Execute directives from the board Help document board activities – board meeting minutes and newsletters – web sites Help obtain financing for large projects Work with board and attorney regarding the update of CC & R’s (Covenants Conditions and Restrictions), Bylaws, and collection and enforcement resolutions.

regulations as outlined in the Association’s Declaration, Bylaws, Amendments and Resolutions agreed upon by the Board of Directors on behalf of the HOA. It’s difficult to keep everyone happy when you are the Property manager. Our goal is to communicate as clearly and as often and possible to reduce miscommunication and encourage a cooperative living environment. As you can see from the task list above, it is a huge assignment.

Pamela Hill Pamela joined Bluestone & Hockley Real Estate Services as a Community Manager in 2001 and was promoted to Department Manager in 2002 which she served for five years before taking a hiatus to spend more time with her family.

She returned to the position in 2011 and was promoted to Vice President in 2013. Prior to Bluestone & Hockley, Pam had served as a licensed real estate agent and had owned and operated two contracting companies, Conservex Building Maintenance and Northridge Contractors, Inc. Pam’s knowledge, experience and positive, can-do attitude brings great energy and motivation to her department. She is a Certified Manager of Community Associations (CMCA) and the sitting President of Oregon/Washington Community Association Managers (OWCAM). A member of a homeowner’s association for the past 13 years, Pam identifies with the needs of her clients. Her strong background in business administration, project management, contract negotiations, and customer service make her an integral part of our Community Association Department.

Coordinate day to day maintenance with the appropriate vendors • • • • • • • • • • •

Assist in the preparation of Annual Reserve Study update Coordinate scheduled service items outlined in the yearly Maintenance Plan Make sure the building services are being bid out and completed Landscaping Ensuring trash enclosures and other shared areas are policed Coordinate the maintenance porters Pool chemical servicing and maintenance Exterior Lighting Private roads Marina maintenance Obtain bids for major projects

Being a community manager can be a difficult job because of the many details, and often a community manager is the property rule enforcer for the association. Despite what many homeowners think, property management companies do not set any policies or rules pertaining to homeowner associations, nor do they determine the penalties for non-compliance. Rather, the management company’s responsibility is to enforce the community policies and 10

RENTAL ALLIANCE UPDATE SEPTEMBER 2019

IMMEDIATE

RESPONSE Sean & Shelby Goforth 503-517-9027

junkawayhauling@gmail.com Your items picked up are recycled and/or donated Shelby Cell: 971.998.4654 Sean Cell: 971.808.6387 PORTLAND

VANCOUVER

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Property Ownership Structure & 1031 Exchanges

by Roger W. Bowlin, Real Estate Transition Solutions Co-ownership structure issues are one of the most common stumbling points for 1031 exchanges, however this need not be the case. With proper understanding and planning, most co-ownership structures can be worked through to satisfy the coowner’s respective investment objectives.

PARTNERSHIPS One common situation we advise clients in is the exchange of property owned by either a partnership or LLC in which one or more of the partners/members intends to cash out their interest at the time of the transaction. Determining the appropriate exchange method to address this situation depends on the number of partners in the partnership. If there are three or more partners and the partners interested in exchanging their proceeds own, in aggregate, more than 50% of the partnership, then exchange methods in which the original partnership is preserved as an existing entity are possible. One possible method is for the partner who wishes to be cashed out of the partnership to receive a distribution of their partnership interest in the form of an undivided interest in the relinquished property in advance of the sale of the property, essentially creating a Tenant-In-Common ownership structure with two interests – the original partnership (less one partner) and the individual partner who wishes to receive cash proceeds from the upcoming sale of the property.

Due to the fact that an exchange can identify and close on multiple replacement properties, another approach arises.

A partnership can exchange into multiple properties, then amend the partnership by-laws so that the majority of the rights of each respective property are allocated to each individual partner with the other partners taking minority positions in all properties except that which they are allocated the majority of.

Other approaches such as direct partner buy-outs and partnership divisions consistent with IRC §708(b)(2) are also possible before, during, or after an exchange.

LLCS Sole-owner LLCs in which the property is held by an LLC in order to gain liability protection are considered to be sole proprietorships for exchange purposes. A multi-member LLC that has not elected to be taxed as a corporation is considered to be a partnership for tax purposes and will be treated as such for exchanges as well, thus many of the entity restructuring techniques described earlier, as they relate to partnerships, are still possible and perhaps even easier within the context of a multi-member LLC. TRUSTS Generally, trusts fall in two overall categories, revocable and irrevocable. Trusts in which the grantor of the trust’s assets maintain their power of revocability through IRC §676 are considered to be “disregarded entities” for tax purposes, thus the grantor is considered to be the taxpayer www.rhaoregon.org

exchanging the property. If the trust is irrevocable the trust itself is considered to be the taxpayer and any replacement property must in its entirety be owned by the same entity.

Note, that trustee(s) are not considered to be the taxpayer(s) performing the exchange, regardless of whether the grantor is deceased or not. The exception to this rule presents a unique ownership structure referred to as DSTs. Delaware Statutory Trusts (“DSTs”) are used to facilitate ownership of property by multiple owners. In a DST, a trustee holds legal title to a property, and investors can purchase “beneficial interests” in the trust. In Revenue Ruling 2004-86, the IRS determined that the owners of the beneficial interests are treated as grantors of a grantor trust, and for tax purposes own fractional interests in the underlying property held by the trust. Therefore, a beneficial interest in a DST that owns real property is of like kind to a fee interest in real property.

While there are numerous other co-ownership structures, many of which are nuanced, rarely is an investor’s particular situation insurmountable. Do not hesitate to contact us if you have any questions regarding the specifics of your ownership structure when evaluating your options.

If you have an issue or a concern relating to your investment property ownership and are interested in learning more about tax-deferred 1031 Exchanges and the various options available to you, I invite you to attend our FREE Fall 2019 Investment Property Owner Education Lunch: 1031 Exchange Basics in Portland. This complimentary, informative education lunch will provide you with an overview of 1031 Exchanges, why they are used and how they work, the benefits vs. risks, and what property types qualify. If you are interested in attending our FREE 1031 Exchange education lunch and would like for more information, please email Nancy Duckett at nduckett@re-transition.com.

For a more on 1031 Exchanges and Real Estate Transition Solutions, visit our website at www.re-transition.com.

Roger W. Bowlin, Founding Partner of Real Estate Transition Solutions, provides exit strategy analysis, execution, income and equity replacement options for investment property owners. If you have questions relating to your investment property ownership, please email him at rwbowlin@re-transition.com or call (206) 6862211.

RENTAL ALLIANCE UPDATE SEPTEMBER 2019

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Considering Selling Your Investment Property?

Considering a

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ASK US ABOUT:

1031 Exchange Solutions Real Estate Investing Seminars and Workshops Passive Investment Opportunities – No More Tenants Toilets and Trash!

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Learn More at www.kpi1031.com or call 1.855.466.5927

CALL TODAY

FOR A FREE BOOK ON 1031 EXCHANGES YOU WILL ALSO GET FREE 1031 EXCHANGE LISTINGS! 1.855.466.5927 or visit www.kpi1031.com

This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the “Memorandum”). Please read the entire Memorandum paying special attention to the risk section prior investing. IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax codes therefore you should consult your tax and legal professional for details regarding your situation. This material is not intended as tax or legal advice. There are material risks associated with investing in real estate, Delaware Statutory Trust (DST) properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appreciation are not guaranteed. Securities offered through WealthForge Securities, LLC. Member FINRA/SIPC. Kay Properties and Investments, LLC and WealthForge Securities, LLC are separate entities. Preferred return is not guaranteed, and subject to available cash flow.