CURRENT - May 2022 by RHAWA

focused on providing you with the tools and information you need to thrive as an independent housing provider.

VOL. XXXVI No. 5

May 2022

Whether you’re looking for tips on running your

R H Arentals, W Astrategies to build and maintain your wealth,

CURRENT

or want to find out some legal insights from leaders in their field, we’ve got you covered! For more information about registration and sponsorship opportunities, visit RHAwa.org/events *Early Bird Special only available through April 15, 2020.

R E N T A L

H O U S I N G

I N D U S T R Y

N E W S

2022 Spring Workshop + Tradeshow

Denise Myers | 11

Jaci Willoughby | 10

PRSRT STD US POSTAGE PAID PERMIT #13465 SEATTLE,WA

2022 Legal Forum

New Member Referral Program

Local Government

Jaci Willoughby | 6

Alex Robertson | 12

 A CLOSER LOOK

CHANGE SERVICE REQUESTED

Rental Housing Association of WA P.O. Box 31103 Seattle, WA 98103

Can't Find the Source of that Mysterious Smell in Your Home? Check Your P-Traps! Bruce Davis, Sr. | 34

UPCOMING EVENT

Renting Your Property with RHAWA May 12 | 3 p.m. - 4:30 p.m. ONLINE

/RHAofWA

epaper.RHAwa.org

CONNECT @RHAofWA

RHAwa.org

Rental Housing Association of WA

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CURRENT | May 2022

Spring 2022 Single-Family Leasing Market: Who is Moving & Why Cory Brewer | Windermere Property Management/ Lori Gill & Associates RHAWA Board of Director and Vendor Member

IN THIS ISSUE Should I Self-Manage? Hire a Property Manager? Use a Hybrid Approach?......................................4 New Members Referral Program..............................6 Events + Education: May Calendar..........................7 Industry in Motion......................................................8 Considering a Guarantor While Screening Applicants...........................................9 2022 Spring Workshop + Tradeshow.....................10 Local Government................................................... 12 Nobody is Home!..................................................... 13 Get Answers About New Seattle Laws.................15 State Court of Appeals Rules in RHAWA's Favor...16 New Look for the RHAWA Connect Forum!......... 17 How to Make a Difference in the 2022 Elections.................................................... 18 Vendor Listings....................................................... 21 Bremerton Market Report.......................................26 2022 RHAWA Legal Forum......................................28 Comparing 1031 Replacement Property: Fee Simple vs. DSTs..................................................30 Why Real Estate Syndication is Important for Delaware Statutory Trust 1031 Exchange Real Estate Investors..........................................32 Can't Find the Source of that Mysterious Smell in your Home? Check Your P-Traps!......................34

CONTRIBUTE Submit Educational articles featured in Current must be around 500 words, include a byline of the author, and a final paragraph with contact information. Deadline is 15 days before the print date (print date is approximately the 13th of the month proceeding the publication.) Submit to mcanfield@RHAwa.org.

Our brokerage (Windermere Property Management / Lori Gill & Associates) has about 1,700 homes under management, primarily single-family houses, throughout King & Snohomish Counties. We have a team of five leasing agents that account for about 80% of the leases at these properties in any given year. Just to set the table for the number of prospective renters that we are engaging with on a regular basis. Factor in the multiple calls, showings, and applications that come in on any given property and that’s a LOT of engagement with the prospective renting public.

The new development and job movement will be coupled with bringing workers back to the office in the wake of COVID-19. I’ve heard anecdotally about the thousands upon thousands of people that have already been hired by these companies who are currently working from home in other parts of the country (or the globe, really) and have not moved here yet. When they do, they’re going to need a place to live. Many of them are very intentional about their decision to rent for their first year in a new city, in order to learn the area before committing to a home purchase. Get ready.

So why are people moving? What prompts someone to call us about a house that’s for rent in Medina, Magnolia, or Mercer Island? In reviewing the bi-weekly leasing reports that our team has sent in over the past several months, here are some recent trends.

To piggy-back on that thought, we’re also seeing people make a relatively short move from Seattle over to the Eastside in anticipation of their job moving across the lake.

Tech workers coming to the Seattle area is nothing new, but it seems we are on the cusp of an absolute tidal wave of new techie hires flooding our market with housing demand. By the end of 2021, Meta (formerly Facebook) had leased five new buildings in the developing Spring District in Bellevue for a total of over 1.4 million square feet. Not to be outdone, Amazon is reported to eventually host 25,000 jobs in Bellevue. Let’s not forget about Microsoft, Google (more Kirkland campus construction underway as we speak), and any number of other tech companies that call the Seattle area home.

Additionally, a fair number of homeowners are looking for a temporary rental while they remodel their primary residences. New construction is difficult due to the scarcity and price of buildable lots. Housing values have increased significantly over the past few years, allowing homeowners to take advantage of their equity and put it into remodels & renovations. Many of these were planned before the COVID-19 outbreak, which shut down construction businesses to varying degrees, and there is a backlog of projects to get on the schedule. That’s a lot of people looking for a rental before they can send in their contractor.

And finally, a significantly growing trend – particularly in Seattle – has been the number of people looking to find a new rental because the owner of their current rental is selling. I’ve written about this quite a bit over the past couple of years in various publications, and we continue to hear about it from our leasing team every week. It is no doubt a hot seller’s market, but we also know that many rental home owners are selling their Seattle properties due to the evolving legislative environment. It’s an unfortunate situation, and to any household struggling to find another available rental home because the previous one is being sold I say this: You can thank your city council. With the exception of dense multi-family housing in the downtown Seattle core, all other markets in the Greater Seattle Area (according to my NWMLS research) have performed very well these past couple of years – particularly single-family houses, and in just about any neighborhood. As we distance ourselves from the pandemic, all the things that draw people to downtown Seattle will come back as well (jobs, dining, arts, sporting events, etc.). The demand is ever-growing throughout our region, and housing providers continue to offer something that meets a crucial need in our communities. As an industry advocate, RHAWA continues to support housing providers and showcase them as the assets that they are.

Advertise For advertising information (rates, production specifications, and deadlines), visit RHAwa.org/advertise.

RHAWA Current is published every month by the Rental Housing Association of Washington. Copyright ©2022 RHAWA Current with all rights reserved. Reproduction or use without permission of editorial or graphic content in any manner is prohibited. All copyrights, trademarks, and servicemarks are property of their respective owners. P.O. Box 31103 Seattle, Washington, 98103.

CONTACT US Accounting + Membership Administrator Geoff Schertz: (206) 905-0606 Administrative Assistant Val Kushi: (206) 283-0816 Board Administrator Jim Nell: jnell@ RHAwa.org Deputy Director Melissa Canfield: (206) 905-0615 Education + Resources Denise Myers, Director: (206) 905-0614 Government Affairs Analyst Alex Robertson: (206) 905-0611 Graphic Designer Dee Natour: (206) 905-0613 Grassroots Organizer Daniel Bannon: (206) 905-0609 Membership + Marketing Specialist Jaci Willoughby: (206) 905-0601 Member Services Specialist (Resource Desk) Sue Lewis: (206) 283-0816, option 3 Screening Chartrice Young, Director: (206) 283-0816, option 2

CONNECT WITH US  Facebook: Like us at facebook.com/RHAofWA  LinkedIn: linkedin.com/company/rentalhousing-association-of-washington  Twitter: Follow us at @ RHAofWA

Rental Housing Association of WA VENDOR MEMBER

Should I Self-Manage? Hire a Property Manager? Use a Hybrid Approach? Phil Schaller | RHAWA Vendor Member | CEO Rental Riff

Owning a rental property is a serious undertaking. It is not easy to provide a home for someone while also making good business decisions - doing both of these well is a requirement for success. Housing providers come in all shapes and sizes from all walks of life. Everyone’s situation is different and therefore there is no one-size-fits-all approach to managing rental properties. Some housing providers thrive in managing every aspect of their rental business themselves. Some housing providers want nothing to do with managing their rental. And of course, there’s everything in between.

automates many elements of rental management - listing the property, collecting applications, screening tenants, collecting rent, providing a lease, and more. These tasks are made much easier via rental housing provider software tools like apartments.com (Cozy), Avail, TurboTenant, and Rentec Direct. RHAWA also offers tenant screening services.

Let’s break down the main strategies for managing rental properties:

Maintenance and property-level support for tenants is something that can’t be completely solved by technology someone still needs to go to the property to fix the sink or help the tenants with the thermostat. These tasks will fall on the DIY housing provider to either complete themselves or find people to do it for them.

Self-Manage / DIY

Full Service Property Management

Some rental property owners see only one way to manage their rental portfolios: by themselves! While not for the faint of heart, going it alone means you can control costs and, if properly executed, create one of the most profitable systems.

If you’re interested in being hands-off, a full-service property management company will take care of everything. From finding and screening tenants, to collecting rent, to facilitating maintenance and repairs. As you can probably imagine, this comes at a cost. Typical property managers will charge a fee to find tenants (50-100% of one month’s rent) and a fee for the ongoing man-

Self-managers do have access to a strong ecosystem of technology that

agement (monthly fee of 8-12% of one month’s rent). The monthly fee doesn’t include any maintenance or visits to the property. In today’s rental environment this means thousands of dollars a year in fees. While there are great property managers out there, many are stretched thin. The main knock on property managers is not giving each property the attention it requires. Hybrid Approach

There is enough technology and services out there to create a hybrid strategy that works for a housing provider's particular situation. Going this route offers flexibility, cost-effectiveness, and being largely hands-off (if desired). Let’s break down how and where a hybrid strategy can be developed across the main elements of managing a property: •

Finding and Screening Tenants - housing providers can use the software solutions listed above (as well as RHAWA) or they can hire a property management company that provides this service a-lacarte.

• •

Rent Collection - another task housing provider software can provide. Ongoing Management - RentalRiff provides a unique service where a landlord can hire a Property Specialist (licensed/insured contractor) to provide on-call maintenance, tenant support, turnovers, assistance with showings, and serve as the main point of contact for tenants.

Most rental housing provider software tools are free to housing providers and RentalRiff charges a fraction of the cost compared to a property manager (and we have plans that include maintenance costs). This hybrid approach will be similar in profitability to going the DIY route. Again, there isn't a one-size-fits-all solution. Every rental housing provider should assess their situation and determine the best plan of attack. The good news is there are options available.

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CURRENT | May 2022

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Rental Housing Association of WA MEMBERSHIP

New Member Referral Program Jaci Willoughby | Membership + Marketing Specialist |  jwilloughby@RHAwa.org |  (206) 905-0601

Member Referral Program Give 10% off and Get a $25, $50 or $100 eGift Card as our Thank You Exciting news for members this Spring! We are introducing our Member Referral Program where you can earn monthly rewards! The #1 way new members find RHAWA is through referrals from our existing members, and as our way of saying thank you, we are introducing a brand new Member Referral program. Each month, starting in May you’ll receive a reminder email with a special Promo Code only valid that month to give to your friends, family members, colleagues and business partners. They’ll receive 10% off their first year’s annual dues! When they list your name as a referral on their application, you’ll also receive a special thank you gift. How Does it Work?

• • • • •

Each month an email will be sent to members with a special promo code to offer their colleagues, friends, and family to receive a 10% discount on membership. Ask new members to add your name to the "Referred by" field on their member application. Then enter the promo code at checkout to receive 10% off their 1st annual dues. Refer new members at the full membership rate between now and December 31, 2023. Earn a special e-gift card for every referral, awarded at the end of each month! That’s it! Your part in the process is done and you can sit back and reap the rewards!

Referring Member Rewards

•

For each new member you refer, you’ll receive a special e-gift card from a variety of companies, like Amazon, Home Depot, Grub Hub. GoldBelly…and more!

Reward Card Amounts

• • •

Dues paid $230 - $500 = $25 gift card Dues paid $501 - $1000 = $50 gift card Dues paid $1001+ = $100 gift card

The Fine Print

• • • • • • • • •

Gift cards will be issued to each referent on a monthly basis. An email will be sent to each referent to say thank you for the referral, and to provide the earned gift card. Freemium, LDF Subscriber, RHAC and Screening Only members are not eligible to participate. Referral discount only eligible for new members – renewing or expired members are not eligible If the new member fails to provide a referent name on the application, no reward will be distributed. Only one discount and one reward per new member application will be distributed. New member dues must be paid in full before distributing reward to referent. RHAWA staff and Board of Directors are not eligible to earn rewards. Referral program runs from May 2022 – Dec 2023.

For more information on our Member Referral Program, visit RHAwa.org/referrals

CURRENT | May 2022

EVENTS + EDUCATION I MAY CALENDAR UTILITY BILLING LAWS AND BEST PRACTICES

Cost: $30 Members | $60 Freemium Subscribers | $90 Guests Wednesday, May 4 | 4 p.m. - 5 p.m. When a utility bill combines usage from more than one dwelling unit, housing providers must come up with a fair method of passing those costs on to tenants. It may be most simple to include the costs in rent, but some tenants may use far more resources than others, and there is no incentive to conserve. Attorney Chris Benis will review laws to consider when determining utility billing policies, including special requirements in the City of Seattle. He and Property Management professional, Enrique Jevons will review and discuss common practices for utility billing solutions. RHAWA MEMBERSHIP PREVIEW AND ORIENTATION

Tuesday, May 10 | 1 p.m. – 2 p.m. | FREE Please join Membership & Marketing Specialist Jaci Willoughby for an overview of Member Benefits and Services offered by RHAWA. Participants will receive a tour of the RHAWA website and tools and are encouraged to ask questions relating to member benefits throughout the meeting. This meeting is designed for New Members and those considering membership with RHAWA. Specific Property Management and Legal questions cannot be addressed during this meeting. Seats are limited to 25 participants and registration is required. RENTING YOUR PROPERTY WITH RHAWA

Cost: $30 Members | $60 Freemium Subscribers | $90 Guests Thursday, May 12 | 3 p.m. - 4:30 p.m. RHAWA provides all the tools you need to manage your own rental properties. At a high-level, we will walk you through all the steps to rent your property using our tools including, how to learn about your responsibilities under the law, screening and selecting a tenant, lease-signing, and turning the property over to your new tenant. In this 90-minute online session, Director of Screening, Chartrice Young and Director of Education and Resources, Denise Myers will teach you all the steps and how to make the best use of RHAWA resources. LINK MEETINGS*

Tuesday, May 17 | 6 p.m. - 7:30 p.m. | FREE Join us as we discuss various subjects related to the housing industry. *Meeting time and subject may vary by location. SPRING WORKSHOP + TRADESHOW

Wednesday, May 18 | 8:30 a.m. - 4:30 p.m. Cost: $125 Members | $250 Freemium Subscribers | Class Pass Subscribers $75 This is your best opportunity to get information to help your rental business from across the industry in a single day! Hear from landlords, property managers, attorneys, financial experts, and more to build your knowledge base and run your rental properties with confidence. Whether you want to make sure you're complying with all of the laws in your area, find out more about investment opportunities, or make some valuable connections with RHAWA vendors to bolster your rental network, we've got you covered! SCREENING AND EVALUATING TENANTS

Wednesday, May 25 | 2 p.m. - 4 p.m. Cost: $30 Members | $60 Freemium Subscribers | $90 Guests Working within the confines of new laws, it is getting more difficult to effectively screen and evaluate potential tenants before signing a lease. However, there are still tried and true methods of screening that you can employ to evaluate the tenant’s likelihood to pay rent on time and conform to the rules and terms of the rental agreement. RHAWA's Director of Screening, Chartrice Young will review tools and best practices for screening and evaluating tenants.

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CURRENT | May 2022 SCREENING

Considering a Guarantor While Screening Applicants? Chartrice Young | Screening Director |  cyoung@RHAwa.org |  (206) 905-0605

In this post-pandemic phase, many rental housing providers are asking how they are going to continue to find responsible individuals to pay rent and maintain the property.

Here are some examples for when a guarantor could be requested: • Non-U.S. resident or international student (i.e., no FICO score) - (some rental housing providers may accept your internaMany of your applicants tional credit history.) might be students or indi• Low credit score. viduals who are coming out • Limited available Chartrice Young of a financial crisis. They funds or lack of consistent may not be able to meet the housing employment income. providers screening criteria require• Unconventional source of income ments when it comes to the rent to (i.e., non-liquid). income ratio. In these cases, you may • Perceived failure to meet the qualirequire the applicant finds a guarantor. fication requirements but the abiliThe applicants may also come to you ty to fulfill rent obligations and ask if you’re willing to accept a guarantor or also known as a co-signer. The housing providers screening criteria generally will state the income A guarantor is an individual that is firequirements for the applicants to denancially stable enough to help take on termine if they will meet the income the financial responsibility of another qualifications. individual in the event they default. Guarantors help cover the cost of the Income Requirement: rent during the tenancy if the tenant is When checking for sufficient income, not able to. They also can be held remost rental housing providers only use sponsible for any financial obligation verifiable garnishable wages or governin the event of an eviction. ment and/or charity program vouchers or government issued payments. TypiIf you screen an applicant and see they cally, an income to rent ratio of 3:1 is do not meet your criteria, if you are common (i.e., rent should not exceed willing you can offer them the oppor33% of gross income). Some housing providers choose to require a flat, tunity to obtain a guarantor. When it is monthly income in lieu of using an indecided to screen a guarantor/co-signcome to rent ratio. Some lower income er you will need to fill out and provide properties set this at 2.5:1, while higheach of the applicants with an Adverse er end homes often require a 4:1 ratio. Action Notice per the RCW.59.18.257 Debt to Income ratio should not exceed and use it to approve them with con20% of the applicants’ income. ditions. The condition you will state is the use of a guarantor. The guarantor should be able to exceed the income requirements section A few perks to having a guarantor are of your minimum screening criteria. they give the housing provider assurKeep in mind your guarantor should ance that if the tenants can’t pay the be someone financially stable enough rent, their guarantor will step in and to meet all their financial responsibilimake the rent payment. The guarantor ties plus help your applicant if or when is the responsible party that agrees to needed. “take on,” or assume the financial obligations that are set forth within the A guarantor may add additional assurlease. They do not reside in the rental ance not only for your prospective tenunit. ants but for you as a housing provider.

They add a bit of protection as a credit-worthy third party without having to worry about the renter’s inability to pay their rent due to unforeseen financial pressures. When you or your applicant(s) ask about a co-signer/guarantor, you will want to screen the guarantor to decide that they are able to meet your screening criteria’s income requirements. Either have them fill out an online application or give them a hard copy application. If your RHAWA Membership is Certified to receive credit, be sure to screen them with the Basic Screening package. This package will provide you their full credit report, which includes their credit score, credit history and public records, for example a bankruptcy or court ordered child support. Once you have determined that your prospective tenant’s guarantor meets the financial qualifications and you decide to approve the prospective tenant, the next step is the lease. The guaran-

tor does not sign the lease but instead you will have the guarantor complete the Guarantor Addendum form which is in RHAWA’s Forms Library. The Guarantor Addendum explains in detail their responsibility. If you have further questions, please contact RHAWA Screening Department or Support Center. Disclaimer: This article contains general information and is not intended to apply to any specific situation. If you need legal advice or have questions about the application of the law in a particular matter, you should consult an attorney.

For more informa sponsorship opp

Rental Housing Association of WA

EVENTS

2022 Spring Workshop + Tradeshow

*Early Bird Special only a

Jaci Willoughby | Membership + Marketing Specialist |  jwilloughby@RHAwa.org |  (206) 905-0601

Our annual tradeshow brings together a wide array of instructors and exhibitors, all of whom are focused on providing you with the tools and information you need to thrive as an independent housing provider. Whether you’re looking for tips on running your rentals, strategies to build and maintain your wealth, or want to find out some legal insights from leaders in their field, we’ve got you covered! We are hosting the Spring Workshop + Tradeshow (SWTS) at the Lynnwood Convention Center as it has been such a terrific venue for us in the past and has been able to accommodate our needs as this event has grown year after year. The location is easy to get to (just a few minutes from I-5), boasts plenty of parking, and has some great stateof-the-art features to help make the technical side of things easy for everyone. We will be following the venue’s COVID protocols, which will be sent out to registered attendees closer to the event date. We will have hot coffee and breakfast bites waiting for you when arrive and provide a full buffet lunch as part of your registration to keep you going for this full day of education and interaction. In between breakout sessions be sure to take advantage of our exhibitor hall located in the main room, where you can meet with RHAWA vendors that offer a wide variety of products and services that can further benefit your rental business. We know that many of you have become adept jackof-all-trades when it comes to your rental units, but there are a lot of ways to ease your workload that these vendors can assist with. Spending some time with the exhibitors to determine how they can make your life easier is well worth your time, so stop by and see them! We’ve seen unprecedented changes to landlord-tenant laws over the past two years following the COVID pandemic,

it’s been difficult to keep up with everything. Of importance are the fundamental changes to landlord-tenant law that have been implemented – and those that have been stopped. In order to ensure that you are up to speed on the new and updated laws, we’re providing you with a few opportunities to learn about these legislative changes throughout the day in our main hall, allowing you to also attend several other breakout sessions. Make sure to stop by this session at some point during exploration of the tradeshow. Since we know everyone will not be able to attend every session, we will be providing all attendees with the slides used during every presentation as well as audio recordings of each of them so you can refer to them later. We will also be recording our Housing Provider Workshop via Zoom and will make this available to event attendees and in our ONDEMAND platform. This will allow you to focus in on the sessions you do attend live without having that voice in the back of your mind wondering what the other speakers are talking about. These session summaries are included with your ticket without anything needing to be done on your part. We just want you to have as much information as possible when making decisions about your rentals! There are several different real estate tradeshows throughout the year, but SWTS is the only place to get the information you need tailored specifically towards independent housing providers and the concerns you face. Our instructors and exhibitors are very familiar with RHAWA and want to help you achieve the best results possible for your property, whatever that may look like to you. Early registration is only $100 for this day full of opportunity, and we look forward to seeing you there. To register for the Spring Tradeshow + Workshop, please visit RHAwa.org/ events.

EVENT SPONSORS

CURRENT | May 2022

KEYNOTE SPEAKER:

In addition to our breakout sessions and exhibitors, we are very happy to have Audrey Riddle joining us as this year’s keynote speaker. Audrey joined Goodman Real Estate in 2018 as the IMPACT Program Ambassador. She brings a wealth of service experience to the role, with years of contributing to the growth of her community through philanthropy and engagement. Prior to joining GRE, she worked for the Catholic Housing Services as a Program Manager and managed an apartment building for low-income working families and families coming out of homelessness. Audrey holds a B.A. in Psychology from Seattle Pacific University (SPU) with minors in Leadership Studies, Reconciliation Studies, and Women’s Studies. Born and raised in Western PA, Audrey moved to Seattle to attend SPU. While there, she worked with Tent City 3 during their second stay on SPU’s campus. Through that experience, she developed a passion for service and combatting homelessness. The Spring Workshop + Tradeshow will be held on May 18 from 8:30 a.m. - 4:30 p.m. at the Lynnwood Convention Center. Your registration includes complimentary parking in their lot with over 400 spaces, coffee and breakfast bites, a full buffet lunch, and the opportunity to learn weeks’ worth of education in the span of a single day. Sign up today to reserve your spot at this event packed with content all developed with our members in mind! Visit RHAwa. org/events for more information.

SESSIONS 1031 Exchange Strategies for Biden's Proposed Tax Law Changes

Presenter: Austin Bowlin The past year has been full of conversations regarding proposed and pending tax code changes. Three major changes impacting investment property owners include modifications to 1031 Exchanges, increases to capital gains rates, and adjustments to the step-up in basis. Join Austin Bowlin, CPA – Partner at Real Estate Transition Solutions, for a discussion on the proposed changes, where they stand today, and strategies to stay ahead of Biden’s proposed tax law changes Using LLCs to Manage Your Estate

Presenter: Julie Martiniello Find out how to form and use an LLC to protect yourself and your property in this session. There are many decisions to make when it comes to estate planning, and determining whether an LLC will be beneficial to you should be near the top of that list. Analyzing Rental Market Trends

Presenter: Elliott Krivenko (CoStar) Find out what the rental market is doing and the reasons for that behavior in this session. Learn about economic + development trends and how they affect your rental property. How to Pay Less Tax in 2023

Presenter: Nika Toce Owners of real estate have a number of options available to them when it comes to tax strategies, and each situation is different. This session will break down ways to leverage your property in new ways and make sure you’re accessing all the options you have available to you as a rental property owner. Housing Provider Workshop (All Sessions equals 4 CRE Clock Hours)

Learn everything you need to know about renting out a home in the Washington, including new 2021 State laws, all relevant Federal laws, how to ensure you are following specific local laws*, and best practices for efficient operations. This four-hour workshop will be broken into four parts: HPW 1: Getting Ready to Rent

Presenter: Chris Benis HPW 2: Finding a Tenant

Presenter: Chris Benis HPW 3: Working with Tenants

Presenters: Christopher Cutting + Enrique Jevons HPW 4: Managing Move-outs

Presenters: Kaitlyn Jackson + Cory Brewer Legislative Updates

Presenters: Sean Flynn, Christopher Cutting + Jim Henderson

Rental Housing Association of WA GOVERNMENT AFFAIRS

Local Government Alex Robertson | Policy Analyst |  arobertson@RHAwa.org |  (206) 905-0611

Now almost midway through 2022, and elections right around the corner, lets take a look at the eventful year we have had so far. Local governments have been relatively quiet, with only a few cities discussing or passing new ordinances. We had an incredibly successful 2022 Legislative Session, once again killing rent control and remaining the inly state on the west coast that does not have a statewide rent control. Looking at local ordinances, there are a couple of them that we should focus on. Starting in Seattle with a huge win for the city’s housing providers. Councilmember Sawant’s resolution that attempted to supersede the Mayor’s authority and extend the eviction moratorium for the entire civil health emergency was rejected by the Council 5-3. We cannot understate how big of a win this was. Through our incredible grassroots advocacy efforts Seattle’s eviction moratorium ended on February 28, 2022. While we are now out from under the moratorium, there are still many hurdles to jump through before we return to some semblance of normalcy. Seattle still has the School Year Eviction ban, Winter Eviction Ban, and COVID Civil Emergency Protections. Though with the ruling on March 21st, the six month post moratorium eviction ban was overturned. (See State Court of Appeals Rules in RHAWA’s Favor on page 16) The School Year Eviction Ban, with its incredibly broad definitions, can apply to an extraordinary number of Seattle residents and provides a defense to eviction from September through June for almost any reason other than 3-day imminent health or safety risk. The Winter Eviction Ban, also provides a defense to evictions between December 1 and March 1. Additionally, a tenant has a defense to eviction for any rent during the City’s civil health emergency. Finally, the state laws still in effect in Seattle. The requirements to offer payment plans and utilize the Dispute Resolution Centers (DRC). The moratorium ending is a huge step forward and we have many more steps to take before we recover from the pandemic. Meanwhile, the onslaught of

regulations passed by the City Council have been pushing housing providers out of the market in droves. Just from May 2021 to January 2022, over 3,000 housing providers representing almost 10,000 units have fled from Seattle and its onerous regulations. Approximately 2,800 of those properties had four or fewer units. Those are small, affordable housing that, more likely than not, will not be reentering the rental market. Seeing this vast number of housing providers, Councilmember Pedersen said that he wanted to gather data on rental housing providers in order to guide city policy discussions. While we have often worked with research programs and independent third parties, we have many concerns about the ordinance that Councilmember Pederesen proposed. It requires, under RRIO, that housing providers to disclose vacancy status, length of leases, and rent rates for the city to use to pass more policy. There have been fantastic studies and reports on the rental market done by voluntary participation. Instead of mandating that housing providers disclose their private information, work with associations, universities or third parties to create an incentive based program that can gather all factors of the data. The ordinance doesn’t take into account any of the factors that effect rent, it simply requires housing providers disclosure of rent. As of writing, this ordinance is still in the Renter’s Rights Committee. Finally we will take a look at Kenmore. For those of you who joined us to fight the King County Ordinance 2021-0131 in June of last year, much of this proposal will be familiar. The City of Kenmore is hearing a proposal on a suite of regulations that are extremely similar to the previous King County policy. We have significant concerns with the drafting of that ordinance and likewise have many concerns with this city policy. Kenmore passed a shortened, narrower version of the full suite of regulations. Only including the 1.5% late fee cap, 120 day rent increase notice for increases over 3%, banning the requirement of a prospective tenants SSN. There are more proposed regulations that the council is consider-

ing. Now is not the time to be pushing housing providers out of the market with local policy. We must work collaboratively and support our affordable housing providers if we are going to solve this crisis together. City councils are ramping up across the state as local lawmakers get settled in. The political landscape has seen some significant shifts in almost every area.

As relationships get made and the dust settles after the election, we are beginning to see more and more policy proposals. Keep and eye out for our emails and calls to action and check out the blog to keep up to date on current proposals. RHAwa.org/blog/advocacy

CURRENT | May 2022 MANUFACTURED HOUSING COMMUNITY

Nobody Is Home! Joel Erlitz | Manufactured Housing Community Committee

As MHC Owners of older communities know, manufactured houses from the 1950s through the late ‘80s can become physically and economically obsolete. When residents don’t conscientiously fix or maintain bathroom plumbing leaks, windows, roofing, gutters/downspouts, black mold can develop making manufactured homes health hazards…. and ultimately uninhabitable without significant remediation costs. Residents in this situation will default on their rent and abandon the house. The Manufactured/Mobile Home Landlord-Tenant Act (MHLLTA ) (RCW 59.59.20.030 [1]) defines abandonment as (1) A default in the rental payment and (2) …the Tenant by absence and by words or actions reasonably indicates the intention not to continue the tenancy. However, the law is completely ambiguous in dictating what procedure to implement with an abandoned home. It can be expensive to go through litigation to gain the right to remove the home. Here are several time-tested tips that may help: Managers/Owners should get out into the community daily to observe any moving trucks or preparation by Residents to leave. Nothing works faster than addressing a problem head-on, so discuss with the Resident in a non-confrontational way that you would prefer that he/she/they tender the title to you. It is even a best-practices procedure to offer a nominal amount of money for the title…the payment will be significantly less expensive than a protracted

legal proceeding and loss of rent! If a resident fails with timely rent payment, immediately address the problem. Frequently, there won’t be a secured party to these older homes but if there is, send the certified letter to the lender. When you are unsure of any party’s having a security interest, DMV can be contacted for a record identifying the legal owner. The easiest way to get resolution can be with a lender. If no other options exist, legal counsel will assist with filing a landlord lien to foreclose and sell the home for removal at a landlord lien sale auction. In the short term, loss of rent and costs associated with regaining possession of the space are financially painful. However, this is offset by the MHC asset value increasing with the replacement of a new manufactured home where the older home was sited. It is a way to upgrade the quality of homes in your community…and frequently this is reflected in the financial stability of your new resident.

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Rental Housing Association of WA

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CURRENT | May 2022 SUPPORT CENTER

Get Answers About New Seattle Laws Denise Myers |

Director of Education + Resources

|  dmyers@RHAwa.org |  (206) 905-0614

With the ever-increasing complexity of Seattle rental regulations, it’s best to check for the latest information before taking any routine steps in managing your rentals, like lease renewal. Every day, members ask us about how to increase rent or renew a lease in Seattle. Unfortunately, there are no simple answers. Thankfully, our Support Center system allows us to reference articles that review all the laws and some common practices for giving notices appropriately. To find this and other articles designed to address our most frequent questions, go to rhawa.org/ support-center. If you still need help, click “Support” in the lower right corner to submit your questions. Renew Lease and Increase Rent in Seattle

Seattle has several laws related to lease renewals and rent increases that overlap with each other and with WA State laws, that greatly complicate the process. Following are guidelines for complying with the laws.

line at (206) 684-5700 or visit the web site at eattle.gov/rentinginseattle. The entire disclosure is required in Seattle for all notices pertaining to ending a tenancy. The second sentence is required on all notices to increase rent.

Give proper 180-day written notice for any rent increase.

Follow additional requirements for rent increases 10% or greater.

Under SMC 7.24.030(A) and SMC 22.206.180(H) any rent increase in Seattle now requires that the housing provider give 180 days’ notice of the increase, and must include a specific tenant’s rights disclosure.

Ordinance 126451, Relocation Assistance for Economically Displaced Tenants (to be codified under SMC 22.212), will be effective July 1, 2022.* If the rent increase is for 10% or more over the lowest rate in the past 12 months, the notice of increase must either be delivered to each adult at the unit by either hand-delivery or mailing both by certified mail with return receipt and by regular US mail. The notice must also include a packet about the new economic displacement relocation assistance program. This packet has not yet been developed by Seattle Department of Construction & Inspections (SDCI). If the increase is for less than 10%, no particular manner of delivery is required so long as the tenant receives it on time.

The RHAWA Rent Increase Notice form includes the required disclosure which can be deleted if the form is used outside of Seattle: RIGHT TO LEGAL COUNSEL: CITY LAW PROVIDES RENTERS WHO ARE UNABLE TO PAY FOR AN ATTORNEY THE RIGHT TO FREE LEGAL REPRESENTATION IN AN EVICTION LAWSUIT. If you need help understanding this notice or information about your renter rights, call the Renting in Seattle Help-

* Note: With similar ordinances, the effective date has been based on the date

the rent increase will take effect. In this case, the ordinance effective date may be based on when the notice is given. At this time, the meaning of the effective date is not clear.

If lease renewal time rolls around and 180-day notice was not given to make a necessary rent increase, there are a couple options to consider: •

Serve lease renewal offer between 60 and 90 days prior to end of term.

SMC 7.24.030(J) requires that between 60 and 90 days before the current term ends, the landlord must serve either a notice offering the new rental agreement or a notice of which just cause you are using to refuse to renew the tenancy. If the just cause requires 90 or more days' notice, you must provide notice under that timeline and serve the notice again between 60 and 90 days before the current term ends. The resident must be allowed a minimum of 30 days to sign any offered renewal. Align rent increase effective date with lease renewal date.

It takes two notices to renew a fixedterm rental agreement with an increase in rent. First, you must give the 180 day notice of rent increase if your new offer will increase the rent; and then you must serve the End of Term Notice with renewal offer 60-90 days prior to the end of term.

•

Some housing providers will serve 180-day notice to increase rent, offer a six month term lease at the current rent rate, and then offer a new lease that begins on the rent increase effective date. Some housing providers will serve the 180-day notice to increase rent, and then offer a lease that begins at one rent rate and then changes with the rent increase effect date. These terms would need to be written into the lease extension offer.

Going forward, some housing providers are electing to give notice of rent increase at the same time as lease signing, 365 days prior to the end of the term. In this case, they must use the notice form with required disclosures and follow all additional requirements if the increase is 10% or greater.

©2022 Rental Housing Association of Washington | www.RHAwa.org. This article was written and edited by RHAWA representatives and is intended for the use of RHAWA members only. Copyrighted members-only materials may not be further disseminated. Formal legal advice and review is recommended prior to selection and use of this information. RHAWA does not represent your selection or execution of this information as appropriate for your specific circumstance. The material contained and represented herein, although obtained from reliable sources, is not considered legal advice or to be used as a substitution for legal counsel.

Rental Housing Association of WA GOVERNMENT AFFAIRS

State Court of Appeals Rules in RHAWA’s Favor Alex Robertson | Policy Analyst |  arobertson@RHAwa.org |  (206) 905-0611

funded by our Legal Defense Fund, or LDF. The LDF is 100% funded by member donations, and determines the extent to which we can challenge these devastating laws. You can donate to the LDF here: RHAwa.org/products/donations. In other LDF news, we have upcoming oral arguments in our lawsuit against the fair chance housing regulations. This case has been ongoing for a long time now and we are getting closer and closer to its resolution. These longer, drawn out fights take more time, effort and resources from the LDF. We have seen much success from our LDF and we want to see that continue. Now more than ever we need your support. The LDF not only challenges the legality of laws that have been enacted, it lets us have more robust arguments for active policy discussions. The LDF recently funded the acquisition of a legal At the beginning of covid, 126075) deprives the landthe City of Seattle passed a lords of their property inter6 month post moratorium est without due process by eviction ban and a winter not affording them the opeviction ban. RHAWA chalportunity to test the veraclenged the legality of both ity of a tenant’s self-certifiof these ordinances. After a cation of financial hardship. long and arduous court proWe invalidate it on that cess, the Washington State ground only. We otherwise Court of Appeals ruled, in uphold the ordinances and a published opinion, that affirm the judgment for the Alex Robertson the 6 month post moratoriCity.” um was invalid. They ruled that based on the fact that the ban only required a For those of you that would like to read self-certification by the tenant and was the entire published opinion, you can unchallengeable by the housing prodo so here: https://assets.noviams.com/ vider, the violates a housing providers novi-file-uploads/rhawa/2022_03_21_ right to procedural due processes, and Published_Opinion_RHAWA_v__Sethe court agreed. The court also ruled attle.pdf that the ban on interest accruing for unpaid rent was preempted by state law This is not set in stone just yet, both we and was also invalid. and the City have until late April to file a Motion to Reconsider, which would Here is the exact language located in keep this case active. As of writing this the conclusion on page 37 and 38: the City has not filed a Motion to Reconsider, and we have not received any “We hold that Ordinance 126081’s proindication of their intent. If they do file hibition on the accrual of interest on the motion, we will continue to fight unpaid rent is preempted under state the ordinances. In order to continue law and is therefore invalid. We further this fight, fight other laws, and obtain hold that the defense to eviction conlegal opinions on policy proposals we tained in SMC 22.205.090 (Ordinance need your help. All of these actions are

opinion on the newest Seattle proposal. The ordinance that would require housing providers to disclose their lease length, vacancy status and rent rolls. The fight doesn’t end when a bill is passed, that’s what we believe. Join us in the fight against these burdensome and onerous regulations by donating to the LDF.

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CURRENT | May 2022

New Look for the RHAWA Connect Forum! Jaci Willoughby | Membership + Marketing Specialist |  jwilloughby@RHAwa.org |  (206) 905-0601

The RHAWA Connect Forum has a new look starting May 1st! We’ve made improvements to the forum to make it easier to find the conversations and discussions you’re most interested in. We’re starting the discussions from scratch – so if you’ve recently posted a discussion question into the forum and not yet received a response, you may want to repost the question into the new format. We know no one likes to be the first to post in a new forum – but don’t be shy!! The Connect Forum has always been a safe space for RHAWA members to discuss the most pressing housing industry issues. "Our moderators will have the ability to bump questions up to the Support Center for

additional assistance if needed. Current Topics Include:

• • • • • • •

General Discussion Residential Rental Legal + Law Property Management Best Practices How To’s, Referrals and Recommendations Industry News Repairs + Maintenance And more!

The Connect Forum Digest email will have a new look as well – and will not be sent on a daily basis. Instead, members will receive a Weekly Digest showing new Posts in each topic that week. Members will have the ability

to follow specific posts if they’d like to receive more frequent updates by clicking FOLLOW on each post of interest. And for those members who do not wish to receive a Weekly Digest – simply click Unsubscribe at the bottom of the first email to be removed from that list. To check out the new look of the forum visit RHAwa.org/Connect_Forum – and feel free to reach out to Jaci Willougbhy (jwilloughby@RHAwa.org) with any questions on how to get started posting.

Rental Housing Association of WA GOVERNMENT AFFAIRS

How to Make a Difference in the 2022 Elections Daniel Bannon | Grassroots Organizer |  dbannon@RHAwa.org |  (206) 905-0609

Combating new rental housernment affairs departing regulations in Washington ment works tirelessly to has proven to be an uphill batmake real changes in the tle for housing providers in rental housing market, recent years. While there are and we are overjoyed to several lawmakers who are see our members engaged sympathetic to the experiencin our efforts. We provide es of small housing providers, as many resources as posthey are outnumbered by a sible in order to make it significant majority of lawas easy as possible to makers who support policies engage in our advocacy Daniel Bannon that have a detrimental imefforts and we are incredpact on the rental housing market. This ibly encouraged by the turnout from problem is especially present in the this year's legislative session. City of Seattle, where rental housing laws have strangled rental housing proBut the fight is never over! We need to viders to the point where we are seeing keep this momentum we have built and housing providers leaving the city in set ourselves up for success in the fustartling quantities. While the situature. We want to build on our successes tion has been difficult in recent years, and help get lawmakers elected who RHAWA believes this year's election understand and support rental housing cycle can help turn the tide of politics so we can work together and improve in order to give small housing providthe rental housing policy in Washingers a break from these highly restrictive ton. regulations. We believe this could be one of our most crucial election cycles So, you may be wondering what you because we are noticing palpable shifts can be doing to help our Government in the legislative landscape and public Affairs department make the changes opinion. we desperately need in Washington. Donating to our Political Action ComIn last year's election cycle, we were mittee is essential in supporting our successful in nearly all elections we government advocacy efforts as well. engaged in, and we continued our sucDonations to the PAC go directly to cess in the 2022 Legislative Session, candidates who support rental housing. killing all of our highest priority bills, You can donate to the RHAPAC here: amending the remaining problematic RHAwa.org/products/donations. bills, and working to pass a much need Landlord Mitigation Fund Expansion. Additionally, attending fundraisers and We are looking to continue this streak donating to candidates who support of successes in the upcoming elections our position on rental housing policies and the 2023 Legislative Session. It is is necessary to ensure that moderate, essential for our members to stay endata-observing lawmakers get elected. gaged and continue to participate for This is something that nearly all of our this success to continue. State elections members can do, and we would like to are coming up and we must continue to increase our fundraiser turnout even have widespread member engagement. more than we did last year. We are currently working on scheduling our upOur confidence for this upcoming eleccoming fundraisers and we do our best tion is bolstered due to the outstandto host fundraisers in multiple districts ing participation of our membership in Washington state to provide easy acin the 2022 Legislative Session. We cess to these events to a wide group of could never overstate how much our our members. members' involvement helps advocacy efforts through public testimony and RHAWA is always on the lookout for messaging your lawmakers. Our govespecially engaged members who

would like to take on a bigger role in advocacy efforts. Offering a venue for a fundraiser is one of the most helpful and cost-effective methods of assisting in government advocacy. Hosting a fundraiser not only helps out our government affairs team, but it is also a wonderful way to directly support a candidate you believe in. If there is a candidate you are in particular support of and would like to host a fundraiser, please reach out to either arobertson@ RHAwa.org or dbannon@RHAwa.org to let us know about your interest.

what is happening and what you can do to help. We will of course be doing our RHA Voter’s Guide once again so look forward to seeing that this summer.

Also, make sure to stay engaged with any communications coming from the government affairs department. Be on a constant lookout for calls to action, legislative updates, and updates to our blog in order to stay up to date with

We thank you for your continued support which has helped bolster our advocacy in this upcoming election and the 2022 Legislative Session.

Lastly, encouraging those around you to get involved with elections. It is an often overlooked but highly effective method in getting candidates elected. Reaching out to friends or family who may be less engaged with elections helps to build a stronger voter base for the candidates you support and is a completely free method of advocacy.

CURRENT | May 2022

PROTECT YOUR INVESTMENT The Rental Housing Association of Washington’s Political Action Committee exists to help elect responsible candidates who will work collaboratively with the rental housing industry when issues arise. Without pro-rental housing candidates in office, your rights as a housing provider will be threatened with endless regulation. The RHAWA’s PAC is dedicated to helping property owners obtain the right tools to protect their investments. Your financial support is critical to RHAWA’s PAC achieving its goals. To learn more about RHAWA’s PAC or to make a donation, visit us at RHAwa.org/pac

QUESTIONS ABOUT RHAWA’s PAC? Contact Alex Robertson at: arobertson@RHAwa.org | (206) 905-0611 RHAWA PAC is a state political action committee registered with the State Election Commission. It is a qualified multi-candidate committee. A trade association PAC may not solicit a corporate member’s restricted class without its prior approval. Corporate contributions are not permitted. Contributions are not deductible for federal tax purposes.

Rental Housing Association of WA

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CURRENT | May 2022 VENDOR LISTINGS

We encourage you to consider the vendors found within these listings for your rental business needs. When seeking competitive bids, be sure to mention your RHAWA membership as many offer member discounts. RHAWA does not specifically endorse any business listed herein. References are always recommended. If you would like to submit a customer testimonial for our records, please submit to publications@RHAwa.org. Please note that changes made to a vendor member profile will not be reflected in the CURRENT Vendor Listings unless the change is also sent to publications@RHAwa.org. BANKS

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CARPET CLEANING Extreme Steam Carpet Cleaning – 24/7 Water Extraction (425) 330-9328 | extremesteamcc.com Genesee Carpet Cleaning (206) 569-5573 | genesseecarpetcleaning.com

(206) 223-1428 | colliers.com/seattle

HFO Investment Real Estate (971) 717-6337 | hfore.com Icon Real Estate Services Inc. Jeremiah Roberson (425) 633-3330 | iconre.org Kidder Mathews Dylan Simon: (206) 414-8575 Jerrid Anderson: (206) 499-8191 DylanSimon.com Lee & Associates Multifamily Team Candice Chevaillier & Don Flanigan (206) 284-1000 | lee-nw.com

Rental Housing Association of WA VENDOR LISTINGS COMMERCIAL REAL ESTATE

CONTRACTORS ER Flooring (360) 402-9566 | erflooring.com First Choice Remodeling, Inc. (253) 846-9000 | firstchoiceremodelinginc.com Global Paving LLC (253) 286-7943 | globalpavingllc.com Masonry Restoration Consulting (425) 344-3893 Pioneer Masonry Restoration Co. (206) 782-4331 | pioneermasonry.com

Paragon Real Estate Advisors, Inc. Vendor of the Year | 2016 (206) 623-8880 | (800) 643-9871 paragonrea.com Pilot Ventures, LLC Jason Kono (206) 566-6600 | pilotnw.com Prospector Property Management (206) 508-6366 prospectorpropertymanagement.com The Foundation Group (206) 324-9424 | tfgre.com Westlake Associates (206) 505-9400 | westlakeassociates.com Windermere Real Estate Commercial Therasa Alston (206) 650-4777

COMMERCIAL REINVESTMENTS + FINANCIAL SERVICES 1031 Capital Solutions (800) 445-5908 | 1031capitalsolutions.com First Federal Savings and Loan (206) 586-1701 | ourfirstfed.com

Reinhart Electric & Service (425) 251-5201 | reinhartelectric.net T.E. Kelly Company LLC Tim Kelly: (206) 240-1950

CRIMINAL BACKGROUND CHECKS Rental Housing Association of Washington Chartrice Young (206) 283-0816 | RHAwa.org

DECKS Dunn Lumber | Doors, Windows & Lumber (206) 632-2129 | dunnlum.com

(253) 850-1288 | allianceflooring.com Real Estate Transition Solutions Exchange - 1031 Real Estate (206) 502-4862 | www.re-transition.com/rhawa Redside Partners, LLC Craig Swanson (206) 323-1771 | redsidepartners.com

CONSTRUCTION + DEMOLITION Haynes Contracting LLC (253) 335-7905 | haynescontractingllc.com

CONTRACTORS +1 Construction (206) 313-6587 | plusoneconstruction.com A&A Electric (206) 212-1888 | anaelectric.com ABC Towing, Inc. Seattle: (206) 682-2869 Tukwila: (206) 767-4024 abc4atow.com Bellan Group, LLC Susan Bellan (206) 383-0102 | bellan.com Bravo Roofing, Inc. GoldStar Vendor + Vendor of the Year | 2014 John Paust, Estimator: (206) 948-5280 (253) 335-4825 | (360) 886-2193 john@bravoroofs.com | bravoroofs.com Construction Expeditors, LLC (206) 595-8852 | constructionexpeditors.com Diamond Roofers, LLP | Flat & Low Slope (206) 202-7770 | diamondroofers.com

Rental Housing Association of Washington Chartrice Young, Lea Leong (206) 283-0816, option 2 | RHAwa.org

ENERGY CONSERVATION + WEATHERIZATION Capstone Solar (206) 580-3448 | capstonesolar.com Energy Benchmarking Services Michael Jones (206) 245-8737 | EnergyBenchmarkingServices.com

Affinity Real Estate Management (206) 812-9155 | affinityrem.com Pacific Crest Real Estate (206) 812-9155 | pacificcrestre.com

DOORS SRC Windows (253) 565-2488 | srcwindows.com

DRAIN CLEANING Best Plumbing Group (206) 633-1700 | (425) 771-1114 bestplumbing.com

FINANCIAL | LIFE INSURANCE SERVICES Diamond Cut Insurance Group, Inc. Larry Janowicz (425) 879-5198 | larry@dcigi.com Olympic Estate Group, LLC G.A. “Jeri” Schuhmann (206) 799-0544 | OlympicWealthStrategies.com

FLOOD | SEWER OVERFLOW CLEANUP Fischer Restoration (888) 345-2532 | fischerrestore.com

SRC Windows (253) 565-2488 | srcwindows.com

FLOOR COVERINGS AFB Floors

ESTATE PLANNING Dimension Law Group PLLC Synthia Melton (206) 973-3500 | dimensionlaw.com Flynn and Associates, PLLC Sean Flynn (206) 330-0608 | theflynnfirm.com Olympic Estate Group, LLC G.A. “Jeri” Schuhmann (206) 799-0544 | OlympicWealthStrategies.com

DEVELOPERS

CONSULTING Alliance Flooring Services

EMPLOYMENT SCREENING

EVICTIONS Access Evictions Travis Eller, Attorney at Law (425) 641-8010 | accessevictions.com Demco Law Firm, P.S. (206) 203-6000 | demcolaw.com Glasson Legal

(206) 627-0528 | glassonlegal.com LT Services, Inc. (206) 241-1550 | ltservices.net Loeffler Law Group, PLLC (206) 443-8678 | loefflerlawgroup.com Maxwell Glasson (206) 627-0528 | loefflerlawgroup.com

(425)255-3893 | afbfloors.com Alliance Flooring Services

(253) 850-1288 | allianceflooring.com ER Flooring

(360) 402-9566 | erflooring.com

FORMS + LEASES Rental Housing Association of Washington (206) 283-0816 | RHAwa.org

GOVERNMENTAL AGENCIES Seattle Public Utilities | Resource Conservation (206) 684-5251 | savingwater.org Tacoma Housing Authority (253) 281-7674 | tacomahousing.net

GUTTER INSTALLATION Axis Roof and Gutter, Inc. (360) 653-ROOF(7663) | axisroofandgutter.com

HANDYMAN SERVICES Next Level Property Maintenance (206) 922-8119 | nxtlevelpm.com Ohlsen's Property Renewal

Day & Nite Plumbing & Heating Inc. Vendor of the Year | 2020 (425) 775-6464 | (800) 972-7000 dayandnite.net

1031 Capital Solutions (800) 445-5908 | 1031capitalsolutions.com

Fischer Plumbing, Inc. (206) 783-4129 | fischerplumbing.com

Gourley Law Group / The Exchange Connection (360) 568-5065 | gourleylawgroup.com

The Pipe Guys (253) 537-2830 | pipeguys.com

Investment Property Exchange Services, Inc. (425)582-3487 | www.ipx1031.com

Greenwood True Value Hardware

Kay Properties & Investments Dwight Kay (855) 899-4597 | kpi1031.com

King County Hazardous Waste Management Program (206) 296-4692 | kingcountyhazwastewa.gov

DRYER VENT + DUCT CLEANING The Chimney Specialists, Inc. | Dryer Vent Only Seattle: (206) 782-0151 | (888) 979-3377 So. King Co.: (253) 833-0144 | (888) 979-3377 Pierce Co.: (253) 475-0399 | (888) 979-3377 thechimneyspecialists.com

EXCHANGE — 1031 REAL ESTATE

Rental Housing Association of Washington Denise Myers (206) 283-0816 | RHAwa.org

HARDWARE (206) 783-2900 | greenwoodhardware.com

Fischer Heating and Air (206) 783-1190 | fischerheating.com

HOME INSPECTIONS

DRYWALL

EDUCATION – REAL ESTATE

RentalRiff (541) 600-3200 | rentalriff.com

HEATING | AIR CONDITIONING (HVAC)

VentMasters (206) 362-5190 | ventmasters.net

The Wall Doctor, Inc. Gary Borracchini (425) 822-8121 | thewalldoctor.com

(206) 228-2123 | propertyrenewals.com

Real Estate Transition Solutions Exchange - 1031 Real Estate (206) 502-4862 | www.re-transition.com/rhawa

Optimized Inspection Services, LLC Bryan Mize (206) 349-0733 | seattlerentalinspector.com Straight Street Building / Home Inspection John Leon Gonzalez

(206) 999-1234 | hi@homeinspect.ws

HOARDING Bio Clean, Inc. (425) 754-9369 | biocleanwa.com

ELECTRICAL MAINTENANCE + REPAIR A&A Electric (206) 212-1888 | anaelectric.com Capstone Solar (206) 580-3448 | capstonesolar.com Reinhart Electric & Service (425) 251-5201 | reinhartelectric.net

INSURANCE Brent Ward State Farm Insurance (425) 488-9100 | (888) 532-1875 brentwardagency.com Diamond Cut Insurance Group, Inc. Larry Janowicz (425) 879-5198 | larry@dcigi.com State Farm Insurance (206)322-3910 | myseattleinsurance.com

CURRENT | May 2022 VENDOR LISTINGS INVESTMENT + FINANCIAL SERVICES Colliers International GoldStar Vendor + Vendor of the Year | 2018 Tim McKay: (206) 223-5586 Dan Chhan: (206) 223-1265 Joe Levin: (206) 223-5583 Sam Wayne: (206) 515-4498 Brittany Rondello: (206) 515-4495 colliers.com Flynn Family Lending Matt Flynn (425) 221-8660 | flynnfamilylending.com Havium. Inc (888) 642-8486 | havium.com Kidder Mathews Dylan Simon: (206) 414-8575 Jerrid Anderson: (206) 499-8191 DylanSimon.com Luther Burbank Savings Bank Tiana Jackson: (425) 739-0023 lutherburbanksavings.com McTaggart Real Estate (206) 322-9495 | darcoapts.com Paragon Real Estate Advisors, Inc. Vendor of the Year | 2016 (206) 623-8880 | (800) 643-9871 paragonrea.com

LENDERS, MORTGAGE CAPITAL Luther Burbank Savings Bank Tiana Jackson: (425) 739-0023 lutherburbanksavings.com

Lending on

multifamily real estate. Call for purchase or refinance transactions. Tiana Jackson 425.739.0023

LAND DEVELOPMENT | ZONING Kanso Homes, Inc. (206) 278-3403 | kansohomes.com

LANDLORD LIAISON PROGRAM Tacoma Housing Authority (253) 281-7674 | tacomahousing.net

LANDSCAPING Echo Yard Maintenance (206) 909-6873

LAUNDRY SERVICES Coin Meter (503) 750-8442 | coinmeter.com Hainsworth Laundry Jason Hainsworth (509) 534-8942 | hainsworth.biz

LEAK DETECTION Fischer Plumbing, Inc. (206) 783-4129 | fischerplumbing.com

LENDERS, MORTGAGE CAPITAL CrossCountry Mortgage LLC (206) 650-4041 | keaneloans.com Eastside Funding

(425) 230-0000 | eastsidefunding.com First Financial Northwest Bank Tom Jarzynka (425) 264-2757 | ffnwb.com Flynn Family Lending Matt Flynn (425) 221-8660 | flynnfamilylending.com Homebridge Financial (206) 915-3742 | homebridge.com Kidder Matthews Simon and Anderson Team

(206) 747-4725 | dylansimon.com

PAINTING | PAINT Extreme Steam Carpet Cleaning (425) 330-9328 | extremesteamcc.com

(206) 228-2123 | propertyrenewals.com

Ohlsen's Property Renewal

PEST INSPECTIONS

First Federal Savings and Loan (206) 586-1701 | ourfirstfed.com

NWK9 Bed Bug Detectives

Sound Community Bank

(206) 801-3522 | nwk9bedbugdetectives.com

(206) 448-0884 x202 | soundcb.com

Straight Street Building / Home Inspection John Leon Gonzalez

Washington Federal Vendor of the Year | 2015 Tim Marymee (206) 777-8213 | (800) 324-9375 washingtonfederal.com

Seattle Public Utilities | Saving Water Partnership (206) 684-5955 | savingwater.org

Hainsworth Laundry Jason Hainsworth (509) 534-8942 | hainsworth.biz

Peak Mortgage Partners Dave Eden (206) 660-3014 | peakmp.com

Sound Reatly Group Charles Burnett, CCIM (206) 931-6036 | soundmultifamily.com

IRRIGATION SYSTEMS

ON-SITE LAUNDRY SERVICES

Interland Design Jake Cervilla (425) 290-9639 | interlanddesign.com

Umpqua Bank | Multifamily Lending Matt Couch (425) 602-1250 | umpquacrelending.com

Wilson Property Management, Inc. Gary Wilson, CPM (425) 453-0089 | wilsonmanagementinc.com

Envirotest | Mold, Air Quality Analysis, Inspections Donald B. Kronenberg (206) 877-3191 | seattlemoldandairquality.com

Pacific Crest Savings Bank Todd M. Hull | Scott Gibson (425) 670-9624 | (800) 335-4126 pacificcrestbank.com

Peak Mortgage Partners Dave Eden (206) 660-3014 | peakmp.com

Umpqua Bank | Multifamily Lending Matt Couch (425) 602-1250 | umpquacrelending.com

MOLD | MOLD INSPECTIONS

LIGHTING Tacoma Public Utilities Power: (253) 502-8600 Water: (253) 502-8723 TacomaPowerRebates.com/multifamily

(206) 999-1234 | hi@homeinspect.ws

PIPE RESTORATION Best Plumbing Group (206) 633-1700 | (425) 771-1114 Fischer Plumbing, Inc. (206) 783-4129 | fischerplumbing.com The Pipe Guys (253) 537-2830 | pipeguys.com Tub Cove Inc. One-piece one-of-a-kind bath walls (206) 522-1711 | tubcove.com

PLUMBING LOCKSMITH Pacific Northwest Locksmith (206) 531-0411 | pnwlocksmith.com

LUMBER Dunn Lumber (206) 632-2129 | (800) 248-3866 dunnlum.com

MAINTENANCE First Choice Remodeling, Inc. (253) 846-9000 | firstchoiceremodelinginc.com Multifamily Elites (425) 698-1631 | multifamilyelites.com Pro Realty Options, Inc. (425) 745-2400 | prorealtyoptions.com Real Property Management Today (253) 426-1730 | rpmtoday.com RentalRiff (541) 600-3200 | rentalriff.com

MASONRY SERVICES Masonry Restoration Consulting (425) 344-3893 masonryrestorationconsulting.com Pioneer Masonry Restoration Co. (206) 782-4331 | pioneermasonry.com

METER + BILLING SERVICES

Best Plumbing Group (206) 633-1700 | (425) 771-1114 bestplumbing.com Day & Nite Plumbing & Heating Inc. Vendor of the Year | 2020 (425) 775-6464 | (800) 972-7000 dayandnite.net Fischer Plumbing, Inc. (206) 783-4129 | fischerplumbing.com

PROPERTY MANAGEMENT Dobler Management Company Inc. (253) 475-2405 | doblermanagement.com Elita Living Real Estate LLC Erica Vincent (206) 323-0771 | elitaliving.com Emerald Heights Property Management Ryan Dosch (206) 457-2475 | emeraldheightspm.com First Comercial Properties NW. (206) 985-7275 | fcpnw.com Icon Real Estate Services Inc. Jeremiah Roberson (425) 633-3330 | www.iconre.org Jean Vel Dyke Properties, LLC (206) 725-3103 | veldyke.com Jevons Property Management Enrique Jevons (206) 880-7935 | jevonsproperties.com Krishna Realty (425) 209-0055 | krishna-realty.com Lexington Asset Management (310) 650-3343 Longley Property Management Inc. Venita Longley (206) 937-3522 | longleypm.com Madeson Management LLC Melissa Melia (206) 673-4282 | madesonmanagement.com Madrona Real Estate Services, LLC Bradford Augustine (206) 538-2950 | MadronaRealEstate.com Maple Leaf Management LLC Michelle Bannister (206) 850-8095 | mapleleafmgt.com Marathon Properties Jeff O’Hare (425) 745-9107 | marathonpropmgmt.com Multifamily Elites (425) 698-1631 | multifamilyelites.com Nathaly Burnett Property Management (253) 732-9535 | beyondseattle.com Next Brick Property Management (425) 372-7582 Niche Realty Associates LLC (206) 851-4694 | nichrealtyassoc.com North Pacific Property Management (206) 781-0186 | (800) 332-1032 northpacificpropertymanagement.com

POOL LEAK DETECTION American Leak Detection (425) 747-7118 | americanleakdetection.com

PRINTING

PROPERTY MANAGEMENT

Pacific Publishing Co. (206) 461-1322 | pacificpublishingcompany.com

PROPERTY MANAGEMENT Affinity Real Estate Management (206) 812-9155 | affinityrem.com All County Evergreen Property Management (253) 238-9590 | allcountyevergreen.com Allen Property Management Mike Larson (253) 582-6111 | (800) 995-6111 haroldallen.com Brink Property Management Dean Foggitt (425) 458-4848 | brinkpm.com Cadence Real Estate (206)258-4871 | www.cadencere.com

Guardian Water & Power Chris Apostolos (206) 271-6913 | (877) 291-3141 x139 guardianwp.com

Capstone Commercial Real Estate Advisors John Downing

Submeter Solutions, Inc. Jeff Lowry: (425) 228-6831 (888) 64-METER (63837) | submetersolutions.com

Champions Real Estate Services (425) 744-5550 | nwchampions.com

(206) 324-9427 | capstonerea.com

Cornell & Associates Inc (206)329-0085 | www.cornellandassociates.com Dave Poletti & Associates (206) 286-1100 | davepoletti.com

North Pacific Property Management Joshua Fant (206) 781-0186 | (800) 332-1032 northpacificpropertymanagement.com Pacific Crest Real Estate (206) 812-9155 | pacificcrestre.com Park 52 Property Management Paul Jakeman (253) 473-5200 | park52.com People’s Real Estate, Inc. Lisa Brannon (425) 442-9941 | peoplespm.com Phillips Real Estate, LLC (206)22-8600 | philipsre.com Pilot Ventures, LLC Jason Kono (206) 566-6600 | pilotnw.com

Rental Housing Association of WA VENDOR LISTINGS PROPERTY MANAGEMENT

PROPERTY MANAGEMENT SOFTWARE Rental Housing Association of Washington (206) 283-0816 | RHAwa.org/RMAP

People’s Real Estate, Inc. (425) 442-9941 | peoplespm.com

Yardi Kelly Krier (805) 699-2040 | yardi.com

Phillips Real Estate, LLC (206) 622-8600 | phillipsre.com

REAL ESTATE BROKERS

Prospector Property Management (206) 508-6366 prospectorpropertymanagement.com Real Estate Gladiators (425)260-3121 | www.realestategladiators.com Real Estate Investment Services (REIS) Lakewood: (253) 207-5871 Seattle: (206) 319-5981 REISinvest.com

REAL ESTATE BROKERS

Optimized Inspection Services, LLC Bryan Mize (206) 349-0733 | seattlerentalinspector.com Straight Street Building / Home Inspection John Leon Gonzalez

Pilot Ventures, LLC Jason Kono (206) 566-6600 | pilotnw.com

(206) 999-1234 | hi@homeinspect.ws

RETIREMENT PLANNING

Capstone Commercial Real Estate Advisors John Downing (206) 324-9427 | capstonerea.com Champions Real Estate Services (425) 744-5550 | nwchampions.com

Olympic Estate Group, LLC Jeri Schuhmann (206) 799-0544 | OlympicWealthStrategies.com

Colliers International

RISK MANAGEMENT

(206) 223-1428 | colliers.com/seattle

ADT – Multi-family (562) 712-7504 | adt.com

Cornell & Associates Inc (206)329-0085 | www.cornellandassociates.com Dave Poletti & Associates (206) 286-1100 | davepoletti.com

ROOFING SERVICES

Prime Metropolis Properties, Inc. (425) 688-3003 | pmp1988.com

Real Property Management Today (253) 426-1730 | rpmtoday.com

DVF Legacy Investments (206) 650-6113 | pugetsoundinvesting.com

Redside Partners, LLC Craig Swanson (206) 323-1771 | redsidepartners.com

Elita Living Real Estate LLC Erica Vincent (206) 323-0771 | elitaliving.com

Rentals Northwest Richard Wilber (253) 581-8616

HFO Investment Real Estate (971) 717-6337 | hfore.com

Real Estate Investment Services (REIS) Lakewood: (253) 207-5871 Seattle: (206) 319-5981 REISinvest.com

Jean Vel Dyke Properties, LLC (206) 725-3103 | veldyke.com

Seattle Land Broker Inc. (206) 973-3022 | seattlelandbroker.com

Kidder Mathews Dylan Simon: (206) 414-8575 Jerrid Anderson: (206) 499-8191 DylanSimon.com

SJA Property Management (425) 658-1920 | sjapropertymanagement.com

Renters Marketplace Larry Cutting (425) 277-1500 | rentersmarketplace.com Seattle's Property Management (206) 856-6000 | seattlespropertymanagement.com Seattle Rental Group | Property Management (206)315-4628 | www.seattlerentalgroup.com SJA Property Management (425) 658-1920 | sjapropertymanagement.com SJC Management Group Jason Clifford (253) 863-8117 | sjcmanagement.com

Krishna Realty (425) 209-0055 | krishna-realty.com Lee & Associates Multifamily Team Candice Chevaillier (206) 284-1000 | lee-nw.com

Real Estate Gladiators (425)260-3121 | www.realestategladiators.com

SUHRCO Residential Properties (425) 455-0900 | (206) 243-5507 suhrco.com

Windermere Property Management / Lori Gill & Associates (425) 455-5515 | wpmnorthwest.com

(206) 466-4937 | theparisgroupnw.com

Windermere Property Management / Lori Gill & Associates (425) 455-5515 wpmnorthwest.com

Where Your Roof is Our Roof bravoroofs.com Preventative Maintenance

T-Square Properties | Real Estate Brokers (425) 485-1800 | www.tsquaremanagement.com

The Paris Group NW

Wilson Property Management, Inc. Gary Wilson CPM (425) 453-0089 wilsonmanagementinc.com

LICENSED (#BRAVORI895C2)  BONDED  FULLY INSURED

Diamond Roofers, LLP | Flat & Low Slope (206) 202-7770 | diamondroofers.com

Westlake Associates (206) 505-9400 | westlakeassociates.com

PROFESSIONAL LOW SLOPE TORCH DOWN SPECIALISTS

Roof Replacement, Ventilation and Recover & Repairs Drainage Revisions

Tecton Corporation (206) 448-4100 | tecton.com

The Foundation Group (206) 324-9424 | tfgre.com

Weber & Associates Property Management (425) 745-5838

Bravo Roofing, Inc. GoldStar Vendor + Vendor of the Year | 2014 John Paust, Estimator: (206) 948-5280 (253) 335-4825 | (360) 886-2193 john@bravoroofs.com | bravoroofs.com

The Foundation Group (206) 324-9424 | tfgre.com

SUHRCO Residential Properties (425) 455-0900 | (206) 243-5507 suhrco.com

T-Square Properties | Real Estate Brokers (425) 485-1800 | www.tsquaremanagement.com

Axis Roof and Gutter, Inc. (360) 653-ROOF(7663) | axisroofandgutter.com

Sound Reatly Group Charles Burnett, CCIM (206) 931-6036 | soundmultifamily.com

The Chang Group (425) 678-2288 | changgroup.com

Spartan Agency, LLC (253) 863-6122 | spartanagency.com

RENTAL HOUSING INSPECTORS

Madrona Real Estate Bradford Augustine (206) 538-2950 | MadronaRealEstate.com McTaggart Real Estate (206) 322-9495 | darcoapts.com

Windermere Real Estate Commercial Therasa Alston (206) 650-4777

Next Brick Property Management (425) 372-7582

Windermere Real Estate / East Buck Hoffman (206) 660-3764 | buckhoffman.com

Niche Realty Associates LLC (206) 851-4694 | nichrealtyassoc.com

WPI Real Estate Services, Inc. (206) 522-8172 x105 | wpirealestate.com

North Pacific Property Management (206) 781-0186 | (800) 332-1032 northpacificpropertymanagement.com

REAL ESTATE INVESTORS

Paragon Real Estate Advisors, Inc. Vendor of the Year | 2016 (206) 623-8880 | (800) 643-9871 paragonrea.com

Specializing in Flat & Low Slope Roofing

(206) 202-7770

office@diamondroofers.com

www.diamondroofers.com Fields Roof Service Inc. (253) 852-4974 | (888) 852-4974 fieldsroofservice.com Mono Rooftop Solutions Commercial / Residential Repair & Maintenance (206) 767-2025 | monorooftop.com

SECURITY

BricksFolios Real Estate Solutions Jyotsna (Jo) Dixit (425) 503-1225 | brickfolios.com

Pacific Northwest Locksmith | Detectors (206) 531-0411 | pnwlocksmith.com

Havium. Inc

(206)208-0233 | signal88.com

Signal 88 Security of South Puget Sound

(888) 642-8486 | havium.com

• Real Estate Brokers • Commercial Real Estate • Investment Services • 1031 Exchange - Real Estate • Appraisal/Valuation

Exceptional Brokers. Superior Service. Windermere Property Management / JMW Group (206) 621-2037 | windermere-pm.com Windermere Property Management / WPM South, LLC Ed Verdi (253) 638-9811 | wpmsouth.com WPI Real Estate Services, Inc. (206) 522-8172 | wpirealestate.com

info@ParagonREA.com | www.ParagonREA.com Park 52 Property Management Paul Jakeman (253) 473-5200 | park52.com

SEWER & DRAIN VIDEO INSPECTIONS

Kay Properties & Investments Dwight Kay (855) 899-4597 | kpi1031.com

RENTAL HOUSING INSPECTORS Ideal Inspection Services LLC RRIO Certified + Licensed Inspector (206) 930-0264 | idealinspectionservice.com  Private

Qualified Rental Housing Inspector for Seattle (RRIO)

 Authorized

Inspector

Tukwila Rental Housing

206.930.0264

info@idealinspectionservice.com

idealinspectionservice.com

Best Plumbing Group (206) 633-1700 | (425) 771-1114 bestplumbing.com Fischer Plumbing, Inc. (206) 783-4129 | fischerplumbing.com

SIDE SEWER REPAIR Best Plumbing Group (206) 633-1700 | (425) 771-1114 bestplumbing.com Fischer Plumbing, Inc. (206) 783-4129 | fischerplumbing.com

The Pipe Guys (253) 475-6225 | pipeguys.com

CURRENT | May 2022 VENDOR LISTINGS SOFTWARE FOR RENTAL OWNERS Rental Housing Association of Washington (206) 283-0816 | RHAwa.org/RMAP Yardi Kelly Krier (805) 699-2040 | yardi.com

SUBMETERING Guardian Water & Power Chris Apostolos (206) 271-6913 | (877) 291-3141 x139 guardianwp.com

UTILITY SERVICES Water: (253) 502-8723 TacomaPowerRebates.com/multifamily

VACANCY LISTING SERVICES Pacific Publishing Co. | Print & Internet (206) 461-1322 | pacificpublishingcompany.com Renters Marketplace Larry Cutting (425) 277-1500 | rentersmarketplace.com

WATER CONSERVATION Seattle Public Utilities | Saving Water Partnership (206) 615-1282 | savingwater.org

WATER | FIRE DAMAGE RESTORATION

206-271-6913

Customer Satisfaction for Over 30 Years! Submeter Solutions, Inc. Jeff Lowry: (425) 228-6831 (888) 64-METER (63837) | submetersolutions.com

TAX CONSULTING | PREPARATION Brink & Sadler Johann Drewett (253) 582-4700 | brinkandsadler.com Hutchinson & Walter, PLLC (425) 455-1620 | hutchcpa.com

TAX-DEFERRED EXCHANGES (1031) Investment Property Exchange Services, Inc. (425)582-3487 | www.ipx1031.com Real Estate Transition Solutions 1031 Exchanges & Delaware Statutory Trusts Vendor of the Year | 2017 (206) 686-2211 | re-transition.com

TEMPORARY HOUSING Short Term Suites

(206) 652-9356 | shorttermsuites.com

Fischer Restoration (888) 345-2532 | fischerrestore.com

WATER HEATER SALES & SERVICE Best Plumbing Group (206) 633-1700 | (425) 771-1114 bestplumbing.com Day & Nite Plumbing & Heating Inc. Vendor of the Year | 2020 (425) 775-6464 | (800) 972-7000 dayandnite.net

WATER HEATER SALES & SERVICE Fischer Plumbing, Inc. (206) 783-4129 | fischerplumbing.com Greenwood True Value Hardware (206) 783-2900 | greenwoodhardware.com

WINDOW COVERINGS Shine a Blind | Blinds On-Site Ultrasonic Mini-Blind Cleaning + Repair (425) 771-7799 | shineablind.net

WINDOWS SRC Windows (253) 565-2488 | (800) 870-2488 srcwindows.com

TENANT SCREENING Rental Housing Association of Washington Chartrice Young, Lea Leong (206) 283-0816, option 2 | RHAwa.org SafeRent Solutions (419) 367-7615

THIRD PARTY BILLING | UTILITIES Guardian Water & Power Chris Apostolos (206) 271-6913 | (877) 291-3141 x139 guardianwp.com

THIRD PARTY BILLING | UTILITIES Submeter Solutions, Inc. Jeff Lowry: (425) 228-6831 (888) 64-METER (63837) | submetersolutions.com

TOWING + IMPOUND MANAGEMENT ABC Towing, Inc. Seattle: (206) 682-2869 Tukwila: (206) 767-4024 abc4atow.com

TRAUMA SCENE CLEAN-UP Bio Clean, Inc. (425) 754-9369 | biocleanwa.com

UTILITY SERVICES Conservice (435) 419-4960 | conservice.com Tacoma Public Utilities Power: (253) 502-8600

Energy Conservation Specialists • Doors • Windows Call or E-Mail Today for a FREE, No Obligation Estimate

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Tacoma Public Utilities Power: (253) 502-8600 Water: (253) 502-8723 TacomaPowerRebates.com/multifamily

YARD MAINTENANCE Echo Yard Maintenance (206) 909-6873

SEEKING ANSWERS TO YOUR QUESTIONS? RHAWA has made it easy for members to find answers to their most pressing property management questions. Stop by RHAwa.org/support-center to access our growing library of articles on fair housing, landlord-tenant laws and best practices for operating rental housing in Washington State. Need additional assistance? Don't worry! You can submit your questions to Support Center staff with just the click of a button. New members can now download our free guidebook to all RHAWA member benefits and services at RHAwa.org/companion.pdf

Rental Housing Association of WA MEMBERSHIP

Bremerton Market Report Jaci Willoughby | Membership + Marketing Specialist |  jwilloughby@RHAwa.org |  (206) 905-0601

The Bremerton apartment market contains the entirety ofKitsap County, which continues to exhibit strong demandfrom former King County residents who can save moneyon rent and take the ferry into Seattle.The vacancy rate currently sits at 4.8%. It hit a new all-time low of 2.6% over the past year but has waxed andwaned over the past few years due to supply pressure.Developers continue to target the market with new units,including those in areas not targeted in previousdecades. Despite an onslaught of new units in recentquarters, vacancies have remained relatively tight asstrong in-migration flows from Seattleites and other citydwellers have contributed to record levels of demand inrecent quarters Asking rents are lower than those in nearby Seattle, andrent growth remains robust as strong demand fromtransplants helps landlords maintain leverage. The areasaw the strongest rent growth of all markets in the PacificNorthwest in 2021.Transaction volume has been stellar in recent years,thanks to investment from smaller, in-state players andlarger California investors who want a piece of theaction.Sales volume in the first half of 2020 was low, butinvestors returned from the sidelines in the second halfof the year, and this momentum continued into 2021,which was one of the busiest years on record. Pricegrowth remains strong, and the average price per unit isnow higher than the national average.

CURRENT | May 2022

Sit Back, Relax And Learn About Your 1031 Exchange Delaware Statutory Trust (DST) Investment Options. Learn More About:

WHAT:

✔

Management-Free 1031 Delaware Statutory Trust (DST) Properties —No More Tenants, Toilets And Trash!

✔

Delaware Statutory Trust (DST) 1031 Strategies — NonRecourse Loans For Debt Replacement, All-Cash/DebtFree DST Properties, Potential Liquidity Options And Diversification

✔

True Diversification Using The Kay Properties Delaware Statutory Trust (DST) Platform — Sponsor Diversification, Asset Class Diversification, Market Diversification And Financing Diversification**

✔

Cash Out Refinance - Defer Your Taxes And Receive Liquidity Potential

RSVP By Calling 1 (866) 835-5549 Or Emailing info@kpi1031.com And You Will Receive A Registration Link

✔

Explore Cash Options With Investments Right From Your 401k or IRA

✔

Create Monthly Income Potential, Appreciation Potential, And Tax Advantages

*Can’t make the webinar time? Register anyway using the information above and we will send you the video replay!

✔ ✔

Close Your 1031 Exchange In As Little As Three Days

✔

Asset Classes Include: Multifamily, Net Lease, Self Storage, Industrial and Mobile Homes

✔

The Kay Properties DST 1031 Platform — Accessing Over 25 different DST Sponsor Companies And Between 20-40 DST Offerings Using kay1031rhawa.com

Webinar on Capital Gains Taxes, And DST Delaware Statutory Trust (DST) Investments With Kay Properties

WHEN:

Every Wednesday At 11AM PST, 2PM EST*

TO ATTEND:

1031 EXCH FOR THE FULL

LIST PLEAS

E LOGIN AT

TACOMA DATA CENTER DST

ANGE OPP

WWW.KPI103

1.COM OR

ASHEVILLE

Location: Tacoma, WA Total Offering Amount $8,398,000.00 Leverage 0.00% Type of Asset Data Center Offering Status Fully

TH E 1031 EXCHA NG

(855)899-459

HEALTHCARE IV DST

DST

Location: Asheville, NC Total Offering Amount $4,900,000.00 Leverage 0.00% Type of Asset Self Storage Offering Status Fully

Funded

CALL

info@KPI1031

.com

BEACH HOU

Location: Multiple Locations 1 Total Offering Amount $13,183,211.00 Leverage 50.24% Type of Asset Medical Office Offering Status

Funded

E TIM ES

ORTUNITIE

SE DST

Location: Jacksonvil le Beach, FL Total Offering Amount $51,576,436.00 Leverage 58.61% Type of Asset Multifamily Offering Status

Fully Funded

Plus Get A FREE Book On 1031 Exchanges and Delaware Statutory Trusts! PORT ORC WALGREENHARD S DST

AXIS WEST

Location: Port Orchard, WA Total Offering Amount

$5,925,500.00 0.00% Pharmacy Fully Funded

Leverage

Type of Asset Offering Status

Location: Orlando, FL Total Offering Amount

Leverage

Type of Asset Offering Status

DST

$69,900,683.00 54.93% Multifamily Fully Funded

GLENWOO

D DST

GRAN

Fully Funded

FRESENIU LOUISBURG S

DST Location: Louisburg, NC Total Offering Amount $4,924,000.00 Leverage 0.00% Type of Asset Medical Office Offering Status Fully Funding

WINCHEST ER MOB DST

Location: Wincheste r, VA Total Offering Amount $5,074,000.00 Leverage 0.00% Type of Asset Medical Office Offering Status Fully Funded

HEALTHC PORTFOLI ARE O

2 DST Location: Multiple Locations 2 Total Offering Amount $15,661,000.00 Leverage 0% Type of Asset Portfolio Offering Status Fully

NET LEASE PORTFOLI O 15

DST Location: Multiple Locations 4 Total Offering Amount $58,790,000.00 Leverage 53.07% Type of Asset Portfolio Offering Status Fully Funded

WINSTON SALE FEDE X DST M

Location: Winston-S alem Total Offering Amount NC $2,735,250.00 Leverage 0.00% Type of Asset Industrial Offering Status Fully

FAIRWAY DST

Funded

1000 WEST CHARLEST ON DST Location: Charleston, SC

Total Offering Amount $45,775,000.00 Leverage 54.66% Type of Asset Multifamily Offering Status Fully Funded

GERBER ROAD

TIC

Location: Asheville, NC Total Offering Amount $12,427,419.00 Leverage 0% Type of Asset Self Storage Offering Status Fully Funded

POOLER TIC

Location: Pooler, GA Total Offering Amount Leverage

$13,867,027.00 0% - All-Cash/D ebt-Free Type of Asset Self Storage Offering Status Fully Funded

GREENVIL LE ZIPS DST

Location: Greenville, SC Total Offering Amount $4,480,585.00 Leverage 0% - All-Cash/D ebt-Free Type of Asset Industrial Offering Status Fully

SEATTLE RAIN

IER DST

Location: Seattle, WA Total Offering Amount $7,135,372.00 Leverage 0% - All-Cash/D ebt-Free Type of Asset Multifamil

Offering Status Lmtd. *Preferred return

y Avail. Accepting

is not guarante

Funds

THISTLE WOO TOWNHOMES D

DST Location: Clarksville , TN Total Offering Amount $5,225,798.00 Leverage 0% - All-Cash/D ebt-Free Type of Asset Multifamily Offering Status Fully Funded

ed and is subject

to available

cash flow.

MISSOULA POTTER PARK DST

Location: Missoula, MT Total Offering Amount $5,455,319 Leverage 0% - All-Cash/D ebt-Free Type of Asset Multifamily Offering Status Fully Funded

Location: Multiple Locations 3 Total Offering Amount $22,449,000.00 Leverage 55.45% Type of Asset Medical Portfolio Offering Status

Location: Baltimore, MD Total Offering Amount $2,314,580.00 Leverage 0.00% Type of Asset Medical Office Offering Status Fully Funded

GRAND DOMINION

DST Location: San Antonio, TX Total Offering Amount $56,898,729.00 Leverage 59.17% Type of Asset Multifamily Offering Status Fully Funded

SONOMA POIN TE DST

Location: Kissimmee , FL Total Offering Amount $44,533,951.00 Leverage 57.77% Type of Asset Multifamily Offering Status Fully Funded

FRESENIUS PORTFOLI

O Location: Capitol Heights, Total Offering Amount MD; WA, D.C. $10,000,000.00 Leverage 46.80% Type of Asset Portfolio Offering Status Fully Funded

Visit www.kpi10 31.com for a look at curren closer t DST 1031 prope DST 1031 prope rties, rty due to dilige materials and nce more educa tional resources for your upcom ing 1031 exchange!

1-855-899-

4597

info@kpi10

31.com

HIGH RIDG E ATHENS DST

Location: Athens, GA Total Offering Amount $18,695,000.00 Leverage 54.23% Type of Asset Multifamily Offering Status Fully Funded

FRITO LAY

DC MSA

Location: Sterling, VA Total Offering Amount $6,996,739 Leverage 0% Type of Asset Industrial Offering Status Fully Funded

BOJANGLE

S DST

Location: Nashville MSA, Total Offering Amount Atlanta MSA $5,921,522.00 Leverage 0% - All-Cash/D ebt-Free Type of Asset Fast

Offering Status

Food Lmtd. Avail.; Accepting

Preferred Return*

NET LEASE INCO FUND 18 LLC ME

Location: Multiple Locations 5 Total Offering Amount $50,000,000.00 Leverage TBA Type of Asset Income Fund Offering Status Accepting

Call Today At 1 (866) 835-5549 Funded

MARYLAND MEDICAL DST

www.kpi1 031.com

CHARLOTT WALGREEN E

Fully Funded

DST

Location: Alpharetta , GA Total Offering Amount $84,455,103.00 Leverage 57.86% Type of Asset Multifamily Offering Status

DIVERSIFIED DIALYSIS DST

Fully Funded

S DST Location: Charlotte, NC Total Offering Amount $5,436,250.00 Leverage 0.00% Type of Asset Pharmacy Offering Status Fully Funded

Location: Lawrencev ille, Georgia Total Offering Amount $32,105,000.00 Leverage 57.09% Type of Asset Multifamily Offering Status

www.kpi10 31.com

Fully Funded

Funding

D Location: Atlanta, WESTSIDEAT GA DST Total Offering Amount Location: Kissimmee , FL $55,403,834.00 Leverage Total Offering Amount 58.95% $74,444,763.00 Type of Asset Leverage Multifamily 55.82% Offering Status Type of Asset Fully Funded Multifamily Offering Status

BIG CREEK

Tenants Include Amazon, FedEx, Dollar General, Walgreens, CVS, Fresenius and More

Funds

ACQUISITI

ON FUND

Location: Multiple Locations 6 Total Offering Amount $10,000,000.00 Leverage TBA Type of Asset Acquisition Fund Offering Status Accepting Funds

1 - Healthca re IV DST: City, UT Elmhurst, IL; Oklahoma City, OK; Dallas, 2 - Healthca TX; Salt Lake re Portfolio 2 DST: Raleigh, 3 - Diversifi NC; Houston, TX; West Jordan, TX; Sinton, TX;ed Dialysis DST: Fort Worth, UT Kingspor t, TN; Martin, TN; TX; The Woodlands, TX; 4 - Net Lease Middletown, NY; Ypsilanti, Grand Prairie, Parts Mokena, Portfolio 15 DST: Advance MI; Eupora, MS Dollar General IL; CVS Pharmacy BolingbroAuto Parts Norcross , GA; Advance ok, IL; Dollar Gadsden, AL; Saint Amant, LA; Dollar General Baton General Hammon Auto Dollar Baton Dollar General Sugar d, LA; Rouge, LA; Creek, Rouge, MO; Dollar LA; Fresenius Hobby Lobby Medical Care Dollar General Goshen, General IN; Walgreen Brunswick, GA; Indianap IN; Family St. s Independence, olis Osteopat Louis, MO; Goodwill Skokie, hic Hospital, MO; Walgreen 5 - Net Lease Inc. Indianap IL; s Arlington, Income Fund olis, TX Louisville Industria 18 LLC: E-Comme l 19 DST WA; Seattle rce Distributi Multifamily Louisville, KY; Port Orchard on DST Akron, Tacoma Data DST Seattle, Pharmac OH; Distribution Center DST Tacoma, WA; WA; Missoula multifam y DST Port Orchard, DST Flats LLC Austin, Rock Springs, WY; Phoenix Pharmacy DST ily DST Missoula, MT; Phoenix, AZ; Texas TX; Industria Omaha Shreveport, Wyoming LA; Maplewo MSA DST Council Bluffs, l DST Uvalde, TX; Austin Thistlewood od DST Maplewo IA; Shrevepo 305 townhomes DST Clarksvill od, MO; Airport Medical rt Pharmacy DST 6 - Acquisiti e, TN DST Chicago, on Fund LLC: IL; Wyoming Distributi Missoula multifam ily DST Missoula Dulles Distributi on DST Rock Springs, , MT; on DST Sterling, WY; Seattle Multifamily NYC Metro DST; VA; Airport Medical DST Chicago,DST Seattle, WA; IL

Fund

Securities offered through FNEX Capital, LLC, member FINRA, SIPC. Potential returns and appreciation are never guaranteed and loss of principal is possible. Please speak with your CPA and attorney for tax and legal advice.

Rental Housing Association of WA EVENTS

2022 RHAWA Legal Forum Denise Myers |

Director of Education + Resources

|  dmyers@RHAwa.org |  (206) 905-0614

RHAWA invites you to the 2022 Legal Forum on July 13 from 3 p.m. - 5:30 p.m. on ZOOM.

and unclear language make it difficult to predict how case law will unfold over the coming years. This is your chance to hear three Do you have questions or attorneys, currently pracconcerns regarding your ticing landlord-tenant, real rental unit? Not sure which estate and business law RHAWA form or lease to across Washington, discuss use for your property? Our your most difficult quespanelists for the 2022 Legal tions. Experienced property Denise Myers Forum got you covered. management professional and housing provider rights advocate, RHAWA’s Legal Forum gives housing Cory Brewer will moderate questions providers the opportunity to ask housand lead the discussion. ing specific questions to our panel of attorneys. Don’t miss out on this unique Presubmitted questions will be given opportunity for legal advice about your first priority for review and answer at specific housing provider concerns. the event. Now that the COVID moratoriums are finally over, we have woken up to a new and puzzling reality. Conflicting state and local laws changed everything from lease renewals to rent payment enforcement. Contradictory

OUR HOST: Cory Brewer (Windermere Property management/Lori Gill & Associates) is the VP of Residential Operations at Windermere Property Management / Lori Gill & Associates. His career as a real estate professional in the Greater Seattle Area dates back to 2003. In his role at WPM/LGA, his primary responsibilities include training, legal compliance, and conflict resolution for a brokerage representing over 1,500 rental houses and condos throughout King & Snohomish Counties. He is also a member of the RHAWA Board of Directors, and the NARPM State & Local Government Affairs Committee.

CURRENT | May 2022

MEET THE PANEL: Christopher Cutting (Cutting Law Office PC) is known as a tireless advocate for housing providers. He has been practicing residential and commercial landlord-tenant law, judgment enforcement, and appeals since 2009. Christopher currently serves on the Board of Directors for the Rental Housing Association of Washington, is the 2021 Vice President of the organization, and is the Co-Chairman of their Legislative Committee. He is a frequent presenter at legal education courses hosted by state and local bar associations and private groups and is a licensed clock hours instructor for Washington Real Estate Brokers. Christopher has also been the author or co-author of housing provider's official responses to several legal and legislative actions.

Julie Martiniello (Dimension Law Group, PLLC) has focused her practice primarily on trusts & estates, real estate, and business transactions for the past 11 years. She has paid particular consideration to property investors due to her own personal experiences and her knowledge of the financial landscape of real estate. Julie is passionate about helping her clients plan for the future and building a legacy by guiding them with proper business formation and maintenance, succession planning, and comprehensive estate planning. Julie takes a global approach with each client to ensure that every part of their legal and financial life are geared for the future.

Eric M. Steven (Steven Law Office) is the principal attorney at Steven Law Office in Spokane with a practice emphasis in the area of landlord-tenant relations and housing. He regularly handles cases brought or opposed by tenant advocacy groups, and is acting counsel for numerous property owners, landlords, management companies, mobile home parks, subsidized housing providers, and the Spokane Housing Authority. He is active in legislative reform and frequently lectures to attorneys, property managers, law enforcement, and owners at continuing legal education programs. In 2021 Mr. Steven was awarded as a "Friend of Fair Housing" by the Northwest Fair Housing Alliance.

Rental Housing Association of WA OWNER'S ADVOCATE

Comparing 1031 Replacement Property: Fee Simple vs. DSTs Austin Bowlin | Partner | Real Estate Transition Solutions | Vendor Member

There are many different reasons why an investment property owner may be considering a 1031 Exchange. As a 1031 Exchange consulting firm, we have found that three of the most common reasons an owner considers doing an Exchange are to capitalize on new opportunities, eliminate active property management, and reduce the risk associated with their current property. With that in mind, let’s look at two popular 1031 replacement property options and see how they compare: Fee Simple Properties and Delaware Statutory Trusts (DSTs). Austin Bowlin

Fee Simple Replacement Property

One of the most common styles of investment property ownership is Fee Simple. In case you’re unfamiliar with that term, a Fee Simple property means outright ownership of a single property; an investment property that is either owned by an individual or through a legal entity, such as an LLC or Partnership. Chances are that Fee Simple is how most RHA Washington members own their current properties. Delaware Statutory Trust (DST) Replacement Property

Another type of property that is eligible for a 1031 Exchange is a Delaware Statutory Trust (DST). An increasingly popular 1031 replacement property option, a DST allows investors to have an undivided fractional interest in investment property owned by a trust. Typically, DSTs own high-quality institutional property that is held for 3-10 years. It is commonly chosen by investment property owners who do not want the burden of active property management. Delaware Statutory Trusts (DSTs) present their own set of opportunities that may be attractive to investors considering an Exchange. One opportunity lies in the ability to access many of the nation’s top property management firms. The size and experience of these managers enable them to drive market rent, the means to “accelerate” revenue offsetting depreciation through cost segmentation, and professional bookkeeping on behalf of their investors.

One of the opportunities unique to Fee Simple properties is the ability to perform value-add work on the property. Value-add work encompasses not only the physical property itself (through remodel, renovation, or development efforts), but also the management of the property through expense control and improving the overall tenant profile. It goes without saying that executing a value-add strategy is heavily involved and hands on. However, it has the potential to produce strong returns when done correctly and the market is receptive to it. A second opportunity unique to Fee Simple replacement property is the ability to directly control the financing of the property. Owners who want to continue to grow their real estate portfolio often leverage their properties to fund additional acquisitions. Refinancing a property is also a potential opportunity to receive tax-free liquidity that can generally be used at the owner’s discretion. We believe financing flexibility is one of the strongest features of Fee Simple property. However, it should be noted that it is not without its risks as most debt will be recourse, meaning the owner is personally liable for the debt should the property underperform.

Another opportunity that exists for DSTs is higher potential cash flow. This is particularly relevant to current owners in the Puget Sound region as property appreciation has generally outpaced rent growth, leading to a lower than desired Return on Equity. An aspect to consider is that because DST ownership can easily be divided and assigned to beneficiaries, they present a unique ability to facilitate seamless estate planning, while still realizing the step-up in tax basis consistent with all real estate. Bottom Line

Both property types have inherent opportunities and risks that should be considered when evaluating replacement property options. Determining which property type is suitable for an owner considering an Exchange depends on the investor’s individual situation, as well as their financial and lifestyle objectives. Austin Bowlin, CPA - Chief Exchange Strategist & Partner at Real Estate Transition Solutions. As Chief Exchange Strategist, Austin leads the firm's team of licensed 1031 Exchange advisors & analysts and provides consultation on tax liability, deferral strategies, legal entity structuring, co-ownership arrangements, 1031 replacement property options, and Delaware Statutory Trust investments.

CURRENT | May 2022

Real Estate Transition Solutions is a consulting firm specializing in tax-deferred 1031 Exchange strategies and Delaware Statutory Trust investments. For over 26 years, we have helped investment property owners perform strategic 1031 Exchanges by developing and implementing well-planned, tax-efficient transition plans carefully designed to meet their objectives. Our team of licensed 1031 Exchange Advisors will guide you through the entire Exchange process and help you select 1031 replacement properties best suited to meet your goals. To learn more about Real Estate Transition Solutions, call (206)-5024862 or visit our website at re-transition. com/RHAwa.

IMPORTANT INFORMATION The information herein has been prepared for educational purposes only and does not constitute an offer to purchase or sell securitized real estate investments. Such offers are only made through the sponsor's Private Placement Memorandum (PPM), which is solely available to accredited investors and accredited entities. Case studies and examples are for illustrative purposes and not representative of future results. There are risks associated with investing in real estate properties, including, but not limited to, loss of entire investment principal, declining market values, tenant vacancies, and illiquidity. Because investor situations and objectives vary, this information is not

intended to indicate suitability for any particular investor. This material is not to be interpreted as tax or legal advice. Please speak with your own tax and legal advisors for advice/guidance regarding your situation. DST 1031 properties are only available to accredited investors (generally described as having a net worth of over $1 million dollars exclusive of primary residence) and accredited entities only. If you are unsure if you are an accredited investor and/or an accredited entity, please verify with your CPA and Attorney. Securities offered through Aurora Securities, Inc. (ASI), member FINRA/SIPC. Advisory services offered through Secure Asset Management, LLC (SAM), a registered investment advi-

sor. ASI and SAM are affiliated companies. Real Estate Transition Solutions (RETS) is independent of ASI and SAM.

Rental Housing Association of WA VENDOR MEMBER

Why Real Estate Syndication is Important for Delaware Statutory Trust 1031 Exchange Real Estate Investors Matt McFarland | Vice President, Kay Properties

world of real estate investments, syndication refers to • How does Delaware the process of organizing Statutory Trust Syna collection of investors to dication benefit invescombine their financial retors? sources in order to purchase • Why Real Estate Synone or more real estate asdication via a DST can sets. Real estate syndicapotentially reduce risk tion means investors are isfor investors*? sued beneficial interests or • What is the Portfolio shares of real estate. Profits Matt McFarland Optimization and Diand losses are usually split versification Theory? according to their respective percent• How real estate syndication and age ownership interests. DST investments can help investors access larger real estate assets? The concept of syndication is especially relevant when discussing Delaware Delaware Statutory Trust 1031 exStatutory Trusts because not only do changes have never been more popuDSTs qualify for 1031 exchanges as lar, and one of the reasons behind this outlined in Revenue Ruling 2004-86 of growth and investor appeal is the powthe Internal Revenue Code Traditional er and flexibility of real estate syndica1031 exchanges often involve a sole tion. Real Estate syndication is a major investor exchanging investment real underlying principle for how a Delaestate into another like-kind real estate ware Statutory Trust 1031 investment asset. A Delaware Statutory Trust 1031 is structured, and why they continue to exchange allows multiple investors to grow as an alternative investment for own real estate for their 1031 exchange accredited investors. or cash investments. In addition, unlike other group investment structures “A lot of people still don’t know about such as Tenant in commons (TICs) the potential benefits of the 1031 DST which limit the number of investors syndication structure. Last year, we to 35, DSTs allow for a much higher helped our clients complete more than number of investors (typically up to $600 million of equity investments in 499 investors), creating an ideal choice these 1031 DST vehicles,” explained for investors who want to access larger Dwight Kay, the founder and CEO of and potentially more diverse real estate Kay Properties who is a prolific auassets. thor on the subject including authoring What are the Benefits of a Delamultiple white papers and what some ware Statutory Trust Syndication? consider to be the first book ever published on the subject.

Key Takeaways:

What is Syndication and How Does it Work within the Real Estate Investment Arena

Generally speaking, syndication is the process of organizing a group of individual investors or an organization for the purpose of collectively investing in an asset that requires a significant amount of capital. When applied to the

• •

Underwriting the real estate deal Conducting all the due diligence on the property (ies). Arranging the necessary financing - although some DST 1031 investments are debt free with no loans on them. Creating a business plan for the property (ies). Finding a property management team. Coordinating investor relations and potential monthly distribution checks to investors.

in a DST can purchase an ownership interest in large industrial distribution centers, medical buildings, self-storage facilities, and even large $50 million-plus apartment communities. In this way, the syndication structure of Delaware Statutory Trust 1031 exchanges allows investors to access a level of real estate that they oftentimes would not have been able to buy before.

In this way, the Delaware Statutory Trust syndication provides investors a passive ownership structure.

A third advantage of the Delaware Statutory Trust syndication structure compared to a normal 1031 exchange is that it increases the ability of investors to invest in multiple properties, thus potentially reducing individual risk. Beyond the ability to allow investors to participate in multiple investment properties, DST syndications also allow investors to invest in multiple asset classes (multifamily, commercial buildings, self-storage, medical facilities, industrial distribution centers, etc.) as well as in multiple geographic locations. Portfolio optimization and diversification was first recognized by Nobel-Prize winning economist Harry Markowitz, and continues to be one of the most proven economic theories for success today, including its application in Delaware Statutory Trust 1031 exchanges. * It is important to note however that diversification does not guarantee profits or protection against losses and that investors should read each DST offerings Private Placement Memorandum (PPM) paying attention to the risk factors prior to considering a DST investment.

•

• • •

According to Kay, in exchange for giving up active management, the passive investor of a DST 1031 property will typically receive 100 percent of the pro-rata portion of any potential principal pay-down from the loan on the property, thereby potentially building equity. In addition, DST 1031 properties are structured so that the investors in the DST receive 100 percent of their pro-rata portion of the potential rental income generated by the property’s tenants. “Furthermore, although appreciation is never guaranteed, DST 1031 investors receive 100 percent of their pro-rata portion of any potential net appreciation of the property over the hold period,” said Kay.

Benefit #1: Passive Ownership

Benefit #2: Access to Larger, Institutional Grade Assets

One of the most attractive aspects of DST 1031 exchange investments to many investors is that they eliminate the challenges associated with active ownership and management. In DST investments, a sponsor creates the DST and has the responsibility of managing the entire business and assets of the trust. These responsibilities can include the following:

Another attractive element for investors of syndicated Delaware Statutory Trust 1031 exchanges is that they provide investors within the trust the opportunity to access large, institutional grade real estate assets that would otherwise potentially be outside of an individual investor’s price point. With a typical investment minimum investment of $100,000, individual investors

Benefit #3: The Potential to Reduce Risk Through Greater Diversification*

Obviously, as with all forms of real estate investments, there is an underlying level of risk that investors should be aware of including things like economic downturns, vacancies, tenant repairs, etc. Investors should not invest in DST investments or real estate syndications

CURRENT | May 2022

if they are unable to sustain the loss of their invested principal. Benefit #4: Ability to Work with and Learn from Syndication Experts

Commercial real estate investing requires years of experience and lots of resources. Even for experienced investors, the ability to source, inspect, underwrite, and close on large institutional properties within a 1031 exchange timeline is often beyond their reach. However, for Delaware Statutory Trust syndications, the investor can work with highly specialized team members at Kay Properties & Investments. Kay Properties is a national Delaware Statutory Trust expert advisory firm. They have created the www.kpi1031.com platform that provides investors access to the marketplace of DSTs from more than 25 different DST sponsor companies. In addition, they have custom DSTs available only to Kay Properties clients and provide investors independent advice on DST sponsor companies as well as full due diligence and vetting on each DST investment.

About Kay Properties and www.kpi1031. com Kay Properties is a national Delaware Statutory Trust (DST) investment firm. The www.kpi1031.com platform provides access to the marketplace of DSTs from over 25 different sponsor companies, custom DSTs only available to Kay clients, independent advice on DST sponsor companies, full due diligence and vetting on each DST (typically 20-40 DSTs) and a DST secondary market. Kay Properties team members collectively have over 150 years of real estate experience, are licensed in all 50 states, and have participated in over $30 Billion of DST 1031 investments. 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 or legal professional for details regarding your situation. There are material risks associated with investing in

real estate securities including illiquidity, vacancies, general market conditions and competition, lack of operating history, interest rate risks, general risks of owning/ operating commercial and multifamily 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. Nothing contained on this website constitutes tax, legal, insurance or investment advice, nor does it constitute a solicitation or an offer to buy or sell any security or other financial instrument. Securities offered through FNEX Capital , member FINRA, SIPC. Matthew McFarland is vice president and DST 1031 specialist with Kay Properties & Investments, where he works out of the Kay Properties’ headquarters in Los Angeles, helping clients with their 1031 exchanges and direct investments.

Prior to joining Kay Properties, Matt worked at a national commercial real estate tenant representation firm where he helped national firms find Class A and Class B space in commercial office, industrial, and flex spaces throughout Southern California. Since joining Kay Properties, Matt has participated in over 1,000 transactions and over $6 Billion worth of real estate. Matt works hand in hand with all the Kay Properties’’ Senior Vice Presidents, educating clients on what particular investments make sense for their situation. A graduate of the University of California, Los Angeles, Matt holds a Bachelor of Science in Physiological Science from the UCLA Department of Integrative Biology and Physiology.

Rental Housing Association of WA VENDOR MEMBER

Can't Find the Source of that Mysterious Smell in Your Home? Check Your P-Traps! Bruce Davis, Sr. | Day & Night Plumbing & Heating, Inc. | 2020 Vendor Member of the Year

So often after talking about this for a while, the customer will realize something like… “Well, the smell is usually somewhere near the spare bathroom, and nobody has used that shower since my daughter was home last Christmas break”. The ‘fix’ is easy on those. The customer just runs water for a couple of minutes in the shower, airs things out, and the bad smell doesn’t come back. Nine times out of ten, a sewer-gas smell problem is coming from a P-trap that has lost its water for some reason; the trap is leaking, something is syphoning the trap empty (Example: it’s full of long hair that is ‘wicking’ the water down enough to break the water-seal), or it’s just drying out from not being used. In the Pacific Northwest, it takes 3 to 5 months of not using a fixture, before the water in the P-trap dries out enough to let sewer-gasses into the room. It’s not uncommon for a customer to ask for our help finding the source of a bad sewer-gas smell. It happens quite often because the problem is tough to diagnose and locate for lots of different reasons. We usually start with a few pointers over the phone to see if they can solve the problem without our help. First, we ask whether they’re experiencing a real sewer-gas smell…or something else; perhaps a ‘dead animal’ smell? The difference is fairly easy to discern. Usually, a dead animal smell has a strong, sickeningly sweet odor that will almost always bring about a ‘gag response’ in your throat and often ‘rolls your stomach’. A regular sewer-gas smell is just a bad stink with a definite odor of feces and sometimes a rotten-egg (hydrogen sulfide) smell and/or a moldy mustiness too. We also try to ask what has been happening in the home or business lately in terms of remodeling, pest control etc. to get clues about what direction to go. Finally, we talk to them about P-traps, and the possibility of some fixture’s P-trap ‘drying-out’… because an empty or ‘dried-out’ P-trap is by far the

most common cause of all sewer-gas smells. Each and every plumbing fixture and/ or plumbing drain has a P-trap on the drain if it has been installed according to Code, and it’s these P-traps that protect us from sewer-gas. If a P-trap has become empty of water or dried out for any reason, it will allow the sewer-gas air inside the waste pipes to come pouring into where we live and work. Every P-trap on every drain needs to have a vent that protects it; that’s what all those pipes are that we see sticking out of our roofs. Every time a drain is used, all that water and material rushing down our pipes displaces a lot of air; and it makes our plumbing systems kind of ‘breath’… both in and out. It’s just like when you stand on the shoulder of a road, and a big truck goes zooming past. That truck is pushing a massive ‘air-wave’ in front of it, and it’s also dragging a big bunch of air behind it that hits us and makes us brace ourselves and turn away. Every time we send anything down one of our drains, the same thing happens

with the air in the system. If that drainpipe can’t ‘pull and push’ air down the drain and out the roof, then it will try to pull and push air right through our P-traps, sometimes making the sewer-gasses go into the room. That’s why sometimes in older homes or cabins or additions that are not properly vented, when one drain is draining we’ll start to hear a ‘glug, glug, glug’ sound from a different drain because air/sewer-gas is being sucked or pushed through a P-trap. And if the water in that P-trap gets sucked or pushed enough, it gets so low that the ‘seal’ is lost and it no longer protects us from the sewer gasses. Some drains have visible P-traps, like those under a bathroom or kitchen sink; and some drains have P-traps that are hard to see or hidden; like on a floor drain, a shower or a toilet. However, every drain must have a P-trap that is properly vented, and every P-trap must have a regular supply of water going through it to keep the ‘trap-seal’ working properly.

So far we’ve identified the reason and the remedy for various sewer gas smells; whether the source was an unused P-trap in a small rambler or a forgotten, open clean-out that got covered by dry-wall on the 26th floor of a commercial building. Regardless of the cause, it just takes time, patience, and a little logical detective work once you know the basics of the system. Bruce Davis, Sr. President Director of Education & Learning, Sales Manager, Licensed Journeyman, Plumber, Licensed Electrician, HVAC/R Electrical Administrator, HVAC/R Certified WA State C.E.U. Instructor. Bruce Sr. is President of Day & Nite Plumbing & Heating, a 68-year-old family owned and operated plumbing and heating business in Lynnwood, Washington. Bruce can be contacted at: Bruce@ dayandnite.net. Day & Nite Plumbing & Heating Inc. 16614 13th Ave W Lynnwood, WA 98037 800-972-7000

CURRENT | May 2022

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CURRENT | May 2022

CURRENT - May 2022

Articles inside

Real Estate Investors

Can't Find the Source of that Mysterious Smell in your Home? Check Your P-Traps

Comparing 1031 Replacement Property: Fee Simple vs. DSTs Why Real Estate Syndication is Important for Delaware Statutory Trust 1031 Exchange

2022 RHAWA Legal Forum

2022 Elections

State Court of Appeals Rules in RHAWA's Favor

New Look for the RHAWA Connect Forum How to Make a Difference in the

Considering a Guarantor While Screening Applicants

Sue Lewis: (206) 283-0816, option

Local Government

Industry in Motion

New Members Referral Program

Events + Education: May Calendar

Get Answers About New Seattle Laws

Should I Self-Manage? Hire a Property Manager? Use a Hybrid Approach?