to download. - Wisconsin Apartment Association

Volume 35 Issue 2 • March 2014 • Connecting the Rental Community Right Next Door and Across the State
Join us for
WRHLC / WAA Legislative Day
March 19, 2014
Agenda and details on page 5
2014 Roster of Events
(for a full calendar of events go to: http://www.waaonline.org)
WRHLC/WAA Legislative Day 2014
Wednesday, March 19th • See page 5 for details.
BOARD MEETING
Saturday, April 12 • 10:00 a.m. - 4:00 p.m. (Lunch served at Noon)
Robbins Restaurant, 1810 Omro Rd, Oshkosh
Lunch choices are: Robbins soup, salad, and baked potato bar, a prime rib sandwich, or a chicken Caesar wrap.
Sandwich and wrap are served with either French fries or fresh fruit cup. Cost is $12 and includes coffee, tea, milk, or soda.
Please RSVP to Kristy at kristy@waaonline.org or 920-230-9221 no later than Monday, April 7th.
Mark Your Calendars
for the
2014 WAA Conference
& Tradeshow
“Catch The Rental Wave”
October 10-12 at the Three Bears Resort in Warrens
1500 Jellystone Park Dr, Warrens
Call 888-386-9644 and mention WAA to get the special room rate of $89.95/night plus tax
or a suite for $109.95/night plus tax. Room block closes on 9/10!
Watch for more details and a discounted early registration form in the next issue!
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March 2014 • www.waaonline.org • WISCONSIN APARTMENT ASSOCIATION NEWS
WAA Directory
WAA/RHR Executive Committee
President: Dean Ramsden
(C) 715-421-6403
dean@goclientfocus.com
Past President: Dale Hicks
(C) 608-201-3774
dandtrentals@sbcglobal.net
Vice President:
Sherrie Dorn
(C) 262-497-0516
danelady@wi.rr.com
Secretary: Adele Vogel
(H) 262-781-4044
rentproviders@wi.rr.com
Treasurer: Chris Mokler
(O) 920-235-6470
cmokler@moklerproperties.com
Regional Directors
Northeastern: Hank Dreschler
(H) 920-766-3104
drechs@hotmail.com
North Central: Kris Mueller
(H) 715-676-2353
kam1camx1@tds.net
Northwestern:
Pamela Strittmater
(C) 608-317-3678
ptstritt@aol.com
Beloit Property Mgrs Assoc.
Matt Ruch* (608) 361-6896
mjruch@charter.net
Joe Hansen (608) 365-8427
jhansen608@msn.com
Eau Claire
(Chippewa Valley A.A.)
Dale Goshaw** (715) 836-7507
goshawdr@uwec.edu
Fond du Lac Area Apt Assoc.
Vicki Garthwaite** (920) 923-4135
immystified@gmail.com
Gary Schwefel (920) 924-5746
Mary Ruplinger (920) 921-3791
Green Bay (Apt. Assoc.
of Northeastern WI)
Nancy Behnke** (920) 639-7557
eglide02@new.rr.com
Gary Heilmann (920) 499-5019
gheilmann@itol.com
Nancy Kuehn (920) 494-9556
nancy42139@aol.com
Hudson (St. Croix Valley
Apartment Association)
Allan Brown (715) 778-5809
Rob Peifer (651) 470-6679
r.peifer@comcast.net
Janesville Area Rental
Property Association
Dale Hicks** (608) 752-3104
dandtrentals@sbcglobal.net
Don Chapin (608) 755-1121
dchapinins@aol.com
Oshkosh (Winnebago
Apartment Association)
Tracy Frost (920) 233-5810
tracyf@schwabproperties.com
Donn Lord** (920) 420-0662
donnlord@sbcglobal.net
Kenosha Landlord Assoc. Inc.
Brian Hervat* (262) 652-8000
brianhervat@gmail.com
Larry Capozzo (262) 658-9000
Racine (S.Wis Landlord Assoc.)
Wendy Wade (262) 221-6627
wwade0307@gmail.com
David Pioro (262) 939-9022
dpioro@wi.rr.com
Dave Bybee** (262) 681-7233
paparentman@wi.rr.com
LCappozzo@ProvidenceCompanies.com
Liza Thober** (262) 818-0299
lthober@gmail.com
La Crosse (Apartment Assoc.
of the La Crosse Area)
Pamela Strittmater***
(608) 317-3678 ptstritt@aol.com
Duane Roesler* (608) 788-0259
kroesler@aol.com
Jessica Olson (608) 782-0808
Marshfield Area Apt. Assoc.
Chuck Virnig (715) 305-1232
cigcaa@gmail.com
Kris Mueller** (715) 676-2353
kam1camx@tds.net
Waukesha Area Apt. Assoc.
Norm Vogel** (262) 781-4044
rentproviders@wi.rr.com
Wisconsin Rapids Area Rental
Property Owners Association
Sharon Jacoby (715) 510-0000
ferkeys@yahoo.com
Harold Streekstra &
Helen Streekstra** (715) 424-2105
handh@wctc.net
* WAA Regional Director
** Education Contacts
*** Both WAA Regional Director and Education Contact
Names in Bold: Forms Rep
South Central: Matt Ruch
608-361-6896
mjruch@charter.net
Southeastern: Gus Orozco
(C) 847-668-7658
gus.orozco7@gmail.com
WAA/RHR Staff
WAA Administrative Assistant:
Kristy Weinke
920-230-WAA1 (9221)
admin@waaonline.org
Legislative Liaison (WRHLC)
Gary Goyke
(office) 608-237-8121
Gary.goyke@gmail.com
WAA News Staff
Editor/Designer:
Jodi Heiting
Sugarcoat Design
608-216-6063
Jodi@SugarcoatDesign.com
We need YOU! Our association is only as strong as our members and member participation is critical
for our growth and success. We have established a number of standing committees (teams) to ensure
that our association continues to meet goals that are set, retains and adds members, and provides
education, leadership, and representation to ensure that YOU are able to operate your rental business
successfully, ethically, and responsibly in our state. These members have agreed to volunteer their
opinions, skills, and time to make this association the best it can be. Please consider getting involved
as well and help make a difference in YOUR association, the Wisconsin Apartment Association!
Education Committee – Julie Fay-Krivitz-Chair (Associate), Sherrie Dorn (SWLA, Racine), Dale
Hicks (JARPA, Janesville), and Pamela Strittmater (AALA, La Crosse)
Legislative Committee – Chris Mokler-Co-Chair (Winnebago, Oshkosh), Dale Hicks-Co-Chair
(JARPA, Janesville), and Jessica Olson (AALA, La Crosse)
Membership Committee – Kathy Haines-Chair (Associate), Julie Fay-Krivitz (Associate), Pamela
Strittmater (AALA, La Crosse), Jeff Pralle (AALA, La Crosse), Hank Drechsler (FVAA, Appleton), Kris
Mueller (MAAA, Marshfield), and Gus Orozco (SWLA, Racine)
Conference Committee - Pamela Strittmater-Chair (AALA, La Crosse), Kathy Haines (Associate),
Julie Fay-Krivitz (Associate), Susan Verbeten (SWLA, Racine), Kelly Jensen (SWLA, Racine), Bill White
(Associate), Lori Thurloff (AANW, Green Bay), Dawn Powell (KLA, Kenosha), Dale Hicks (JARPA,
Janesville), and Paul Winans (AALA, La Crosse)
WISCONSIN APARTMENT ASSOCIATION NEWS • www.waaonline.org • March 2014
3
President’s Letter
Is everyone staying warm? I hope so. I think this has been one of the coldest winters that I can remember. With this
thought, we all provide housing to thousands of tenants throughout Wisconsin where they have a warm place that
they can call home! They are also faced with higher heating and electric bills this year and this puts pressure on all
of us.
When tenants are faced with higher cost of utilities and their consumption is on the rise, they are faced with
challenges of buying food and paying rent and utilities. As you know, when a tenant doesn’t pay their utility
bills, some of these bills can be placed on our tax bill. This then increases the burden on us as landlords. We are
responsible for mortgages, taxes, insurance, maintenance, association dues and possibly utility bills. We sometimes
wonder if there will be a profit at the end of the year, yet there will be people (and most recently a local official) that
tell the public that we (landlords) are self-serving. With this all being said, it confirms to me our need to protect our investments, interest and
responsibilities to our stakeholders . . . our tenants. We need to make sure there is a profit so we can re-invest back into our properties to
keep them safe and livable conditions.
Where does this conversation lead us? Staying Active! Where you might ask? The WAA needs you! We are calling all landlords to get
involved at your local and State meetings. We need your leadership, your ideas and to get your fellow landlords involved. Please join us for
WAA/WRHLC Legislative Day on Wednesday, March 19th in Madison. This day will be filled with programs, meeting with legislators, and a
legislative and industry awards reception. Gary Goyke, WAA Legislative Liaison, is working hard to make this a beneficial day for all of us.
Mark your calendars now to join us in making the WAA voice known at the State Capitol.
Next, we need you at our board meetings. We only meet four times per year…January, April 12th, September 6th and November 15th.
We have established four great committees that you can be involved in:
1. Legislative – Work with Chris Mokler, Oshkosh, Dale Hicks, Janesville, and Gary Goyke as they continue to fight for us landlords at
the State Capitol. SB179 was just signed by Gov. Walker in December and now they are working on a municipal utilities bill.
2. Membership – Without membership we do not have WAA. This means we will not have a voice in Madison! Join Kathy Haines,
Associate & Green Bay member, in building our WAA membership. Let’s keep new ideas coming!
3. Education – There is a difference in an educated landlord and one who does not understand the laws of the land. Landlords need
to keep educated as the landscape changes and we become a more regulated industry. Join Julie Fay-Krivitz, Associate member,
in bringing updated and new education classes to our members.
4. Annual Conference & Tradeshow – Kristy Weinke, WAA Administrative Assistant, and Pamela Strittmater, LaCrosse, do a fantastic
job in putting all the details together to bring us our annual conference. Bring your suggestions on how we can better serve you!
5. Other ways you can help…..Newsletter, Vendors, Associate Members, Website and Marketing.
My Mother would always tell me, “Dean, many hands make light work.” It doesn’t matter if you can help a little or a lot. Whatever you can
to do help grow our association…bring us your talents and we’ll find a job for you! Don’t be afraid to come forward. Just take one step and
keep WAA moving in the right direction. We are in this together! We want to provide quality housing for our tenants! To do this, we must
stay focused on our business, lobby for fair laws and band together like family.
If we don’t see you in Madison for Legislative Day, please join us at the next Board Meeting in Oshkosh on Saturday, April 12th. We will
spend a little more time working through our goals and building our committees!
I look forward meeting you somewhere on this journey!
Best wishes,
Dean Ramsden
Dean Ramsden, WAA President
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March 2014 • www.waaonline.org • WISCONSIN APARTMENT ASSOCIATION NEWS
Legislative Day
WISCONSIN APARTMENT ASSOCIATION NEWS • www.waaonline.org • March 2014
5
Fire Safety Tips
Catching Fire: Winter Fire
Prevention Tips Landlords
Can’t Ignore
By Tracey March
Winter fires cause more than
$2,000,000,000 (that’s 2 BILLION) in
property losses every year. The loss of
life is considerable—more than 900
people die in winter home fires. As a
rental owner, it’s important to know what
the hazards are and to communicate that
information to your tenants.
Fire prevention in general is important for any landlord or
homeowner to address. In fact, I’ve written about fire prevention
for landlords and property managers before. However, a fire is
more likely to happen during the winter for three reasons: we
heat our food more, we heat our homes more, and many of
us decorate our houses with flammable materials and candles.
That combination doesn’t have to end in tragedy.
Here is some important information to communicate to your
tenants so you can reduce the likelihood that your rental
property will catch fire.
Most fires start in the kitchen, often from food left
unattended on the cook top.
Remind your tenants to:
• Never leave their stove unattended when they are using it.
• Keep their ovens and cooktops clean, as grease and other
debris can ignite easily.
• Keep papers, plastic bags, and other
materials at least 3 feet away from the
stove. I write this having watched a
tea towel in my kitchen catch fire just
last week. It happened quickly, and no
one was fooling around or goofing off.
Fortunately, we reacted quickly and the
damage was limited to this:
Heaters are the second leading cause of winter
home fires.
Remind your tenants that they should:
• Never put anything close to their heat sources.
• Avoid using extension cords on a portable heater.
• Always turn off portable heaters when leaving the rental
home or going to bed.
• Always follow manufacturer instructions.
Winter home fires peak in December and January,
during the holidays.
Remind your tenants that they should:
• Make sure their christmas trees are well watered and placed
away from heat sources.
• Always turn off their christmas tree lights when they aren’t at
home or when they go to bed.
• Avoid using real candles, instead opting for battery-operated
candles.
• If candles must be used, NEVER leave them unattended if they
are lit, place them in a stable location far away from anything
that could catch fire, and always put them out when leaving the
room or going to bed.
• NEVER deep-fry turkeys or other foods indoors, in a garage,
or on a balcony or deck. Deep fried turkey is delicious, but do it
away from any structures in an uncovered location.
Finally, there are some things that you as the rental owner
should be doing at least once a year, and also before a new
tenant moves in:
• Regularly inspect your rental property, have all of your heat
sources checked, and change filters, check gas lines.
• Check smoke detectors and monoxide detectors to make
sure they are working. Consider having your tenants sign an
agreement that they will not disable or remove them.
• Make sure fire extinguishers are in working order and comply
with state and local regulations.
• Now’s a good time to check that you have a rental owner’s
insurance policy on your property. Also consider requiring your
tenants to carry renter’s insurance.
Here’s another tip: FEMA has a holiday season fire prevention
page that has some great downloadable fire safety posters you
can send or email to your tenants.
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March 2014 • www.waaonline.org • WISCONSIN APARTMENT ASSOCIATION NEWS
Screening Tips
What to do with Applicants With
No Credit Record
You get the credit bureau report
back on your applicant, and the
bureau never heard of him. That
will make you think, won’t it? Of
course, you immediately think
the worst. There could be several
reasons that the credit bureau
couldn’t find a record, though.
First, and most obvious that comes to mind, is that your applicant
is lying to you and trying to hide what he knows you will find
if you pull the report that really does exist, if you plug in the
correct information.
Second, it could be that he simply has no credit established
anywhere. It’s hard to believe that in this society anybody could
have slipped through the omnipresent electronic net, but it
does happen every so often. That could be a legitimate
explanation particularly with young people.
Remember, though, someone with credit cards will have a credit
record, period, end of story. So if the application says he has a
credit card and the social security number verifies run the red
flag all the way to the top of the pole.
Third, if your applicant says he has no credit, look at reasons why
that may be. As I mentioned earlier, it could be simply because
he is too young to have established any. And occasionally you
run into people who proudly pay cash for everything.
You can and may deny an applicant because you cannot find
a credit record, as long as you include that on your rental
policies and standards. Language such as: “If we cannot verify
previous landlords and addresses, employment or any state­
ment, including your credit history, on your application, it will
be rejected.”
By Bob Cain • rentalpropertyreporter.com
Third, he simply may not be in that particular credit
bureau’s files. There are three major credit reporting
bureaus in the United States. Make sure you get a report
that searches all three.
You can find out why your applicant has no record.
To begin with, verify the social security number with the
applicant. This could be as simple as having the applicant
repeat it for you. Possibly he or you transposed some
numbers. You may want to look at the card yourself to
be sure the number is correct.
If you applicant can’t verify his social security number,
run up the red flag. Something is going on, it isn’t good,
and you don’t want to be in the middle of it.
Second, if the number is correct, look at the rental
application. What types of credit does the applicant
indicate he has—credit cards, car loans, student loans?
If the space for types of credit is blank, be sure that the
blank lines are because there is no credit, rather than a
lie by omission.
WISCONSIN APARTMENT ASSOCIATION NEWS • www.waaonline.org • March 2014
7
Associate Member Directory
CREDIT CHECKS
Landlord Services, LLC
Kathy Haines
1264 Cass St.
Green Bay, WI 54301
Ph: (920) 436-9855
Fax: (920) 436-9856
www.wicreditreports.com
ENVIRONMENTAL/ENERGY
CONSERVATION - cont’d
Focus on Energy
Brody Vance
Multifamily Sr. Program Manager
15770 W. Cleveland Avenue
New Berlin, WI 53151
Ph: (866) 486-0832
Fax: (262) 786-1487
FORMS
Wisconsin Legal Blank Printing
and Forms
Rick Russell
749 N 37th St
Milwaukee, WI 53208
Ph: (414) 344-5155
Fax: (414) 344-0577
rick@wilegalblank.com
multifamilyprograms@franklinenergy.com
COMMUNICATION
ACSI-Automated
Communication Services
Samuel Handziak
13120 County Rd 6, Ste 100
Plymouth, MN 55441
Ph: (763) 253-2321
Cell: (262) 689-8780
shandziak@weareacsi.com
www.weareacsi.com
ENVIRONMENTAL/ENERGY
CONSERVATION
Milwaukee Lead/Asbestos
Information Center, Inc.
Debra Everly PhD
Milwaukee 2217 South Kinnickinnic Avenue
Milwaukee, WI 53207
Sun Prairie 741 Lois Drive
Sun Prairie, WI 53590
Ph: (414) 481-9070
Fax: (414) 481-1859
debra@mlaic.com
www.mlaic.com
Connor
Patrick Connor
1421 Clarkview Rd., Ste 100
Baltimore, MD 21209-2188
Ph: (410) 296-7971
pconnor@connorsolutions.com
8
www.focusonenergy.com/multifamily
Testudo LLC
Samantha Dalsing
PO Box 3280
Madison, WI 53704
Ph: (608) 205-8025
Samantha@TestudoOnline.com
www.TestudoOnline.com
FINANCIAL
Independent Insurance Services, Inc.
2960 Triverton Pike Drive
Fitchburg, WI 53711
Ph: (608) 273-3325
Toll-Free: (888) 695-5889
Fax: (608) 273-4474
Potter Realty Capital
Jeff Potter
6365 Crossland Blvd
Gurnee, IL 60031
Ph: (847) 226-0095
Jeff.potter@comcast.net
WaterStone Bank
Julie Fay-Krivitz
21505 E Moreland Blvd
Waukesha, WI 53186
Ph: (414) 459-4568
Fax: (414) 918-0933
juliefaykrivitz@wsbonline.com
www.wsbonline.com
HEALTH
Health First Wisconsin
Ph: (608) 268-2620
www.healthfirstwi.org
INSURANCE
Aon Rent Protect
Bryan Kinsey
National Accounts Manager
159 E. County Line Road
Hatboro, PA 19040
Ph: (801) 559-9594
Fax: (847) 953-4813
bryan.kinsey@aon.com
www.aonrentprotect.com
www.aon.com
Independant Insurance Services, Inc.
2960 Triverton Pike Drive
Fitchburg, WI 53711
Ph: (608) 273-3325
Toll-Free: (888) 695-5889
Fax: (608) 273-4474
david@indep-insurance.com
www.indep-insurance.com
March 2014 • www.waaonline.org • WISCONSIN APARTMENT ASSOCIATION NEWS
Associate Member Directory
LAUNDRY EQUIPMENT
Coin Appliances, Inc
Bob Day
Geoff Erdman
6580 N 40th St
Milwaukee, WI 53209
Ph: (800) 242-5453
Ph: (608) 271-3880
Fax: (414) 353-2214
coinappliances@bizwi.rr.com
www.coinappliances.com
Great Lakes Commercial Sales, Inc.
Jim Dalebroux
12705 Robin Lane
Brookfield, WI 53005
Ph: (262) 790-5885
Ph: (800) 236-5599
Fax: (262) 790-5886
www.greatlakeslaundry.com
info@greatlakeslaundry.com
Wash Multifamily Laundry Systems
Bill White
District Sales Manager
WASH Multifamily Laundry Systems,
LLC Milwaukee Office
N30 W22383 Green Rd., Unit G,
Waukesha, WI 53186
Ph: (800) 421-6897 ext. 5340
bwhite@washlaundry.com
Painting
Diamond Vogel
Appleton & Green Bay
- Mark Severson (920) 470-0052
Sheboygan & Milwaukee-Butler
- Gary Paul (920) 207-5271
Madison - Paul Schneider
(608) 219-0453
Milwaukee, Oak Creek, Racine,
Kenosha - Frederic Ryan
(414) 550-3241
Minnesota - www.diamonvogel.com
/Minnesota.html
Professional Services
Newmark Gruff Pfefferle
Tom Scheuerman
200 E Washington St, Suite 2A
Appleton, WI 54911
Ph: (920) 540-5068
Fax: (920) 968-4300
toms@ngpwi.com
SOFTWARE
Connor
Patrick Connor
1421 Clarkview Rd., Ste 100
Baltimore, MD 21209-2188
Ph: (410) 296-7971
pconnor@connorsolutions.com
TENANT ASSISTANCE/MIGRANT
UMOS Corporate Headquarters
Robert Forster - Administrator/
Management Analyst
300 S. Koeller St. Ste E
Oshkosh, WI 54902-5590
Ph: (920) 232-9611
Cell: (414) 791-0301
Fax: (920) 232-8129
Robert.Forster@umos.org
www.umos.org
Utility Billing/
Submetering Service
NWP Services Corporation
Annette VanDuren
Ph: (949) 529-8324
eFax: (630) 282-4771
avanduren@nwpsc.com
www.nwpsc.com
Utilities
Dean’s Satellite Service, Inc.
Sonya Pennel
2350 Commercial Dr
Sparta, WI 54656
Ph: ( 608) 269-2897
Fax: (608) 269-5241
sales@deansdish.com
WISCONSIN APARTMENT ASSOCIATION NEWS • www.waaonline.org • March 2014
9
Welcome Back! - Associate Members
TESTUDO LLC
Samantha Dalsing
PO Box 3280
Madison, WI 53704
Ph: (608) 205-8025
Samantha@TestudoOnline.com
www.TestudoOnline.com
Newmark Gruff Pfefferle
Tom Scheuerman
Newmark Grubb Pfefferle is an affiliate of Newmark Grubb
Knight Frank, one of the nation’s largest full service commercial
real estate companies. We assist clients in maximizing value
and managing the risk of multi-family properties. We offer
a comprehensive array of services whether clients own one
investment or a diversified portfolio anywhere in the State of
Wisconsin and upper Midwest.
10
200 E Washington St, Suite 2A
Appleton, WI 54911
Ph: 920-540-5068
Fax: 920-968-4300
toms@ngpwi.com
March 2014 • www.waaonline.org • WISCONSIN APARTMENT ASSOCIATION NEWS
Press Release / Marketing Tips
Wisconsin Rapids Realtor/Landlord Authors first book,
The Truth About Money
Michael H. Zurfluh, Zurf to most of his friends, announces his first book, The Truth About
Money, a common sense approach to a debt free life. This is a great learning book for all
ages from middle school to adults. This book has been a work in progress over four years
and is now published and available to pick up at Zurfluh Realty/Rentals office at 1111
Lincoln St. Wisconsin Rapids, WI, Book World in Wisconsin Rapids or Amazon.com.
Mike believes that everyone can live a life of stress free finances. The key is making a plan.
Most people spend more time planning their vacation then their financial future. Everyone
can live the dream, you just need to know what your dream is. Set goals and make the
sacrifices to achieve them. This book teaches you how to live your dream.
Mike was born and raised in Nekoosa, WI, attended Nekoosa schools and graduated
in 1979. He then attended Mid State Technical College receiving a one year diploma
in Wood Techniques, an Associates Degree in Marketing and Real Estate then later in
life, a Bachelor’s Degree graduating magna cum laude from Lakeland College. Mike
holds the following Real Estate Designations: ABR (Accredited Buyer Representative),
ABRM (Accredited Buyer Representative Manager), CBR (Certified Buyer Representative), CCIM (Certified Commercial Investment
Member), CRB (Certified Real Estate Brokerage Manager), CRS (Certified Residential Specialist), GRI (Graduate, REALTOR Institute)
& SRES (Senior Real Estate Specialist).
Mike owned and operated Zurf’s for the Good Times in Port Edwards/Nekoosa for 10 ½ years while selling Real Estate and
purchasing investment real estate. In 1994 Mike sold Zurf’s and started selling Real Estate full time, being the number one producer
by dollar volume and or unit sales 16 of the last 18 years. Over the years, Mike has acquired numerous real estate properties
including single family, duplexes, multi family, manufactured home parks and commercial properties.
The author tells about mistakes in his life that will hopefully keep the readers from making the same mistakes. The book focuses
on how you can spend less and save more for a stress free life.
To reach Mike for more information or to order a copy of the book directly, email: mikezurfluh@topproducer.com.
Follow Up Tips After Showing
Always ask prospective residents for permission for you to follow up, both on the phone, in writing, and via email. Proper follow up is critical
to ensure that you remain in the forefront of the prospective resident’s mind. You should:
1. Call to thank the prospective resident on the day of his/her visit. Do it right after your meeting by leaving a voice mail message.
2. Email / write a thank you letter within 24 hours.
3. Within the first week after their visit, call them and ask if you can help them any further.
Giving prospective residents a lot of attention before they move in shows them how well you will take care of them as a resident!
Mindy Williams, author of Increasing Occupancy: The Marketing Edition.
WISCONSIN APARTMENT ASSOCIATION NEWS • www.waaonline.org • March 2014
11
Local Member Updates
Wisconsin Rapids Area Rental Property Owners
Info submitted by Helen Streekstra
Hello, from the local that showed the most growth in the WAA for the previous year. How did we do this
when others aren’t? Local issues are of great interest and concern. Landlords paying their tenants utilities
after having vacated the property is our number one issue. Members attend our municipally owned utility
meetings monthly and sometimes even get our concerns addressed. Since our utility is dictated to by our city
council, we will ally with them and hopefully change this very unfair practice locally.
We did succeed in one request of receiving on a monthly basis all unpaid utility bills affecting our properties.
Another successful issue was the small claims request from us to leave open the amount owed and entered
TO BE DETERMINED (TBD) and then automatically we are given a return date after 21 days to
complete the judgment process. We are also a member of the Heart of Wisconsin (Chamber) and listed
with the United Way 211.
Meetings are held four times a year: March 10, 2014
Apartment Association of Northeast Wisconsin
(AANW), Green Bay
Info submitted by Kathy Haines
There is a “Red Table” at the back of the room. This is a red cloth covered table in which
one or two of our experienced landlords are seated. Members can ask questions or seek advice.
We also have a table filled with brochures and business cards from our Associate members for attendees to pick
up. (This makes both members and Associates happy!)
One of our Associate Members is offered a table at the entrance to the meeting room each month. Here they
display their business cards and other information and greet members and attendees as they enter the room.
They also donate a $25 door prize to a lucky member at the end of the meeting.
Meetings are held on the 2nd Wednesday of each month.
For March, our speaker will be Kevin Haines with Reliable Handyman. Kevin will answer questions from
the members about their “do it yourself ” projects.
We welcome guests to attend up to two meetings before deciding to join. Our guests receive a “Guest Packet” filled
with information about AANW, WAA and the many benefits of membership.
Janesville Area Rental Property Association
Info submitted by Dale Hicks
Meetings are on the 3rd Thursday of each month.
12
March 2014 • www.waaonline.org • WISCONSIN APARTMENT ASSOCIATION NEWS
Local Member Updates
Marshfield Area Apartment Association
Info submitted by President Kris Mueller
Marshfield will be hosting the class “Landlord Training,” taught by John Fischer on Saturday, April 5th. For
more information check our web page at www.rentmfld.org.
The city of Marshfield conducted a housing survey in January. They want to boost the Marshfield economy, so
they started by studying the city-wide housing. They stated that if sufficient housing options weren’t available,
it’s difficult to attract and retain workers.!!!
The city told us that about a 120 more units are being built this year, in or near the city, that already has a
vacancy rate of over 13%. Some of those units will be high end rents, but we were told that before, and when
the investor could not get them filled they lowered the rents and were in direct competition with most of our
members.
Last year we had educational seminars on:
Social Media, Lawn and Landscaping tips,
and Cleaning Tips.
Please check out our web page: www.rentmfld.org.
Educational Seminars are on the Third Tuesday of
every Month. They are held at the Belvedere Supper
Club. We meet at 6:00 pm for networking and
Dinner (at your own expense) and the seminar starts
at 7:00 pm. Everyone is welcome.
Meetings are held on the 3rd Thursdsay of each month.
Waukesha Area Apartment Association
Info submitted by President Adele Vogel
SPECIAL EVENT FOR MARCH:
We will take our meeting “live” to the
Monday, March 30 we will meet at
Property Management classroom of
WCTC-Pewaukee Campus.
Julie Fay-Krivitz.
Meetings are held on the 3rd Wednesday of each month
at the Waukesha Eagles Club • Grandview Ave, Waukesha
Apartment Association of the La Crosse Area
Info submitted by President Pamela Strittmater
Meetings held on the 3rd Thursday of each month at the Moose Lodge.
WISCONSIN APARTMENT ASSOCIATION NEWS • www.waaonline.org • March 2014
13
Local Member Updates
Winnebago Apartment Association, Oshkosh
Info submitted by President Donn Lord
Our new President for 2014 is Donn Lord. We wish to thank Jeff Wicinsky for his many years of service as
President. Jeff will be working on Membership for 2014 and will be the acting Vice President. Many of the same
people have been doing our chapter’s work for some time. Assistance from other members who can add fresh ideas
and efforts to better our effectiveness would be greatly appreciated. Some of the tasks we could use assistance on
include: sitting on our board, working with city and state representatives, the Christmas party, the annual picnic,
the trade show, and working on various projects.
Our January meeting featured speaker was, Kristi Cutts, from Rent Smart. Rent Smart provides practical education
to help people looking for rental housing to acquire and keep decent housing. Rent Smart emphasizes skills that
may help tenants avoid legal confrontations. It stresses both tenant and landlord responsibilities and the advantages
gained from viewing the landlord-tenant relationship as mutually beneficial rather than confrontational. Kristi is
also working with the City of Oshkosh, Oshkosh Housing Authority, and our organization on holding a Landlord
Training Seminar with a tentative date scheduled for Saturday, April 12, 2014.
Our February meeting was 2014 WAA President, Dean Ramsden. Dean spoke on the importance of belonging
to the state organization and hopes to foster improved communication and cooperation between the local chapters
and the state organization. Chris Mokler also presented an update on the Municipal Utility bill (Senate Bill 517
introduced 1/27/14). It does not have all of the provisions we had hoped for, but does include tools to assist us in
avoiding having to pay our tenant’s water bills and to collect those that go unpaid.
The Winnebago Apartment Association meets every
second Monday at Benvenuto’s Grill,
300 S. Koeller Street, Oshkosh.
• Board Meeting is at 5:30 PM
• Social (in bar area) is at 6:30 PM
• Business Meeting is at 7:00 PM in the
meeting room in the back of the restaurant.
We’re waiting to
hear from you ...
Locals that did not provide a
submission by the publishing
deadline are: Kenosha Landlord Association,
Southern WI Landlord Association (Racine), Beloit
Property Managers Association, Fond du Lac Area
Apartment Association, and Chippewa Valley
Apartment Association (Eau Claire).
14
WAA Newsletter
Dates & Procedures
1. Items for newsletter should be forwarded
to jodi@sugarcoatdesign.com, electronically
whenever possible.
2. Please submit news articles in the following
formats: MS Word, Html copy, PDF, MS
Works, eps, jpeg, tiff or text format.
3. Your articles, either by email, fax, or
US mail must be received by the 3rd of the
preceding month.
Please send your articles to:
Jodi Heiting
Sugarcoat Design LLC
Jodi@SugarcoatDesign.com
Questions? Call 608.216.6063
March 2014 • www.waaonline.org • WISCONSIN APARTMENT ASSOCIATION NEWS
RHR Class
WISCONSIN APARTMENT ASSOCIATION NEWS • www.waaonline.org • March 2014
15
Marketing Tips
Advertising Tips for Rental
Property
Beginning at the beginning, after you get the property cleaned and
ready to rent, it’s time to get a new tenant. Most landlords run an
ad in local daily newspaper. They do that because it works if done
properly, but doesn’t if done improperly. It’s also where many people
who are looking to rent a place traditionally have looked to find a new
home. The techniques we discuss here, though, work for every kind
of classified ad, such as those on Craigslist and the internet rental ad
sites.
We will look at ways to make your ad more effective; ways to attract
the kind of tenant who will work best for the property without violating
fair housing laws; how to keep people who will be bad tenants from
even calling you; and how to use the ad as the first step in ensuring that
the tenant you do select will be a good tenant regardless of their quality
in past relationships with other landlords.
Advertising Begins Your Relationship With Your Tenant
Remember, you are attracting a customer. If you owned a sporting
goods store, for example, and wanted to sell soccer balls, you would
run an ad that told all the benefits of the soccer balls that you sell,
high quality, hold air longer, professional style, or whatever would
attract customers for soccer balls. You would not put in your ad the
fact that you have a $20 charge for any returned check. But too
often landlords send a message in their advertising that tenants are a
necessary inconvenience to managing rental property. If you think of
your prospective tenants as customers, it is easy to write an ad. You are
attracting a customer, one who will pay your mortgage, property taxes
and insurance and make you a profit.
Start out your relationship with your next tenant with an ad that treats
him or her like a customer, and the rest of the relationship becomes
more businesslike.
Writing Classified Ads
Take aim. Your ad should not attract everyone who is looking for a
place to rent. Doing that is a waste of your time and theirs. The ad
should do two things: first, let people know the property is available,
and second, give information that will eliminate some tenants.
Studies have shown that people reading and answering a classified ad,
either for buying a home or renting one, first circle the ad. Then when
they call it is to eliminate that property. You can help the applicant and
yourself by providing as much information as possible. You can also
help yourself by making sure people see the ad. For example, compare
these two:
16
Ad #1
2 bedroom, 1 bath duplex in good neighborhood. 1st and last plus
dep., No pets. $600. 123-4567.
Ad #2
½ Block to the Bus
Cute and sharp 2 bedroom duplex on super quiet street. Large rooms,
built-in dishwasher, gas heat, fenced back yard for kids. School close.
$600. 1234 NE Main. 123-4567.
The first ad has five disadvantages.
• First, it gets lost in all the other 2 bedroom ads.
• Second, everybody who wants a two bedroom duplex in the area
covered by the ad section will call you.
• Third, it gives information that does nothing to make an applicant
want to rent that property rather than your competition’s. In fact it
wastes words (most landlords ask for 1st and last and deposit, and
tenants will ask you about pets).
• Fourth, it doesn’t do anything to make the applicant want to call
you first.
• Fifth, it’s boring. Even a classified ad can spark some interest.
The second ad does seven things that will help.
• First, it is different from most of the other ads in the paper, that
means it jumps off the page.
• Second, it is an ad rather than a notice. An ad tries to sell something
by telling the benefits. A notice just relates facts, in this case that a
property is for rent.
• Third, it uses a “fear of loss” benefit, i.e. their children will be safer
because of the fenced back yard.
• Fourth, it tells features that will make them want to think about your
property, large rooms, built-in dishwasher, etc.
• Fifth, it gives the address. That means they can drive by to look at the
outside and the neighborhood before they call you. Then if they make
an appointment they are more likely to show up, because they have
seen the neighborhood and will consider living in it.
• Sixth, it makes them want to see your property first, because it has
advantages that they want. Other units may have those, but they don’t
know that because the ad didn’t say so.
• Seventh, it tells them that kids are welcome. In spite of fair housing
laws, many landlords still discourage children. The fact that you
mentioned children specifically and the proximity of schools implies
that you will accept children.
By Bob Cain • rentalpropertyreporter.com
Please Note: To comply with fair housing laws, you should avoid demonstrating a
preference for children, just like you would want to avoid to demonstrating a preference
against them.
March 2014 • www.waaonline.org • WISCONSIN APARTMENT ASSOCIATION NEWS
Tax Tips
How To Get The Most Money
Back On Your Tax Return
One of the primary concerns on taxpayers’ minds during the tax
season is how to get the most money back or pay the least amount of
income tax when they file their tax returns. Unfortunately, many people
tend to do little or no research on this topic, which often causes them to
pay more income tax than they really owe. To help you avoid making
such a mistake, this article will touch on some of the ways you get the
most out of your tax return.
Claim All Deductions
Deductions, in a nutshell, are simply qualified expenses that reduce
your taxable income. Most taxpayers tend to focus on the common and
well know deductions, but there are several uncommon deductions you
may qualify for. Examples include:
• Fees and dues to professional societies: You might have paid these
fees to maintain your membership for professional purposes, such as
maintaining a professional certification, maintaining your membership
in a civic or public service organization or your membership in a
business league.
• Job search expenses: You can deduct expenses related to jobsearches - even if you did not get a job - as long as the job you were
looking for is one in your present occupation.
• Travel expenses: If you had to travel away from home on a
temporary assignment for work, you might be able to deduct related
travel expenses.
• Charitable donations: If you made donations to charitable
organizations such as the Salvation Army, the value of the items
donated is deductible. Be sure to keep receipts for your donated items
as the IRS requires that you have written confirmation for all charitable
donations. But 2014 is the last year in which you can take a distribution
from your traditional IRA and exclude it from taxation if you donate it
directly to charity.
These are just a few of a long list of items for which taxpayers may
claim a deduction if they are eligible. You may need to meet special
requirements for some deductions, so be sure to check and make sure
you are eligible before claiming any of these items on your tax return.
Claim Credits
Credits are much more effective than deductions at reducing your tax
bill as they are netted directly against the amount of income tax that
you owe instead of merely reducing the amount of income upon which
you owe tax. Available credits include the following:
• The Earned Income Tax Credit: This is for individuals who earn less
than $9,078 from wages, self-employment or farming.
• The Child and Dependent Care Credit: This is for expenses paid for
the care of your qualifying children under age 13, or for a disabled
spouse or dependent, while you work or look for work.
• The Child Tax Credit and the Additional Child Tax Credit: These are
available to you if you if have qualifying children, and can be claimed
while you claim the Child and Dependent Care Credit.
• Education tax credits: These can help to offset the cost of education.
If you are eligible for these credits, they can substantially reduce or
even eliminate the amount of tax that you owe and thus increase your
refund. They can actually provide you with a refund in some cases
even if you had no tax withholding from your income for the year.
Should You Itemize?
Something that every taxpayer should take into account is whether or
not he or she should itemize deductions. Generally, you should itemize
your deductions if it results in a lower taxable income than if you claim
the standard deduction. However, there are certain cases in which you
will have no choice. For example, if you file a joint return with your
spouse and you itemize your deductions, your spouse must do so as
well. Itemizing your deductions is recommended if you:
•
•
•
•
•
Incurred substantial unreimbursed medical and dental expenses.
Paid interest or taxes on your home or other personal property.
Incurred substantial unreimbursed employee business expenses.
Had large unreimbursed casualty or theft losses.
Donated large contributions of cash or tangible goods to charity.
In 2014, there is an adjusted gross income (AGI) threshold phaseout
schedule for higher income filers who itemize their deductions.
Following the instructions for filing your tax return can help you to
determine these limits.
The Bottom Line
There are special rules that apply to claiming deductions and credits
on your tax return. The IRS provides a wealth of information on its
website, including complete instructions for filing your tax return with
all the supporting schedules. And if preparing your return becomes too
complicated, don’t hesitate to seek professional help. This may seem
expensive, but it will be money well spent if that professional gets you
a larger refund or prevents your return from being selected for auditing
by the IRS.
André McNeil is an accounting and financial enthusiast who likes to teach himself about
accounting and financial concepts, rules and regulations. He is a recent graduate of
Morehouse College where he majored in Accounting. Andre is on the CPA track and hopes
to one day land his dream job of being a Management Consultant for a large firm. In the
meantime, he is looking for a job in the Accounting or Financial Services field that would
help to jump start his career. André lives in Georgia, and enjoys fishing.
WISCONSIN APARTMENT ASSOCIATION NEWS • www.waaonline.org • March 2014
17
Student Housing
A Soaring Housing Market:
College Apartments
Imagine leather furniture, wide-screen plasma televisions, pools,
beach volleyball courts, day spas, tanning booths, theaters and
concierges.
Were you thinking resort hotel? Nope. This is today’s college
crash pad.
There’s an investment opportunity here. The recession is grinding
on painfully for owners of apartments, office properties, hotels
and shopping malls. But owners of student housing face far
less distress. What’s more, two of the biggest players in student
housing are publicly traded real estate investment trusts.
American Campus Communities (NYSE:ACC) and Education
Realty Trust (NYSE:EDR) will have adjusted funds from operations
(akin to earnings for REITs) of $1.42 and 36 cents per share in
2010, respectively, projects Green Street Advisors in Newport
Beach, Calif. Both REITs’ earnings are likely to grow smartly in
the coming year and beyond.
Student-housing landlords are benefiting from echo-boom
demographics. The influx of the children of baby boomers has
boosted the growth of college enrollment from the moribund
sub-1% levels of the mid-1980s to between 2% and 3% in recent
years. The U.S. Census Bureau says the number of Americans in
college grew from 9.3 million in 1998 to 11.5 million in 2008.
The number of high school seniors this year is at a record 3.2
million, reports the U.S. Department of Education. The agency
expects college enrollments will continue to set records until at
least 2015.
Where potential tenants flock, developers follow. They’ve
figured out that well-off parents are eager to house their children
- daughters, especially - in secure accommodations that include
private bedrooms and bathrooms. Developer Harold Tomlinson
says dads and moms fret over the prospect of their daughters
parading past young men “in robes and flip-flops” en route to
communal showers in old-fashioned dormitories.
Along with formidable security and modern comforts come
higher rents. Tomlinson’s Boca Raton, Fla., company is
18
developing a project at the University of North Texas in
Denton, Texas, where fully furnished three- and four-bedroom
units will rent for well over $500 per bedroom per month. In
the highest-cost college towns, per-month rents occasionally
hit the $1,000-a-bedroom mark. The latest student-housing
developments usually accommodate 500 to 1,000 students.
There are also dozens of smaller developers around, many
of them seemingly faring well and breaking ground on lots of
new properties. Among the biggest of these private players
is Houston-based Dinerstein Cos. Brian Dinerstein, who helps
his father Jack run this company, says occupancy rates at his
company’s high-end student-housing properties remain in the
mid- to high-90% range, despite the slumping economy. Rents
in the student properties haven’t plummeted, says Dinerstein,
so net operating incomes for those properties “are significantly
better than for our conventional apartments.”
Dinerstein is pre-leasing initial phases of projects opening this
fall near San Diego State University and near Orlando’s Central
Florida University. His company has another in Tuscaloosa, near
the University of Alabama. The firm’s planned Denton project
may be up and running then as well. Dinerstein properties are
more luxurious than most, and rents run from $650 to $730 a
month. Coeds outnumber men at the firm’s upscale developments
by nearly two-to-one.
To break ground, Dinerstein has had to raise extra equity
because lenders are only willing to finance 65% of a project’s
cost, vs. 80% three years ago. The tight financing environment
may favor the student-housing REITs, says Dinerstein. It’s easier
for the publicly listed outfits to raise equity. Education Realty
recently opened an upscale property near Syracuse University’s
south campus. A room in a four-bedroom apartment there runs
$850 a month on a 10-month lease.
At 18 and 15 times 2010 AFFO respectively, shares of American
Campus and Education Realty aren’t cheap, but given the longterm prospects, the stocks may perform well nonetheless.
by: Brad Berton
Based in Portland, Ore., Brad Berton has been covering business, with an emphasis on the
commercial/multifamily real estate industry, for 25 years. His work has appeared regularly
in daily newspapers, on-line news services and professional journals.
March 2014 • www.waaonline.org • WISCONSIN APARTMENT ASSOCIATION NEWS
Finance Tips
Landlords Are Throwing
Away Money
http://www.american-apartment-owners-association.org
If you’re like many landlords, you may have at least one tenant
(maybe more) that left owing you money.
Chances are, it was a frustrating and upsetting experience.
Their unpaid rent, damages and other monies owed are all
listed in documents, gathering dust in your file cabinet.
It may come as a surprise to you that many of these collection
files that you have “written off” as uncollectible are actually
worth money!
With the economic collapse that began in 2008, a lot of tenants
lost jobs and the ability to pay rent. Subsequently, landlords
got the short end of the stick since these tenants often left owing
thousands of dollars in unpaid rent and other damages.
But as the tepid economy chugs forward, many of these
ex-tenants now have new jobs and a reliable source
of income. And now they have the ability to repay the
money that is owed to you.
Don’t throw away money by leaving tenant debt sitting
in your file cabinet.
The first thing to do is check with the laws of your
particular state to determine the statute of limitations on
the outstanding debts.
Some states have a short time frame (only a few years),
but you may be surprised that many states have a
longer time period where the debts remain valid. You
also may be surprised that some tenants may be ready
to clean up their bad credit and move on with their life.
Sometimes all it takes is a simple letter. That has the
potential to be worth thousands of dollars to you.
WISCONSIN APARTMENT ASSOCIATION NEWS • www.waaonline.org • March 2014
19
Landlord Tax Tips
Repairs vs. Improvements:
Complicated New Rules Go
Into Effect in 2014
Whenever you fix or replace something in a rental unit or
building you need to decide whether the expense is a repair or
improvement for tax purposes. Why is this important? Because
you can deduct the cost of a repair in a single year, while you
have to depreciate improvements over as many as 27.5 years.
For example, if you classify a $1,000 expense as a repair,
you get to deduct $1,000 this year. If you classify it as an
improvement, you’ll likely have to depreciate it over 27.5 years
and you’ll get only a $35 deduction this year.
That’s a big difference.
Unfortunately, telling the difference between a repair and an
improvement can be difficult. In attempt to clarify matters, the
IRS has issued lengthy regulations explaining how to tell the
difference between repairs and improvements. Implementation
of these rules has been delayed although anyone can opt to use
them between now and their required effective date of January
1, 2014.
What Is an Improvement under IRS Rules?
Under the new IRS regulations, property is improved whenever
it undergoes a:
• Betterment
• Adaptation, or
• Restoration.
Think of the acronym B A R = Improvement = Depreciate.
If the need for the expense was caused by a particular event--for
example, a storm--you must compare the property’s condition
just before the event and just after the work was done to make
your determination. On the other hand, if you’re correcting
normal wear and tear to property, you must compare its
condition after the last time you corrected normal wear and tear
(whether maintenance or an improvement) with its condition
20
after the latest work was done. If you’ve never had any work
done on the property, use its condition when placed in service
as your point of comparison.
Betterments
An expenditure is for a betterment if it:
• ameliorates a “material condition or defect” in the property
that existed before it was acquired or when it was produced-it makes no difference whether or not you were aware of
the defect when you acquired the unit of property, or UOP
(discussed below)
• results in a “material addition” to the property--for example,
physically enlarges, expands, or extends it, or
• results in a “material increase” in the property’s capacity,
productivity, strength, or quality.
Restorations
An expenditure is for a restoration if it:
• returns a property that has fallen into disrepair to its
“ordinarily efficient operating condition”
• rebuilds the property to a like-new condition after the end
of its economic useful life, or
• replaces a major component or substantial structural part of
the property
• replaces a component of a property for which the owner
has taken a loss, or
• repairs damage to a property for which the owner has
taken a basis adjustment for a casualty loss.
Adaptations
You must also depreciate amounts you spend to adapt property
to a new or different use. A use is “new or different” if it is not
consistent with your “intended ordinary use” of the property
when you originally placed it into service.
What Does the IRS Consider a Unit of
Property (UOP)?
To determine whether you’ve improved your business or rental
property, you must determine what the property consists of.
The IRS calls this the “unit of property” (UOP). How the UOP is
defined is crucial. The larger the UOP, the more likely will work
cont’d on page 21
March 2014 • www.waaonline.org • WISCONSIN APARTMENT ASSOCIATION NEWS
Landlord Tax Tips - cont’d
cont’d from page 20
done on a component be a deductible repair rather than an
improvement that must be depreciated.
For example, if the UOP for an apartment building is defined
as the entire building structure as a whole, you could plausibly
claim that replacing the fire escapes is a repair since it doesn’t
seem that significant when compared with the whole building.
On the other hand, if the UOP consists of the fire protection
system alone, replacing fire escapes would likely be an
improvement.
New IRS regulations require that buildings be divided up into
as many as nine different UOPs: the entire structure and up
to eight separate building systems. An improvement to any of
these UOPs must be depreciated. As a result, more costs will
have to be classified as improvements, rather than repairs.
UOP #1: The Entire Building
The entire building and its structural components as a whole are
a single UOP. A building’s structural components include:
• walls, partitions, floors, and ceilings, and any permanent
coverings on them such as paneling or tiling
• windows and doors
• all central air conditioning or heating system components
• plumbing and plumbing fixtures, such as sinks and bathtubs
• electric wiring and lighting fixtures
• chimneys
• stairs, escalators, and elevators
• sprinkler systems
• fire escapes
• other components relating to the operation or maintenance
of the building, and roofs.
For example, replacement of a building’s roof is an improvement
to the building UOP.
UOP #2-9: Building Systems
In addition, the following eight building systems are separate
UOPs. An improvement to any one of these systems and must
be depreciated:
• Heating, ventilation, and air conditioning
(“HVAC”) systems: This includes motors, compressors,
boilers, furnace, chillers, pipes, ducts, and radiators.
• Plumbing systems: This includes pipes, drains, valves,
sinks, bathtubs, toilets, water and sanitary sewer collection
equipment, and site utility equipment used to distribute
water and waste.
• Electrical systems: This includes wiring, outlets, junction
boxes, lighting fixtures and connectors, and site utility
equipment used to distribute electricity.
• All escalators.
• All elevators.
• Fire-protection and alarm systems: These includes
sensing devices, computer controls, sprinkler heads,
sprinkler mains, associated piping or plumbing, pumps,
visual and audible alarms, alarm control panels, heat and
smoke detectors, fire escapes, fire doors, emergency exit
lighting and signage, and fire fighting equipment, such as
extinguishers and hoses.
• Security systems: These include window and door
locks, security cameras, recorders, monitors, motion
detectors, security lighting, alarm systems, entry and access
systems, related junction boxes, associated wiring and
conduit.
• Gas distribution system: This includes pipes and
equipment used to distribute gas to and from the property
line and between buildings.
Example: A landlord purchased an apartment building
five years ago for $750,000. This year he spends $5,000
to fix wiring in the electrical system. Under the old IRS rules,
the $5,000 likely would be considered a repair because it is
relatively small compared to the overall cost of the building,
which was treated as a single UOP. Under the new rules, the
electrical system is a separate UOP. This means that the $5,000
must be compared with the cost of the electrical system alone,
not the cost of the whole building. This makes the expense seem
much more significant and likely to constitute an improvement.
by: Stephen Fishman, J.D.
WISCONSIN APARTMENT ASSOCIATION NEWS • www.waaonline.org • March 2014
21
WAA Contact Information
Wisconsin Apartment Association
PO Box 2922, Oshkosh, WI 54903
(920) 230-WAA1 • www.waaonline.org
Extra WAA News Subscription (12 months)
WAA Regular Members
Associate Members
General Public
$40.00
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$80.00
WAA MEMBERSHIP BENEFITS
WAA RENTAL HOUSING CERTIFICATION CLASSES
Rental Housing Certification 100 Series
The Basics, is devoted to keeping rental property owners informed and education on new laws. Comprised of seminars on basic property
management aimed at the new rental property owner, property manager, leasing agent; it is also suggested as a refresher series for those
who have been in the business a number of years. Classes in this module are:
* 101 The Law and the Landlord I:
Wisconsin Statute Chapter 704
* 102 The Law and the Landlord II:
Consumer Protection (ATCP) Chapter 134
* 103 Fair Housing Laws
* 104 Lead Paint Awareness
* 105 Credit Reports
* 106 Basic Recordkeeping
* 107 Screening Your Applicants
* 108 Screening Workshop
* 109 Nuts and Bolts of Eviction
* 110 Bonding and Garnishment
Why Join WAA?
The WAA is your portal to the rental housing business in Wisconsin. Membership gives you access to what you
need to know and what you need to do to run your rental properties successfully, ethically, and responsibly.
10 things every successful landlord needs to know. Do you?
• Fair housing information
• Applicant screening and processing
• Eviction procedures
• Rental forms specific to Wisconsin
• Lead based paint requirements
• Rental disclosures required by law
22
• Bills and rental housing policies under
discussion at the Capitol.
• Best rental housing management practices
• Document storage, security, and disposal
• Property marketing techniques
March 2014 • www.waaonline.org • WISCONSIN APARTMENT ASSOCIATION NEWS
Book Review
Rich Dad Advisors: Loopholes of Real Estate:
Secrets of Successful Real Estate Investing
by Garrett Sutton, Author (Read by), Robert Kiyosaki (Foreword by)
Overview
Loopholes of Real Estate is for the first time as well as seasoned investors. It reveals the
legal and tax strategies used by the rich for generations to acquire and benefit from real
estate investments. The audiobook clearly identifies how these loopholes can be used
together to maximize your income and protect your investments.
Written in easy to understand language, this audiobook demystifies the legal and tax
aspect of investing with easy-to-follow, real-life examples.
* Information in these articles should be used as a guide only and should not be relied upon as the sole source of information relating to its content. Additional
sources of information may be listed herein. No warranty, either express or implied, is made with respect to the information contained herein. Neither WAA
nor RHR is responsible for any loss, inconvenience, damage (whether special or consequential) or claims arising out of the use of the information contained.
You should always seek advice from your attorney regarding any legal matters.
WISCONSIN APARTMENT ASSOCIATION NEWS • www.waaonline.org • March 2014
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