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Wednesday, March 31, 2010

Easter Bunny Eviction Case!

Easter Bunny Eviction Case Going to Trial
Posted: 29 Mar 2010 08:46 AM PDT
A woman who claims she was evicted last spring over an Easter decoration will get her day in court. The case is scheduled to go before a jury tomorrow — just in time for this Easter holiday.

The Boulder, Colorado woman refused to pay rent after her property manager removed a “Peeps” decoration displayed in the hallway outside of the woman’s apartment. The manager has stated she was concerned the sugar might attract pests. The landlord filed for eviction over the unpaid rent, and the tenant counter-sued, claiming she was driven from the property.

The case quickly made national news, and rose to celebrity status when the tenant was invited to speak to Comedy Central’s fake newsman Stephen Colbert, who satirically portrayed the events as an attack on Easter.

At stake is about $2,000 in unpaid rent – and more than $10,000 for the landlord’s attorneys fees.

The jury will decide, possibly on Good Friday, whether the tenant was justified in withholding her rent payment in protest over her decorations.

If the jury doesn’t agree with the tenant, the court then will determine whether the landlord was justified in incurring such a hefty legal bill to resolve this case.

We’ll bring you the verdict as the case goes forward.

For more see Landlord Gives Easter Bunny the Boot.

Friday, March 19, 2010

5 Biggest Mistakes Made by Rental Property Owners by Wallace Gibson

5 Biggest Mistakes Made by Rental Property Owners
Posted: 18 Mar 2010 10:45 AM PDT
by Wallace Gibson, CPM, GRI
JUST LOOKING IN THE LOCAL NEWSPAPER CLASSIFIED ADS or ONLINE RENTAL LISTINGS for COMPARABLE RENTAL RATES…. Prospective tenants have many ways to check comparable rental rates besides the newspaper and Craigslist. Local property managers, Realtors, the Internet listings. Property owners renting their own property need to check these sources in addition to the newspaper. Local property managers can provide a list of rental rates – current and past – for various areas, subdivisions, buildings. For apartment rental rates, owners should check the Internet listings on Craigslist, their local apartment association and community sites.
LISTENING TO WHAT OTHER PEOPLE ARE GETTING FOR SIMILAR PROPERTIES…. While this information should be put in “the mix” in determining the property’s rental value, there are often circumstances that are not relayed that could cause the information to be less than helpful.
A country property often reported as being rented for $1,600/month was, in fact, being rented in one year increments to residents new to the area who did not know that the property was over-valued. When the tenants determined they were paying $200/month too much, they quickly found other property as they no longer trusted the property owner. The rental property owner then had a vacancy and downtime which, in reality, brought his annual income to the market rate of $1,400/mo which, if he had quoted this market rent originally, he would still have a tenant in residence and not had the hassle of multiple move-outs and the expenses of re-renting.
VACANCIES ARE BAD….Planned vacancies are good. Vacancies allow for major renovations and repair projects – replacing a bathroom in a property with only 1 bath, rebuilding a deck/porch/patio, replacing carpet/refinishing hardwood floors, converting fuel sources (propane to gas). Sometimes these can be done with a tenant in place; however with a little pre-planning, a lot of hassles and inconvenience can be avoided.
Another reason is to put the property in the “proper rental cycle.” Many rental markets are geared to the school year – either public schools or colleges or universities – more prospective tenants are planning for September and October move-in dates and avoiding the “back to school rush” of late July and August.
USING A POORLY WRITTEN OR PREPARED LEASE…. There are numerous sources for good lease documents including a low-cost computer program that can be purchased from Nolo Press (LeaseWriter) where the document can be formulated for the specifics of the state in which the rental property is located. Unless a lease is prepared for the specifics of a property or the desires of the rental property owner, the use of an attorney is unnecessary. Most local property managers will share their lease format. In a pinch, forms can be purchased from the local Realtor association. From whatever source, the forms should be no more than 3 years old and clearly state the duties of the resident and property owner.
AND LASTLY, NOT CHECKING ALL PROSPECTIVE ADULT APPLICANTS’ RENTAL/CREDIT HISTORY…This is the easiest part of the process and is most often the portion of the process that rental property owners are least likely to perform. Most states allow for the collection of a credit check fee to allow rental property owners to check a would-be rental resident’s credit. In addition to the old standby of a “retail CBI” report, property owners can now obtain a “scored” credit history much like a mortgage credit report that will alert them to the prospect’s past delinquencies, recorded judgements and the possibility of their being over-extended on their current credit obligations. These are all valid “business criteria” that a prospective landlord should use when screening applicants for their rental property.

Wallace Gibson, CPM, GRI, is the owner/broker of Gibson Management Group, Ltd., a full-service property management company offering 45 years of professional property management services for investment property owners in Central Virginia * Charlottesville, Fluvanna, Louisa and Greene counties. Her firm’s website is http://VaHomes4Rent.com and she blogs at www.propertymanagementmaven.com.

Sunday, March 14, 2010

The Causes of Money by Brian Tracy

The Causes of Money
By: Brian Tracy

Never Worry About Money Again
You must aim to reach the point where you have enough money so that you never have to worry about money again. The good news is that financial independence is easier to achieve today than it has ever been before. We live in the richest country at the richest time in all of human history. We are surrounded by more wealth and affluence than ever before. Your job is to get your fair share.

Financial Success Is Not An Accident
The Law of Cause and Effect applies to money as much as to any other subject. This law says that financial success is an effect. As such, it proceeds from certain, specific causes. When you identify these causes and implement them in your own life and activities, you will get the same effects that hundreds of thousands, and even millions of others have gotten. You can achieve whatever level of affluence you really want if you will just do what others have done before you to achieve the same results. And if you don't, you won't. It is as simple as that.

Your Beliefs Determine Your Success
There is perhaps no other area where universal laws are more in evidence than in the acquiring and keeping of money. In America today, there are several million men and women who have started with nothing, or deeply in debt, and achieved financial independence. Their attitudes and behaviors have been studied in great depth. We now know the keys to wealth creation better than ever before. And what we know is that your most cherished beliefs on the subject of money will be the primary determinants of how much you acquire and how much you keep over the course of your working lifetime.

Brian Tracy

Tuesday, March 2, 2010

Crime-Free Seal of Approval

Crime-Free Seal of Approval Could Reduce Landlord Liability, Attract Tenants
Posted: 01 Mar 2010 02:23 PM PST
Police Offer Crime Prevention Certificate Training for Property Managers, Landlords

When a tenant commits crimes on your property, it’s a nightmare for you and for the entire neighborhood.

The Mesa, Arizona Police Department decided to do something about the number of crime reports generated from rental properties: talk to landlords. Police officers found that many landlords were unaware of the crimes being committed, and also of how to prevent crime on their properties. The officers developed an education program designed to foster cooperation with landlords.

The Crime Free Multi-Housing Program was successful -so much so that it took to the road, and has now spread to around 2,000 cities in 44 states.

Completion of the program requires three steps: First, the property manager or landlord attends an 8 hour seminar to learn about crime prevention and awareness, and to develop a better understanding of how to work with the police. Then, an officer will inspect the property and look for vulnerabilities, like easy-to-rig locks, and make recommendations to reduce crime. Finally, the manager or landlord must commit to participate in an annual community awareness training – although that is tagged a ’social’.

The police departments participating are hoping to reduce the number of calls and create safer neighborhoods.

Landlords stand to gain from lower risk of lawsuits, attracting better tenants, and fewer property management headaches.

And who knows, maybe if you show your certificate to your agent, you just may get a break on your property insurance!

See more on Crime Free Multi-Housing