CARES Act Evictions Require Additional 30-Day Notice

Rental Housing Journal UtahSponsored ContentKay Properties Online Real Estate Marketplace Platformplatform really sets itself apart from others.BY DWIGHT KAY,CEO AND FOUNDER, KAY PROPERTIES AND INVESTMENTS, LLCCHAY LAPIN,SENIOR VICE PRESIDENT, KAY PROPERTIES AND INVESTMENTS, LLCANDAt Kay Properties we have created an online real estate platform andmarketplace at www.kpi1031.com that provides investors the opportunityto explore various 1031 exchange investment opportunities across theentire country and across multiple real estate asset classes.More importantly, we have created an extensive real estate and 1031exchange educational platform. 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Kay Propertiesteam members collectively have over 115 years of realestate experience, are licensed in all 50 states, and have participated inover 15 Billion of DST 1031 investments.the entire Memorandum paying special attention to the risk section priorinvesting. IRC Section 1031, IRC Section 1033 and IRC Section 721are complex tax codes therefore you should consult your tax or legalprofessional for details regarding your situation. There are materialrisks 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 taxconsequences, general economic risks, development risks and longhold periods. There is a risk of loss of the entire investment principal.Past performance is not a guarantee of future results. Potential cashflow, potential returns and potential appreciation are not guaranteed.This material does not constitute an offer to sell nor a solicitation of anoffer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the “Memorandum”). Please readSecurities offered through WealthForge Securities, LLC. MemberFINRA/SIPC. Kay Properties and Investments, LLC and WealthForgeSecurities, LLC are separate entities.Subscribe Today!NAMEADDRESSCITYSTATEZIPE-MAIL ADDRESSI am an:OWNERINVESTORPROPERTY MANAGER*Print subscriptions 25/year 15 each additional marketI would like:Editions:VISAVENDOROTHER 8 each additional marketPRINTE-MAILARIZONASALEM/EUGENE, ORCOLORADOSEATTLE/TACOMAPORTLAND, ORUTAHMASTER CARDCARD NUMBERNAME ON CARDBILLING ADDRESSEXP.CVVOR MAIL A CHECK TO:Rental Housing Journal4500 S. Lakeshore Drive, Suite 300Tempe, AZ 85282Rental Housing Journal Utah · July 20203

Rental Housing Journal UtahChair’s MessageWhat it Means to be an Ownerin the Utah Apartment AssociationJEAN SMITHChair, UtahApartmentAssociationAs a member, the Utah ApartmentAssociation is your Association. Theboard of directors represents themembership and makes decisions onbehalf of the Association, but youas a member are the reason that theprograms and services offered by theassociation exist. I think that we shouldtake a great deal of pride in what wehave all accomplished together tofurther the cause of the Rental HousingIndustry here in our state – from thebig apartment communities to theproperty management companies andthe landlords with just one or two units,all of us have a stake in protecting ourbusinesses and working together.But, however great the Associationis, we are only as strong as ourmembers are involved. So I wouldencourage you to become moreinvolved in the Association. We havemany opportunities to help out, rangingfrom volunteering to help out for anupcoming event, to donating to thepolitical action committee.One of the biggest things that wecan do is reach out to other potentialmembers and tell them about thevalue of being a member of the UtahApartment Association. Most of usknow at least one other landlord orvendor who provides a service tolandlords who probably doesn’t evenknow that the Association exists! Soit is time for us all to take ownershipof our Association and help it grow; toinvite people to our monthly GeneralMembership Meeting, share a copy ofthis newsletter or ask a supplier if theyare a member.Working together we can continueto improve our industry and grow ourassociation.Ask the AttorneyWhat to do When the Tenant has Gone SilentJEREMY SHORTSAttorneyQ: My tenant owes rent, but hasgone silent. I’m at a standstill becausethey are not responding to me at all.What do I need to do?A: Hiring an attorney is often the lastresort. We always recommend tryingto work with your tenants first to see ifyou can work out the problems on yourown. But when a tenant is ignoring youand not responding or performing, thatlimits your opportunities to try to fixthe problems.the current situation, that would be a“Three Day Pay or Quit” that gives thetenant three calendar days to either paythe balance owed or vacate the property.When a tenant goes silent, werecommend that you serve the tenantwith the eviction notices applicable tothe problems you’re dealing with. InThat gives the tenant the three daysrequired under Utah law to come to thetable to work things out. If they don’trespond, then you’ve cleared the path toEven if you want to try to avoid filingan eviction, you should still serve aneviction notice.move forward with an eviction.You never know when a problemtenant will turn into an eviction.Contact us for a free consultation tomake sure you are setting up youreviction case correctly.Contact the author at the Law Officesof Jeremy M. Shorts, LLC at 801610-9879 or by visiting the websitewww.utahevictionlaw.com.PROVIDINGMORE THANJUST LAUNDRYSINCE 1964.SUPERIOR SERVICE.WHO WE SERVE.We provide prompt service requests, expertinstallation, and seamless onboarding.We serve all types of properties inWashington, Idaho, Oregon, and Utah.A MACHINE FOR EVERY SPACE.SMART TECH SOLUTIONS.Whether large or small, we tailor ourservices to meet your needs.We offer everything from monitoringto easy-to-use payment services.We look forward to giving you convenient options,providing customer care you can depend on, andshowing you what’s possible when you workwith our family.Call 800-526-0955 to get started.hainsworthlaundry.com4Rental Housing Journal Utah · July 2020

Rental Housing Journal UtahDirector’s MesssageResident Retention one of the Keys to SuccessL. PAUL SMITH, CAEExecutive Director,Utah ApartmentAssociationIt is a truth universally acknowledgedin property management that a landlordwith high turnover will have more costand work. That’s not to say there aren’tcosts and work at other times. But it istrue that when renters move out, ourefforts and money are concentrated aswe try to restore a revenue stream assoon as possible.So seasoned landlords learn quicklyan important lesson – if you can hangon to your tenants longer, you arelikely to have less work and less cost.Some experts say each turnover costsan average of 3,000 in turnoverexpenses (things like cleaning, carpetreplacement, marketing, etc.) andvacancy cost (the time the place sitsunrented times the daily rental amount).Turnover in Utah can be quite high- the average tenant stays in a rentalabout 14 months. Over ten years, that’s8 turnovers. Multiplied by 3,000 eachthat is 24,000 more expense thanhaving one tenant for that time.these renters say you would be able tokeep them longer.Second, implement the followingpractices to encourage renters to staylonger: Sign long term leases, if possible,that only expire in times of yearconvenient for you. There isnothing worse than having amonth to month tenant give younotice they are moving in a badtime, like winter. Give incentives for renewinga lease and don’t let tenantsgo month to month. M to Magreements give them too muchflexibility unless you are beingcompensated by a month to monthfee. Try to offer improvementsto the property you can tie torenewal like new windows, anew garage door, or somethingyou should do anyway, if theySo what are the keys to retention?First, understand why tenants move.Only 30% have to, because they buy ahome, move out of state or get married.A full 70% of renters that move fromyour rental will move to another similarrental within 20 miles. Of those whomoved to another rental when theyreally didn’t have to, they say theydid so because they weren’t gettingwhat they wanted where the where.The landlord wasn’t A) responsive, B)reliable or C) respectful. So the goodnews is with better customer service,will stay. Even carpet and paintcan be used to lock them intoleases (especially if you have todo it anyway if they did move). Allow tenants to customize theirrental. They will stay longer ifyou do. Maybe this is lettingthem have an accent wall thepaint color of their choice, theirown window coverings, orplanting their plants in the yard.If people can customize they willfeel more comfortable and staylonger.Whatever you do, recognize havingone tenant, even a mediocre one, for along time, could be much less work andultimately make you more money inthe long run, than having a new tenantevery year. Work hard to keep themhappy and use leases and incentives tolock them in to new long term leases.If you do you will be more successful.Nearly 1 in 4Renters SayThey Won’tBuy a HomerenTaL HOusinG JOurnaLA significant share of current rentersnow say they will never be homeowners,according to a survey of 7,000 rentersfrom RentCafe. Also, one in 10 renterswere ready to buy a home this year, butthe pandemic forced 43 percent of them todelay their homeownership plans.Some survey highlights: Things were finally looking up forGen X and older millennial renters,of whom 15 percent and 14 percent,respectively, were confident they’dbecome homeowners by the end ofthe year. As 43 percent of would-be homebuyers changed their plans due to thepandemic, “economic uncertainty”and “loss of income” were themost cited reasons for delayinghomeownership. As many as 50 percent of oldermillennials were forced by the crisisto let go of their dream, followed byyounger millennials (43 percent) andGen Xers (42 percent). Considering the current marketconditions, “We asked renters aboutwhen they would finally be able tobuy a home; while 56 percent wereoptimistic about becoming ownersin the next 5 years, a significant23 percent said that they’re neverbuying,” the survey says. Millennials were most eager to buya home soon, particularly the oldercohort, with 68 percent of oldermillennials planning to becomehomeowners in the next 5 years.Long-considered renters-at-heart,this cohort is now set on making thetransition. On the other side, half of babyboomer renters expressed nointention of ever buying again, asthey seem to be getting more andmore comfortable with renting.Certified Apartment Supplier (CAS) ProgramFull course with materials 499Register online : www.uaahq.org/CASQuestions? Call 801-487-5619 or emailStephanie@uaahq.orgRental Housing Journal Utah · July 20205

Rental Housing Journal UtahHow to MakeCarpet LastContinued from Page 1a couple of years by understanding thecommon causes of carpet destruction.FALL 2020 Certified Apartment Manager (CAM) ProgramCome Learn about: Occupancy Rates Apartment turnover Comprehensive marketing plans Working with contractors and vendors Sales team management and product readiness Recruiting high-caliber employees Equitable treatment of current and potentialresidents Employee orientation and training Employee evaluation Resident retention and maintaining a positivecompany image Employment regulations and record keeping Communicating with residents Customer service and issue retentionAnalyzing the property’s financial operationsand taking corrective actions for underperformance Enforcing company policy and complying withlaws and regulations Monitoring property performance to achievethe owner’s investment goals Property inspections Accounting principles and practices Preventative maintenance programs Maximizing net operating income Service request process Reporting property performance accuratelyFull course with materials 825Register online : www.uaahq.org/CAM Lack of consistent cleaning: Inmost cases, carpet depreciationis usually a result of a lackof consistent vacuuming, orallowing liquid stains to soakin. Poor cleaning habits can turnyour rental-home carpet to ruins. Pet-related issues: Pets can be adisaster for rental-home carpetsif not properly monitored. Theycan easily urinate, defecate,spread mud, or chew the carpet.It is important that you have astrict pet policy in place. Lack of house rules: The lack ofdedicated house rules can lead torental-home carpet deterioration.Tenants who don’t leave theirshoes at the door or cleanregularly can cause prematuredestruction of your rentalproperty carpet.NO. 1: REGULAR VACUUMINGVacuuming is important becausethere are a lot of dry soil and stains thatyour carpet can hold even though it isn’tobvious. When this happens, the dirtbreaks up the carpet fiber, destroyingyour carpet in no time.Vacuuming once or twice a week willhelp you extend your carpet lifespan.Today, many property managersprovide renters with a low-budgetvacuum cleaner to help with this.NO. 2: DO A YEARLY DEEPCARPET CLEANINGSince stored dirt can destroy yourcarpet (or distort its color), getting yourrental-property carpets deep-cleanedregularly is important. Annual or biannual cleanings will keep the carpet ingood shape.NO. 3: SET A STRICT PET POLICYThe importance of having a pet policycannot be stressed nearly enough.While you may allow pets, you needto have a firm stance on what kind ofpets they are, whether they’re allowedindoors, and who is responsible foraccidents or cleanings.NO. 4: DO SPOT CLEANINGThe earlier you get to the spill thebetter!Even if your rental-home carpetcomes with a stain blocker, that doesn’tmean it will block the spill. It only helpsyou prevent the stain from getting setin and makes it easier to clean. Alwaysblot to clean, never rub or scrub, anddon’t over wet the carpet.IN CONCLUSIONBy adhering to the above tips, you’resure to prolong the lifespan of yourrental-home carpets, save money onregular carpet replacement, and giveyour carpet an appealing look.Keepe is an on-demand maintenance solution for property managers and independent landlords that isavailable in the Greater Seattle area,Greater Phoenix area, San FranciscoBay area, Portland, San Diego andsoon in an area near you. Learnmore at https://www.keepe.com.6Rental Housing Journal Utah · July 2020

Rental Housing Journal UtahPandemic Will Lead Companies, Millennialsto Suburbs to Work From Home, Reports SayrenTaL HOusinG JOurnaLmoving out of urban cores. Firms arefollowing suit, with rising foot-trafficlevels also catching the eye of retailers.”Companies and millennials will beheading to the suburbs as a result ofthe pandemic and the increasing trendof working from home and desire forshorter commuting times, according tonew research and special report fromMarcus & Millichap.The research says the pandemicwill increase the trend of moving tothe suburbs, which will potentiallycreate “a structural shift” in demandfor multifamily housing, single-familyhousing and suburban office space.“Even without additional healthconcerns, suburban popularity hadalready begun to rise. While a decadeago the pace of population growth washigher in downtown areas, now thatactivity has shifted to the suburbs. Thistrend is being accelerated by healthconcerns, but demographics are at theroot,” Marcus & Millichap says in thereport.Other research has shown peopleThe survey also points out that evenif a company wanted to bring backworkers to a central urban location,“there are several logistical challengesto overcome. Taking public transitto the center of town and riding anelevator to a top-floor suite pose healthrisks that a drive to a low-rise suburbanoffice does not,” the report says.value more living space now that theystay at home more, and they need homeoffice space as well. Plus they prefer notto have to commute into the office in adowntown location.The other research, a poll conductedby The Harris Poll, finds that 75 percentof Americans working from home dueto COVID-19 say they would prefer tocontinue doing so at least half the time,if given the option, after the pandemicsubsides.As millennials lead the move tosuburban multifamily and single-familyresidences, this will drive the need fornearby office as well as retail space.“The gap between suburban andurban apartment and office vacancies,which both reached peaks of over 200basis points during the Great Recession,has since fallen to less than 40 basispoints,” Marcus & Millichap write inthe report.“While partly influenced by varyingconstruction levels, this near parityis largely a result of more millennialsCosts are lower in the suburbs, socompanies may move there whileholding on to a central businesslocation. However, the shift tosuburban office space “in conjunctionwith suburban residential growth,would also influence the retail andindustrial sectors. Retailers will wantto be close to both suburban residentialand commercial hubs, with distributorsseeking space to support last-miledeliveries to consumers,” Marcus &Millichap says in the report.Rent Control Not a Solutionto Housing Woes, NMHC SaysContinued from Page 1May 2019 report from the FederalReserve highlighted that 40 percent ofAmericans didn’t have 400 availablefor an emergency bill. At a time whenin

Tempe, AZ 85282 Subscribe Today! Sponsored Content Kay Properties Online Real Estate Marketplace Platform BY DWIGHT KAY, CEO AND FOUNDER, KAY PROPERTIES AND INVESTMENTS, LLC AND CHAY LAPIN, SENIOR VICE PRESIDENT, KAY PROPERTIES AND INVESTMENTS, LLC At Kay Prop