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Agencies Increase Residential Appraisal Threshold

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively “the Agencies”) adopted a final rule increasing the threshold for requiring an appraisal in residential real estate transactions from $250,000 to $400,000.
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BiggerPockets Podcast 349: Multifamily Flipping and Due Diligence Tips to Save Thousands with Nathan Tabor

Apartment flipping from one of the best in the biz!

On today’s show, Brandon and David sit down with Nathan Tabor, a well-known multifamily investor who has done 26 multifamily flips in less than 10 years! You will love this informational and oftentimes hilarious episode, where Nathan shares some fantastic advice on how to flip apartments for big returns, what to look for in a deal, and which five incredible pieces of due diligence every investor needs to know.

You’ll also love his straightforward direction regarding questions to ask the county zoning department, great advice for raising money, and some mind-blowing insight into who actually owns fire hydrants!

This show is a very fun listen with tons of talk about dealing with rejection, finding the niche that’s perfect for you, and applying information you already know. Nathan’s story is sure to change your mindset and confidence when it comes to taking action in your life. Make sure you listen today!

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Now hiring: Employment growth projected for community managers

Community association management is becoming a sought-out career for those entering the job market for the first time or those considering a change late in their professional lives. The role is expected to see growth for new hires in the coming decade, according to recent data from the U.S. Bureau of Labor Statistics.

There were about 363,000 property, real estate, and community association managers working in 2018 with employment forecast to grow 7% through 2028, faster than the average for all occupations. BLS attributes this growth to more people choosing to live in condominiums, cooperatives, planned communities, and senior housing.

“Community associations are a true economic engine, and there’s a need for talent at all levels,” says CAI’s 2019 President Cat Carmichael, CMCA, PCAM, who has made it her mission to open channels that can bring in talented individuals to common-interest communities. “We are striving to find new talent where the talent is and increase awareness of the benefits of community association service.”

Employers typically prefer to hire college graduates with a degree in finance, accounting, real estate, or public administration, but workers with a high school diploma and less than five years of relevant experience also can be considered for entry-level positions, according to BLS.

Employers also may require that community managers participate in training programs or workshops from professional trade associations (like CAI’s Professional Management Development Program) to develop their management skills and expand their knowledge on topics such as insurance and risk management, governance, homeowner relations, personnel management, and reserve funding.

BLS calculated the median pay for a community manager in May 2018 at $58,340 per year. This amount is higher than the median compensation reported by assistant community managers ($43,340) and portfolio managers ($52,500) in the Foundation for Community Association Research’s 2017 Community Association Manager Compensation and Salary Survey. Compensation increases significantly as managers gain more experience and responsibility. According to the Foundation’s research, on-site managers earn an average of $71,560, high-rise managers earn $86,500, and large-scale managers earn $100,000.

Community managers oversee the daily operation of residential properties. In addition, BLS lists some important skills that community managers should have to excel in their role:

  • Communication. Managers must understand contracts and real-estate documents to clearly explain the materials and answer questions raised by residents or board members.
  • Customer service. Managers must provide excellent customer service to keep homeowners happy and expand their business with new clients.
  • Interpersonal. Because community association managers interact with people every day, they must have excellent interpersonal skills.
  • Listening. Managers must listen to and understand residents to meet their needs.
  • Organizational. Managers must be able to plan, coordinate, and direct multiple contractors at the same time, often for multiple properties.
  • Problem-solving. Community association managers must be able to mediate disputes or legal issues between residents, homeowners, and board members.

The post Now hiring: Employment growth projected for community managers appeared first on Ungated: Community Associations Institute Blog.

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BiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, and Full-Time Wealth From Rentals with Ashley Kehr

Today’s guest is proof rental property investing can be fun, rewarding, and—with the right systems in place—totally doable… even with a job and a family.

Ashley Kehr sits down with Brandon and David and shares some great advice for building a rental property portfolio without much hassle or headache! Ashley manages all her own rentals and discusses the top three apps she uses to do it with ease. She also shares how she structures her partnerships, how she pitches her deals, and how she’s finding deals in today’s hot market.

Ashley gives great advice for what most newbies get wrong about investing, which apps she uses to find off-market property owner info, and how she uses her children to help her find potential deals! Plus, you won’t want to miss how Ashley helped her sister buy a duplex (and spend just $45 a month to live there), as well as how she bought a property no one else wanted, pulled $6,000 more out of it than she put in, and created a cash flow of almost $1,000 a month!

Today’s show is fun, entertaining, and full of great advice for investors of all levels. Download this one today!

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Aging America: How older adults hope to age in place

More and more, older adults favor aging in place, preferring to remain active and independent beyond middle age while still having access to transportation options and healthcare services they can use as their needs change.

About 77% of Americans age 50 and older say they would like to live in their community as long as possible, but just 59% anticipate being able to remain in their current home or a different place in the same community, according to AARP’s 2018 Home and Community Preferences survey. While most adults age 18 and older—63 percent—own their homes, about one-third expect having to make major modifications to accommodate their aging needs, AARP says.

Because of changing attitudes related to affordability, accessibility, and mobility, the survey finds many adults age 50 and older are willing to consider alternatives such as home-sharing (32 percent), building an accessory dwelling unit (31 percent), or residing in communities that provide services to enable aging in place (56 percent).

For example, the Jefferson, a 55-and-older condominium in Arlington, Va., offers older adults a unique option as they age in place: the ability to own their unit plus independent living, skilled nursing, and continuing care. High-end amenities, numerous activities, a maintenance-free lifestyle, and quick access to the cultural highlights of Washington, D.C., add to the community’s appeal.

Residents have the option to purchase their home without any buy-in fees beyond the price of the unit, the only senior community in the area with this distinction, notes Executive Director Juli Swanson.

“All of our competitors are either a continuing-care retirement community or a life-care community. That’s just a very different structure than what we have here with the condo,” explains Swanson, who has worked at the Jefferson for the past eight years. “At all those other places, you don’t get to own your home. Here at the Jefferson, you do. That’s one of the biggest selling points, after location.”

Making itself a community where older adults can live long term is something that the Jefferson has made a priority for its residents, who feel that the frequent socialization is one of the main aspects that allows them to feel at home.

“You never feel lonely here. It’s just so wonderful when you sit down to eat with different people, and they tell you their life story,” says 84-year-old retired nurse Julia Jeffries.

And Therese “Terri” Rae, a 75-year-old retired psychiatric nurse who has lived at the Jefferson for the past two years, perfectly captures what it’s like to live in the community: “We have independence, and if we want company, we’ve got it. And that’s the best thing.”

The post Aging America: How older adults hope to age in place appeared first on Ungated: Community Associations Institute Blog.

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BiggerPockets Podcast 347: Using Multifamily Syndication to Reach 5,000 Units with Mark and Tamiel Kenney

On today’s show, a married couple who scaled to 5,000 units together!

Brandon and David interview Mark and Tamiel Kenney, a husband and wife team who buy large apartment complexes through the power of syndication. This mighty couple shares some great insight into how to find the right partner, how to set expectations with your agent (or team member) in the beginning, and how coming up with strict criteria helped them overcome their fear of getting started.

You’ll love their advice on what they learned in the first 12 months to help them land their first deal, how they split profits with investors, and which are the most important fundamentals for any multifamily investor to learn. You DO NOT want to miss their advice on following up after meeting with brokers or investors. Plus, they reveal the most common trait successful syndicators share.

Mark and Tamiel go on to share how they’ve struggled with—and overcome—the difficulties of balancing a demanding business while still carving out valuable family time.

Don’t miss this episode, and subscribe to the BiggerPockets Real Estate Podcast so you won’t miss the next!

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Be ready: How to prepare your community for a natural disaster

Hurricane Dorian devastated the northwestern Bahamas and has unleashed heavy rain, strong winds, storm surge, and tornadoes as it has tracked along the East Coast. While the Atlantic hurricane season officially runs from June to November, the peak of the season is now—from mid-August to late October.

With September being National Preparedness Month, Americans can take action to promote emergency planning and disaster relief in the event of hurricanes, wildfires, and floods, which have caused an estimated $414.4 billion in damage across the U.S. from 2013 to 2018, according to data from the National Oceanic and Atmospheric Administration. As natural disasters become more frequent and destructive, it’s important that community associations adopt a comprehensive plan to prepare, respond, and recover from these extreme weather events.

Community association residents and leaders also should be aware that the Federal Emergency Management Agency does NOT reimburse community associations that remove debris from private roads. CAI strongly encourages board members and managers to review the guidelines for removing debris.

In addition, here are some guidelines to prepare your community against a natural disaster.

Hurricanes

  • Gather supplies in an emergency kit to last at least three days, including food, water, flashlights, batteries, cash, first aid supplies, and medications. Also gather supplies for pets, if any, and store important documents.
  • Bring inside loose, lightweight objects that could become projectiles in high winds (e.g., patio furniture, garbage cans) and anchor objects that would be unsafe to bring inside (e.g., propane tanks).
  • Take refuge in a designated storm shelter or in a secure room inside your home that is windowless and not at risk of flooding.
  • Cover windows with wooden panels or storm shutters.
  • Document any property damage with photographs. Contact your insurance company for assistance.

Floods

  • Know the types of flood risks in your area by visiting the Federal Emergency Management Agency’s Flood Map Service Center.
  • Purchase or renew a flood insurance policy through the National Flood Insurance Program. Homeowner’s insurance policies do not cover flooding.
  • Keep important documents in a waterproof container. Create password-protected digital copies.
  • Protect your property. Move valuables to higher levels. Declutter drains and gutters. Install check valves and consider a sump pump with a battery.
  • If trapped in your home, go to its highest level. Do not climb into a closed attic, as you may become trapped by rising floodwater. Go on the roof only if necessary and signal for help.

Wildfires

  • Fireproof your home by covering outdoor vents, removing dry leaf and tree debris, mowing and watering lawns regularly, and using fire-resistant materials to make repairs or replacements.
  • Keep fuel sources at least 100 feet away from your home.
  • Keep important documents in a fireproof safe and make digital copies.
  • Designate a room that can be closed off from outside air. Close all doors and windows. Set up a portable air cleaner to keep indoor pollution levels low when smoky conditions exist.
  • Review insurance coverage to make sure it is enough to replace your property. Document damage with photographs.

For tips on how to make an emergency plan fit for your community association and prepare for other types of disasters, visit CAI’s Community Disaster Preparedness & Relief page and Ready.gov.

The post Be ready: How to prepare your community for a natural disaster appeared first on Ungated: Community Associations Institute Blog.