Wallace S. Gibson CPM * GRI

Although several fellow realtors suggest we should not be political, I drove my RX with local GOP bumper stickers (Race Fans for McCain, Snow KNOWS, Bob McDonnell, Cuccinelli (for AG)) on my back window to the beautiful Auburn Hill farm in Milton (part of the original land grant of Monticello) to meet Fred Barnes (author of Rebel in Chief and commentator on Fox TV) pre-tailgate before the first UVa (v W&M) football game.....the turn out was outstanding with local GOP politicos Duane Snow, Ken Boyd, Rodney Thomas and Rob Bell. Laurence Verga who has filed paperwork to run for the GOP spot for the 5th District Congressional race in 2010 was also there * feature the Twelve Oaks bbq from Gone with the Wind with horses on the hillside, hay bales for seating under a BIG OAK TREE overlooking a beautiful pond.

Fred's remarks showcased his quick wit and longstanding knowledge of "doings inside the Beltway"....Fred graduated from UVa in 1965 and has daughters who attended UVa (he says his son could not get in) and that he feels that the tide is turning on the Dems with Bob McDonald likely to win the VA governorship and the GOP NJ challenger also the likely victor.

He also extolded that the conservatives have many new faces in the party on state and local levels including VA's own Eric Cantor.

Great UPBEAT day!!!....and thank you to Rob Bell's team for bringing this great speaker to our area!!

Yes - landlord friendly states.....just like BUSINESS FRIENDLY states, this feature should be in the TOP 5 FACTORS when deciding WHERE to invest $$$ for rental property ownership....how well the purchase $$$ work will be immaterial if all the investor's profits go down the drain with a 3 month eviction for non-payment of rent and if there are onerous rules or regulations for inspections and improvements.

Texas is a GOOD landlord state * Virginia is the BEST.......we have 2 landlord tenant codes and VERY ACTIVE apartment and realtor association involvement in our state legislative process. We follow federal fair housing guidelines with the addition of ELDERLINESS (over 55)

We have an indemnification statute that if landlords abide by the lead based paint disclosure rules, they are indemnified from further action or responsibility. Our burden in the case of mold at the rental property is also limited and insurance companies have assumed some of the burden also.

Our eviction process for non-payment of can be started and completed in less than a month and the removal of unwanted guests or invitees is just a visit to the magistrate's office.

....and BEST of ALL....after the state legislature changes the rules effecting our business, our real estate trade organizations and apartment associations have classes on these updates!!! The Virginia Association of Realtors actually has the author of many of these laws * Chip Dicks * provide all-day courses with CE credit BEFORE the laws take effect. Likewise, the Virginia Apartment Management Association has similar update courses throughout the state....VAR will have a 2 day property management meeting in my BACK YARD in mid-October when for the second year, the VAR Property Management Coalition has its meeting at our area's Boar's Head Inn......

NOW, there is no excuse for not knowing the RULES..... http://www.varealtor.com/MemberServices/AlliancesSIGs/PropertyManagement/CoalitionConference/tabid/708/Default.aspx

For the second time in 2 weeks, I have had prospects who want to view my rental homes show up LATE for their appointment because of their GPS.

Now I have BEAUTIFUL directions on my web site listings - directions from nearest large street/road with R/L turns AND there is a photo of the front of the house. Usually the wife has printed out my listings and the direction section is on the first page of the 2 pages.....meanwhile, the husband insists on using their GPS - either brought with them OR rented with their rental car.....1 prospect couple was sent down a dirt road to a new subdivision that does not have a name on it and the second couple was directed the WRONG way on a ONE WAY street * shorter, yes * but not exactly SAFE!!!

I've now added a suggestion to my confirming e-mail or phone call - print and use MY directions....play with your GPS, get to the property by my directions!!!

In some areas where the economy has not "stimulated", many tenants who rented as "singles" are approaching their landlord about taking in a roommate.....landlords who say NO face lost rent and a vacancy depending on their tenant's financial situation so having a policy to accommodate their tenants is a MUST.

Provide tenants with applications and require that their roommate complete it and return it to you. Charge any application or credit check fee as appropriate. Screen the applicant and if they pass, offer your tenant the option of approving them as an AUTHORIZED OCCUPANT under the current lease OR offer to re-write the lease and place them on record as a tenant who is jointly and severally responsible for the remainder of the lease term * I charge a fee for this lease re-write.

Option #1 allows your tenant to remain in control of the rented dwelling in case their new roommate does not work out.

Option #2 allows the landlord or property manager to now have 2 tenants on the hook for the rent AND responsibilities under the lease terms.

The security deposit at the inception of the lease remains the possession of the original tenant and the roommate should pay any deposit directly to the current tenant and they handle any disposition of the deposits between themselves. The landlord/property manager is not involved until the end of the lease or the unit is entirely vacant so that an inspection can be conducted.

For rental property owners and landlords who think property managers are paid to collect their tenants' monthy rent check and little else, I divised this calendar several years ago so that owners can see that landlording is a hands-on/24*7/job and realizing it sooner rather than later is beneficial in being a success in the business.

January

prepare 1099s * mail by 1/30

copy tenant's Jan rent check

gather mortgage interest 1099

gather prior year tax info

February

determine current market rent

determine property value

submit 1099s to IRS by 2/28

send tenant renewal notice

March

do full property inspection

determine interior repairs

put property on rental market

arranger spring HVAC servicing

April

update check-out procedures

update ext property photos

clean gutters

arrange for interior repairs

May

spray trees/mulch scrubs

initiate web marketing

perform drive-by inspection

install FOR LEASE sign

June

verify tenant departure date

continue web marketing

perform drive-by inspection

perform check-out inspection

July

update property

update interior photos

continue/update web marketing perform check-in inspection

August

perform final interior repairs perform drive-by inspection

calculate tenant deposit return

organize new tenant lease file

September

update tenant contact info

perform drive-by inspection

arrange fall HVAC service

check property tax billing

October

provide tenant winterization info

perform drive-by inspection

schedule gutter cleaning

perform driveway/gravel repairs

November

perform roof inspection

perform driveway/gravel repairs

update insurance coverage

double check hoses are removed

December

verify tax assessment amounts

perform drive-by inspection

send tenant seasonal notice

archive prior residents' file

JANUARY *

An accordion file with monthly pockets for less than $20 will help at tax preparation time. For bills with personal and rental expenses, copy the invoice and put it in your rental file. Keep your year end mortgage interest, insurance, real estate tax statement as well as all repair invoices. Copy your tenant's January rent check for the bank information. Also pay attention to vendor payments in excess of $600 annually. Download IRS form W-9 from www.irs.gov and make sure that you have tax ID information for all vendors who are not incorporated......1099s must be mailed to service providers by the end of Jan and the IRS copy and re-cap form mailed to the IRS by the end of February.

FEBRUARY *

Check your property's re-sale value in February. Don't rely on your tax assessment statement for its value....ask a Realtor or check current comparable listings at www.mycaar.com.

This is the time to think about renewing your tenant's lease. Waiting until April or May will put you behind the curve in your re-renting efforts.

MARCH *

Now is the time to do a full property inspection - inside and out. When you give notice to your tenant, ask that any repair items be put in a note and left on the kitchen counter. Check for leaks, evidence of mold, carpet wear, tenant caused damage and any need for upgrades. Arrange for the HVAC system to be serviced. Shop for this service as there is a great difference in prices for this task. If your tenant is leaving, put your property on the rental market ASAP.

APRIL *

update exterior photos of the property. This is important in internet marketing so having good, exterior photos is a must. Arrange for the gutters to be cleaned and schedule for repairs and upgrades for when the tenant vacates.

MAY

* arrange for spraying of trees and scrubs as well as mulching of plants. If necessary, take additional exterior photos.

Write tenants about how to return property keys, provide property cleaning instructions, arrange to utility transfer.

JUNE *

Do a drive by inspection prior to the scheduled tenant inspection. Verify tenant's move-out date. Update your tenant check-out procedures.

JULY *

Update interior and perform repairs. It is advised to remove any wallpaper from bathrooms and kitchens that could cause moisture to be trapped and mold to grow. Replace old appliances. Remove washer and dryers that are old and which may break during the next tenancy. Replace Fluidmasters in all toilets and make sure faucets have no leaks. Check batteries in smoke detectors.

AUGUST *

In VA, landlords have 45 days to return tenant deposits and send an itemization of any deductions. Perform final interior repairs and organize your new tenant file with application on each adult, executed lease with any executed disclosures and copies of initial checks.

SEPTEMBER *

Update current tenant information with contact phone numbers and e-mail addresses. Arrange for fall HVAC service and perform a drive-by inspection

OCTOBER *

Provide tenant with winterization information - disconnect hoses from exterior faucets, place covers on in-window AC units, etc. Schedule gutter cleaning.

NOVEMBER *

Perform roof inspection as well as driveway/gravel repairs. Check property insurance coverage and update.

DECEMBER *

Verify real property tax assessment, do a drive-by inspection and send tenant a "seasonal" message.