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  Raleigh-Cary, N.C., and Austin-Round Rock, Texas, were the nation’s fastest-growing metro areas between 2007 and 2008, according to July 1, 2008, population estimates for the nation’s metropolitan and micropolitan statistical areas and counties released this week by the U.S. Census Bureau.
Raleigh-Cary saw its population climb 4.3 percent between July 1, 2007, and July 1, 2008, to 1.1 million. Similarly, Austin-Round Rock experienced a 3.8 percent increase, to 1.7 million. These two large metro areas were among 47 of the 50 fastest-growing areas located entirely in the South or West. (Table 1) Large metro areas — those with 2008 populations of 1 million or more — were home to nine of the 10 fastest-growing counties. These metros included New Orleans, which contains St. Bernard Parish (the nation’s fastest-growing county between 2007 and 2008) and neighboring Orleans Parish (the country’s third-fastest-growing county). The nation’s second-fastest-growing county in 2008 was Pinal in Arizona (part of the Phoenix metro area). The Chicago metro area was home to the fourth-fastest-growing county, Kendall, and the Atlanta metro area was home to fifth-ranked Forsyth County. In Texas, the Austin metro area was the location of sixth-ranked Williamson and 10th-ranked Hays, San Antonio includes eighth-ranked Kendall, and Dallas-Fort Worth includes ninth-ranked Rockwall. Only seventh-ranked Geary, Kan., did not belong to a large metro area. All in all, 94 of the 100 counties (with a population of 10,000 or more) with the fastest population growth last year were in either the South (71 counties) or the West (23 counties). The remaining six were in the Midwest. (Table 2) Among the 100 fastest-growing counties, the majority were in Texas (19), Georgia (14), North Carolina (11) or Utah (nine). Texas was home to 10 counties among the 25 with the highest numerical gains and California to six. Each of the top 25 was in the South or West, with the exception of Cook, Ill. (Chicago). Five counties were among both the 25 fastest-growing and the 25 top numerical gainers: Pinal, Ariz.; Orleans, La.; Williamson, Texas; Fort Bend, Texas; and Wake, N.C.
Four of the 10 fastest-growing metro areas were in Utah and Idaho: Provo-Orem and St. George in Utah, Idaho Falls in Idaho, and Logan, which encompasses parts of Utah and Idaho. See our feature, Good News For Home Sales, Bad News for Rentals.
Let us know what you think by commenting below. For questions about our blog, contact our editor at kim@joinaaoa.org.
American Apartment Owners Association offers discounts for landlords on products and services related to your commercial housing investment, including real estate forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.
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Numbers Up This Month, Nevada Still Leads
 RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, released its February 2009 U.S. Foreclosure Market Report™ last week, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 290,631 U.S. properties during the month, an increase of nearly 6 percent from the previous month and an increase of nearly 30 percent from February 2008. The report also shows one in every 440 U.S. housing units received a foreclosure filing in February.
“The increase in foreclosure activity from January to February is somewhat surprising, given that many of the foreclosure prevention efforts and moratoria in place in January were extended through most of February as well,” said James J. Saccacio, chief executive officer of RealtyTrac. “There were some notable exceptions to this: a 45-day voluntary moratorium in Florida expired at the end of January, and foreclosure activity there was up 14 percent from the previous month; and many New York foreclosure proceedings delayed by a new law for an extra 90 days appear to have hit the system in February, when the state’s foreclosure activity increased 23 percent from the previous month.” Nevada, Arizona, California post top state foreclosure rates With one in every 70 housing units receiving a foreclosure filing in February, Nevada continued to document the nation’s top state foreclosure rate. Foreclosure filings were reported on 15,783 Nevada properties during the month, a 9 percent increase from the previous month and a 156 percent increase from February 2008.
Arizona posted the nation’s second highest state foreclosure rate in February, with one in every 147 housing units receiving a foreclosure filing during the month, and California posted the nation’s third highest state foreclosure rate, with one in every 165 housing units receiving a foreclosure filing. Other states with foreclosure rates ranking among the nation’s 10 highest were Florida, Idaho, Michigan, Illinois, Georgia, Oregon and Ohio. See more current foreclosure numbers. See our feature, Foreclosure Data Now Available in Real Time. Let us know what you think by commenting below. For questions about our blog, contact our editor at kim@joinaaoa.org.
American Apartment Owners Association offers discounts for landlords on products and services related to your commercial housing investment, including real estate forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.
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Crucial Tax Tips for Landlords, Tip #16
 Most rental owners claim tax losses, even when they are making a profit. You can deduct up to $25,000 of rental losses on your tax return if your adjusted gross income is less than $150,000.If your adjusted gross income is less than $100,000, you can deduct the full $25,000. If your adjusted gross income is between $100,000 and $150,000, you can deduct up to ($150,000 – Your Income)/2. So if your AGI is $120,000, you can deduct up to $15,000 (150k – 120 k)/2. When your adjusted gross income exceeds $150,000, you are not permitted to report a loss from rental activity. The only way to avoid this limitation is if you become a real estate professional. If rental losses exceed the deduction limit, the passive activity loss is carried forward for a maximum of 15 years until the loss can be deducted. If you sell the property, you can deduct the carryover loss from the gain of the sale.
Everyone’s tax situation is different, and this information should not substitute professional advice. Taxpayers should always consult with their tax advisors to consider specific factors that might affect their situation.
For more Tax Tips and FREE Property Management Software for real estate investors, check out TReXGlobal.com. Did you miss our last tax tip?
Click on Tax Tip #15: The “Other” Interest Deduction.
See more Tax Tips for Landlords.
Let us know what you think by commenting below. For questions about our blog, contact our editor at kim@joinaaoa.org.
American Apartment Owners Association offers discounts for landlords on products and services related to your commercial housing investment, including real estate forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.
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by Robert Griswold
When we moved out, the landlord walked the apartment and noted how well we kept the place. Nothing was brought up about any charges or deductions, so when we received our security deposit statement we were shocked to see that the owner kept our entire $1,800 deposit and was seeking an additional $2,300 claiming that he had to replace the carpeting throughout the entire house because of “dog odor.” (more…) by Robert Machado, CPM, MPM
 Many newcomers to property management as well as many tenants do not understand how to prorate a rent payment. This comes up when a new tenant moves in mid month. Most property managers want all rents due on the first of each month, so the question becomes, how do we figure out what amount of rent is due to accomplish that.
On move in, most companies, HomePointe included, have each new tenant pay a full months rent and the entire security deposit. If the rent is $1200.00 and the deposit is $1200.00 then the tenant must pay $2400.00 to get the keys. If the tenant moves in on the first day of the month, there is no figuring to do. Each month thereafter the tenant will pay $1200.00. But if the tenant moves in on the 20th of the month, the question is, what does the tenant owe on the first of the next month? It is quite easy to figure out as long as you stick to the formula and thought process. Figure it this way: Every month is considered a 30 Day month, which is what we call a bankers month. If the tenant moves in on the 20th, they were not in the property for 19 days. 30-19 = 11 Days they were in the property. Now take the rent rate $1200 and divide it by 30 days (one month) = $40.00 per day. $40 x 11 days the tenant had possession = $440.00. That is what they owe for the second month. Our rental agreement states that all rent for the month is due in full in advance on the first day of the month. So the entire $440.00 is due on the first of the tenant’s second month of occupancy. Now you can sleep well tonight dreaming of collecting the correct prorated rent from your tenant AND be able to explain it to them. Robert Machado, CPM, MPM has twenty-seven years experience in managing residential and commercial properties and is with HomePointe Property Management, which serves the greater Sacramento area. See our feature, What to Do When Your Tenant Leaves Early.
Let us know what you think by commenting below. For questions about our blog, contact our editor at kim@joinaaoa.org.
American Apartment Owners Association offers discounts for landlords on products and services related to your commercial housing investment, including real estate forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.
To subscribe to our blog, click here.
by Wallace Gibson, CPM
 As many professionals in real estate, I buy my car by its ability to carry my FOR LEASE signs…when I changed from driving Chevy Blazers (4 in all) to a Lexus RX, I actually took my normal real estate sign with me to the dealership to make sure the sign fit in the back cargo/hatch area (I LOVE the auto hatch feature).So for the last week or so I have been placing PROPERTY FOR LEASE signs on my properties that will be turning over this summer. Since I have mostly single family homes, I place them in mulched or flower bed areas where they do not pose a problem with grass mowing which will be upon us in a week or so.
All my current signs are out or will be by the end of the week. I remove them ONLY when the property is leased and I place it on another property if needed or it comes back to my basement.
I inventoried them this past winter, cleaned them and fixed missing screws/washers and glued down any letters that were coming up (these are vinyl signs made by local sign maker in my co colors). I have 2 signs with no metal stands that I place in windows of condo units if they can be read from the outside.
Since the signs are made specifically for me, if I need more, I need to order them NOW for pick-up in May….
Wallace S. Gibson, CPM * 45 years of property management experience to serve you * Now leasing for summer occupancy * JUST LOOK FOR MY SIGNS!!!
Wallace Gibson, CPM is with Gibson Management Group, Ltd., a full-service property management company offering 40 years of professional property management services and offering listings in the city of Charlottesville, Virginia and Albemarle County as well as Greene and Louisa Counties and the Lake Monticello area of Fluvanna County.
See our feature Tenant Screening Lessons From the Trenches.
Let us know what you think by commenting below. For questions about our blog, contact our editor at kim@joinaaoa.org.
American Apartment Owners Association offers discounts for landlords on products and services related to your commercial housing investment, including real estate forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.
To subscribe to our blog, click here.
 The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 20, 2009. “Mortgage rates fell sharply to low levels not seen in six decades following the Federal Reserve’s announcement on the Treasury bond and mortgage-backed securities purchase programs. The drop offered a sizable refinance incentive for most homeowners sparking a pickup in refinance activity,” said Orawin Velz, Associate Vice President of Economic Forecasting.
The refinance share of mortgage activity increased to 78.5 percent of total applications from 72.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 1.4 percent from 2.0 percent of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.63 percent from 4.89 percent, with points decreasing to 1.13 from 1.23 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The contract rate is the lowest in the history of the survey, which began in 1990. The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.48 percent from 4.52 percent, with points decreasing to 1.07 from 1.18 (including the origination fee) for 80 percent LTV loans. The average contract interest rate for one-year ARMs increased to 6.22 percent from 6.20 percent, with points increasing to 0.15 from 0.14 (including the origination fee) for 80 percent LTV loans. The survey covers approximately 50 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. See more on Real Estate Financing.
Let us know what you think by commenting below. For questions about our blog, contact our editor at kim@joinaaoa.org.
American Apartment Owners Association offers discounts for landlords on products and services related to your commercial housing investment, including real estate forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.
To subscribe to our blog, click here.  With over 12,000 units to manage from New York to Texas, one property management company is all too aware of the strains that high unemployment has placed on the rental market. When it comes to tenant incentives, Morgan Management Company is cutting to the chase by offering an ‘out’ to those who lose their jobs during the term of the lease.
Dubbed the “No Fear Lease”, tenants who lose their jobs will have the option of either terminating early, or receiving a 20% reduction in rent for 90 days while they look for another job.
The plan mimics the deal Hyundai offered to new car buyers — if you lose your job, you can return the car.
As novel as the No Fear Lease strategy is, perhaps the more noteworthy accomplishment here is Morgan’s public relations coup.
Just like Hyundai’s plan saves the car manufacturer the costs of repossessions, encouraging the tenant to voluntarily terminate the lease before they default saves the costs of an eviction. But offering to work with the tenants in advance creates goodwill and a strong tenant referral network.
And it certainly doesn’t hurt to have your name in the news….
Let us know what you think by commenting below. For questions about our blog, contact our editor at kim@joinaaoa.org.
See our feature, Smart Landlord Strategy for Filling Vacancies.
American Apartment Owners Association offers discounts for landlords on products and services related to your commercial housing investment, including real estate forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.
To subscribe to our blog, click here.
by Janet Portman, Inman News
If she doesn’t pay the rent, we cannot pay the mortgage and we will end up in foreclosure. Can we give her a notice to vacate the property because she hasn’t paid the rent, even though she’s sick? –Art B. A: You are within your rights to terminate this tenancy if the rent remains unpaid. But there may be steps you can take that could avert that eventuality. First, if you believe that the property’s condition is the reason your tenant has not been able to find a roommate, discuss this with the tenant. Perhaps circumstances surrounding her mother’s illness and move have overwhelmed her, making it hard to keep on top of the housekeeping. You might consider helping her towards a fresh start, by paying for a housecleaning service to thoroughly clean the unit. Of course, your tenant will have to follow through with good housekeeping habits, otherwise a roommate who is brought in when all is clean and neat will leave when conditions deteriorate, and you’ll all be back to where you started. Second, call your local social services agency. Your tenant may qualify for rent assistance (perhaps as a Section 8 recipient). If you don’t already accept Section 8, you’ll want to look into it. Your county may also have direct aid programs that she would qualify for, particularly if she is significantly ill (or legally disabled). Finally, try to learn whether your tenant has other family members who might help out. Often, families are unaware of dire conditions when the person at risk is too proud, or afraid, to contact them. Though you don’t want to get into the middle of a family drama, you could at least pass this information on to the relevant social services agency, who might get involved. Janet Portman is an attorney and managing editor at Nolo. She specializes in landlord/tenant law and is co-author of Every Landlord’s Legal Guide and Every Tenant’s Legal Guide. She can be reached at janet@inman.com. What’s your opinion? Leave your comments below or send letter to the editor. To contact the writer, click the byline at the top of the story. Copyright 2009 Janet Portman See Janet Portman’s feature, No High-Def Wiring: Landlord Must Allow Tenant’s Dish. American Apartment Owners Association offers discounts on products and services for landlords related to your real estate investment including REAL ESTATE FORMS, tenant debt collection, tenant background checks, insurance and financing. Find out more at joinaaoa.org. For questions about our blog, email our editor at kim@joinaaoa.org. To subscribe to our blog, click here.
He was somewhat surprised by the results that came through, as were many others. Here is the breakdown of the five poll selections: 47% – The home would generate income fast. 20% – Market and economic stability. 17% – Would not purchase now. 11% – Previous experience in Real Estate Investments. 2% – Knowledgeable Realtors. From the survey results, nearly half of those polled would purchase a home right now, even in the economic situation we are facing, if the home generated income fast. This is a huge percentage of clients who are still interested in real estate investments — and have not lost all hope! Hope also prevails in a recent survey conducted by the National Association of Realtors. In numbers released Monday, the survey finds one in four adults polled still plans to purchase a house in the next five years. Chris Hyzy, is an investment broker and property manager with BG Leasing in Dallas. Please let us know what you think by leaving your comment below. For questions about our blog, please email our editor at kim@joinaaoa.org. American Apartment Owners Association offers discounts on products and services for landlords related to your real estate investment including REAL ESTATE FORMS, tenant debt collection, tenant background checks, insurance and financing. Find out more at joinaaoa.org. To subscribe to our blog, click here.   Add Super Saver to any membership for only $ 19.95! 
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Q: We recently moved out of an apartment we rented for four years. Our lease allowed us to have a dog. We were very neat and clean tenants, and the owner came over often during the tenancy to make minor repairs and not once mentioned any concerns about our housekeeping.
Q: We own a home that we rented to an elderly woman and her daughter. The mother has recently been admitted to a convalescent hospital, and the daughter, who is also sick, is having a hard time coming up with the rent (she hasn’t been able to find a roommate because the place is so dirty).
Property Manager and Investment Broker Chris Hyzy of Dallas recently polled his community of investors by asking ”What would make you, a potential investor in real estate, purchase a home?” 
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