First Rate Property Management becomes a Certified Lead Based Paint Renovator
Lead based paint was banned from residential use in 1978 due to the known health issues it can cause, especially to children under the age of 6 years old. A new law was passed by the EPA and will take effect April 22nd that requires that repairs done to homes built prior to 1978 can cause disturbances to lead based paint to be completed by a Certified Renovator. A Certified Renovator has to complete an EPA-accredited renovator course that teaches you how to perform lead-safe work practices safely and effectively. This includes proper testing for lead based paint, preparation, record keeping, and clean up of dust and debris to minimized possible exposures to lead based paint. To comply, FRPM has already gotten our Maintenance Coordinator, Sheila Thomason, certified in lead based paint renovation. So what most likely will happen in the future is that FRPM will purchase Lead Based Paint test kits and test any property built prior to 1978 that requires any work that will disturb the paint and make sure that property procedures are followed.
First Rate Property Management fights for all Idaho Landlords
On March 9, 2010, Idaho House bill 505 ( interest paid on Security deposits held by Landlords ) was presented to the Idaho house business committee. The bill applied to residential as well as commercial landlords. Members from a number of professional associations were there to testify to include the National Association of Residential Property Managers (NARPM) and First Rate Property Management’s Lizz Loop, MPM, RMP and Sheila Thomason. Our argument was that trust accounts don’t pay interest and if they did, the cost to administer the program would far exceed any interest paid to the tenant. The committee voted and decided to do what they call in substitute (hold off for now) Rep. We’ll be sure to let you know if this bill surfaces again and once again fight to keep landlord rights in place.
Four Plex and Duplex Sales Update
Bank owned and Short-sales continue to dictate the market value on Ada county duplexes and four plexes. We have a 20 month supply of four plexes and 16 months of supply on duplexes. So based on the foreclosures coming down the pipe and the current absorption rate, I am still confident that we have not reached the bottom yet. So it is still a good time to buy. Performance is just like the good ol’ days.