Jefferson Street, Lewiston – A Few More Photos

Yesterday I posted a Property Profile for a fabulous 2,400 sf first floor apartment in Lewiston.

Here are a few more pictures of this wonderful apartment!

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OTS Jefferson Street Lewiston

For full info on the apartment, click on the Property Profile above.

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If Any of Your Landlord Clients Are Giving You That Uneasy Feeling….

… there may be a good reason.  The scenario below describes a situation my husband was recently involved with.
OTS Logo - Rentals & Inspections - Square

Dear Accountant, Lawyer, Banker, Mortgage Professional…
 

I hope you’ll take time to scan the scenario below that my husband, John Snyder, was involved in, as the court appointed property manager.  Had he been brought in years – or even months – before he actually was, the whole thing might have turned out differently.As an accountant (lawyer, banker, mortgage professional), you likely have one or two clients who give you that uneasy feeling, especially if there’s a divorce or partnership breakdown involved.Bringing in a professional like John could save a lot of heartache and financial problems.

Linda Snyder
Back Office Operations
On the Spot Property Management & Building Inspections
207 740 2247


The Situation:

In October 2011, On the Spot Property Management was appointed by the Court to manage a boarding home complex of several dozen units.  It was a divorce case that had dragged on for years, with the judge eventually realizing that the spouse who had been managing the real estate couldn’t account for either the income or the expenses of the buildings, which were joint marital property.

That spouse also insisted that the buildings had been barely breaking even for years, and that the significant credit card bills and “shareholder loans” totaling nearly $40,000 attached to the LLC were the only way to keep those buildings running.

The Court appointment was supposed to be for just three months, but the case continued for more than a year beyond that, until spring of this year.

During that year and a half, On the Spot Property Management was reimbursed for 10% of the collected rents, as well as $45 per hour for such tasks as handling bed bug issues, water and furnace failures, lockouts, public safety calls, evictions, and so forth.  On the Spot’s monthly fee varied from around $1,100 per month to over $2,000 at times, averaging about $1,500 monthly.

Yet even with the additional expense of On the Spot’s fees, the buildings were still breaking even during those 18 months, even with the initial problems of little money in reserve, bills that had gone unpaid, and a heating season having just started…. and even though the managing spouse insisted that the properties were losing money (although he had no records to prove his contentions).

The managing spouse didn’t even provide receipts to his tenants for rents paid nor did he keep other income records, so it was impossible to determine how much money had in fact been collected over the previous decade.

Over the next 18 months, On the Spot Property Management found that the entire infrastructure of the three buildings was shot.  The furnaces had been illegally patched, the plumbing and wiring didn’t meet code, and other neglected issues continued to rear their ugly little heads.

Eventually it was determined that the mechanical systems of one building were in such disrepair that they would cost at least $25,000 to fix – and there was no money to do so.  The building had to be closed, and the tenants relocated.

So where had the money gone?

Of course, everyone involved knew, but by the time On the Spot was appointed to manage the properties, it was too late.  The money was gone, the needed repairs had not been made, and the properties were deep in debt.  What was supposed to have been the children’s college fund was now less than worthless.

Had On the Spot Property Management gotten involved years before, the buildings almost certainly would have been salvaged, credit ratings wouldn’t be in the toilet, and there would have been savings for the kids.

If you suspect that a landlord client of yours is losing money in a way that doesn’t quite make sense, please give John Snyder of On the Spot Property Management a call at 207 712 0674.  He will be glad to speak with you (and your client), and help determine if something is amiss.

Surely it’s worth it to find out now, rather than wait and hope… and have your client lose the buildings entirely, as happened in this instance. 

——————————–

To Follow Our Blog:  Real Estate, Housing & Land Use Blog

To Join Our Group on LinkedIn:  Maine Real Estate Investors Group

To Join our Group on Facebook:   Topics in Real Estate, Housing & Land Use.

To Follow Our Fan Page on Facebook:  Maine Real Estate Investors Group

To Follow On the Spot Property Management & Building Inspections on Facebook:  On the Spot Property Management

To Follow What a Great Event! on Facebook: What a Great Event!

To Find Linda on LinkedIn:  Linda Snyder

To Find John on LinkedIn:  John Snyder

To Visit Our Website:  ReGroup! Business Solutions and What a Great Event!

Meet the Businesses that Help to Make Our Conferences Possible!

Bangor Oct 2013 Logos        Andro Nov 2013 Logos

Despite the technology glitches of the past few weeks that prevented thousands of emails from being delivered, both the Greater Bangor Real Estate, Housing & Land Use Conference and the Greater Andro conference are still ON!  And
you can still get 8 CEUs on either Thursday, Oct 31 in Bangor or Friday, Nov 8 in Lewiston.  (Your registration fee also includes coffee breaks and lunch.)

However, you shouldn’t wait much longer to sign up.  Our space at the Cross Insurance Center in Bangor is limited in size, and we won’t be able to handle a lot of unexpected last minute registrations… so hurry and sign up now – by Tuesday, Oct 29 at midnight at the latest! http://bangorhousingshowattendees.eventbrite.com, or call John at 207 713 0674, or me at 207 740 2247.

There’s a little more time to sign up for the Andro conference, but time is running out for that one as well… it’s less than two weeks away!  You can register online at http://androhousingconferenceattendees.eventbrite.com – or of course, you can call John at 207 713 0674 or me at 207 740 2247.

Excitement! On Thursday morning, I was visiting my aunt and uncle in Bangor when I got a call from Clay Gordon, of the Bangor area Channel 7 ABC/Fox network, who wants to interview me sometime next week for his morning show. Cool!  Let’s hope he still has a spot open, since it took me nearly a day and a half to wade through my emails to respond to his written follow up – I’ve offered to be available on Tuesday morning.  (If you’re up thataway, tune in to see how smaht I sound – cross my fingers!)

We have a number of exhibitors who are ready to tell you about their products and services. Check them out, drop your business card in the bucket and maybe you’ll win a door prize!

A & H Properties:ahpropertyservices.com (Teague Adams) – Andro conference only

Accurate Home Inspections: www.maineahi.com (Dan Link)
Advanced Fire Protection: www.afpsme.com (Dean Campbell)
Allen Freeman McDonnell Insurance: www.insurancemadeeasy.com (Dale Bartlett) – Bangor conference only
Bathfitter: www.bathfitter.com (Michelle Moore) – Bangor conference only
Greater Bangor Apartment Owners and Managers Association: www.gbaoma.com (Sandra Blackmer) – Bangor conference only
Healthy Androscoggin: www.healthyandroscoggin.org  (Dana Leeper) – Andro conference only
Keith Trembley Home Solutions: www.keithtrembley.com (Keith Trembley) – Bangor conference only
Lewiston Auburn Landlords Association (Donald Poisson) – Andro Conference only
Maine State Housing Authority: www.mainehousingsearch.org (Joe Locke in Bangor, and Paula Paladino in Andro) and the Section 8 Housing Choice Voucher Program, www.mainehousing.org (staff TBA) 
Mardens: www.mardens.com (Ken Clark, with representatives from Shaw Carpentry & MetroFlor Engage )
Michals Insurancewww.michalsinsurance.com (Nick Lotfey) – Andro conference only
The Perfect Basket: www.perfectbasketofmaine.com (Celeste Yakawonis) – Andro conference only
Safe Air, New England: www.safeair-ne.com [under construction] (Bruce Hackett)
TP Environmental Consulting & Contracting: www.gotbadair.com (Terry Pierson Curtis) – Bangor conference only
US Mortgage: www.info.usmortgage.com/auburn (Bob Klar)
BANGOR:
OHI is the Designated Non-Profit for the Bangor conference – it would be wonderful if you could bring a donation of dry and/or canned goods for their food pantry.  As you know, they are a great organization providing critical services for some of our most vulnerable citizens. Please visit their exhibit and learn more about them!  www.ohimaine.org
At lunch time there will be a self-defense demonstration by Maine Traditional Karate (www.mainetraditionalkarate.com) since having the knowledge to stay safe is important in today’s world.  And we’re hoping to have chair massages available for you, as well!

ANDROSCOGGIN:

In Lewiston, John F Murphy Homes, Inc is the Designated Non-Profit… a great organization that has provided excellent services to people with intellectual disabilities for more than 3 decades.   www.jfmhomes.org 
The lunchtime Keynoter is Jim Bennett, the City Manager for Presque Isle, and former City Administrator for Lewiston… it should be a great discussion!  We’re also hoping for free chair massages for all at this conference, too!

Do you like to write about real estate, housing or land use issues?  Check Out Our Bloghttps://realestatehousingandlanduse.wordpress.com, and if you’d like to be a guest writer, please do give us a yell!  We also have an eletter, a group page on LinkedIn (the Maine Real Estate Investors Group), and pages on Facebook, Pinterest, and other social media.
So, there’s lots going on – we hope you’ll join us!
Linda
P.S.  Next spring we’ve scheduled a two day conference at Seasons Conference Center in Portland on May 01-02… we have a great keynote speaker (attorney Paul Mills), and some fun events on the horizon!

Linda M. Snyder, M.S.
207 740 2247
Greater Bangor Real Estate, Housing & Land Use Conference
Oct 31-Nov 01, 2013 | Cross Insurance Center
Greater Androscoggin Real Estate, Housing & Land Use Conference
Nov 08, 2013 | Ramada Inn & Conference Center
Greater Portland Real Estate, Housing & Land Use Conference
May 01-02, 2014 |  Seasons Conference Center
Greater Portland Pet Expo – The Business of Animals
June 05-06, 2014 | Seasons Conference Center
Hitch your wagon to a star.  R W Emerson

 

_________________________________________

For info on sponsorships, exhibiting or advertising at any of our conferences, call Linda at 207 740 2247 or email LSnyder@regroupbiz.com.

To present a seminar, workshop or activity at any of our conferences, call John at 207 713 0674 or email JSnyder@regroupbiz.com.

For your social media marketing and information in the Conference Program, email Jessamyn at JHopkins@regroupbiz.com.

For the Greater Bangor Real Estate, Housing & Land Use Conference, October 31-November 01:

To Register to Attend:    http://bangorhousingshowattendees.eventbrite.com

To Sponsor or Exhibit:  http://bangorhousingshowexhibitors.eventbrite.com

To Place an Ad in the Conference Program:  http://bangorhousingshowprogram.eventbrite.com

For the Greater Androscoggin Real Estate, Housing & Land Use Conference:

To Register to Attend:    http://androhousingconferenceattendees.eventbrite.com

To Sponsor or Exhibit:  http://androhousingconferencesponsors.eventbrite.com

To Place an Ad in the Conference Program:  http://androhousingconferenceprogram.eventbrite.com

Other Sources of Information:

To Follow Our Blog:  Real Estate, Housing & Land Use Blog

To Join Our Group on LinkedIn:  Maine Real Estate Investors Group

To Join our Group on Facebook:   Topics in Real Estate, Housing & Land Use.

To Follow Our Fan Page on Facebook:  Maine Real Estate Investors Group

To Follow On the Spot Property Management & Building Inspections on Facebook:  On the Spot Property Management

To Follow What a Great Event! on Facebook: What a Great Event!

To Find Linda on LinkedIn:  Linda Snyder

To Find John on LinkedIn:  John Snyder

To Visit Our Website:  ReGroup! Business Solutions and What a Great Event!

Two Thought-Provoking Keynotes – And Good Fun, Too

Greater Androscoggin Real Estate, Housing & Land Use Conference

Greater Androscoggin Real Estate, Housing & Land Use Conference

Greater Bangor Real Estate, Housing & Land Use Conference and Trade Show

Greater Bangor Real Estate, Housing & Land Use Conference and Trade Show

“Never follow the crowd in what you do; the crowd has never produced anything of lasting quality, value or beauty.”

— Denis Waitley

Hello!

Two great keynote speakers are scheduled for the upcoming Real Estate, Housing and Land Use conferences – speakers you may not want to miss!

Paul Mills, JD – Attorney, Speaker, Lecturer, Writer – will highlight the Greater Bangor Real Estate, Housing & Land Use Conference with his discussion of “Squatters Rights, Rights of Way, the North Pond Hermit & Other Perspectives of How Fascinating and Entangled the Law and Human Interest Can Be”.  Paul is a well-known personality in the legal and public policy fields and will put his own unique spin on this fascinating topic.

You can hear Paul on October 31st at the Conference’s Opening Reception which will be held at the Cross Insurance Conference Center in Bangor.

On November 8th, James (Jim) Bennett, City Manager of Presque Isle and and former Administrator for the City of Lewiston will offer his thoughts on real estate, housing and land use. Jim is well-known & respected for his extensive contributions to the governing of communities throughout Maine, and has a special talent in the area of downtown revitalization. Jim’s comments are certain to be thought-provoking.Jim will offer the lunchtime keynote at the Greater Androscoggin Real Estate, Housing & Land Use Conference, to be held at the Ramada Inn & Conference Center in Lewiston.We’re looking forward to seeing you at the conferences!Linda Snyder

Oh…. a P.S.

Some links regarding our upcoming Real Estate, Housing and Land Use Shows… Hope to see you there!

The Greater Bangor Real Estate, Housing & Land Use Conference and Trade Show will be at the Cross Insurance Conference Center Ballroom in Bangor on October 31 & November 1st.

Exhibitor info here: http://bangorhousingshowexhibitors.eventbrite.com.

Attendee info here: http://bangorhousingshowattendees.eventbrite.com .

The Androscoggin Real Estate, Housing & Land Use Conference will be at the Ramada Inn & Conference Center in Lewiston on November 8th.

Attendee info here: http://androhousingshowattendees.eventbrite.com 

Exhibitor info here: http://androhousingshowsponsors.eventbrite.com
And info on advertising in the Show Program can be found here:  http://androhousingshowprogram.eventbrite.com 


Linda M. Snyder, M.S.
207 740 2247

Greater Bangor Real Estate, Housing & Land Use Conference and Expo
Oct 31-Nov 01, 2013 | Cross Insurance Center Ballroom
Greater Androscoggin Real Estate, Housing & Land Use Conference
Nov 08, 2013 | Ramada Inn & Conference Center
Greater Portland Real Estate, Housing & Land Use Conference & Trade Show
May 01-02, 2014 |  Seasons Conference Center
Greater Portland Pet Expo – The Business of Animals
June 05-06, 2014 | Seasons Conference Center
Hitch your wagon to a star.  R W Emerson

Legal Landmines for Those in the Real Estate Business – Affiliate Businesses May Be Affected

Did you know… If you have a house to rent with a drainage ditch to the side, and a family with children wants to rent that house, you MUST put in fencing or otherwise mitigate the situation?  You may NOT suggest that this is probably not the best place for a family to live.  You MUST spend the money to fix the issue.   (Contractors may want to specialize in safety issues.)

My husband John attended an Androscoggin Chamber Brown Bag lunch on Thursday regarding issues facing landlords, which was facilitated by two local lawyers.  The above scenario was just one of the many items brought up, which included issues that have recently become case law or precedent setting, such as the ruling by the Maine Human Rights Commission that “If a tenant has a pit bull as a service dog, you MUST allow that tenant to have that dog, even if it means your property insurance is canceled… which it almost certainly will be because most insurance companies refuse to cover pit bulls”.   (Insurance companies may face a backlash because of this.)

Another landlord says her insurance company just notified her they were canceling her insurance – because she has too many Section 8 clients!  WOW!  It’s illegal for landlords not to accept Section 8, but an insurance company can cancel coverage for having “too many of those tenants”???

Scary stuff… If you’re in the landlording, real estate investment or property management business – or businesses that provide products or services to these – you have to stay on top of the issues!

We will do our best to offer trending information and answers, in our eletter, this blog and at our upcoming conferences.

If you have scenarios, questions, ideas and so forth that you’d like to present or write about (we welcome guest bloggers!), please contact me.

Linda

P.S.  And of course, here’s information about this fall’s conferences.

The Greater Bangor Real Estate, Housing & Land Use Conference and Trade Show will be at the Cross Insurance Conference Center Ballroom in Bangor on October 31 & November 1st. Exhibitor info here: http://bangorhousingshowexhibitors.eventbrite.com.

Attendee info here: http://bangorhousingshowattendees.eventbrite.com.The Androscoggin Real Estate, Housing & Land Use Conference will be at the Ramada Inn & Conference Center in Lewiston on November 8th.

Attendee info here: http://androhousingshowattendees.eventbrite.com
Exhibitor info here: 
http://androhousingshowsponsors.eventbrite.com

And info on advertising in the Show Program can be found here: http://androhousingshowprogram.eventbrite.com .Other events in the planning stages:

Greater Portland Real Estate, Housing & Land Use Conference and Trade Show (2 days)
April/May 2014
Aroostook Real Estate, Housing & Land Use Conference (1 day)
May 2014
Eastern Maine Real Estate, Housing & Land Use Conference (1 day)
May 2014
MidCoast Real Estate, Housing & Land Use Conference (1 day)
June 2014

So You Want to Be a Landlord – Workshop

So You Want to Be a Landlord Flyer - July 13 2013

Do You Know…

… The ins and outs of being a landlord?

… If you have the right personality to manage tenants and buildings 24/7/365?

… Whether or not you really can make develop a passive income or a retirement nest egg by investing in real estate?

… How to avoid the slick seminars that take your money while offering nothing but hype?

If you’re a new landlord, or just thinking of investing in rental property, this class will give you the confidence that comes with knowing the basics!

Topics: 

So You Want to Be a Landlord?  

  Pitfalls & landmines both before & after a tenant signs a lease.  

Elements of a Good Lease

  Protecting yourself and your tenants.

Rules & Regulations Landlords Must Be Aware Of

  Lead paint, CO, Sect 8, GA, non-discrimination/civil rights, evictions,bedbugs & other code issues.

Are You Getting the Best from Your Management Company? 

  A good property management firm can make all the difference wheninvesting in real estate.

FEE:  $35.00 per person; $60.00 for a couple.

FMI:  Linda Snyder, What a Great Event!

Mobile: 207.740.2247 or Email: LSnyder@regroupbiz.com

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