Lee Abdella of Walsh Home Inspections will address what you should look for before putting an offer in on a house or before waiting your home inspection!

I N S I D E T H I S

I S S U E :

M E E T I N G A G E N D A 1

N A T I O N A L H O U S I N G A S S O C I A T I O N S W E I G H - I N O N C A R R I E D I N T E R E S T

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T O D A Y ’ S S E R V I C E T E C H N I C I A N

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V E N D O R B E N E F I T S 4

H O M E D E P O T P A I N T F L Y E R

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H O M E D E P O T A P P L I A N C E F L Y E R

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A Monthly Insight Into Boston Real Estate Investors Association

Richard D. Vetstein, Esq., is a nationally recognized real estate attorney and litigator. He has contributed to articles in the Boston Globe, Banker & Tradesman, Wall Street Journal’s SmartMoney.com,

Bloomberg News, and Massachusetts Lawyers Weekly.

Having handled over 5000 evictions for landlords, Rich recently testified at the Mass. State House in support of the Rent

Escrow Bill and lobbied for the Act Clearing Title to Foreclosed Properties. Rich is also the immediate past Co-Chair of the Boston Bar Association’s Title & Conveyancing Committee.

Mr. Vetstein is also the creator and principal author of the highest trafficked real estate legal blog in the U.S., The Massachusetts Real Estate Law Blog. The Blog has won the coveted American Bar Association Top Legal Blawg honor and was recognized in Boston Magazine’s Top 5 Real Estate Blogs.

Mr. Vetstein will be speaking about security deposit law and rental discrimination.

November 2015

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The Hilton Dedham

25 Allied Dr. Dedham, MA 02026

(781) 329-7900

C O N N E C T W I T H U S

What You Need To Know BEFORE Placing An Offer

NOVEMBER 3, 2015: Boston Real Estate Investors Association presents

Mass Security Deposit and Rental Law with Richard Vetstein Esq.

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B O S T O N R E A L E S T A T E I N V E S T O R S A S S O C I A T I O N

Our Mission:

Boston Real Estate Investors Association is an organization that promotes high

standards of professionalism for real estate investors through the nationally

recognized PHP Education program, Encouragement through networking and the

exchange of ideas, and a strong sense of personal and professional Ethics, individual

integrity and community involvement

National Housing Associations

Weigh-in on Carried Interest

The battle over carried interest is heating up again

in Washington. In a speech to the Business

Roundtable on Sept. 16, President Obama

repeated his long-time call for carried interest to

be taxed at ordinary income rates of up to 39.6

percent – instead of at current-law capital gains

rates that go up to 20 percent. On the campaign

trail, Republican presidential candidates Jeb Bush

and Donald Trump have also endorsed the move.

But the apartment housing industry continues to

strongly and effectively oppose any proposals to

change the tax treatment of carried interest.

That’s because carried interest has been a

fundamental part of real estate investment

partnerships for decades. Managing partners

receive a carried interest, or a share of profits

once an asset is sold, recognizing the value they

bring to the venture and the risks they take. A

higher tax rate on long-term capital gains will

discourage real estate partnerships from investing

in new construction. In particular, at this time

when demand for apartments continues to grow

and chronic underbuilding has limited new

housing supply.

NAA/NMHC are reminding lawmakers of the key

role that entrepreneurial risk plays in developing

properties. And our ongoing efforts have helped to

keep the carried interest proposal at bay. In fact,

House Ways and Means Committee Chairman

Paul Ryan (R-Wis.) in May took carried interest off

the table until 2017. That’s on the individual side

of the code, so it’s not something that we’re

looking at right now,” said Ryan. “That’s what we

see as a 2017 conversation.” And the Senate

voted 43-55 on July 16 to kill a carried interest

amendment offered by presidential candidate and

Senator Bernie Sanders (I-Vt.).

Looking ahead, there’s a possibility lawmakers

could look to carried interest as a way to offset tax

or spending proposals. But there’s also some

chance that the real estate industry might be

carved out of any change. For example, former

House Ways and Means Committee Chairman

Dave Camp (R-Mich.) agreed to exclude real estate

in his mammoth tax reform bill introduced in the

last Congress. And Senator Charles Schumer (D-

N.Y.) also seemed open to limiting the proposal

recently – even though he has long favored

applying the tax change to all industries.

Courtesy of NMHC as part of the NAA/NMHC Joint

Legislative Program

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I rented my first apartment in 1979; the maintenance man was the husband if the manager who was the sister of the owner. Back then to be a maintenance man you needed only basic hand tools and basic knowledge of carpentry. Jack-of-all-trades, master of none, simple fixes for simple breaks, and occasional backed up toilet or a jammed disposal. No formal training or certifications were needed to be a maintenance man. They were considered “thinkers;” most communities were small and simple – tinkering was okay. You learned from the guy before you who learned from the guy before him back to infinitum. Back then the maintenance man wore bib overalls or painter pants and didn’t carry a pager or cell phone.

Today’s Service technicians and Service Supervisors live and work in a high tech world of computers, pagers, two-way radios and cells phones. The properties are run and owned by major corporations and limited partners. They wear color-coordinated uniforms, drive golf

carts and have shops that would make “Tim the Tool Man” drool. Today’s Service Technicians operate Multi-level swimming pools, computerized heating and air conditioning systems and automatic key cutting machines. Their apartment communities come with two car garages, state of the art fitness centers, business centers and movie theaters. Today’s techs come with a large list of acronymic certifications that would boggle the mind just years ago; HVAC, ADA, CPO and CAMT to name a few. They have to know about OSHA, HR, FHA, sexual harassment and being politically correct. They know about “Lead Based Paint,” “Asbestos,” and the ever popular “Mold.” They come with versa pack tools, digital voltmeters, and computerized vacuum pumps. They know how to fix electronic locks, code and recode door openers and repair microwaves. They move snow at 6 a.m. one day and balance a pool the next. Supply orders are placed on-lined, service requests are printed by computers, preventative

maintenance programs and safely meetings are held regularly and the list goes on.

Where do these new and improved service persons come from? The same place they always have. They are the people who love to fix things, people who are problem solvers, people who love a challenge in a fast pace industry where only rental rates change faster than the equipment. They still believe in “Customer Service” and offering the best possible product with a smile. They are the heroes of the community; they show up at 2 a.m. to fix a broken lock and on Sunday morning when the stove won’t work – they even jump – start cars and feed fish. As long as there are apartment communities there will always be Service Technicians and Service supervisors. We need these professionals; they are the reason why people stay. Remember when you’re leasing the apartment, you may have closed them but your service team will be the ones that keep them. Thank your service team.

Today’s Service Technician by Val Martinez

M E M B E R S H I P B E N E F I T S

Boston REIA Can Help You Reach Your Personal

and Financial Goals Through Real Estate

Investing!

Beginners: Boston REIA provides the tools and education that you need to do deals in this once in a lifetime market, even if you have no cash or credit. This is local information from local people who are doing the business and not charging tens of thousands of dollars like the fly by night national companies that are here for a week and then gone, never to be heard from again. In our industry, we

know that after a few weeks of one of those huge event where people spend tons of money, that they will eventually end up at our

group, and 9.5 times out of 10, they tell us they learned more in one or two of our low costs events and training programs than they learned from these here today, gone tomorrow trainers. Plus with Boston REIA’s networking and other educational events, you will stay exposed to successful local investors who will offer you support and encouragement.

If you’re an old pro, Boston REIA helps you grow your business through networking, discounts on products and services, and advanced education on systematizing your business and hiring others to make you money.

If you’re a landlord, Boston REIA’s programs and benefits help you collect more of your rents, manage your properties professionally, stay abreast of landlord / tenant law, and

currently help you deal with city utility issues.

If you’re a wholesaler, Boston REIA provides you with a whole group of serious investors who buy houses, plus we offer tools to market your properties and grow your buyers list. Plus our educational programs can help you make more from each deal, find larger numbers of deals, and just plain make more money. You can work outside of a group to build your buyers list one name at a time or you can come to just one meeting where almost 100 people can be added in one night.

If you’re a rehabber, Boston REIA is going to save you $1000 with discounts on paint, appliances, and more, plus we consistently have 2 or 3 new contractors at each meeting to help you on your next rehab and agents to help you sell your properties faster and for top dollar.

Vendor Benefits

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Reasons Why You Should Become

a Boston REIA Vendor

Vendor Members have access to

a fast growing membership of

individuals focused on investing

in real estate. This is a built-in

audience of people that have a

need for your services. Besides

the obvious benefit of reducing

your cost to reach this pre-

qualified group, you may

participate in defined marketing

and networking opportunities.

Take full advantage of the

opportunity to promote your

product and/or service by

prominently displaying your

company’s promotional materials

and information at our monthly

meetings.

Consistent exposure to our

members on a continual basis

through our newsletter.

Vendor Member recognition in

our newsletter and website.

An exceptional value in display

advertising.

For more information regarding

the Boston REIA Vendor

Local Vendors

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