What is your tolerance for risk?

Even though parents are ultimately responsible for keeping their children safe in any home or apartment it's important for a rental property to be safe for all tenants. So how far do we go and what can we do to minimize our liability as landlords? As a landlord we have to accept some responsibility for the condition of the property but what about the amenities? For example, many of you may have recently read about the 1 year old boy in NE Portland who drowned in his parent's decorative pond. At TMG we manage single family homes in WA & OR that have beautiful decorative ponds & water features. When we sign on a new home to rent and there is a pond or water feature present, we recommend to the homeowner that they fill in the pond. Some owners are appreciative of the recommendation and some are appalled we would even suggest it.

Everyone has their own tolerance for risk and while parents are ultimately responsible for the safety of their children, we all know that lawsuits, frivolous or otherwise, are prevalent in our personal and professional lives. There are many examples of potential liability for both children & adults, some common, some not; hot tubs, pools, garage door openers, window screens without child safety latches (this is very common), iron fences with narrow spacing, decorative but sharp finials & of course playground equipment.

The Management Group
Property and HOA Management in Vancouver WA and Portland OR
http://www.TMGnorthwest.com

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Have you ever attended a job fair?

Well I hadn't up until a few weeks ago when TMG had a booth at the SW Washington Job Fair hosted by Congresswoman Jaimee Herrera Beutler. My purpose for going was twofold; the first was to experience a job fair first hand, and the second, to see if from the employer's standpoint, it was going to be productive. I arrived at the job fair just a few minutes after it started and was surprised to see how many people were in attendance, not to mention the number of people standing in line waiting to talk with our TMG representatives. Of course not just our booth, most of the employer booths had attendees waiting in line. I jumped right in to help, talking to people about the jobs we had open, what property management was, what they were looking for, and taking resumes. What a wide range of talent, education, experience, and enthusiasm! By the end of the day, I had made a few observations; and having been an employer for over 25 years, I would like to share some suggestions that may help in anyone's job search or job fair experience.

The Management Group is about service -- plain and simple. Our clients and tenants know they can rely on us, and they know this by our professionalism. Webster's Dictionary defines professional as: exhibiting a courteous, conscientious, and businesslike manner in the workplace. Anyone who is gearing up to enter the job market, should ask themselves: do I make a positive, professional first impression?

So what makes a good first impression? The answer may be different for different people, depending on the business or field you are a part of. I would say my top three "impression" categories are: professional in appearance and demeanor, strong social and communication skills, and sincerity and enthusiasm. Having a flawless resume, wearing your best suit, offering a confident handshake, and utilizing proper grammar during conversations will make any employer take notice-guaranteed.

Overall, the job fair was productive for us and we are thankful we could attend! We were able to meet multiple candidates with good qualifications. If you are looking for a job and are interested in The Management Group, please visit our website for a list of open positions and descriptions.

Carmen Villarma - President

The Management Group
Property and HOA Management in Vancouver WA and Portland OR
http://www.TMGnorthwest.com

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How Long Should You Keep Records After Tax Day?

-As a rule, keep your tax records and supporting documentation until the statute of limitations runs for filing returns or filing for refund. For most taxpayers, that means that you'll want to keep those records for three years following the date of filing or the due date of your tax return, which ever is later. So, for example, if you filed your 2012 tax return on Tax Day, April 15, 2013, you'll want to keep those returns and those records until April 15, 2016

-If you file a clearly fraudulent return or if you don't file a return at all, the statute of limitations never actually runs. In that event, you'll want to hold onto your records, well, for forever (really, it's much less work to simply file).

-Supporting documentation for your tax returns includes not only your forms W-2 and 1099 but also bills, credit card and other receipts, invoices, mileage logs, canceled, imaged or substitute checks, proofs of payment, and any other records to support deductions or credits you claim on your return.

-If you claim depreciation, amortization, or depletion deductions, you'll want to keep related records for as long as you own the underlying property. That includes deeds, titles and cost basis records. Similarly, if you claim special deductions and credits, you may need to keep your records a little longer than normal (for example, if you file a claim for a loss from worthless securities or bad debt deduction, you should keep those records for 7 years).

-If you have employees, including household employees, keep your employment tax records for at least four years after the date that payroll taxes become due or is paid, whichever is later. This should include forms W-2 and W-4, as well as related pay information including benefit forms.

-To save space you can scan your records and store them electronically. The IRS has accepted scanned receipts since 1997, a policy that was memorialized by Rev. Proc. 97-22 (downloads as a pdf). You just need to ensure that your scanned or electronic receipts are as accurate as your paper records and you must be able to index, store, preserve, retrieve, and reproduce the records. In other words, you need to have your records organized and be able to produce them in a hard copy form if needed.

What are CC & R’s Anyway?

What are CC & R’s Anyway?

CC&R’s stand for Covenants, Conditions, and Restrictions; they can also be called the Declaration. CC&R’s are drafted by the builder (and/or the builders attorney) when the community is being created. The CC&R’s are a legal document that is recorded with the state. Typically the CC&R’s contain the information an association needs to govern the community including definitions, use restrictions, maintenance responsibility, assessment billing and collection, and insurance requirements. The CC&R’s typically will define things such as common area, limited common area, etc. They provide the structure to administrate the community and provide the rules needed to promote a harmonious living environment for its residents.

A 67% vote of the membership is typically required to make any changes to the CC&R’s and it is important to remember when creating rules and resolutions, that they can only define or clarify the CC&R’s, not contradict with them. While CC&R’s take precedence over Bylaws, it is also important to remember that city, state, and federal laws would typically take precedence over the Associations CC&R’s. This includes rules on displaying political signs, flying the American flag, and satellite dish installation.

While the CC&R’s are not always comprehensive, they usually provide enough guidance to run the community, which paired with the state statues, federal law, and local resources, can be a great foundation. They are also left vague enough in certain respects so that the Board may further define the CC&R’s in community rules as needed.

The Management Group
Property and HOA Management in Vancouver WA and Portland OR
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