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LEGAL NEWS

Vol. 8 Issue 1


IT’S 2011 – WHERE DO WE ALL STAND?

Hopefully the worst is over for the property manager. On the multi-family housing front, vacancies are decreasing, and in single family home management, foreclosures have decreased, so many opportunities to acquire properties to manage exist. With the new wave of investors comes more and more properties which will need professional and competent management. Do you consider yourself a “professional” property manager, leasing agent or maintenance tech? You should. Look at 2011 as the year to get your education and designations which will set you apart from the crowd!

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2011 LEGAL HOLIDAY LIST IS READY!

While we tell you each month in this Newsletter what the legal holidays are for the next month, shoot us an email, and we will send you the full year Legal Holiday List and other updated information. Once you receive the list, take the time to mark your calendar and alert any staff members who may assist you in preparing the Three Day Notices. Remember that notices that require a notice period of 7 days or more, such as the Seven Day Notice of Noncompliance with Opportunity to Cure, are not affected by legal holidays.   

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ALWAYS HAVING TO SPEAK WITH A SECRETARY? – NOT AT HEIST, WEISSE & DAVIS!

Does it seem like your attorney is “not available”, “in court”, “on vacation” or “on the other line” whenever you call? At Heist, Weisse & Davis, we pride ourselves in having 20 secretaries and 4 attorneys. We believe that if you pay attorney’s fees, even if it is for a basic eviction, you should have the ability to speak with an attorney or get an email answered promptly. Sure a lot of questions can be answered by staff, but when you want to speak with an attorney, demand it. While we are busy, we are busy handling questions from you. Without our clients, our firm would not exist, so to us, YOU are the most important person out there.

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RENTERS INSURANCE

Here is a riddle: according to some studies, what costs on average only $26 per month in Florida and can potentially save both the landlord and resident thousands of dollars? Those of you who believe that renters insurance is the answer to that riddle are correct! Unfortunately, renters insurance itself is a riddle to many property managers. It is extremely important that property managers fully understand the types of policies that are available and whether they can require residents to obtain them. A seasoned property manager should also be familiar with the type of claims that may be covered, and equally as important, the property losses that are not covered! It is also vital that the landlord require certain waivers from the insurance company.

Click here  to learn more about Renters Insurance.

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OBTAINING AND COLLECTING ON A JUDGMENT

An owner was understanding and gave the resident the requested extra time to pay his rent.  Next came excuses for why the rent wasn’t paid even with the granted extension.  Finally, the owner had enough and served the Three-Day Notice to Pay Rent, filed eviction, and when the 24-hour notice of impending writ execution was posted by the sheriff, the resident skipped.  The owner is out three months of uncollected rent, and there are four months remaining on the lease.  To rub salt into the economic wound, the resident trashed the rental.  The owner is mad and wants to sue the resident and collect the money owed.  Is this a waste of the owner’s time?

Click here  to learn about the practical and legal difficulties in suing and collecting on a judgment.

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EXCLUDING ITEMS IN SINGLE FAMILY HOME MANAGEMENT

You rent out an older home, and within the first 6 months the garbage disposal breaks, the washing machine gives out, the attached gas grill falls over, the Jacuzzi tub pump motor died, and you just got a call that the dryer is shot. You get all the repairs done, and your owner fires you at the end of the year because the property just cost him too much. Was there a way that these items could have not been the owner’s responsibility?
 

Click here  to learn how smart managers cut down on owner expenses and controversy.

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LARGE IRS PENALTIES FOR THE UNWARY

Many of us have PA’s and corporations which we incorporated a while back that do no business, but we keep active just in case. You MUST file your income tax return, even if you do not conduct a bit of business. The penalty is steep and grows and grows. The days of just a percentage penalty on what is “owed” are over. File by March 15 or get an extension, requesting it by certified mail, as the IRS can “lose” them. If you conducted no business, it will take you about 5 minutes to prepare the return. The late filing penalty for an S-corporation return is $195 for each month or part of a month (up to 12 months) the return is late (or does not contain the required information), multiplied by the total number of persons who were shareholders in the corporation during any part of the corporation's tax year.

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In this issue:

2011 - Where do we stand?

2011 Legal Holiday List

Talk to an Attorney at HWD

Renters Insurance

Collecting on a Judgment

Excluding Items in Single Family Home Mgmt

IRS Penalties

 

Commercial Law and You

February
Legal Holiday Alert

Don't forget to exclude this Legal Holiday when preparing your Three Day Notices in February 2011!

21 - Presidents' Day

 

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Monthly e-newsletter of the
Law Offices of Heist, Weisse & Wolk, P.A.

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Law Office of Heist, Weisse & Wolk, P.A.

17264 San Carlos Blvd Ste 308 Ft Myers Beach, FL 33932 (Principal Address)
Available by appointment at:

2451 N McMullen Booth Rd., Ste. 244, Clearwater, FL 33759
37 N Orange Ave Suite 500, Orlando, FL 32801

Phone: 1-800-253-8428     Fax: 1-800-367-9038