Meetings and Events
7:00 P.M. See you then!
Come at 6:30 P.M. to
network & see vendor tables for raffle ticket
CPA David Lindgren with Wipfli LLP CPA's
us as David discusses the many aspects of tax laws
and how they are used in the real estate
investment world. He will be discussing things
like deductible expenses, capital gains from a
sale, depreciation, expensing vs capitalizing,
1031 tax deferred like kind exchanges( also known
as the Starker exchange), and finally new 2018 tax
law changes and how they will impact you!
We have a big
election coming up and if you don’t know by now,
the hot issue is Home Rule. The question of
“Should the City of Rockford have Home Rule or
Not” will be on the ballot March 20th. This has
proven to be a contentious issue between
proponents and opponents. There is one big
reason among the many others that the Rockford
Apartment Association has chosen to oppose Home
Rule. Simply put, if the City of Rockford
obtains home Rule status Landlords could be
licensed! We have been faced with this threat
for years. I want to thank all of our members
that provided sign locations to help fight this
latest threat. Even though there has been little
or no mention of it, if Home rule passes,
licensing will eventually become a reality. What
would licensing mean to Landlords and what would
it mean to tenants? Usually Licensing comes with
a per unit fee, and then there can be individual
unit inspections which occur on an annual basis
with a cost associated with each inspection. Any
of you have that have taken part in the Section
8 housing voucher program have a good idea of
what it would be like. It would be an onerous
task requiring time and money complying with
inspections. We can try to pass those cost on to
tenants but that will prove to be difficult
thing in the short term as market rents will
prevent passing along those costs immediately.
Eventually though, it will trickle down and the
ones that have the least will be paying the
most. Many renters today live paycheck to
paycheck, and as all landlords know when they
have a car breakdown, or medical bills, and or
any other unexpected expenses they have trouble
paying their rent. Imagine you’re working a
service sector job making $10 per hour raising
one or two children and now rents are going up
because our government needs more tax dollars.
Proponents will argue there are merits to Home
Rule, but even if that is true, the bad far
outweigh the good for Landlords and tenants. If
Home rule is approved by voters March 20th a few
will be asked to pick up the bill for the city’s
financial crisis. Continual taxing steadily
erodes at the standard of living for all but the
poor and those with the least are hit the
hardest. Please vote No to Home Rule March 20th!
Our next meeting coming
up also on March 20 th will be on Tax Laws.
Join us as speaker David Lindgren “Certified
Public Accountant” with Wipfli LLP CPA’s will
be covering the many aspects of tax laws
concerning Real Estate investors. He will be
discussing things like investment income
treatment, capital gains on sales, 1031 tax
deferred exchanges, allowable expenses,
expensing vs capitalizing, depreciation,
record keeping, home office expense, etc. He
will also cover the new 2018 tax law changes.
This is a timely event as April 15 th is
coming fast. This year the IRS will extend the
deadline until Tuesday April 17th.
Come and bring your
questions for David.
Thanks, and hope to see
you all there!
1-28-12 City legal memo to council for Chronic
Memo from Di
Monte & Lizak on Home Rule authority re Ordinance
Apartment Association Monthly Meetings
Set aside the
3rd Tuesday of the month at 7:00 P.M.
to join RAA for its
monthly meeting. The educational and entertaining meetings
feature guest speakers who share their expertise in ALL
aspects of the apartment and multi-family business.
The meetings are held at the Rockford
Area Association Of Realtors 6776 E. State St. with two
hours of jam-packed information, you'll be glad you joined the
group. The price is right at $15 for non-member and free, yes,
FREE for Rockford Apartment Association members.
There are no
regular RAA meetings in June, July, August or (December
however, we may schedule an activity so be sure to check back
or call RAA for updates.
RAA meetings are also a great place to network with other
owners and managers who are always willing to share their
experiences. Learn from the landlords and managers who have
been in the business for a lifetime. Lend support to others
who can benefit from your experiences. Join us at our next RAA
meeting. It's where the most successful multihousing property
owners in the northern Illinois area gather together.
Stay aware of everything that is happening in the northern
Illinois area by checking RAA's website often! Our guest
speakers will be announced as well as topics on the agenda.
*Educating Landlords for over 30 Years*
Check out our Facebook link!
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