Worcester Wed 11/13: Security Deposit Forms, Animal Addendum, Section 1031 Exchanges

Part I: Forms Review: Security Deposit Receipt, Animal Addendum

Based on member input, we didn't get enough of security deposits last time. Also, members have been paying attention and want to review our newly updated animal addendum. We'll be covering both of these in some detail. First, security deposits are one of the major legal exposures for landlords in Massachusetts. You need to issue one receipt when you take the deposit, another receipt when you deposit it into an account, an annual statement, and a final accounting at the end of the tenancy. Security deposits are difficult but doable. We'll show you how! (Note: We will not be presenting the security deposit slides. This is form-forward review: we will put the forms on-screen and walk through them together.) (This section will be less than ten minutes, just a quick reminder). Before we put away the forms, we'll also walk through our updated animal addendum. Released on September 13, 2019, version 6 is a complete overhaul. We've elminated confusing things (you know you can't charge pet rent, right?) and we've added details from members who've had iguanas, pet cockroaches, Guinea pigs and more for house guests. (This section will be up to 30 minutes, in-depth review of animal clauses.)

Part II: Section 1031 Exchanges

What's the biggest tax savings ever? How about if you saved over $100,000? Come learn about IRS Section 1031, which allows owners to avoid recapture tax. In a nutshell, owners can depreciate their property, saving tens or hundreds of thousands of dollars in taxes over the life of the building, and then they can sell out and transfer that money into new property of like kind without paying recapture tax. Everyone serious about rental property as an investment vehicle should understand Section 1031. But it's not for the faint of heart! Tight timelines are involved. If you do it only once if your life, it will still save you $100,000 or more, depending on the value of your property. This part will be presented by Chris Brown of Edmund & Wheeler.  

Have you seen our Leave Stuff, Take Stuff Table?

Market your business, pick up handouts, give away an old doorknob. Everything goes on our first-come, first-served display table at all our events. Please bring business cards, brochures, coupons. And feel free to pick up your own uncollected marketing materials at the end. Everything not claimed end-of-event may be chucked.

"No Sales Pitch" Guarantee

MassLandlords offers attendees of directly managed events a "No Sales Pitch" guarantee. If a guest speaker offers services, their presentation will not discuss pricing, promotions, or reasons why you should hire them. We do not permit speakers to pay for or sponsor events. Guest speakers are chosen for their expertise and willingness to present helpful educational content. Your purchase of an event ticket sustains our nonprofit model.  

Wednesday, November 13^th

Meeting Agenda

• 5:30pm Sign-in/Networking
  • Networking draws from Worcester, Shrewsbury, Millbury, Auburn, Leicester, Paxton, Holden, West Boylston, Boylston, Grafton, Upton, Northbridge, Sutton, Oxford, Charlton, Spencer, Oakham, Rutland, Princeton, Clinton, and Sterling.
• 6:15pm Buffet Dinner by The Vintage Grille
• 6:40pm MassLandlords Business Update and Member Minutes
  • Member Minutes - Any member can have the mic for 60 seconds (introduce yourself, ask a question, share words of wisdom, etc.)
• 7:00pm Rich Merlino Meeting Introduction
• 7:05pm Forms Review: Security Deposits and Animal Addendum
• 7:45pm Section 1031 Exchanges
• 9:00pm Doors close

Location

Worcester Technical High School 1 Skyline Dr Worcester, MA 01603

Parking

There is ample free parking in the first lot you see, in the covered garage to your left, on top of the garage (entrance further down road), and around the back of the school

Food

• Cheese and crackers, sodas, water, coffee, decaf
• Hot buffet dinner, incl. salad, rolls
• Cookies, brownies, and/or blondies

*Dietary restrictions: purchase an early-bird ticket and email hello@masslandlords.net, we will accommodate you.

Pricing

Open to the public. Membership is not required!

• Door:
  • Public: $24
  • Members: $19
• Early-bird, reserve seven days prior by 12pm:
  • Public: $22
  • Members: $14
• Premium Members: No charge and no need to register

Extra Credit

• First time attendees: Join as a member before leaving the event, your public ticket will be credited toward membership.
• Members: Bring a first-time attendee who joins at the event, your membership will be extended by one month free. No limit.

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