Guide to Inexpensive Rental Property Repairs that Won’t Take a Bite out of your Budget


There are some decided differences between fixing up your own home and a property you plan to rent out. One of those differences is often your budget for repairs. If you want to make a profit on your investment property, repairs must be kept to a minimum. Since repairs are also a necessity to attracting and maintaining quality renters, it is also important to learn how to make repairs on a limited budget. The good news is that there are some repairs and improvements which can be made to your property without spending a lot of money.

First, make a point to go through the house and replace all of the older and outdated switch plates. New switch plates need not be an expensive investment. In fact, most switch plates can be replaced for just a couple of dollars each, at the most. You can easily replace all of the switch plates in a property for around $20. In some areas, you may wish to go ahead and ante up for switch plates which are slightly nicer, such as in the living room and foyer. You will pay a couple of dollars more for brass plates; however, even at around $5 each, that is still not much money to pay for an improvement that can really make your rental property stand out.

Doors are another area where you can make a big difference in your rental property without spending a ton of money. Doors are one of the first things that a prospective renter will notice so it can really be a worthy investment to make when you are trying to attract good renters. While you are changing out the doors, be sure to also consider changing out the handles as well. Older door handles can really make a place look drab. For just a few dollars, you can easily replace those old handles with brass finished models. ‘S’ handles are popular for bedroom doors and bathroom doors and only run a few dollars more.

The trim is another area where you can make a big impact for not much money. Take a good look at the trim in your rental property. If it appears worn and cracked, it could be time to replace it. You do not necessarily need to spring for crown molding throughout the entire property; however, adding it to the entryway or the living room can create a great first impression.

Another area where you might wish to focus some attention is the entryway or foyer. Keep in mind that once prospective renters step through the front door this is the first area they are going to see, so you want to make sure you make a good first impression. Tiling it can be a great way to do that. For a small foyer area measuring around 8×8 you can easily tile it for about $100.

Kitchens are one of the most important areas for most people when they view a property for rent, especially women. While it may not be practical to replace all of the cabinets, it can certainly help to paint them. Consider repainting them using a semi-gloss white paint and do not forget to replace the knobs when you are finished. Even less expensive plastic knobs can breathe new life into older kitchen cabinets.


August 27, 2010 · admin · 57 Comments
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Guide to Finding the Right Investment Rental Property


Finding the right rental property is certainly one of the keys to succeeding with investment rental property. Below is a guide to help you get started in finding the right property that will help you to generate additional income.

First, consider whether you want to look for rental property on your own or whether you wish to use a broker to assist you in the process. There are certainly many advantages to working with a reputable broker when you are looking for investment property. In many cases, brokers may know of properties which have just come on the market and which may not have been noticed by others yet. A broker is also usually well versed about the local neighborhood, which can be important if you are not from that area.

Before you actually begin looking at prospective properties, make sure that you have gone through your finances and have them in order. Ideally, you should check your credit report several months before you plan to make a purchase in order to be certain that there are not any inaccuracies which could prevent you from obtaining a mortgage for the purchase of your investment property. Be sure to check with all three credit reporting bureaus, not just one, to get a clear picture of your credit standing. Assuring that your credit is in order can also help you to obtain a more favorable interest rate.

It is also important to do your research about the local market so that you do not overpay for the property you ultimately purchase. When you do purchase a piece of investment property, you need to make sure that the deal you strike allows sufficient room for a profit margin just in case there are times when you do not have a full occupancy.

Carefully consider both the advantages and disadvantages of purchasing a property that could be labeled as a fixer-upper. While you very well may be able to purchase the property for less money than other properties, you may very well find that you have purchased a money pit. In the event that a lot of major repairs and renovations are required, this can equate to a large investment of both time and money. In this case, it would be better to pay more for a property that requires less attention.

Before you purchase any property, take the time to have it inspected. Even if you have inspected the property on your own, you should still have a professional go over the property to be certain that the electrical wiring meets code, there is no lead in the paint and that overall, the property is safe. An inspection can sometimes turn up problems which you might not notice but which could ultimately cost thousands of dollars to correct. You will typically be required to pay for the inspection; however, it is a wise investment that could save you quite a bit of time and money.

Take the time as well to research the local real estate market and the neighborhood. Check with the local police department to find out whether the area is safe and if you will need to provide any additional security. Drop by city hall to determine whether there are any plans for the local area that could potentially lower the value of the property. Research the real estate market in the area to find out the condition of prices. If prices have gone down recently, this could be an indication that rents will also be low. On the other hand, if home prices in the area are high, this could indicate the area is in demand that you may be able to charger higher rents.

Finally, do not make the mistake of ‘settling’ for a property simply because you are in a rush to invest in rental property. This could result in an investment that will require you to spend more time and/or money than you originally planned and detract from your profit margin.


August 23, 2010 · admin · 109 Comments
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What to Consider before Buying Investment Rental Property


Rental property can be an excellent way to bring in additional money as well as invest in an asset that is actually tangible; however, investing in rental property does involve more than just purchasing a property and watching the money roll in. Many people believe that the biggest hurdle they may face is obtaining the loan; however, this may be easier than they actually think. It is other issues which you may face along the way which should be considered before you actually take the step of purchasing rental property.

First, always make sure you take the time to know exactly what you can afford. Many people make the mistake of overlooking this step, assuming that the rent will cover the mortgage payments. If you are not sure of exactly what kind of rent you can get before you purchase a property, you could find yourself in financial trouble later on. You should always research rental properties in your local area to understand the going rates for similar properties. Check the newspaper for information on going rental rates. It is also a good idea to check with your local landlord’s association for rental rate information.

In addition, you need to take into consideration expenses which may come up along the way. Ideally, you should have a reserve fund established to tide you over in the event you experience emergency expenses or your property is vacant for a period of time. Before you commit to purchasing a property, make sure that you will be able to rent the property for at least an amount that will cover the mortgage as well as still have a sufficient amount left over to cover insurance premiums, maintenance costs, property taxes and income taxes.

In addition, you need to give some thought and consideration to the type of property that will best suit you. You can find rental properties in many different sizes as well as types. Each of these different types can pull in different rental rates as well as attract different types of renters. So, giving thought to the property that best suits you is really an important step which should not be overlooked.

For example, if you purchase a property that is near a college or university you are likely going to find that most, if not all, of your tenants are college students. While you may never have a vacancy, you may also find that you have a continual turnover, problems collecting rent and even possible damage to the property itself.

In addition, you should make sure you understand your responsibilities as a landlord. Keep in mind that your obligations are typically regulated by the state in which the property is located. Some states have very little regulation while other states are highly regulated. If you fail to follow state regulations you could find yourself in for quite a bit of financial as well as legal trouble. It is always best to educate yourself ahead of time.

Finally, make sure you consider how much insurance you will need to not only property the property in the event of damage or destruction but also to cover all liabilities as well. One liability claim can be enough to cause serious repercussions so this is not an issue where you want to take a short-cut. Remember that it is your responsibility as the landlord to provide liability insurance, not your tenant. If someone should slip and fall on your rental property then it will be you who is responsible, not the renter.

Rental investment property truly can be an excellent investment and income builder provided that you are prepared and understand what you should expect from the outset. Do not be afraid to seek help where you need it, especially from associations and from professionals such as attorneys. This is the hallmark that can often set a successful rental property investor apart from one who fails.


August 19, 2010 · admin · 142 Comments
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Tips to Avoid Problem Tenants in your Rental Property


Having the right tenants in your property can truly make a huge difference in your ability to succeed in owning investment rental property. While problem renters can definitely exhibit some warning signs, there are some problem renters who are quite adept at getting past landlords. As a result, it is important to understand that you simply cannot always rely on your first impression of a prospective tenant in order to determine whether they will be responsible and reliable.

There are some tips you can use; however, in order to avoid tenants which could prove to be difficult.

First, always have prospective tenants complete a rental application. The application should be in writing and should provide you with the information you need to make a decision regarding renting the property. Along those lines; however, you need to make sure that you always follow laws, such as the Fair Housing Act. Discriminating against prospective renters is against the law and could land you in quite a bit of trouble. You are not allowed to deny someone the ability to rent your property based on religion, race, etc. By following the Fair Housing Act, you can make sure that you do not violate any discrimination laws.

Always make sure that you obtain proof of identity. This includes seeing a photo identification from any prospective tenants that you interview. On the rental application you have prospective tenants complete, make sure they write down their driver license information. Make a copy of the photo ID and be certain that you attach it to the rental application.

Many landlords make the mistake of not performing a background check. This is a mistake that you cannot afford to make if you want to ensure that you avoid potentially troublesome tenants. Performing a background check gives you the opportunity to determine if there are any previous problems. For example, running a background check can let you know if a prospective tenant has a history of destroying property or skipping out on the rent.

Along with a background check, you should also perform a credit check. You will need to obtain the applicant’s permission in order to do this; however, you can do this on the rental application. You will also need to obtain the applicant’s Social Security number on the application to run a credit check.

References are also essential. Make sure that you obtain the name of the applicant’s previous landlord so you can follow-up. This is because not all landlords make a report to the authorities when there is a problem, so by checking with the landlord directly you have a better chance of determining if there were any problems.

In addition, ask for character references. Make sure that you take the time to actually check with those references. If the applicant did not give you a valid reference this is a good way to find out about it and weed out the applicant.

Finally, make sure that you include information regarding a code of conduct with each application or lease. The code of contact should state what is expected of the tenant and have the prospective tenant sign and date the document. By making sure that these expectations are clearly outlined in the beginning, you can help to avoid a number of problems.


August 15, 2010 · admin · 139 Comments
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Tips to Avoid Pitfalls in Owning Investment Rental Property


Owning and operating investment rental property can provide a number of important advantages. There are potential disadvantages to owning rental property; however, you can help to minimize possible pitfalls by following certain guidelines to protect your investment.

First, always make sure that your expectations regarding investing in rental property are reasonable and realistic. You should always approach the investment of rental property with the goal of achieving a positive cash flow; however, do not expect that you will be able to buy a new vacation home within a year.

In addition, it is important to make sure that you take the time to do your research and ensure that you understand the rules and regulations regarding the ownership and operation of rental property. As the owner of rental property, you must abide by certain federal and state laws which provide specific information regarding your liabilities and responsibilities.

Along those same lines, it is important to be certain that any lease or rental agreements you handle are absolutely legal. If you handle a lease or rental agreement which is not legal, you may experience a number of problems if your tenant happens to violate terms of the lease. To be safe, it is best to have an attorney draft your lease and rental agreements.

Before purchasing any rental property, be sure to have the property inspected or else you may discover you are facing a set of expenses you did not anticipate. Having the property inspected by a professional before you sign on the dotted line will involve an expense; however, compared to the expenses you could face by purchasing a property without an inspection, it is certainly well worth it.

When you begin the process of renting out your property, take the time to run credit checks and call references. These are both steps which many novice landlords often overlook in their rush to fill their rental properties and begin turning a profit; however, it can be detrimental. Remember that having an empty unit is always better than rushing and having an irresponsible tenant who may destroy your property, get behind on their rent and ultimately prove difficult to evict.

Joining the Landlords’ Association in your local area can also prove to be helpful by putting you in connection with experienced investors and landlords. You can also gain access to reliable contractors, inspectors and other professionals who can make the process of operating rental property much easier.

It is also imperative that you make sure you have adequate property insurance as well as liability insurance. Property insurance will help to protect your investment while liability insurance will protect you in the event anything should happen to someone while on your property.

Finally, make sure you take the time to establish an emergency fund in order to cover expenses which may crop up unexpectedly. Remember that you are operating a business and as such you must be prepared for those times when expenses arise. The exact amount that you wish to contribute to your emergency fund is ultimately up to you; however, it should be sufficient to cover typical expenses that may arise. The general rule of thumb is to put aside 20% of the value of your property. To make the process of establishing an emergency fund easier, consider setting aside a certain amount of your rental receipts each month into a special account.


August 11, 2010 · admin · 99 Comments
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Tips for Locating the Right Rental Property


The decision to invest in rental property is an important one. The first step in getting started is to choose the right property which will generate a sufficient amount of income for you while also requiring as little maintenance and upkeep as possible.

Ideally, it is best to develop a list which you can take with you when you begin the process of shopping around for the right rental property. This list will help to keep you on track and focused on what you should look for as well as what you should steer away from.

When looking for the right rental property, you will want to take several factors into consideration.

First, you should always consider the condition of the property. Generally, it is best to keep in mind that if you come across a property with a price that seems too good to be true, there is usually a reason why the property is priced so low. Many real estate investors like to point out the fact that you are able to determine your profit when you purchase a property.

While you may not consider selling the property for some time and will instead be renting it out, it is still important to take into consideration the cost of any necessary renovations and repairs before you make a final decision regarding whether you will purchase the property or not. After considering these factors, you may find that it will actually be less expensive to purchase a property that is in better condition, although at a higher price, than to purchase a property with a lower price that requires extensive renovations and repairs to get it ready to rent out.

Location is, of course, one of the essential elements of purchasing the right rental property as well. Keep in mind that properties which are located directly on a busy street may not be appealing to tenants who like a quiet and peaceful neighborhood. On the other hand, a property which is located near schools or parks will likely be more appealing to families.

It is also important to find out the history on the property and specifically whether the property has ever been used as a rental property. This is important due to the fact that in some cases a property can get a bad reputation. It does not take long for word to get around and once that occurs it can be difficult to get past it.

If the property is currently being used as a rental property, you also need to consider whether tenants are already on the property. If that is the case then you may need to honor the current lease with those tenants. This means that you may not be able to raise the rent until the lease has expired. There may even be state laws in some cases which could regulate how much you are able to raise the rent. Obviously, this is something that should be carefully considered. While there is the obvious advantage of already having tenants on the property, you may find later that this is actually somewhat of a bit of a disadvantage so be sure to carefully consider this factor.

Maintenance and repair needs of the property should also be taken into consideration. In the event that you are not able to maintain the property or repair it, this will translate to hiring a property manager and/or repair person. This means extra expenses which will reduce your profits. Of course, it also gives you some free time so you will have to weigh the advantages and disadvantages.

Finally, consider the price of the property. You always need to make sure that you will be able to cover not only the mortgage payment, if you have one, but also other expenses such as taxes and insurance. In the event the property is not occupied for a period of time, you will still need to meet all of those expenses so be certain that you can cover them before you obligate yourself.


August 7, 2010 · admin · 62 Comments
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Tips for Hiring a Property Agent


When purchasing rental property as an investment it is important to consider hiring a rental property agent. Many people hesitate to hire a property agent because of the cost associated with it; however, a good rental property agent can help you to reduce a lot of the day to day work you must handle regarding your property. The key to making this type of arrangement work for you; however, is in knowing how to find a good agent and what to look for.

One of the main tasks which an agent handles is finding tenants for your property. They also provide the rental agreement. In most cases, rental agents do not provide a service which would keep your property in good condition. In most cases, agents only respond in the event there is a complaint from the tenant. If an agent is less than responsible; you may find yourself owed rent and your property in shambles. Therefore, if you decide to use an agent you need to make sure that your agent covers several critical areas.

First, they should always provide you with an assessment of the reliability of the tenant. Not only should the agent check the references of prospective tenants but they should also utilize other methods so they can be assured the tenant will care for your property and pay their rent on time. Before hiring an agent question them regarding the methods they use for this purpose.

You should also make sure that the agent will be able to handle the collection of rent effectively. Speak with them regarding the methods they use for collecting back rent when a tenant fails to pay their rent on time. In addition, find out how the agent addresses the issue of bounced checks.

In addition, you should speak with prospective agents regarding how often they will inspect the property and what they will look for when they perform those inspections. Furthermore, find out how they will record information and provide feedback to the tenant as well as to you. This information can be vital to ensuring a well operated rental property.

You should also find out how payments will be passed on to you and how frequently you will receive rental payments. Not all agents have the same policy. Some agents will actually retain payments for a month so they can earn the interest on the money before they pass the payments onto the landlord.

Of course, you should also find out how much the agent charges for the services they provide. Shop around to find out whether this fee is on-target for the service which the agent provides. If the agent is providing a good, reliable service it can be a benefit to your and your investment property and as a result it can be a good investment.

Be sure you ask to review any forms the agent uses, especially the rental agreement. You should always know the terms under which your rental property will be rented.

Keep in mind that on-site managers usually charge more; however, that cost can often be offset by the fact that you may be able to decrease maintenance costs by ensuring you have a well-run property.

Remember that having a good property management agent can essentially bring you more of a profit. Perhaps one of the biggest costs you will face when operating a rental property is the cost associated with changing tenants. When you figure in vacancy rates, the cost is even higher. Therefore, it is obviously in your best financial interest to keep good tenants. A competent property management agent can help to make this a reality.

Choosing your agent carefully and ensuring that you understand exactly what the agent provides and what they do not provide in terms of services can help to ensure that your investment is successful and not a headache.


August 3, 2010 · admin · No Comments
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Tips for Handling Vacancies in your Rental Property


From time to time you will have vacancies in your investment rental property. When that occurs, you will naturally want to rent the property as quickly as possible so that you do not lose out on any rent money. It could even be that when you purchase the property, it could be vacant. There could be many reasons why it could potentially take some time to find tenants. Perhaps the location is affecting it. Or, it could be that there are simply a number of properties for rent in the local area. Regardless of why your property is vacant you will need to get it rented as quickly as possible.

For every month that your property is vacant, you are losing money in revenue. There are some things you can do to reduce the amount of time that your property is vacant; however.

First, when your property is vacant, use that time to your advantage by making any repairs that are necessary and handling any maintenance tasks. In addition, you might also consider doing something to make the property more appealing such as touching up the paint or sprucing up the yard.

You might also consider providing some type of incentive or discount in order to get your property rented more quickly. Certainly this will cost a bit of money but in the long run it is often less expensive to provide an incentive in order to get your property rented more quickly than to allow it to sit vacant for a period of time. You might think about reducing the rent or installing something in the apartment that would be appealing to prospective tenants such as a washer and dryer.

Make sure you making strong efforts to market your rental property but running ads in all of the local papers and hanging up flyers at places of interest. Of course, you should also have a For Rent sign posted on the property so that everyone who drives by will see it and know the property is available for rent or lease. Once again, a small amount of money spent on marketing is less expensive than the amount of lost revenue you could incur by allowing the property to sit vacant.

In addition, take be proactive and begin the search for tenants before your current tenant moves out if you have reason to believe that they will be leaving soon. It is never a good idea to wait until the last minute and then try to fill a vacancy. You might even ask the current tenants if they know of anyone who might be interested in renting the property. It could be quite possible that they have friends who have visited and would jump at the chance to rent the property once it is available.

Keep in mind; however, that as important as it is to rent your property quickly and avoid a vacancy you also do not want to rent out the property so quickly that you fail to conduct a thorough screening. The first time you receive an inquiry on the property, you need to begin the screening process. Take the time to obtain some basic preliminary information about applicants while also providing information about your rental property.

Of course, you must abide by fair housing laws and you also must make sure you are fair in asking the same questions of all applicants so it is a good idea to write down your pre-qualifying questions so you can be sure that you are being fair. If you are unsure of what you are allowed and not allowed to ask by law, consider consulting an attorney.

Before you end the phone call with the applicant, encourage them to drive by the property so they can see it in person and then call to make an appointment with you to see the interior.


July 29, 2010 · admin · 109 Comments
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Tips for Coping with Loud Tenants


One of the most common issues that many landlords must deal with when they have investment rental property is music. It is not uncommon for many renters to either play music quite loud or play an instrument. This can be disturbing to neighbors and as a result you may receive phone calls of complaint. How you handle these issues is quite important because it involves a fine balance of maintaining happy renters and yet ensuring that neighbors surrounding your property are not disturbed.

In the event that you own a multi-dwelling property this can be even more of an important issue as other tenants in the building may not appreciate being disturbed by loud music. If you fail to handle the issue properly they may decide to rent elsewhere; leaving you with vacancies and that can be expensive. Furthermore, your property may gain a bad reputation, making it difficult to rent to future tenants as well.

When you are facing this type or problem there are actually several different ways that you can handle the issue. First, it is imperative that you make sure you have discussed your property rules with tenants before they actually move in. This type of action can help to prevent problems before they even begin.

Ensure that you have included terms within your lease stating when exactly music may be played. You should also include in your lease statements indicating specific times when music may not be played so loudly that it can be heard outside the individual unit. For example, you might state that music may not be played before 8am and after 10pm. You should also make sure that these terms include not only music but also actual musical instruments as well as televisions.

In addition, make sure you check on your property periodically to ensure that your tenants are not playing loud music at night or early in the morning. If you find that they are breaking this rule, do not hesitate to let them know that they are violating the terms of their lease. If you allow the issue to continue unchecked you are sending the message that this behavior is acceptable to you and later on it could be quite difficult to stop when the complaints begin rolling in.

Sometimes, checking on a property early in the morning or late at night is not feasible; especially if you live a good distance away. In this case, consider asking your neighbors to advise you if your tenants disturb them with loud music or noise. Remember that it is always best for neighbors in the area to advise you about the problem so that you will have an opportunity to correct it before they contact the city or the police with their complaints. This will also assure neighbors that you are concerned about the neighborhood and maintaining a peaceful atmosphere for everyone.

Once you have contacted your tenant verbally regarding the matter, make sure you follow-up with a reminder in writing. This should help your tenant(s) to understand the severity of the situation and will also provide you with the documentation you need in the event the behavior continues and you must consider evicting them because of it.

Ideally, the best way to handle this type of situation is to prevent it before it ever begins. Explain to your tenants when they move in that you regard the issue as serious and that you will check up on the property from time to time. If you decide to rent to students, this is especially important. By making sure that you have established a cordial relationship with your tenants early on they will be far more likely to respect your rules and understand where the line is drawn so they will not cross it.

Properly managing a rental property means not only providing a pleasant living environment for your tenants but also ensuring that your rental property does not disturb others in the neighborhood.


July 25, 2010 · admin · No Comments
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Tips for Avoiding Discrimination and Ensuring Fair Housing


Avoiding discrimination is imperative when you own investment rental property. The Fair Housing Act regulates this and you could find yourself in legal trouble if you do not adhere to these regulations.

First, you must make sure that the property is available to be shown to all individuals who are interested in renting it. Generally, interested parties will call to inquire about the property before they actually see it. When you answer questions about the property you must make sure that you are providing the same information to everyone who calls. If you venture into offering different conditions, terms and/or information to different individuals who call to inquire about the property, you could be liable for discrimination. Basically, you need to make sure that you are covering all of the specifics of the property without necessarily trying to deter applicants away from the property based on any of the areas which are protected under the Fair Housing Act. Areas which need to be covered when applicants call include amenities of the property, property size, location, etc.

In addition, you need to make sure that your rental application is also designed with fair housing standards in mind. The best way to do this is to have an attorney review your rental application and then provide the same documents to all prospective renters. Also, make sure that the process is the same for everyone. Ultimately, when you deny or accept a rental application your decision should be based on valid requirements and not personal opinions.

Beyond the application, you will also need to give some thought to occupancy restrictions for your property. It is not uncommon for many people to restrict the number of people who are allowed to live in their rental unit. There can be many different justifications for occupancy restrictions and standards. When establishing occupancy restrictions and standards; however, you need to be certain that your standards are fair and do not effectively discriminate against families with children. This is one of the more common complaints filed as many prospective tenants feel as though an overly restrictive standard regarding maximum occupancy discriminates against them and their children.

Different laws regarding occupancy standards and restricts apply in different states. The key in most states is to ensure that you are using good reason and common sense. For example, if you have a 1,000 square foot two bedroom home, then it would obviously be excessive to have seven people in the home.

There are no prohibitions regarding restrictions on the number of people who are allowed to occupy a residence under the Federal Fair Housing Act. It is critical; however, that any restrictions which are adopted be reasonable and apply to all occupants. You must discriminate on the basis of race, color, national origin, family status, gender, religion or handicap.

The most common standard adopted by most property managers is two people per bedroom. This standard is considered to be fair and reasonable by most. If; however, the residence in question is particularly large or it could easily accommodate more persons, it is important to keep in mind that such a policy could be challenged and a complaint filed so it is imperative to be sure that standards are flexible when the need calls for it based on available space within the dwelling.


July 21, 2010 · admin · 64 Comments
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