Ep. 163 Jacob Gil: What Florida Real Estate Investors Need to Know About Amendment 2

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What do you know about Amendment 2?

Florida voters have a lot of proposed amendments to consider this year. Amendment 2 could have the most wide-ranging – and potentially devastating – impact on the state as it effects renters and business owners alike. If you are a real estate investor, this effects you directly.

Maybe you aren’t fully aware of Amendment 2 or maybe you have heard conflicting information regarding it, but it’s important that you understand exactly what it is and what it means if it fails.

So we want to set the record straight. This episode, we’re talking what exactly this amendment is; it’s history, purpose and impact and we couldn’t have asked for a better guest to help us with that.

About Our Guest

Jacob Gil is the Regional Director of Everybody is for 2, a campaign aimed at spreading awareness as to the impact and purpose of Amendment 2. He is a veritable expert on this amendment and what it means for Florida property owners, landlords and business owners.

If you have more questions about Amendment 2 and its potential impact, you can contact Jacob directly at jacob@everybodyisfor2.com

amendment 2

Ep. 112 Courtney Barnard: Legislative Update for Multifamily-Residential Property Owners

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multifamily-residential property legislative updateWe’ve been hearing a lot about Florida’s single family property markets, but what about multifamily-residential property?

Though multifamily-residential may not share the same spotlight that single family is getting, apartment investing makes up a big economic portion of Florida’s real estate market and there are some big legislative changes coming to multifamily residential property that investors need to be aware of.

We are glad to have Courtney Barnard back on the show. Courtney serves as the Government Affairs Director for the Florida Apartment Association (FAA). Courtney appeared previously, in episode 42, where she discussed then-current legislative updates to multifamily-residential property.

This time, she discusses some key changes coming with the 2016 legislative updates. This episode, Courtney also gives us a Florida multifamily market overview in addition to sharing important legislative updates for multifamily-residential property owners.

Florida Multifamily-Residential Property Overview

  • Jacksonville – largest apartment growth (new construction)
  • Sarasota/Bradenton – decline in growth
  • Over 96% occupancy statewide
  • New construction focused on Class A and Class Super A – $145k/unit costs
  • Lack of affordable multifamily developments

Legislative Updates

  • HVAC Maintenance
    • House Bill 535, July 2016
    • Apartment investors with 100 unit or more buildings
    • HVAC repairs can now be made by on-site building maintenance and not HVAC contractor
    • Bill Info
  • Non-Residential Property Tax Exemptions
    • 10% cap on non-residential property tax increases set to expire in 2018
    • No cap could hurt a lot of investors and small-business owners
    • Joint resolution to be put forth to reinstate cap permanently
  • Fire Sprinklers in Building
    • Florida administration code-change from National Fire Protection Standard
    • Takes effect Dec. 31st, 2016
    • High-rises over 75 feet required to have sprinklers in residences and common areas
    • Previously, buildings built before 1994 were exempt
    • Condos + Co-ops can vote to opt out, but apartment investors must comply UNLESS: balconies/secondary entrances are attached to every unit

Florida Apartment Association

The FAA has been in place for 45 years. With 11 regional chapters and over 5,000 apartment communities, the FAA offers members access to great benefits:

To find out more resources offered by the FAA and for other updates from Courtney, visit www.faahq.org.