New Hampshire Real Estate Investor's Association NHREIA NH

Legislative Update - Tracking bills that affect NH RE Investors

Matt Murphy — Wed, 10 Mar 2010 02:54:18 +0000

Legislative Update:

Last week SB 333 was given a public hearing and a continuance until March 18^th in order for committee members to have an opportunity to review the amendment presented. Two other bills that we were watching were given public hearings and executive session on Wednesday, SB 483 relating to 1031 exchanges and SB 497 regarding reasonable compensation which is good news for LLC owners as this will end the targeting of LLC’s by the Department of Revenue. Also Governor Lynch is now vocally supporting repeal of the LLC Tax. The bills scheduled for consideration this week are below.

Status of Bills from Last Week’s Update:

SB 333: Relative to foreclosure consultants

Bill Text: SB 0333

Bill Status: Public Hearing Scheduled to reconvene, Thursday, March 18^th 1:30 PM with Senate Commerce, Labor, and Consumer Protection Committee

NHREIA Supports this bill as amended and submitted this bill for consideration last year.

SB 483: Relative to the interpretation of Internal Revenue Code section 1031 as it relates to taxation under the business profits tax.

Bill Text: SB 483

Amendment: Makes bill effective upon passage instead of Jan. 2011

Committee recommendation: Ought to Pass with Amendment, Vote 7-0.

NHREIA Supports Committee Recommendation

House Bills voted on Last Week

HB 1395: relative to workforce housing requirements

Status: Passed with Amendment

HB 1618: exempting certain federally tax-exempt transactions from the business profits tax.

Status: Referred for Interim Study

HB 1345 Allowing assessor’s to request rental and lease information for commercial and industrial properties in order to determine market value.

Bill Status: Moved to March 10^th Floor Vote

HB1234 This bill requires the seller of shorefront property to disclose to the purchaser the rights and responsibilities of shorefront ownership.

Bill Status: Moved to March 10^th Floor Vote

House Bills Scheduled for Floor Vote This Week

HB 1486: prohibiting the mandating of fire sprinkler systems in certain dwellings.

Bill Text: HB 1486

Bill Status: Floor Vote 3/10/2010 committee recommendation of ought to pass with amendment

NHREIA Supports Committee finding.

HB 1345: Allowing assessor’s to request rental and lease information for commercial and industrial properties in order to determine market value.

NHREIA Supports Committee suggestion for interim study.

HB1234: This bill requires the seller of shorefront property to disclose to the purchaser the rights and responsibilities of shorefront ownership.

NHREIA Supports Committee suggestion for interim study.

Senate Bills Scheduled for Floor Votes this week

SB 354-FN: authorizing liens for unpaid building code violations and requiring landlord agents for restricted rental property.

Bill Text: SB 354

Committee Recommendation: Ought to Pass, Vote 3-1

NHREIA has not taken a position on this bill however the NH Property Owners Association is opposing this bill

SB 483-FN-A: relative to the interpretation of Internal Revenue Code section 1031 as it relates to taxation under the business profits tax.

Committee Recommendation: Ought to Pass Vote 7-0

NHREIA Supports Committee Finding

SB 497-FN-A: changing the business profits tax deduction for reasonable compensation for partnerships, limited liability companies, and sole proprietorships and modifying the interest and dividends tax statute to follow the definitions of interest and dividends used in the United States Internal Revenue Code.

Committee Recommendation: Ought to Pass, Vote 7-0.

NHREIA Supports Committee Finding

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Matt Murphy — Tue, 02 Mar 2010 02:33:10 +0000

The Legislature returns to session this weekwith a very busy schedule. As many of you saw Gov. Lynch is wavering on the LLC tax proposal that was passed as part of last year’s budget. Here is the article, in which the story broke,

http://www.nashuatelegraph.com/news/statenewengland/647463-227/lawmakersready-to-axbusiness-tax.html#disqus_thread
This week several bills that have been identified as being of concern to NHREIA members are up for floor votes in the house. Also the Senate has scheduled public hearings on a three bills that are of concern. The first is SB 333 that deals with foreclosure consultants. The second is SB 483 that exempts 1031 exchanges from the business profits tax. The third is SB 497 that deals with reasonable compensation for LLC owners.

House Bills for Floor Vote on Wednesday March 3rd
HB 1395 makes various changes to workforce housing requirements
Sponsors: David Hess, Cynthia Dokmo, Peter Leishman
Bill Status: Floor vote 3/3/10
Committee Recommendation: Ought to Pass with Amendment
NHREIA has not taken a position on this bill

HB 1279 FN
Click here to view bill text.

Bill Summary:This bill makes various changes relative to the licenses of mortgage bankers and mortgage brokers. This bill is a request of the banking department. The bill establishes a fee of $500 dollars for each principal broker and $500 for each branch broker.
Bill Status: Floor Vote 3/3/10 on Committee recommendation
Committee recommendation: Ought to Pass with Amendment
NHREIA has not taken a position on this bill

HB 1618: Exempting federally tax exempt transactions by certain entities from the business profits tax.
NHREIA supports this bill. The legislation exempts 1031 exchanges from being taxed under the business profits tax however the Senate version SB 483 is more likely to pass
Bill Status: Floor Vote Scheduled for 3/3/10
Committee Recommendation: Refer for interim study.

HB 1471 Home Energy Audits

Click here to view bill text.
Bill Status: Referred to Executive Departments and Administration Committee public hearing scheduled for 3/2/10 10:30 AM LOB RM 306
NHREIA has not taken a position on this bill

HB 1345 Allowing assessor’s to request rental and lease information for commercial and industrial properties in order to determine market value.
Bill Status: Scheduled for March floor vote
Committee Recommendation: Refer for interim study
NHREIA supports committee finding

HB1234 This bill requires the seller of shorefront property to disclose to the purchaser the rights and responsibilities of shorefront ownership.
Bill Status: Scheduled for March Consent Calendar with committee recommendation of refer for interim study.
NHREIA supports committee finding

NH SENATE PUBLIC HEARING SCHEDULE

SB 333 relating to foreclosure consultants
Bill Status: Public Hearing is scheduled for Thursday, March 4th 1:45 PM with Senate Commerce, Labor, and Consumer Protection Committee
NHREIA action: contact committee members by email and ask them to support this bill.

Margaret W. Hassan, Chairman - maggie.hassan@leg.state.nh.us

Betsi L. DeVries, V Chairman - betsi.devries@leg.state.nh.us

Deborah R. Reynolds - deb.reynolds@leg.state.nh.us

Jacalyn L. Cilley - jacalyn.cilley@leg.state.nh.us

Peter E. Bragdon - peter.bragdon@leg.state.nh.us

Sheila Roberge - sheila.roberge@leg.state.nh.us

SB 483 AN ACT relative to the interpretation of Internal Revenue Code section 1031 as it relates to taxation under the business profits tax
Bill Status: Public Hearing Scheduled for March 3rd 1:30 pm State House Rm 100
NHREIA Supports this Bill
NHREIA member action: Contact Senate Ways and Means Committee members to express your support for the bill

Senate Ways and Means Committee
Bob Odell, Chairman - bob.odell@leg.state.nh.us

Lou D’Allesandro, V Chairman - dalas@leg.state.nh.us

Harold W. Janeway - harold.janeway@leg.state.nh.us

Deborah R. Reynolds - deb.reynolds@leg.state.nh.us

Peggy Gilmour - peggy.gilmour@leg.state.nh.us

Michael W. Downing - michael.downing@leg.state.nh.us

SB 497 FN: changing the business profits tax deduction for reasonable compensation for partnerships, limited liability companies, and sole proprietorships and modifying the interest and dividends tax statute to follow the definitions of interest and dividends used in the United States Internal Revenue Code.
Bill Status: Public Hearing scheduled for March 3rd 2010 Rm 100 Statehouse,
NHREIA supports this legislation.

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NHREIA hires lobbyist Matt Murphy

Dianne Shvanda — Wed, 24 Feb 2010 02:52:53 +0000

The NHREIA Board is excited to team up with lobbyist Matt Murphy of Whitefield & Burke. We look forward to getting educated on the legislative process and keeping informed on legislative issues that affect real estate investors. Stay tuned . . . .

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Meet My Appointment Secretary, Google Calendar

Rob Hanson — Tue, 02 Feb 2010 15:33:55 +0000

Do you feel like you could use a few more hours in a day? Well you’re not alone. Time management is a skill that has to be continuously worked on and fine tuned for most of us.

Fortunately, there’s a tool that helps me stay on top of my appointments, Google Calendar. It’s as easy to use as clicking a cell and entering information. Access to my Google Calendar can be had from any internet connected computer, and there’s probably an app for it that I just don’t know about yet.

One feature that I absolutely love is the calendar’s ability to send a text message to my cell phone to remind me of a meeting, appointment, or picking up one of my daughters. For me, Google Calendar is the next best thing to having a secretary who makes sure I’m never late for an appointment.

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Useful Websites for Real Estate Investors

Renee Guidaboni — Tue, 26 Jan 2010 22:59:21 +0000

Can you believe it is almost February?? Did you put a plan in place for 2010? Have you started to work that plan yet? Here are a few websites that I have found helpful in the past:

www.nhdeeds.com Search by county records to get info on who owns a property, how much did they finance, and terms of the loan. You will need either the property owners name, or the book/page of the property you are looking at.

www.nhpublicnotices.com Search all records of foreclosures, bankruptcies and auctions.

www.gonashua.com This site is for Nashua specifically. Go to Departments, Assessors, GIS Maps, and you can get info by address, owner, etc.

www.manchesternh.gov/gis This one is for GIS maps for Manchester

A few auctioneer sites that provide lots of info:

www.jsjauctions.com

www.commonwealthauctions.com

www.djflynn.com

Good luck in your search for investment properties!

Renee Guidaboni

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Landlords in New Hampshire. . . Cash is King

John McGrath — Tue, 26 Jan 2010 22:45:21 +0000

What a great way to start the New Year. For all who were not able to attend our January meeting, Judge LaPointe did an outstanding job of educating or scaring us about being landlords in New Hampshire. His humor and wit as well as his knowledge was time well spent. I personally think Cash is King and prefer paying tenants to leave and give me their keys instead of waiting 45 days to get rid of the debris they leave behind.

One of the topics of conversation that come up at every meeting is where do I get the money to make my first investment. The Board is happy to bring Equity Trust back to educate us on using self directed IRA’s as a means to purchasing and holding real estate. Some might say what if I don’t have an IRA? Do you know someone who does who might be interested in a steady income flow with their money backed by real estate? Come hear Equity Trust teach us how to use IRA’s to fund our real estate deals.

Last month we began using a Suggestion Box and one suggestion that keeps coming up is that individuals want more networking time. In order to accomplish this we are going to start our meeting at 6:30 sharp. We are going to start at the front of the room and give individuals the opportunity to let other members know not only what they bring to the table but what they are looking for. Hopefully, this format will facilitate more effective networking among our members. Please continue giving the Board your opinions and thoughts. We look forward to hearing from you.

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One of the biggest keys to success. . .

Sherri Locke — Mon, 18 Jan 2010 02:53:56 +0000

What is one of biggest the keys to success? Persistence! When you feel like you have given every last effort to something, and you give it that little bit more, is when most breakthroughs occur. Sometimes fear can get in your way. Just give it just one more try and then one more until you get where you want to be. You have already spent a lot of time and effort, don’t throw that away! Fight for it, you have come this far, don’t quit! Even if you can’t possibly see anything that could help, reach out and take one more try. You never know what could happen. Big, meaningful achievements don’t just happen when everything is going your way. Keep trying. Remember the toy cars from long ago that would keep running into the wall and make a small turn (correction) and keep going until it found the way out of the room? Be that toy car! Just keep going until you find a way!

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What is a real estate investor? A problem solver.

John McGrath — Mon, 04 Jan 2010 14:11:28 +0000

Happy New Year! What an exciting time to be a real estate investor. Somebody may ask the question what is a real estate investor? My answer is simple. We are problem solvers. When you pick up the paper, turn on the TV, or listen to the radio we are bombarded with stories of people who have problems that they cannot solve in real estate. That is where you come into the picture.

One thing I have learned over the years is the importance of asking the right questions before we start coming up with solutions. Knowledge is power. If you don’t know the right questions to ask, network with more experienced investors at the next meeting and ask them questions they would ask.

How many properties are you going to look at this month? Most individuals are on the ski slopes or in the comfort of their warm houses this time of year. What a great time to be out there finding the next deal of a lifetime. A deal of a lifetime comes along about once a week in this environment if you are out there looking.

I look forward to hearing your success stories and sharing them with the Club.

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Happy New Year - time to set your investing goals for 2010!

Rob Hanson — Fri, 01 Jan 2010 20:47:10 +0000

Happy New Year! I hope you all had a great time last night with friends and/or family. I hope that 2009 was a good year for you personally and professionally, and that 2010 will bring even greater success and accomplishments.

In order for 2010 to be a better investing year, you have to spend some time creating your annual investing goals. I’m sure some of you have already done this, so CONGRATULATIONS. You know the importance goals play in your success.

If you haven’t set goals for your investing this year, get ready to grab some paper and a pencil.

Your goals should be specific, measurable, attainable, and timely. Your annual goals are to be tied to your long-term strategic investing plan. Stay clear of general, loose goals as they may give a false sense of accomplishment provide poor and inaccurate data for later reflection and future planning.

Here are some possible ideas to “prime the pump” to start your planning for this year.

download Third Wheel, The

How many properties are you going to purchase this year?
How much money will you make investing this year?
What will be your primary buying and exit strategies?
How much time each week will you dedicate to working your real estate investing business?
How many NHREIA meetings will you actively attend this year (mark these dates your calendar today)?
What one or two areas of investing do you want to master this year?
How many self help books related to investing will you read this year, and which two will you read multiple times?

Share your goals with positive-minded family and friends will encourage you, while holding you accountable at the same time. Good luck and Happy Investing.

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Here’s to an Amazing 2010

Dianne Shvanda — Fri, 01 Jan 2010 20:42:08 +0000

Congratulations to our newly-elected NHREIA Board Members!

President: John McGrath

Vice President: Matt James

Chairman of the Board: Sherri Locke

Treasurer: Renee Guidaboni

Secretary: Rob Hanson

Board Member At Large: Al Piecuch

Board Member At Large: Mark Dickey

We look forward to a year full of networking, education and GREAT deals!

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