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Archive for January, 2017

What You Need to Know About the New Soft-Story Retrofit – by Joe Carrigan

Posted on 01. Jan, 2017 by .

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Last year in October, the Council of the City of Los Angeles passed Ordinance # 183893 mandating the retrofitting of residential and mixed-use, wood-framed, soft-story buildings that have four or more dwelling units.  Included in this ordinance are a number of non-ductile concrete buildings as well. Most of these buildings were constructed prior to the revised building codes enacted prior to January 1, 1978. [...]

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Create Your “Red Binder”- A Must Have For All Properties – by Patty Purdue

Posted on 01. Jan, 2017 by .

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I am sure you are curious what the answer to this “must have” is and why is it so important?  Let me start by explaining the purpose of an Emergency Red Binder.  Every employee should be prepared for emergencies and as we all know it is always too late if we are not ready.  The ability to handle an emergency with intelligence and common sense is something that you must train your employees and it starts with being ready for any emergency.    [...]

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2017 New Year’s Resolution: Sign a Manager’s Agreement!! by Dale Alberstone, Esq.

Posted on 01. Jan, 2017 by .

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Hello everybody.  Most everyone hopes that 2017 will bring about a strong economy, an end to higher taxes, a peaceful transition for the new presidential administration, and other important things like that.

As the legal writer for the Apartment Owners Association, my wish and 2017 New Year’s Resolution for AOA members is more modest, but nonetheless extremely important for owners and management companies of apartment buildings throughout California.

In fact, it is the same Resolution I have proposed to members for the past 16 years or so:  Prepare and sign a written employment agreement with each of your resident managers. [...]

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ALERT – Senate Bill 407 – Provided by Metro Retrofitting

Posted on 01. Jan, 2017 by .

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ALERT - Senate Bill 407:   Water Conservation Retrofitting Goes Statewide for Single Family Dwellings on January 1, 2017.  Approved and Filed with Secretary of State on October 11, 2009.

  SB 407 Property Transfers: Plumbing Fixture Replacement     

  • The bill would require, on or before January 1, 2017, that all noncompliant plumbing fixtures in any single-family residential real property shall be replaced by the property owner with water-conserving plumbing fixtures.
  • The bill would require, on and after January 1, 2017, that a seller or transferor of single-family residential real property, multifamily residential real property, or commercial real property disclose to a purchaser or transferee, in writing, specified requirements for replacing plumbing fixtures, and whether the real property includes noncompliant plumbing.
  • The bill would require, on or before January 1, 2019, that all noncompliant plumbing fixtures in multifamily residential real property and commercial real property, as defined, be replaced with water-conserving plumbing fixtures.
  • The bill would permit an owner or the owner’s agent to enter rental property for the purpose of installing, repairing, testing, and maintaining water-conserving plumbing fixtures, as specified, and would require, on and after January 1, 2019, that the water-conserving plumbing fixtures prescribed by the bill operate at the manufacturer’s rated water consumption at the time that a tenant takes possession, as specified.

 

Established in 1996, Metro Retrofitting identifies and satisfies the mandatory point of sale city and state ordinances and code requirements for the Real Estate Community, Homeowners, Condos, Apartments & Commercial properties and for Escrow companies. For more information, please call 800-450-3660 or visit http://www.gometroretro.com.

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Legal Q & A: Abandoned Property – by Franco Simone, Esq.

Posted on 01. Jan, 2017 by .

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Q:  I served my tenant with a 3 Day Notice to Pay Rent or Quit and he called me during the three day notice period to tell me he moved and I could take back the property. He left the keys on the counter and he left some of his stuff behind. What do I do with the stuff he left? [...]

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Legal Q & A – By Dennis Block, Attorney

Posted on 01. Jan, 2017 by .

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Question One: I own property in Long Beach and recently gave a rent increase to all of my tenants. One tenant refuses to pay the increase and tendered a rent check for the original rental amount. What are my options?Answer One: Obviously, you have the right to raise your rent to any amount you choose. You can accept the check and issue a 3 Day Notice to Pay or Quit for the difference. You could also reject the check and issue a 3 Day Notice for the full amount of the current rent. Your last option would be to accept the check and issue a Notice to Quit to your tenant. No reason needs to be stated in the notice. [...]

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Management Tips from MrLandlord.com – by Jeffrey Taylor, Mr. Landlord

Posted on 01. Jan, 2017 by .

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Uniforms Influence Rental Applicants

One of the many simple yet practical and excellent suggestions made by Lisa Trosien, an instructor at the recent MrLandlord Convention, was to have a “company” name or logo printed on a polo shirt, to give the impression that you are wearing a “uniform”.

Lisa often focused on the “psychology” of leasing. People wearing uniforms tend to gain respect quicker from prospects. Also by simply being in “uniform” you create a greater aura of authority and people are more likely to follow your instructions (including the suggestion to go ahead fill out the rental application at this time instead of later).

Assume the Sale!

If you’re not asking prospective renters to lease from you (to actually fill out the application) when they visit your rental you’re not only doing yourself a disservice; you’re doing THEM a disservice. Time is valuable. When is the last time you had an abundance of spare time? I’m guessing you can’t remember a time like that. So, put yourself in the shoes of your prospect. They’ve taken the time to view your property (either online or in print), they’ve quite possibly contacted you ahead of time to either clarify any questions they had, find out your hours or to make an appointment; and they’ve taken the additional time to visit your property. They’ve put forth time and effort to learn more about your rental. And you disrespect them by *not* asking them to lease? What’s up with that, anyway? Assume the sale - (especially if you took the time to already pre-qualify them over the phone) – they wouldn’t be there if they weren’t sincerely interested in living at your property.

Ask For a Copy of Their Lease

One clever screening tip shared by a fellow landlord is to request from rental applicants that they give you a copy of their “current” lease agreement. This can provide you with a boatload of helpful information.

Don’t Just Settle For the Bare Minimum Level of Service

You may think that providing the bare minimum level of service is a sensible approach in keeping your costs down and boosting a rental yield, but this often is a short term approach. Don’t just offer the cheapest solution or the “quick-fix” solution. In the long run this can cost you more time, hassle, and money while also harming your reputation. If you want to be a successful landlord, switch your mindset to one of “Value for Money” as opposed to “The Bottom Line”. This will make a big difference in how your resident perceives your service.

Create Agreements on Everything

A major issue between some landlords and residents is a lack of written agreements. It is not enough to discuss doing something, or to talk about inventory lists, or to discuss the written notice period either side has to offer. There is a need to have everything in writing. Taking the time to provide an accurate representation of all agreements will save a lot of time and stress in the long run.

Don’t Give or Use Your Home Address

There was a news report that illustrated a perfect example of why you don’t give renters your home address. A man was told to leave an apartment where he was illegally staying in. Reportedly, the man repeatedly threatened to board up the windows to the landlord’s home and burn it down in the middle of the night while the landlord and his family were sleeping. He asked multiple individuals for the personal address of the landlord. Instead of giving resident’s your personal address for them to communicate with you or mail correspondence, use an address OTHER THAN your home. For example, utilize a P.O. Box, or the local UPS store that provides you a mail box with a street address, or use the office address of your attorney, or the registered agent for the property.

Who Handles Lawn Care At Rentals? 

That was the question asked most often asked by new landlords during the warmer months of the year. The most common response by landlords is that the resident in a single family house is responsible for lawn care and any general outdoor cleaning. Although, more and more landlords are bumping up the rent a little and taking on the responsibility of lawn care. That is because they have discovered that renters don’t always do a good job of lawn care upkeep, which in turn is a bad reflection on the property and that eventually affects the quality of the renter who stays.

More and more landlords are offering lawn care service in their middle to upper income rental areas as part of a custom rental package. They contract with a lawn care service, add a little to the contracted price, and make the service available to residents. Not only does this generate a little more cash flow for the landlord, but equally important they can count on the lawn at their upper end properties being properly cared for. This is a win-win situation because many residents in upper end rentals do not cut their own grass and prefer to have the service contracted out. Consider this next year when the weather eventually begins to become warm again.

 

The above tips are shared by regular contributors to the popular MrLandlord.com Q&A forum, by real estate authors and by Jeffrey Taylor, Founder@Mrlandlord.com. To receive a free sample of Mr. Landlord newsletter, call 1-800-950-2250 or visit their informative Q&A Forum at LandlordingAdvice.com, where you can ask landlording questions and seek the advice of other rental owners 24 hours a day.

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2% Mortgage Rates, $30 Trillion in Debt And Other Surprise Endings – By Bruce Norris, The Norris Group

Posted on 01. Jan, 2017 by .

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Strange times we are living in as investors. Figuring out what’s next has never been more difficult. What we have experienced in the last few years has been the effects of monetary policies unthought of and unheard of until now. [...]

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National Debt Swells by $1.42 Trillion in FY2016, More Than Expected – By Gary D. Halbert

Posted on 01. Jan, 2017 by .

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The Congressional Budget Office (CBO) reported that the federal budget deficit for fiscal year 2016 was a whopping $588 billion, up from $439 billion in FY2015. The CBO projects the deficit to rise to almost $600 billion in FY2017. That is bad enough.

Yet the Treasury Department quietly reported that the national debt exploded by $1.42 trillion in FY2016, which ended on September 30th. This was the third largest annual increase in the national debt in history. To learn of this development, one had to go to the TreasuryDirect website and plug in the dates (September 30, 2015 to September 30, 2016) to get to the $1.42 trillion number. [...]

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California’s Needless Housing Crisis – by Richard A. Epstein

Posted on 01. Jan, 2017 by .

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 The below article was written by Richard A. Epstein, contributing writer of Defining Issues, a Hoover Institution Journal. Please send a copy of this article to every elected official you know…please.

Everyone agrees the most attractive areas in California suffer from a housing crisis that calls for drastic action. The difficult question is deciding what should be done. [...]

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