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Archive for November, 2019
Qualified Opportunity Zone Funds – A Tax Efficient Investment Vehicle for Those Selling Appreciated Assets By – Steve Haskell, Vice President
Posted on 01. Dec, 2019 by AOA Editor.
What is a Qualified Opportunity Zone (QOZ)? A QOZs as described under the 2017 Tax Cuts and Jobs Act is a social program with the intent of redeveloping impoverished districts throughout the country by driving private capital to over 8,700 underserved communities and 35M Americans throughout by offering tax incentives to investors. (1)
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5 Ways to Communicate Better with Challenging Tenants By – Holly Welles
Posted on 01. Dec, 2019 by AOA Editor.
Many landlords wish they could communicate better with challenging tenants who pose a number of problems for management. As a landlord, you may occasionally encounter tenants who bring a range of issues with them, like missing rent payments or keeping pets when the terms of their lease don’t allow it. You don’t have to dread […]
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More Bad Medicine By – Noni Richen, SPOSFI President
Posted on 01. Dec, 2019 by AOA Editor.
The Economist, one of the most respected publications in the world, published an opinion in its September 21, 2019 edition on the subject of rent control. The authors cite a shortage of rentals as the source of many of the challenges facing renters and owners today.
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Does Your Insurance Policy Include Mold Coverage? By- GSI Insurance Solutions
Posted on 01. Dec, 2019 by AOA Editor.
Mold has the potential for being an expensive and time-consuming discovery. It causes health problems and puts property owners at risk of losing tenants. The property could be considered uninhabitable and tenants have the option to break their lease, or worse, sue.
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Legal Q & A by – Dennis Block
Posted on 01. Dec, 2019 by AOA Editor.
With the passage of the Statewide Rent Control, I have been receiving a deluge of questions regarding this statute. This month, the column will be devoted to the most popular questions that I have received regarding this topic.
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RUBS Regulations: What You Need to Know By – Emily Landes
Posted on 01. Dec, 2019 by AOA Editor.
With utility bills on the rise and submetering systems often cost prohibitive, many property owners are considering ratio utility billing systems (RUBS). Instituting RUBS is an inexpensive way to make tenants financially responsible for their usage and incentivize conservation.
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Legal Q & A by – Richard Beckman
Posted on 01. Dec, 2019 by AOA Editor.
Question 1: In addition to the new statewide rent and eviction control law you wrote about last month, are there any other new laws coming up we should know about? Answer 1: Yes, there are several. One pertains to the amount of notice that will be required to impose a rent increase exceeding 10%. One […]
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Back to Basics: The Truth About Clogged Drains By – Bruce Davis, Sr.
Posted on 01. Dec, 2019 by AOA Editor.
There are few things as frustrating, filthy and damaging as a clogged drain or toilet. Some systems seem to never have any problems; others seem to be constantly slowing or clogging and flooding things. What’s the reason for that?
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Something to Think About #87 – Information, Not Advice Part 7 by – Klarise Yahya
Posted on 01. Dec, 2019 by AOA Editor.
Continued from Part 6 . . . Assuming Greater Risk What follows are additional examples of some of the techniques the Bond Geeks use to goose their returns. For clarity, the examples below will use hypothetical data and do not adjust for taxes, inflation, or other trifles that might obscure the larger point.
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Survey: Family Offices Fear a Recession in 2020 By – Gary D. Halbert
Posted on 01. Dec, 2019 by AOA Editor.
Recently, Swiss investment bank UBS and researchers at Campden Wealth Research published their annual report on the world of family offices. If you’re not familiar with the term, a family office is essentially a private wealth management group that handles investments, finances and other important matters for super-rich individuals and affluent families.
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“Good Faith” Eviction for Landlord Occupancy By – L.A. Housing and Community Investment Department
Posted on 01. Dec, 2019 by AOA Editor.
The Rent Stabilization Ordinance (RSO) allows a landlord seeking in good faith to recover possession of a rental unit for use and occupancy as a primary place of residence for the landlord, the landlord’s spouse, grandchildren, children, parents or grandparents or resident manager.
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December Holiday Ideas for Multifamily Communities
Posted on 01. Dec, 2019 by AOA Editor.
A warm inviting smile from our staff is the perfect crowning glory to your holiday decorating efforts. Greet everyone with a warm welcome and ensure your faces and attitudes reflect the same joyous message that is presented by your community décor. Nobody wants to lease an apartment from The Grinch!
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Inexpensive Ways to Thank Your Tenants This Holiday Season! By -Patricia A. Harris
Posted on 01. Dec, 2019 by AOA Editor.
Here’s a statement you don’t hear too often – “Wow … my landlord gave me a gift this holiday season!” Sending/giving holiday gifts once a year to your tenants (customers) promotes good will, lets them know you appreciate them, can turn bad tenants into better ones and makes it a little easier for them to […]
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You Get What You Inspect … Property Owners Should Not Ignore Their Properties By – Cliff Hockley
Posted on 01. Dec, 2019 by AOA Editor.
Joe and his sister, Madison, flew in from Alaska to inspect their investment properties. They were meeting with their property manager to review their investment portfolio.
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Resident Manager Time Records: What You Need to Know By – Dale Alberstone, Esq.
Posted on 01. Dec, 2019 by AOA Editor.
Hello everybody. Let’s start with a multiple choice question. Please choose the correct answer:
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How to Solve the Number One Problem in Landlord-Tenant Relationships – Security Deposit Refunds By Robert Griswold, CRE®, CPM®, ARM®
Posted on 01. Dec, 2019 by AOA Editor.
If you own rental property in California, you need to comply with special rules and procedures for vacating tenants. California landlords must provide their tenants with written notice that they’re entitled to request and be present for an initial pre-move inspection. A vacating tenant can decline, but if he accepts that the rental property owner […]
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Did You Know- Statewide Rent Control – By Dennis Block
Posted on 01. Dec, 2019 by AOA Editor.
With the passage of AB 1482 the so called “Tenant Protection Act of 2019” there has been much confusion regarding its provisions. This column will attempt to shed some light on this new law.
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Rising Rent Control Leading to Falling Development and Investment By – the National Multihousing Council
Posted on 01. Dec, 2019 by AOA Editor.
WASHINGTON, D.C. — An increasing number of jurisdictions recently have imposed rent control or are seriously considering doing so, leading many market participants to reconsider their investment decisions, according to the NMHC’s Quarterly Survey of Apartment Market Conditions, conducted in October 2019. Rent control legislation is continuing to expand with 58 percent of respondents saying that […]
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Management Tips from MRLANDLORD.COM- By Jeff Taylor
Posted on 01. Dec, 2019 by AOA Editor.
How to Increase Rental Profits I recently did an interview with Forbes, and the article was just published last week. The focus of the interview was on how a landlord can increase rental profits. I thought many of you would benefit seeing the main points shared, so I have reprinted some of the key points […]
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Call It Like It Is: “Tenant Welfare”!
Posted on 01. Dec, 2019 by AOA Editor.
And to make it more accurate, we should use the full, clear, most descriptive, revealing interpretation: “Tenant Welfare for the Rich” or “Tenant Welfare Paid for Only by Housing Providers!”
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Electric Vehicle Charging Stations for California Landlords By – Jamie Sternberg, Esq.
Posted on 01. Dec, 2019 by AOA Editor.
California law provides a framework for California tenants to request permission from their landlords to install electric vehicle charging stations. Those laws are found at Civil Code §1947.6 (residential tenancies) and Civil Code §1952.7 (commercial tenancies). Laws regarding electric vehicle charging stations in homeowner’s associations are found at Civil Code § 4745 and 4745.1. In 2018, SB […]
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Letters to the Editor
Posted on 01. Dec, 2019 by AOA Editor.
Dear Dan: It gives me great of pleasure to tell you my experience with your employee Ms. Rebecca Abbott. I own number of apartments buildings in valley and Glendale it is almost ten years that I am member with AOA. Rebecca Abbott was my advisor and every time I talked to her she was able […]
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Legal Q & A By-Franco Simone
Posted on 01. Dec, 2019 by AOA Editor.
Q: I own a six unit apartment building in San Diego County that was built in the 1980s and I would like to remodel the units next year. Am I allowed to ask my tenants to vacate under the new Tenant Protection Act of 2019?
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Is It More Effective to Buy New or Used Appliances to Replace Broken Ones? By – Cliff Hockley
Posted on 01. Nov, 2019 by AOA Editor.
Clients always ask me, “Is it more cost effective to buy new appliances or used ones when existing appliances in rental units fail?” Unfortunately, there is no easy answer to that question.
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Top 5 Lawsuits Landlords Face and How to Prevent Them By – GSI Insurance Solutions, Inc.
Posted on 01. Nov, 2019 by AOA Editor.
In my ten years as a landlord, I never expected the dreaded pink letter indicating I was being sued by a tenant. Yet, there it was – right in my mailbox – a letter from my former tenants indicating they were suing us for withholding their security deposit. There are strict tenant rights laws around […]
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Six Ways to Master Property Maintenance By -David Crown
Posted on 01. Nov, 2019 by AOA Editor.
Typically, when somebody describes a business as being “in the toilet,” they’re delivering bad news. But property management is an industry built on the gritty work of contractors and maintenance technicians, including plumbing repairs. So if you’re a property manager and your company isn’t “in the toilet,” you’re doing something wrong.
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Legal Q & A By – Franco Simone
Posted on 01. Nov, 2019 by AOA Editor.
Q: I own a rental property in San Diego where there is currently no rent control and my tenant’s rent is $1,200. I want to raise the rent to $1,500. Can I raise my tenant’s rent by 25%?
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Management Tips from MRLANDLORD.COM By – Jeffrey Taylor
Posted on 01. Nov, 2019 by AOA Editor.
Filling the Vacancy is Not the Ultimate Goal Don’t fall for the myth that having your property rented is the ultimate goal. Yes, it is important to fill a vacancy and fill it fast. I actually consider that a number one priority. However, let me say for the record that I do NOT want you to fill […]
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Legal Q & A by – Richard Beckman
Posted on 01. Nov, 2019 by AOA Editor.
Question: Did the new statewide rent control law I’ve been hearing about take effect? Answer: AB 1482 – the Tenant Protection Act of 2019 – has been passed by the California legislature and is in front of Governor Newsom for his anticipated signature. Absent his veto, which is by all accounts extremely unlikely, AB 1482 […]
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Another Crazy Idea to Punish Housing Providers!
Posted on 01. Nov, 2019 by AOA Editor.
Los Angeles City Councilmembers Mike Bonin, Marqueece Harris-Dawson, Paul Koretz and David Ryu are all backing a plan for an “empty-home penalty” or “vacancy tax”. This is another disastrous idea that is spreading throughout the whole state. They seem to think that this is “an important tool for addressing one of the root causes […]
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Something to Think About #86 – Information, Not Advice Part 6 by – Klarise Yahya
Posted on 01. Nov, 2019 by AOA Editor.
Continued from Part 85 . . . With all of this, why buy bonds? Proper diversification between asset classes enhances portfolio growth because, as someone once said, “When one asset loses, another gains”. That only happens when there is an imperfect correlation between assets. Bonds are the classic asset used to offset potential losses in […]
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DID YOU KNOW – Dennis Block
Posted on 01. Nov, 2019 by AOA Editor.
California’s attempt at stabilizing the rental market with the passage of the Tenant Protection Act of 2019 will soon prove to be a failure of epic proportions. Proponents of this bill argue that rent control is needed to maintain some degree of affordability in high-price areas, but they couldn’t be more wrong. What California really […]
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The Current CPI is Illegitimate! By – Michael Millman, Attorney
Posted on 01. Nov, 2019 by AOA Editor.
Below is an open letter sent to Richard Holden, the Regional Operations Director of the U.S. Bureau of Labor Statistics. Dear Mr. Holden: Several years ago, I posted a note to your office. I complained that the CPI for Los Angeles/Long Beach addressed and tracked only “pure consumer products” and failed to address, evaluate or […]
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If You Don’t Have a Written Qualification Criteria List for Applicants – DO IT NOW! By – Patricia A. Harris
Posted on 01. Nov, 2019 by AOA Editor.
Having a written criteria list for your rental applicants is pertinent in your rental business and serves several purposes. By attaching a copy of your rental criteria to each blank application form, you are informing your applicant of a list of conditions that must be met for them to be considered as a future tenant […]
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Customer Service – The Real Victim of Rent Control By- Shaya Stauber
Posted on 01. Nov, 2019 by AOA Editor.
The Year was 1999 and the Los Angeles Lakers just moved from the Great Western Forum in Inglewood to Staples Center in Downtown L.A. They had a shiny new home for their brand new superstars Shaq and Kobe. The Lakers hadn’t won a playoff game past the second round in eight years and they were […]
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Legal Q & A by – Dennis Block
Posted on 01. Nov, 2019 by AOA Editor.
Question One: I have a tenant that is on a one year lease. Without notice, he vacated halfway through the lease term. At the same time, I had another tenant who properly vacated at the end of her lease. I understand that the man who left will be responsible for the remaining portion of the […]
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A Glimmer of Hope for California Taxpayers By – Jon Coupal, President of Howard Jarvis Taxpayers Association
Posted on 01. Nov, 2019 by AOA Editor.
California’s 2019 legislative session recently came to a merciful end. Despite the fact that the Legislature passed dozens of bills assaulting basic economic rights, it could have been far worse for taxpayers. Indeed, in remarkably good news, the most dangerous threat to Proposition 13 was defeated.
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How to Avoid Applicant Screening Pitfalls By – Ellen Clark
Posted on 01. Nov, 2019 by AOA Editor.
Avoid discrimination within the screening process by carefully considering how you approach your application process. Claims of discrimination often arise in relation to the applicant screening process. This can be a tricky area to navigate, and one where even well-intentioned people can find themselves on the wrong end of a discrimination claim.
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What You Need to Know About the “Tenant Welfare” Act of 2019 By Dennis Block, Attorney
Posted on 01. Nov, 2019 by AOA Editor.
California’s attempt at stabilizing the rental market with the passage of the Tenant Protection Act of 2019 will soon prove to be a failure of epic proportions. Proponents of this bill argue that rent control is needed to maintain some degree of affordability in high-price areas, but they couldn’t be more wrong. What California really […]
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3 Of the Most Common Traps Rental Property Owners Encounter By – Eric D Davis
Posted on 01. Nov, 2019 by AOA Editor.
As a new or experienced landlord, you probably know that there are all kinds of things (both big and small) that can cause problems and consume your precious time. Between dealing with building maintenance, difficult tenants, and financial concerns, being a rental property owner can be exceptionally stressful.
