Under AB1482 all cities in California are subject to Statewide Rent Control. If your property is subject to this statute, AB 1482 prohibits landlords from increasing the rent by more than 5% plus “the percentage change in the cost of living” (CPI) over any 12-month period, not to exceed 10%. Under AB 1482, CPI is defined…
For 40 years my wife and I have owned rental property. For 35 years I have been a San Diego apartment broker. I learned a lot, too much the hard way. Some of what I learned is summarized below. Too many aspiring buyers think the seller is their toughest opponent. Most don’t realize other unseen…
Utility cost recovery is critical to maximizing a multifamily property’s NOI. Non-payments (and late payments) impact cash flow and the homeowner or property manager’s ability to properly budget. Of course, there are a number of factors that impact utility cost recovery. But (arguably) the most important – resident billing itself – is too often overlooked. Why…
The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home, some taxpayers may be able to claim a home office deduction when they file their 2022 tax return next year. The following are some of the rules that relate to the home office deduction, and whether you…
Apartment companies’ attention to fair housing training needs to occur during more than just April. And while April is Fair Housing Month, this training is crucial year-round to ensure that both new and experienced workers at every level and department are not liabilities. Fair housing issues require updated policies and procedures every year. It is…
Below are questions asked by rental property owners regarding California property management and resident manager laws followed by answers provided by Attorney Franco Simone. Q: I rented my condo in Mission Valley to a couple. I recently remodeled the kitchen and bathrooms and want to make sure I protect my investment. Can I charge…
The owner and property manager of an apartment in the Brentwood neighborhood of Los Angeles have agreed to resolve a lawsuit involving claims of discrimination filed by the Housing Rights Center (HRC) and Mental Health Advocacy Services (MHAS) on behalf of a tenant with mental health disabilities who needs an assistance animal. The defendants agreed…
I got into real estate in the middle of a downturn, and I’ve worked in the industry through recessions and booms. It all began with my father sending me articles clipped from the L.A. Times about where the market would go, reminding me never to assume that anything in this business was permanent. For 30…
Continued . . . The Black Hills were at that time Sioux lands, recognized as such by the U.S. Government when it signed the 1851 Treaty of Fort Laramie, which recognized the Black Hills to be part of the Great Sioux Reservation, set aside for the exclusive use of the Sioux people. But by 1868…
When it comes to Wi-Fi systems, the absolute baseline for multifamily properties is to provide residents and staff with a strong, reliable, and consistent signal. From new construction to decades-old buildings that may pose significant signal challenges, property managers are expected to meet modern standards for omnipresent and robust connectivity. The good news? While meeting…