When you have a vacant property, you have multiple problems. You’re losing income You’re paying out of your pocket to support the property You insurance may go up if it’s vacant more than 30-60 days (did you realize you often need to report extended vacancies to your insurance company or your insurance is void?) No…
DetailsTo maintain and grow your rental housing business, you rely on tenants to pay the rent in full and on-time each month. Unfortunately, the financial and personal hardships of your tenants will inevitably impact you and your business. A job loss, divorce, car trouble, or health problem affecting your tenant will become your hardship when…
DetailsQuestion One: I have a tenant who vacated leaving me with $15,000 in unpaid rent. Based on a cost factor, do you think it would be wise to sue this tenant in Small Claims Court?
Question 1: Can I require my tenant to professionally clean the carpets before they leave or can I have it done after they leave and deduct the cost from their deposit? Answer 1: The tenant has a duty to return the unit to its state or condition when first rented (normal wear and tear excepted),…
DetailsContinued from Part 01 . . . One of the things lenders are looking for is liquidity. How much cash-equivalency does the borrower have? Something always comes up. Does the borrower have enough liquidity to get through it? Cash equivalents include things like savings and checking accounts, retirement funds, cash value of life insurance policies,…
DetailsProposition 10 (Rent Control) to repeal the 1995 Costa Hawkins Act, a law that restricts rent control ordinances in cities in California was defeated in the November 2018 election. Municipalities can still enact moratoriums and rent control. The County of Los Angeles just instituted a rental cap until the end of 2019 which will probably…
DetailsHello everybody. On July 1, 2019, resident manager laws will change in many cities throughout California. Fortunately, the laws promulgated by the state of California will not change in any significant fashion until January 1, 2020. My column this month will address a number of the 2019 changes of city laws and other important aspects…
DetailsQ: What can I do if my tenant still owes me money after I applied the security deposit to the outstanding balance for unpaid rent and necessary costs to clean and repair the rental unit?
Q1: I have been a landlord in Los Angeles for the past 30+ years and my buildings did not get affected by the Northridge earthquake back in 1994 or any other quakes. Why do I need to retrofit my building?
Prop. 10’s defeat in the 2018 election has not dampened enthusiasm for a statewide rent control measure. Despite the resounding defeat of Prop. 10 in last November’s election—the initiative lost in all but one of the state’s 58 counties, with only San Franciscans giving it majority support—original sponsor Michael Weinstein and his Los Angeles-based AIDS…
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