Question 1: I believe the tenant in one of my units has died, since someone claiming to be his nephew contacted me to discuss ˜taking over the lease’. I told him I would have to have all the details in writing, and would then respond. What happens to the tenancy when the tenant dies? And…
DetailsQuestion One: I have a rent controlled building in the City of Los Angeles. One of my friends owns a similar building that was built around the same time as mine. He tells me that he is not under rent control because he has a luxury exemption. I have never heard of that. What is…
DetailsLegal Tips When Buying an Apartment Building By Dale S. Alberstone, Esq. This month, let me suggest some ideas of a legal nature which may assist AOA members with their purchase of apartment buildings. While these tips may be used for all types of real property acquisitions, they focus on multi family dwelling structures.
Details‘s Here! The BIG Million Dollar Trade Show and Landlording Conference! Thursday, May 17th at the Long Beach Convention Center Hall C Mark your calendars for Thursday, May 17th for AOA’s Million Dollar Trade Show and Landlording Conference in Long Beach. You will meet just about every contractor and vendor you will ever need¦ it’s…
DetailsIntroduction to Smart Meters As Pacific Gas & Electric (PG&E) in Northern California along with Southern California Edison (SCE) and San Diego Gas & Electric (SDG&E) in Southern California roll out a combined total of 11.7 million new electric and 10.6 new, gas Smart Meters (so-called), we as a property management team see Californians’ Constitutional…
DetailsOn February 9, 1996 I was fired for personal reasons from an executive position with a large sales organization within the multifamily industry. For some, this day would be considered the day a large door was slammed shut. Instead, I will always remember this date as the day 1000 windows were opened! On this day…
DetailsThere are many different scenarios that can happen during tenancy. Here are a few with tips on how you may want to consider handling them. Making Exceptions If you need to make an exception when implementing the rules, make sure you document exceptions carefully. For example, if you decide not to charge a late fee…
DetailsOn December 17, 2010, the President signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (Act), revising the income, estate, generation-skipping transfer (GST) and gift taxes for 2010, 2011 and 2012. For 2010, the Act retroactively imposed an estate tax at a 35% rate with a $5 million exemption…
DetailsNo matter what anybody tells you, you cannot deduct personal, living or family expenses as business expenses. The IRS is committed to keeping your business expenses separate, despite a rise in fraudulent home-based business tax schemes. The IRS noted that the following examples are not considered ordinary and necessary expenses to run a business:
The cost to insure apartments rose slightly in 2011, the first time in four years, according to the National Multi Housing Council’s annual Apartment Cost of Risk Survey (ACORS). The survey, which is based on data covering 750,000 units operated by 57 apartment firms, shows the average (nonweighted) total cost of risk (TCR) rising 1%…
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