Continued . . . Doheny expanded his interests to Mexico, where in 1901 he drilled the country’s first well in Tampico, 300 miles south of Brownsville Texas. Nine years prior he’d arrived in Los Angeles too poor to pay for his boarding room, and now he was an international oilman. Doheny used the confusion of…
DetailsUnder California law, landlords must conduct periodic health and safety inspections for rental properties. These inspections ensure the properties are safe for tenants and protect the landlord’s financial investment. These inspections will save landlords money and headaches by checking on structural items and other portions of the properties. Before giving possession to a tenant, the…
DetailsI admit it. I want people to like me (and you thought lawyers don’t have feelings). Don’t get me wrong. I don’t much care if my opposing counsel likes me. Their disapprobation is like a badge of honor, validating that I must be doing something right for my client. But I do want my clients…
DetailsActive property management can be a full-time job. If you are considering a transition away from active property management to something more passive in your real estate investments, it pays to know exactly what your options are. A 1031 exchange can be a great strategy to defer taxes on your relinquished property; however, landlord responsibilities…
DetailsUnder 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…
DetailsUtility 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…
DetailsFor 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…
DetailsThe 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…
DetailsApartment 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…
DetailsBelow 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…
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