Join Us for the 10th Annual Income Property Management Exposition on May 24th

Written by Apartment Management Magazine on . Posted in Blog

The Wait is Finally Over: Join Your Peers for the “Business of Property Management”

For over a decade, the Income Property Management Expo & Exhibition (IPME) has provided property owners, managers, investors, and real estate professionals with the information they require to succeed in the ever-changing real estate business.  With the increased demand for rental housing, an unprecedented rate of inflation, rising interest rates, and pandemic-driven moratoriums, it’s time to be reinvigorated, get back to work, join together with peers and industry experts, and learn how to navigate the new normal of today’s real estate marketplace. IPME attendees will discover many new strategies and tools property owners and investors require to thrive in this post-pandemic environment.

The Los Angeles Area’s largest, most important annual property management expo is back after a two-year, pandemic-driven hiatus, offering fresh strategies so attendees can get back into the game of making informed real estate decisions.

Written by Apartment Management Magazine on . Posted in Blog, Laws & Regulations, Leases & Legal

SEPTEMBER 3, 2020

Governor Signs Assembly Bill 3088, the “Tenant, Homeowner, and Small Landlord Relief and Stabilization Act of 2020”

Bill Passed by Overwhelming Majority, Bipartisan Vote in Both the Assembly (59-9) and Senate (33-2)

As anticipated, late Monday night, Assembly Bill 3088, the “Tenant, Homeowner, and Small Landlord Relief and Stabilization Act of 2020” was signed into law by Governor Gavin Newsom and takes effect immediately.  The “key” provisions contained in the legislation are described below.

Written by Apartment Management Magazine on . Posted in Blog

In response to the Coronavirus (COVID-19) pandemic, cities throughout California are issuing orders and adopting urgency ordinances establishing temporary eviction moratoriums on evictions due to non-payment of rent for renters impacted by COVID-19.  Some cities are also prohibiting “no-fault” evictions except in limited circumstances.  In addition, some cities are also prohibiting Ellis Act evictions.

The number of cities that have instituted temporary eviction moratoriums continues to expand.  The list provided below is a sampling of the cities, with links to their orders and/or ordinances, that have implemented temporary moratoriums and not inclusive of all the cities that may adopt such moratoriums.  The Apartment Association of Greater Los Angeles is committed to providing updated information throughout the pandemic.

Coronavirus (COVID-19): How Should Landlords Respond?

Written by Apartment Management Magazine on . Posted in Blog, For Landlords, Landlord Tips, safety

Rely on the People Who Know Science.

When coronavirus has been detected in a rental unit, the first and most compelling course of action is to call local public health officials to seek guidance in how to handle it.

Ask the infected tenant to voluntarily place themselves in a hospital facility, or at a bare minimum, self-isolate themselves.  For someone who exhibited symptoms or has tested positive, the most prudent course of action is to admit themselves into a medical facility. We still do not yet know, though, if the health care system can accommodate an influx of patients. In last Sunday’s press conference, New York Governor Andrew Cuomo says a serious concern for his state (and, by extension, California) is that the number of infected people can severely tax the resources of hospitals.  Alternatively, a resident who tests positive for the virus can ideally self-isolate themselves in the rental unit.  Asking someone to sever ties with the rest of the world, of course, is a request that is hard to swallow, but hopefully heeded.  Tenants who are infected should be told that in the interest of transparency, other residents will be notified that someone in the building has tested positive; however, the name of the inflicted tenant shall remain anonymous.

Public Health Advisory – March 24, 2020 Event Postponed

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As the situation surrounding COVID-19 (coronavirus) continues to evolve, the Apartment Association of Greater Los Angeles and the producer of the Income Property Management Expo & Maintenance Mania has been committed to working closely with the City of Pasadena Public Health Department, Los Angeles County Department of Public Health and we have been monitoring guidance being communicated by the Centers for Disease Control and Prevention.

State public health experts have determined that gatherings should be postponed or canceled across the state until at least the end of March. Non-essential gatherings must be limited to no more than 250 people, while smaller events can proceed only if the organizers can implement social distancing of 6 feet per person. Gatherings of individuals who are at higher risk for severe illness from COVID-19 should be limited to no more than 10 people, while also following social distancing guidelines.

As a result, we are postponing the March 24th Income Property Management Expo until Wednesday, October 7th.  The Expo at that time will again take place at the Pasadena Convention Center. In addition, Maintenance Mania will be cancelled until further notice. Additional information regarding the event will be made available as soon as possible.

New California Rental Housing Laws: AB 1482 Is Only the Beginning…

Written by Apartment Management Magazine on . Posted in Blog

While the rental housing industry in California has been abuzz about the latest rent control and “just cause” eviction law (more on that below), Gov. Newsom has passed five other rental laws. From extended rent increase notices to the mandatory acceptance of Section 8 vouchers, you won’t want to miss these other hot-off-the-press laws.

“Housing First” is a Failed Approach to Chronic Homelessness in California

Written by Apartment Management Magazine on . Posted in Blog

By Susan Shelley

How much money is enough to solve the homelessness crisis, and on what should it be spent? Every poll shows that Californians list homelessness as a top concern, and the posturing by politicians has reached theatrical proportions. For example, Gov. Gavin Newsom announced on November 3, five days before the statewide general election, that he was pausing the distribution of what remained of the third round of grants under the state’s Homelessness Housing, Assistance and Prevention program.

5 Valuable Tips for New Rental Housing Providers

Written by Apartment Management Magazine on . Posted in Blog

By Becky Lopez

Most new housing providers may think that once they’ve had a tenant living in their apartment or real estate property, their dream has come true, and all they have to do is to sit back and collect the rent. Often, this dream may turn into a nightmare sooner than you expect. Problems such as delayed payments and tenant issues such as lost keys and broken pipes may become the order of the day. If you’re a new property owner, some valuable tips can make the whole experience less troublesome and more enjoyable. Keep reading.

Multifamily Outlook 2023: Is A Recession Coming?

Written by Apartment Management Magazine on . Posted in Blog

Are we headed toward a national and/or global recession? This question is on many minds as we look ahead to 2023. So, what do multifamily property managers need to know in order to prepare? When nothing is certain, credible knowledge is our best defense against the unknown. This article explores vital insights from the final Yardi Matrix National Multifamily Report of 2022 to provide some answers.

How to Plan Your Delaware Statutory Trust to Remove the Stress of a 1031 Exchange

Written by Apartment Management Magazine on . Posted in Blog

by Matt McFarland

Any investor who is considering selling a piece of investment real estate will undoubtedly consider a 1031 Exchange. 

A 1031 Exchange refers to the IRS code that allows significant tax advantages for investors.  How? When you sell an investment property and you have a profit, you normally are required to pay capital gains tax. A 1031 Exchange allows you to sell your investment real estate and reinvest the proceeds in a “like-kind” property, which defers any capital gains and other related taxes. This doesn’t mean you are eliminating any of these taxes, rather you are able to defer them until a later date. 

Softening Rents, Rising Utilities: How to Boost Your Bottom Line in a Tougher Housing Climate

Written by Apartment Management Magazine on . Posted in Blog

Contributed by the Livable Content Team

The rental market in the U.S. today is in flux. People pay 40% of their income to rent their homes – rent has reached the highest number ever. Only 25% to 35% of gross income paid for rent is considered an affordable standard where renters are not considered to be “rent burdened.” It’s understandable that a market correction is coming, and it appears to be here on the horizon.

In the face of rising rental prices, more states are discussing rent control measures (including hot spots like Florida and Nevada). Yet, October 2022 saw the third largest drop in rental market prices since 2010. Housing providers and residents alike are being squeezed by inflation that, while slowing, is still much higher than we’ve seen in recent years, causing people to stretch every paycheck further. On top of all of that, conservation concerns and supply/demand dynamics are driving ever-increasing utility costs. From 2010 to 2019, water prices went up by about 60% for a family of four. Electricity costs have spiked recently, partially due to the current crisis in Ukraine. With winter on the horizon, those costs are expected to increase. According to a recent piece on CBS News:

Dear Maintenance Men:

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By Jerry L’Ecuyer & Frank Alvarez

Dear Maintenance Men:
I need to do some caulking in my apartment unit, both inside and outside the unit.  However, I am confused.  I stood at the home improvement center’s caulk section and stared for ten minutes.   I still don’t know what to buy!!!   Can you help explain the different types of caulks and where to use them?
Frank

Dear Frank:
Let us try to break down the most common of caulk types and when and where to use them. 

1:         Acrylic Latex caulk (painter’s caulk):  Inexpensive, easy to use, water cleanup. 
 Not for use in damp locations such as bathroom or kitchen or outdoors.  Designed to be painted over. 

2:         Vinyl Latex caulk:  Easy to use, water cleanup and can be used outside.  Not very flexible; use in expansion joints is not recommended.

3:         Acrylic Tile Sealant:  Easy to use, water cleanup.  The sealant is perfect for bathroom and kitchens and other wet locations.  It is mold and mildew resistant.  Paintable.

4:         Siliconized Acrylic Sealant:  Easy to use, soap and water or solvent cleanup.  Perfect for porcelain tile, metal and glass.  Similar to Acrylic Tile Sealant, but tougher and longer lasting.

5:         Pure Silicon:  Best for non-porous surfaces.  Long lasting, indoor/outdoor caulk.  Super flexible and strong.   Harder to use than any of the above caulks. Solvent cleanup. Mold and mildew resistant.  Could smell until cured.

6:         Butyl Rubber:  Best use is outdoors.  Messy to use.  Perfect for sealing roofs, valleys, gutters, flashing and foundations.  Moisture and movement tolerant.  Sticks to anything.  Cleanup with solvents.

7:         Elastomeric Latex Caulk:  Water cleanup. Longest lasting caulk. Great adhesion to almost all surfaces and can stretch close to 200%.  Elastomeric caulk is very tolerant to wide temperature and weather extremes. It is most often used outdoors. This caulk can bridge gaps up to 2 inches wide and deep.  The caulk dries very quickly, tool the caulk immediately after application.

Selecting a Qualified Roofing Contractor

Written by Apartment Management Magazine on . Posted in Blog

There’s More to Pick Than Just Price

Regardless of the price, your roof is not affordable if it leaks each time it rains. That’ll of course be long after the contractor is gone, and you’ll be stranded in the rainy season to fend for yourself while your tenants scream at you about water damage. Maximizing value is about selecting the best roofing contractor, who uses 1st quality materials with certified workmanship, all at an affordable price.

Too often, property owners and managers fall victim to letting their guard down. Many roofing salesmen hope you skip the background check and make a knee-jerk decision to get a “deal.” Then, you’re unfortunately stuck with a problematic and leaky roof for years to come…

The Top-20 Metro Areas Experiencing Rental Application Fraud

Written by Apartment Management Magazine on . Posted in Blog

By Daniel Berlind, Chief Executive Officer, Snappt

Rental Application Fraud- Can It Happen to You?

During the rental application process, if you are like most property managers, you’ll ask your applicants for pay stubs, contact information, social security numbers, and bank statements. You’ll also run credit checks upfront and other verifications to vet your prospective renters.  All sounds familiar. Maybe not so familiar, are a few rental application statistics that will catch your attention:

Landlord/Tenant Questions & Answers

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Kimball, Tirey & St. John LLP

  1. Question:  My tenant asked me to accept a payment from a third party for half of her rent. We have a policy not to take third party payments. Can I refuse?

Answer: No, you are required to accept third party payments provided that the third party payment also comes with a statement that says that the payment would not create a landlord tenant relationship with the third party.

Build “Community” in Your Apartment Building

Written by Apartment Management Magazine on . Posted in Blog

By David Crown, Los Angeles Property Management Group

It might not be something you can check for when you receive an apartment application, but in my experience, the best tenants are those who care about one another. If you own an apartment building and can manage to build community for residents living there, you benefit by bolstering their sense of fellowship in the neighborhood, and you gain benefits for your property by making the residents more likely to respect it.

Community creates a home, and if your tenants feel at home instead of like they’re just passing through, they’ll take better care of their space. A strong sense of connection will also ultimately make your property more desirable to renters, and thereby worthy of higher rent in the long run. We’re all searching for community in one way or another. Creating it for the people who rent from you can make owning apartments a uniquely rewarding experience.