Roofing 101 Series: Restoration Coatings

Written by Apartment Management Magazine on . Posted in Blog

Industrial Suntan Lotion

Authored by Steve Pinkus, Owner of Royal Roofing Company

The phrase “out with the old and in with the new” sounds great at first, but new often equates to expensive. On the other hand, doing nothing doesn’t help, and ongoing maintenance only works for so long.

If you qualify, a full roof replacement can often be avoided with a roof restoration coating. If your roof is tired from battling the elements, you can likely bring new life to it with a rejuvenating system. A variety of coating options can be used in a restoration that is like a spa day for your roof. They revitalize in the short term, and in some instances, you’ll never have to replace your roof again.

Last Call for Opportunity Zones to Defer Capital Gains Taxes?

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By Christopher Miller, MBA

Recently, I helped a handful of my clients explore Qualified Opportunity Zones a a vehicle to defer their capital gains taxes.  My usual business consists of working with investors who have sold real estate, but these investors had sold stock, personal residences and businesses.  1031 Exchanges, of course, aren’t available to sellers of such assets, so we looked to Opportunity Zones as a way to help with potential tax problems.

The largest Opportunity Zone sponsors in the country don’t plan to offer these investments any longer after their current offerings sell out in early 2024.  This is because they do not expect Congress to extend the legislation that made them possible in the first place.  As this may be the “last call” for Opportunity Zones, I wanted to write about them this month.

Choose Gardens Over Lawns for a Healthier Community and Planet

Written by Apartment Management Magazine on . Posted in Blog

By Livable Content Team

Single-family homes, duplexes, multifamily complexes and businesses have traditionally fought for idyllic lawns with the aim of causing envy among neighbors and passersby. But at Livable, we think we have a better idea! 

It’s time to level up and consider trading the battle of lawn envy for a healthier, more colorful and more sustainable option: building a garden. Replacing lawns with gardens is a fantastic option for a better environment and overall way of living. Check out our reasons for installing a garden over the manicured grass, plus suggestions for the kind of garden you could opt for. Now is the time to start planning for an amazing garden this summer! 

Landlord/Tenant Questions & Answers

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Kimball, Tirey & St. John LLP

1.  Question: How can we determine if the roaches in the apartment were the result of bad housekeeping?  Is it our responsibility to get rid of the roaches?

Answer: Ask your pest control professional to give their opinion.  The court will rely heavily on expert testimony in these cases.  If you can prove the tenant was responsible for the infestation, they are responsible for the pest control cost. Landlords are responsible to make a unit habitable, which means free from pest control issues.

California’s Insurance Market Is Burning Down

Written by Apartment Management Magazine on . Posted in Blog

By Steven Greenhut

SACRAMENTO — It didn’t take long for my predications of an insurance crisis to come true.

In my American Spectator column in January, I predicted that California’s “rigged” insurance market was careening toward a crisis and leading “some companies to pull out of the state or, at least, to reduce their activity here.” In March, I wrote in the Wall Street Journal that “[i]nsurance companies are quietly fleeing California” as the state’s price controls leave consumers “more vulnerable to disasters.” These facts have been obvious, especially after recent wildfires.

Legal and Common Sense Strategies for Managing the Nuisance Tenant – Dealing with the Tenant Who is the “Pig in the Parlor.”

Written by Apartment Management Magazine on . Posted in Blog

By Nate Bernstein, Esq.  Managing Attorney- LA Real Estate Law Group  

Every property manager, owner, or general partner has had the nitemare tenant- that calamity Jane or that Pig in the Parlor- the tenant is a real nuisance and a pain in the rear. 

You have fielded and experienced complaints from tenant neighbors, that may include  arguments near the elevators, late night parties, late night phone calls, police visits, fights in the units or common areas, drug dealing, criminal threats, loud cars, too many cars parked at the complex, and causing excessive noise and disruption.  Other examples include, but are not limited to running a used car lot or auto repair shop at the apartment complex, excessive smoking, causing damage to the rental unit, or making an alteration to the rental unit that was not approved by the management, and using the property for an illegal purpose.    

How Would Vacancy Control Work in the Real World?

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By Gideon Kramer, Small Property Owners of San Francisco Institute (SPOSFI)

In 1980, the City of Berkeley passed a comprehensive strict rent control ordinance considered “strict” because it included vacancy control. Under vacancy control, city-mandated price controls continue to apply even after a voluntary vacancy occurs. This all changed in 1995 when the Costa-Hawkins Rental Housing Act (Assembly Bill 1164) (“Costa-Hawkins”) became state law, mandating that no local rent control could be passed on properties built after its date of passage.

Costa-Hawkins also abolished vacancy control. Berkeley took steps to comply. But it didn’t change its own ordinance. Only too ready to dust it off and bring it back to life, Berkeley prepared to automatically revert to the old rules if Costa-Hawkins was repealed. Opponents of Costa-Hawkins have spared no effort to enable Berkeley and other cities to do just that. Proposition 10 failed on the November 2018 ballot, again in November 2022 (Proposition 21), and a third attempt, the “Justice for Renters Act,” is in the works and gathering signatures for the November 2024 ballot.

The fight to repeal Proposition 19’s death tax isn’t over

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Last month, Senate Constitutional Amendment No. 4, a major legislative effort to repeal the dreaded “Death Tax,” lost by a narrow margin (4-3) before the Senate Governance and Finance Committee. Although opponents of the tax will continue to pressure the Legislature to act, there is a powerful alternative to address the harm inflicted by this record-setting property tax hike.

Over the last forty-plus years, the Howard Jarvis Taxpayers Association has successfully qualified numerous pro-taxpayer initiative measures starting, of course, with California’s iconic Proposition 13, approved by voters in 1978. In 1996, HJTA qualified, and the voters enacted the Right to Vote on Taxes Act.

8 Property Amenities That Are Profitable & Save Renters Money

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Max Glassburg

The right property amenities will keep renters engaged and more likely to renew their lease with you. Let’s look some of the amenities that are not only profitable but desired by residents.

1. High-speed internet & cable bundle

According to the 2022 NMHC Renter Preferences Survey, a whopping 89% of renters are interested in included high-speed internet. The only property amenities ranked higher in the survey (by a margin of 3% or less) are in-unit washers and dryers, air conditioning and soundproof walls.

A growing number of multifamily apartments, HOAs and condo communities have implemented bulk packages for internet and cable to meet the demand for this amenity.

The Experts Weigh-In: Five Security Deposit Questions Answered

Written by Apartment Management Magazine on . Posted in Blog

By Lauren Zumbach, Story by J.P. Morgan

With rents on the rise, some renters might be having a tougher time saving up for security deposits on top of initial rent and move-in costs. But reducing security deposits exposes property owners to additional risk. Here’s what to keep in mind if you’re asked for flexibility on a deposit.

How Large a Security Deposit Can a Property Owner Charge?

Security deposit laws vary by state, and cities can have their own rules, so it’s important to check regulations in your local area. Some states have no limits, while others may limit deposits to one to two months’ rent. Ann O’Connell, legal editor and attorney at Nolo, which has resources on security deposit laws, recommends property owners charge the largest security deposit the law or market conditions allow to reduce their risk if left with damage, or unpaid rent or fees at the end of a lease. If a property owner wants to reduce the up-front amount collected, they could consider dropping the last month’s rent requirement, because security deposits can be used to cover unpaid rent, O’Connell says.