Did you come here from the always-excellent Eastsider LA blog? Welcome! As you’ll see from reading through the posts here, I am 100% focused on the business of apartment buildings, primarily in Northeast LA (East Hollywood, Silver Lake, Echo Park, etc.). If you’re reading, you probably own buildings already or hope to in the future. … Continue reading “Welcome, new readers!”
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Why you need to request estoppels on every apartment deal
Section 9C of the current California Association of Realtors Residential Income Purchase Agreement (“RIPA”) contains a check box which the buyer must check in order to require the seller to provide tenant estoppels as part of the sale process. Make sure you check it. (And if your broker doesn’t check it for you, get a … Continue reading “Why you need to request estoppels on every apartment deal”
Echo Park rent survey – May 2012
Just completed our semi-regular rent survey for Echo Park north of the 101, and the results are pretty interesting: Median asking rents for 1 bed / 1 bath apartments was $1,450, up a whopping 26% since February Median asking rents for 2 bed apartments was $1,995, down by 15% compared to February Median asking rents … Continue reading “Echo Park rent survey – May 2012”
When to refuse rent from a tenant
You might think that your job, as a Los Angeles landlord, is always to get your tenants to pay rent. And you’d be wrong. There is one situation where you absolutely do not want to accept rent from your tenant under any circumstances: When you have a tenant you want to get rid of and … Continue reading “When to refuse rent from a tenant”
One phrase you want to include in all apartment offers
Almost all contracts for the purchase and sale of apartment buildings in Los Angeles are created using the standard California Association of Realtors (CAR) form. Overall, I believe the terms of this standard contract are pretty fair for both buyers and sellers (with the exception of the seller’s ability to tie up the buyer’s deposit … Continue reading “One phrase you want to include in all apartment offers”
Why choosing a good listing broker matters
Some people have the impression that who your listing (selling) broker is doesn’t matter that much. After all, whoever it is is going to put the property up on the MLS, maybe have an open house or two, and then collect offers. Who cares how knowledgeable that person is? Why not just hire your cousin … Continue reading “Why choosing a good listing broker matters”
One space available on Saturday property tour
Just had someone cancel last minute, so we have room for one more. Here’s what we’re going to do: Meet at our office in Silver Lake at 1pm this Saturday Start with a quick discussion of the numbers behind our deals Go tour 2-3 of our properties where we’ll discuss what attracted us to the … Continue reading “One space available on Saturday property tour”
Why we have video cameras at our buildings
Hint: It’s not what you think. We have cameras because they’re very, very useful in resolving disputes with tenants. Here are a few examples: We had a tenant in 2516 Kent St. who insisted that she didn’t have a dog. She hadn’t disclosed a dog when she applied for the apartment and certainly hadn’t paid … Continue reading “Why we have video cameras at our buildings”
How I feel about Frost / Chaddock invading Sunset Junction
I, for one, welcome our new mixed-use overlords. You’d think I’d be pissed about a developer coming into Silver Lake and building 300+ rental units. After all, the rules of supply and demand would seem to indicate that this new competition will drive down the rents on my units in the area. But I’m thrilled … Continue reading “How I feel about Frost / Chaddock invading Sunset Junction”
When to hire a professional to lease your units
I’m all in favor of new landlords learning the business by doing. It’s only by making mistakes that we learn. But there is one scenario where I definitely recommend new landlords get some help: When they absolutely must, at all costs, lease out a unit. No one wants to buy from a desperate salesman. Period. … Continue reading “When to hire a professional to lease your units”