Have had this question a few times in the past few weeks so I figured I’d answer it for everyone: How are security deposits handled in a sale? First, owner typically do not maintain a separate account for security deposits. When a tenant moves into the building, he gives the landlord a check for the … Continue reading “How security deposits are handled in a sale”
Author: Moses Kagan
Why a quiet marketing period makes sense
When it comes down to it, most brokers who sell residential properties don’t know a lot about marketing income property. (One easy way you can tell is that most of them don’t include information that is absolutely critical to an income property investor – like the rents! – in their MLS listings.) But why does … Continue reading “Why a quiet marketing period makes sense”
Bank error in my favor; collect $1400
It is customary, in Southern California, for the seller in a real estate deal to choose the escrow company. Generally, when I’m representing a buyer, and the buyer asks me if she should be concerned about the company chosen by the seller, I give a speach about how I’ve closed 30 or 35 deals over … Continue reading “Bank error in my favor; collect $1400”
West Hollywood Rent Survey – November 2012
This week, we’re looking at rents in West Hollywood. Keep in mind that West Hollywood is its own city, separate from Los Angeles and with its own rent-control law. Also, West Hollywood has historically had a fairly progressive view on development, meaning that the city is dense and there are lots of apartments. All of … Continue reading “West Hollywood Rent Survey – November 2012”
Fixing a screwed-up building
Got a call today from a guy who inherited control of a screwed up apartment building. I have a lot of sympathy for people in that situation, since it happened to my family back east. The dilemma is this: You know you have an asset which is not performing. You know that it will cost … Continue reading “Fixing a screwed-up building”
Closed deal #2 for the new fund today
We just bought another 4plex today, this one in Silver Lake, walking distance to Sunset Junction. Second deal for the new fund (first was also a 4plex, that one in Echo Park) Super excited.
Should you accept late rent?
Just had a client buy a building where we found out very late in the process that the owner had been allowing one of the tenants to pay on the 15th of each month. Nothing in the lease or estoppel indicated that this was the case, so we were able to get the seller to … Continue reading “Should you accept late rent?”
2241 Branden is sold
We’re recording today on the sale of 2241 Branden St., a 5 unit apartment building we renovated in Silver Lake. Here’s a pic: Here are the numbers: Units are four 2/2s and one 3/3 Bought for $797k Renovated for $308k All in for a hair over $1.1MM Rent roll of $128k / year upon … Continue reading “2241 Branden is sold”
If you’re reading this on 11/6/2012, you’re doing the wrong thing
Nothing you will do today is as important as exercising the sacred franchise. Google “find polling place”, enter your address, and get over there and get it done. Believe me, I’ll talk / write about real estate until the cows come home. But that’s for any other day. Today: Go vote.
Why can’t LA be more like Santa Monica?
Regular readers know I have a major beef with LA’s insane parking requirements on new developments. Without getting into all of the specifics, the key point is that the amount of parking required by the municipal code pretty much guarantees that you get either suburban style retail (surrounded by huge parking lots) or generic monstrosities … Continue reading “Why can’t LA be more like Santa Monica?”