Just finished leasing up a 5 unit Echo Park project we did with some partners. Leased all units between Wednesday and Sunday night of last week at rents ranging from $100-250 above forecasts. Read that again. On this deal, after paying us our fee, our partners own a brand-new, renovated apartment building for under 9x … Continue reading “Done and done”
Category: Property Management
Yet another inspector!
A few days ago, I got notice of yet another type of inspection to which apartment buildings in LA are apparently subject. It turns out that the county Health Department makes it their business to inspect every building every year. Of course, despite owning and managing more than 20 buildings at various points over the … Continue reading “Yet another inspector!”
LA apartments need carbon monoxide detectors
As of the 1st of the month, all Los Angeles apartments are required to have carbon monoxide detectors in addition to smoke detectors. Regular readers know I’m not exactly the biggest fan of the way LA regulates landlords. That said, this one is kind of a no-brainer. There’s no reason people should be dying from … Continue reading “LA apartments need carbon monoxide detectors”
Never let a tenant use the security deposit for rent
Am helping a client close on a nine apartment building in Silver Lake tomorrow. One of the tenants has given notice of his intent to vacate at the end of this month. When I reviewed the rent statemnt in advance of closing, I noticed that the current landlord allowed the tenant to use his security … Continue reading “Never let a tenant use the security deposit for rent”
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?”
Why you can’t just compare LA and Santa Monica cap rates
Spent some time over the past few days looking at properties in Santa Monica and West Los Angeles for investors. As I looked at buildings in both places, I started to realize that you can’t really compare them easily. Why? Theoretically, you should be able to. After all, a cap rate is a cap rate, … Continue reading “Why you can’t just compare LA and Santa Monica cap rates”
The $100,000 eviction
I got a call from a regular reader the other day about his building in Los Angeles. I’m going to share his story and I hope he won’t mind. This guy has several great, normal tenants and one low-paying, rent controlled tenant who has a kid with pretentions to gang-bangerness. The kid has done all … Continue reading “The $100,000 eviction”
How one little equation perpetuates slum conditions
Dave C commented on yesterday’s post asking, in effect, what can be done about a rent control building which is deteriorating. The short answer is: nothing. The reason is one little equation. If you’re the owner of a rent-controlled building with below-market tenants in Los Angeles, your tenants are never leaving. You can’t raise the … Continue reading “How one little equation perpetuates slum conditions”
Single family homes and rent control
Have been seeing a lot of searches coming through from owners of single family homes currently being used as rentals in Los Angeles. Want to clear up some confusion: If you own a single family home on its own lot, your property is not covered by the Los Angeles Rent Stabilization Ordinance (rent control). That … Continue reading “Single family homes and rent control”
Ways into the apartment business
I met with a reader of this blog last week (hi Christina!) to discuss how she could get started in the apartment business. I spent a bunch of time blabbering to her and then realized that some of what I had said might interest those of you who are also considering making a career in … Continue reading “Ways into the apartment business”