James's Blog

BEAUTIFUL LOFT STYLE UNIT FOR LEASE NEAR LARCHMONT VILLAGE

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Thu, 25 Jun 2009 18:22:03 -0500

Victor M. Rex | Golden Estate Management | 888-999-6575

5806 Waring Avenue, Los Angeles, CA

Rare Vacancy near Larchmont Village

2BR/2BA Condo

$2,750/month

Bedrooms	2
Bathrooms	2 full, 0 partial
Sq Footage	Unspecified
Parking	2 dedicated
Pet Policy	Cats, Dogs (any)
Deposit	$2,750

DESCRIPTION

Beautiful unit constructed in 2007.

2 Bedroom / 2 Bathroom
Lof style with high ceilings and oversized commercial windows.

Friendly pets are okay with approval.

Units are equipped with new appliances, including refrigerator, dishwasher, microwave, range, and washer / dryer.

see additional photos below

RENTAL FEATURES

Air conditioning	Central heat	Fireplace
High/Vaulted ceiling	Hardwood floor	Living room
Loft layout	Dishwasher	Refrigerator
Stove/Oven	Microwave	Stainless steel appliances
Washer	Dryer	Balcony, Deck, or Patio
Cable-ready

COMMUNITY FEATURES

Garage parking	Guest parking	Gated property
Secured entry	New property (< 5 years)

LEASE TERMS

Minimum 6 Month Lease

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Victor M. Rex

Golden Estate Management

888-999-6575

Equal Opportunity Housing

Posted: Jun 11, 2009, 5:29pm PDT

2BD 2BA REMODELED APARTMENT ON DOHENY AND BEVERLY

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Thu, 25 Jun 2009 15:41:43 -0500

Victor or James | Golden Estate Management | doheny@gemanage.com | 310-930-6855 or 888-999-6575

125 North Doheny Drive, Los Angeles, CA

Multiple units available, all of them 2 bedroom and 2 bathroom. Many completely remodeled, from brand new flooring to light fixtures and granite count

2BR/2BA Apartment

$1,800/month

Bedrooms	2
Bathrooms	2 full, 0 partial
Sq Footage	Unspecified
Parking	2 dedicated
Pet Policy	No pets
Deposit	$1,800

DESCRIPTION

Completely remodeled two bedroom, two bathroom apartments near Beverly and Doheny, in Los Angeles one block from the City of Beverly Hills. Hardwood floors, crown molding, fireplace in living room. Multiple 2bd units available ranging from $1,800 to $2,050.

see additional photos below

RENTAL FEATURES

Air conditioning	Central heat	Fireplace
Hardwood floor	Tile floor	Living room
Dishwasher	Stove/Oven	Microwave
Granite countertop

COMMUNITY FEATURES

Garage parking	Covered parking	Laundry on-site
Secured entry	Elevator

LEASE TERMS

One year minimum lease, first and last on approved credit.

ADDITIONAL PHOTOS

Courtyard	Courtyard
Living Room	Living Room
Bedroom	Bathroom

Contact info:

Victor or James

Golden Estate Management

doheny@gemanage.com

310-930-6855 or 888-999-6575

Equal Opportunity Housing

Posted: Jun 25, 2009, 11:06am PDT

GORGEOUS ARCHITECTURAL LOFT STYLE UNIT FOR LEASE

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Tue, 16 Jun 2009 17:38:02 -0500

Victor M. Rex | Golden Estate Management | 888-999-6575

5806 Waring Avenue, Los Angeles, CA

Rare Vacancy near Larchmont Village

2BR/2BA Condo

$2,750/month

Bedrooms	2
Bathrooms	2 full, 0 partial
Sq Footage	Unspecified
Parking	2 dedicated
Pet Policy	Cats, Dogs (any)
Deposit	$2,750

DESCRIPTION

see additional photos below

RENTAL FEATURES

Air conditioning	Central heat	Fireplace
High/Vaulted ceiling	Hardwood floor	Living room
Loft layout	Dishwasher	Refrigerator
Stove/Oven	Microwave	Stainless steel appliances
Washer	Dryer	Balcony, Deck, or Patio
Cable-ready

COMMUNITY FEATURES

Garage parking	Guest parking	Gated property
Secured entry	New property (< 5 years)

LEASE TERMS

Minimum 6 Month Lease

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Victor M. Rex

Golden Estate Management

888-999-6575

Equal Opportunity Housing

Posted: Jun 11, 2009, 5:29pm PDT

$1950 LEASE 2BD 2BA REMODELED APT CORNER UNIT ON TOP FLOOR

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Wed, 10 Jun 2009 17:03:06 -0500

Victor Rex | Golden Estate Management | doheny@gemanage.com | 888-999-6575

125 North Doheny Drive, Los Angeles, CA

2 BEDROOM IN EXCELLENT LOCATION, BEVERLY HILLS ADJACENT

2BR/2BA Apartment

$2,050/month

Bedrooms	2
Bathrooms	2 full, 0 partial
Sq Footage	1,120
Parking	2 dedicated
Pet Policy	No pets
Deposit	$2,050

DESCRIPTION

see additional photos below

RENTAL FEATURES

Air conditioning	Central heat	Fireplace
Hardwood floor	Tile floor	Living room
Dishwasher	Stove/Oven	Microwave
Granite countertop	Cable-ready

COMMUNITY FEATURES

Garage parking	Covered parking	Laundry on-site
Secured entry	Elevator

LEASE TERMS

One year minimum lease, first and last on approved credit.

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4

Contact info:

Karelina Elena

Golden Estate Management

doheny@gemanage.com

310-720-8973

Equal Opportunity Housing

Posted: Jun 10, 2009, 1:48pm PDT

How Much Work is a Rental Property?

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Fri, 05 Jun 2009 01:49:34 -0500

If you're considering investing in a rental property, you may be wondering how much work to expect in your new role as landlord. The amount of work depends largely on the type of building, its condition, and the tenants you acquire.

A single-family dwelling as opposed to a four unit building will present different issues and challenges. With more units comes more mechanical items to maintain and repair, such as appliances, heating and cooling systems, etc.

In general, the better the condition of your building at the time of purchase the less work you will likely have to attend to. Deferred maintenance from a previous owner on small items can turn into big, ongoing problems for a subsequent landlord. A minor leak in pipes that is not corrected in a timely fashion can turn into floor and/or ceiling issues and mold or rot problems.

The difference between a profitable or disastrous can often be attributed to how much work an investor is willing to put into their property. A successful landlord must be willing to screen tenants, respond immediately to repair requests, and track down overdue rents. If a landlord cannot or does not want to handle these areas of work on their own, it would be in their best interest to hire a management company to take care of all these important details on their behalf. For excellent service in the Greater Los Angeles, Fort Worth and Oklahoma City areas, contact us at www.GoldenEstateManagement.com.

How Do You Start Your Day?

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Fri, 05 Jun 2009 01:32:53 -0500

This morning I read a simple question, "How do you start your day?"

Not, "What do you do when you get up?" or "What is your routine?" The question was aiming at attitude. How do you wake up in the morning? Do you start your day feeling energized and looking forward to the challenges, adventures and rewards that await you? Or do you start your day feeling tired thinking of the twenty-four hours ahead, with a sense of dread or drudgery about the tasks you must attend to?

Chances are the way you start your day is also reflected in the way you approach many things in life. How do you approach your work, raising your children, your social life, your health and fitness? We all have a long laundry list of responsibilities that can feel overwhelming at times. How would our attitude about that list change if we simply tried re-framing our approach? Tomorrow morning, if that sneaky little sense of tiredness and dread creeps into your thoughts, try changing the story in your mind. Look at the day as a new opportunity to grow, change, appreciate, and start afresh.

Locking Up - providing locks for your rental units

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Thu, 04 Jun 2009 01:35:48 -0500

In order to provide a rental unit that may be reasonably secured by a tenant, a landlord must provide locks on doors and windows. Some jurisdictions have specific laws regarding what kind of locks a landlord is to provide. Below is a list of locks and safety devices a landlord is generally required to provide:

a window latch on each exterior window
a doorknob lock or keyed deadbolt on each exterior door
a sliding pin lock on each exterior sliding glass door
a sliding door handle latch, or security bar on each exterior sliding glass door
a key-less bolting device (one that can only be locked and unlocked from the inside) and a peephole on each exterior door

If a lock breaks due to normal wear and tear, a landlord may not charge the tenant for replacement or repair of that lock. If, however, a lock or device is damaged due to misuse by the tenant, tenant's guests or family members, the landlord can require the tenant to pay for it.

Golden Estate Mangement strictly adheres all guidelines and local laws regarding security for the tenants of the buildings we manage. For more information about all of our services, visit www.GoldenEstateManagement.com. We serve the Greater Los Angeles, Fort Worth, and Oklahoma City areas.

Safety in the Summer Months - Lock Up!

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Thu, 04 Jun 2009 00:47:50 -0500

As the warmer weather of summer approaches, it's natural to want to open up our doors and windows and let in the fresh air. Keeping our homes well ventilated with circulating air helps keep down the cost of air conditioning and is a greener choice for overall energy use. Just make certain your smart about it, in terms of safety.

Many home burglaries happen in the summer months, simply because home owners and renters tend to be more lax about locking up windows and doors on a regular basis. Make certain that when you leave your home you've locked all doors and windows, even if you're only planning on being out for a short period of time. It's smart to leave a radio playing or small light on to give the impression that someone is home, or will be within a short period of time. Consider placing a few interior lights on timers, to go on at certain times of day and installing motion detector lights outdoors in walkways, near garages and laundry rooms.

While home, make sure no one can enter your home undetected through an open screen door or easily accessed windows.

Simple, inexpensive precautions can help you, your family, and your tenants be safe and secure this summer and all throughout the year.

Much Ado About Nothing...Tenants and a Sold Building

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Sun, 24 May 2009 18:14:57 -0500

When an income property occupied by tenants changes ownership, what happens to those tenants?

Nothing.

The new landlord must honor the terms of the lease agreement between the previous owner and the tenants. Change of ownership is not cause for eviction, unless there is a provision in the lease agreement permitting the landlord to terminate the lease upon sale of the property.

A lease is not a unilateral instrument. Both the landlord and the tenant have to abide by the terms agreed upon by both parties. If the landlord agrees to rent the unit to a tenant in exchange for monthly rental payments for a specific period of time, neither party can break the lease without cause or a specific clause written into the lease.

Relocation, however, may be an option. A landlord who has recently acquired a tenant-occupied building will need to check with state and local rent control laws. In most cases, a landlord can terminate a lease after 90 or 120 days, and must usually pay relocation expenses and fees for the tenant.

A new landlord can ask for a new lease agreement with a tenant, however the tenant is not required to sign one, especially if the new agreement is not advantageous for the tenant.

Types of Rental Property Investments to Avoid

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Fri, 15 May 2009 17:43:40 -0500

The first and probably most obvious type of rental property to avoid is any property that would create a negative cash flow. After all, it's called an "income" property. A property that will cost you money each month is not a wise investment

Do not invest in properties that have upcoming costs or expenses that are not predictable. Unknown or indeterminable costs can turn a profitable property into a costly endeavor that will cost you money month after month of ownership. For example, if the city has stated that a new sewer line will be installed in the street there is no way to estimate what the cost might be to connect the property to the new sewer line. It may be a very simple repair at little cost. Or it could be a massive job requiring the removal of intrusive tree roots and rocks with could end up being a small fortune. If there are any stated unknown upcoming costs on a property, pass it up and move on to something that is less risky.

Avoid properties that could be difficult to rent. A vacant building will not be giving you the revenue you need to cover your mortgage and operating expenses, let alone make a profit. Some locations might be inherently difficult to find renters for, depending on the proximity of roads, train tracks, or other noise factors. Ask yourself if you would want to live in a place that had undesirable neighbors such as a junkyard, an extremely noisy nightclub, etc. If the monthly amount you would need to collect is likely to be unattainable it would probably prove to be a bad investment.

How to Show Rental Property to Prospective Tenants

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Tue, 12 May 2009 00:44:39 -0500

When a prospective tenant calls and wants to see a vacant or soon-to-be-vacant rental unit, set up an appointment time with them for a showing. Let the tenant walk around the property, inspect the unit, and ask any questions they have about the unit, building or neighborhood. Point out the features of the property and the amenities available to them, should they decide to live there.

If the unit is occupied, you will need to give your current tenant at least 24 hours notice about the showing. While you hope they will be cooperative and help the unit show well by leaving it in a clean and tidy fashion, there is really no way to enforce this. You may encounter piles of dirty laundry and dishes in the sink. Just hope that the prospective tenant can see past any mess and be aware of the quality of the place itself.

Be careful not to say anything that could be considered steering. An example of steering would be to say that a particular unit would be good for a family with small children because children tend to be noisy and the unit only shares one wall with a neighbor. Such statements could be construed as discriminatory to someones familial situation. In general, you don't want to make any suggestions about the possible usage of a rental unit based upon the possible occupants.

Reasons You Might Want to Allow a Tenant to Break Their Lease

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Mon, 11 May 2009 00:49:47 -0500

Sometimes unforeseen changes occur in peoples' lives that necessitate a sudden and even unwanted move. Job change or loss, family circumstances, and a bevy of other situations may mean a sudden move for one of your tenants. As a landlord, there may be several reasons to allow your tenant to break their lease:

The unit has been rented for less than market value, and you could rent it for more than it's current rate
You would like to do upgrades, work or repairs to the unit
The tenant offers or agrees to pay an early termination fee
You would rather avoid a dispute with your tenant
You want to avoid the hassle and court costs involved with an eviction or collection proceeding

Successful landlords know it is often best to work with a tenant that wishes to terminate a lease agreement early. Once a tenant has decided to move out, your main goal is twofold; to make sure the renter moves out without damaging the unit and properly terminates the rental agreement so you can turn the unit around and rent it again. An agreement for early termination is usually in everyone's best interest.

A professional property management company, such as Golden Estate Management, can handle these and all rental issues for you. For a full description of our services, please visit www.GoldenEstateMangement.com. We serve the greater Los Angeles, Fort Worth, and Oklahoma City areas.

What is "Normal" Wear and Tear?

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Sun, 10 May 2009 02:29:46 -0500

Many lease agreements make allowances for "normal wear and tear," but what does that term really mean? It's a vague term that means different things to different people. The important thing to remember is that normal wear and tear differs from damages. Here is a list of some examples of normal wear and tear:

Faded Paint
Leaking or Broken Plumbing Pipes (unless it's clearly a result of tenant damage)
Furniture Marks in the Carpet
Hole or Mark in the Wall from a Missing Doorstop
Dirty or Dusty Blinds
Dust in the Unit

Damages, however, are problems or repairs that need fixing as a result of some action of the tenant. It is reasonable and expected that damages be re-cooperated by the landlord through deductions from the security deposit at the time the tenant vacates the unit. Some examples of damages are:

Broken Doors or Windows
Tears in the Carpet
Holes in Walls from Hanging Pictures or Mirrors
Larger Holes in Walls
Missing or Broken Blinds or Curtains
Animal Stains
Flea Problems caused by Tenant's Animals
Burn Marks caused by an Iron, Cigar, or Cigarette
Smoke Damage from Smoking or Candles

It's in the landlord's and the tenant's best interest to do a move-in and move-out walk-through inspection, making detailed notes of any apparent defects. Both the landlord (or management company) and the tenant should sign the inspection to ensure there is no discrepancy as to what defects were there to begin with, and what damages were caused during the tenancy.

What Kind of Security Must a Landlord Provide?

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Sat, 09 May 2009 02:18:09 -0500

The kind and degree of security you provide for your rental property depends entirely on local laws. Some local laws may require you to provide outdoor security lighting.

Fences may be necessary to make your property more secure. It is recommended that you use wrought iron or open-slatted fences of another material as opposed to solid fences. Criminals can more easily hide behind solid fences. Fences also control access to and from your building, such as from garage or alley spaces behind or around the property.

Security cameras are sometimes installed at the entrance or in the corridors of apartments buildings. These cameras are then connected to DVD recorders which can track who enters and exits the premises.

Most locales will not require these additional measures for security. However, if your building has a history of criminal activity, you may want to consider these and other security features to protect your investment and your tenants. If one of your tenants or their guests were injured as a result of what might be considered negligence for not upgrading the security of the building, you could possibly be found liable if they were to pursue monetary damages.

Check your local laws to make certain of any requirements.

Tenants Taking Liberties with Repair Deductions

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Sat, 09 May 2009 02:01:15 -0500

What should a landlord do if a tenant makes and pays for a repair, then deducts the cost from their rent payment without prior authorization?

If the repair was necessary and the cost reasonable, it's probably best to accept the deduction from the rent, provided the receipt and explanation is included. A letter thanking the tenant for taking care of the problem can go a long way in maintaining good will for the future. There, of course, is no harm in mentioning in the letter that it would be preferred, if possible, to let you know ahead of time about any needed repair and receiving permission before proceeding to arrange and pay for it.

An example of a reasonable and legitimate repair would be a broken water hose that feeds the washing machine. If the tenant spends a nominal amount on the part and repairs it themselves, that tenant has actually saved you money. The cost of your time, or the actual payment of a repair man or handyman, let alone the cost of potential water damage had the problem gone unnoticed or unaddressed, would have been much more than the small cost of the part your tenant is seeking reimbursement for.

Open communication is the key here. Let your tenants know how to handle such events in advance and you'll sidestep any problems in this area.

Abandoned Personal Property of a Tenant

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Tue, 05 May 2009 01:34:05 -0500

If a tenant vacates a rental unit, and leaves personal property behind, what is a landlord to do?

Each jurisdiction has it's own laws regarding abandoned personal property. Generally, a landlord must try to contact a former tenant at every known address the tenant has provided including a work address, nearest relative, etc.

Often the law will require a landlord to post a notice of abandonment on the door of the rental unit. If the tenant does not contact the landlord within a specified amount of time, the landlord can then enter the premises and clear the contents. The personal property would then be stored, and the unit can then be turned over for future rental. If the personal belongings go unclaimed for a certain amount of time, the landlord would then have the right to sell the personal property and use the earnings for such costs as removal and storage.

It's important to inventory and take pictures of all personal property before removing it to a storage space. Remember, one persons junk is another persons treasure and you wouldn't want to run the risk of being accused of mishandling someones belongings should they come to claim them.

Managing Stress

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Tue, 05 May 2009 01:24:59 -0500

There is much to feel stressed about in today's world - the roller coaster that is the economy, record unemployment rates, the extremely challenging real estate market, and now the swine flu! Life is always full of stresses of one sort or another. And the fact that the news media likes to capitalize on our fears by sensationalizing each and every one of these items doesn't help much either.

Because there is so much stress in the air, it's more important than ever to take good care of ourselves. Adequate sleep, good nutrition, exercise and downtime are the cornerstones of good health and a happy life. Yet so many of us are having to work so much harder, for less of a return, it's difficult to remember to take care of ourselves. The reality is that we have to make taking care of ourselves an absolute priority, especially in times of stress. Stress that goes unchecked can result in many physical ailments and illnesses. And if we do not have our physical, mental and emotional health we have nothing. We must take care of ourselves so that we have something to give...to our work, our families and our communities.

Let's all take a moment to take a breath, and remember that these are trying, stressful times and we need to take extra care, with ourselves and with each other.

When a Landlord Refuses to Make Repairs

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Mon, 04 May 2009 02:07:50 -0500

What rights does a tenant have when a landlord refuses to do repairs?

Well, it depends largely on the type of repair. If a needed repair renders a unit inhabitable and could be considered an emergency, a court would likely side with the tenant. If a toilet is backing up and not working, a court would likely rule that a tenant was in the right to call a plumber right away to remedy the problem and seek reimbursement from the landlord. Some local rent control laws may even provide for such urgent repair costs paid by tenants to be deducted from the subsequent month's rent.

Smaller and less urgent repairs, such as a washing machine repair, should be taken care of by the landlord if use of the appliance is included in the lease agreement. If the landlord provides such an appliance, it is their responsibility to maintain or replace it when necessary. With non-emergency repairs, it's a question of what is reasonable or not. If the landlord has been notified of a problem, and some time has gone by, it would likely be ruled by a court that it's reasonable that a tenant made the repair and is due reimbursement for parts and labor.

Planning for Major Repairs and Renovations

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Mon, 04 May 2009 01:39:44 -0500

If you are a landlord and owner of a building for any significant period of time, chances are you will at some point have to deal with major repairs or renovations to your property. You may be wondering what the best way is to plan for such work. Here are some things to keep in mind to make the process as smooth as possible.

First, try to do major repairs and renovations during a turnover period. It's easier to get workers in and work completed when a property is vacant.

This is not always possible, however, with the need to schedule around tenants, contractors, and weather factors. If it's not conceivable to do major work while units or buildings are vacated, your best bet is to communicate early and often about upcoming work plans with your renters. For example, you may start telling your tenants that the roof will be redone "sometime next spring." Then as the time draws nearer, remind them that the previously mentioned work will start "during the month of April." Make sure to follow up and remind them the week before that work will commence. That way, no matter the week it begins, your tenants will have been notified and will expect some degree of noise or disruption

Open and frequent communication is the key to a smooth interaction with your tenants during any major repair or rennovation. If you utilize the assistance of a professional management company, such as Golden Estate Management, all of this will be handled for you. Please look at a complete list of our services at www.GoldenEstateManagement.com.

How can I Reduce Utility Costs?

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Thu, 30 Apr 2009 20:49:52 -0500

There are several things a landlord can do to reduce utility and energy costs. Some simple and very effective things are installing energy efficient appliances, installing timers, and weatherizing your building.

Many makers of appliances now have energy saver lines that save a great deal of electricity. Some have the "energy star" designation, or other names that refer to their lower energy and water use capabilities on such appliances as dishwashers, refrigerators, washers and dryers . When you go to shop for your rental units, remember that a little more money spent up front on the initial cost may save you hundreds of dollars in utility costs over the life of the appliance.

Timers or motion detectors on exterior lights in common areas can cut down on extraneous use immensely. Timers on sprinkler systems can also cut down on water costs. Another thing to check on your sprinkler system is that the spray is directed appropriately. There's no use in watering the sidewalk or driveway!

If you haven't already, consider installing insulation and weather stripping to cut down on electricity and gas costs.

Consider shopping around for the best rates. Recent changes in law require one utility company to provide usage access to their lines for other utility companies. If your building is in an area that has a choice of providers, it's worth a little time shopping around for competitive rates.

Lastly, you may be able to have separate meters installed for each unit from such utility providers as the gas, electric and water companies. That way, the tenants will be responsible for the monthly payment of their own usage. A tenant is much less likely to use utilities in a wasteful or careless manner if they have to foot the bill.

Should a Landlord Allow Tenants to Paint?

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Mon, 27 Apr 2009 20:47:00 -0500

While no set rule exists on tenants painting their own units, the issue should be addressed in your lease agreement. If a unit requires painting due to normal wear and tear, it is always the landlord's responsibility to paint. Chipped or peeling paint must be corrected, as problems with the quality of a paint job can be the difference between a unit being habitable or inhabitable.

Some landlords would prefer to allow tenants to paint a unit themselves, in which case the landlord should still provide the paint and equipment. In any case, you'll want to control the colors of paint used. Some dark or intense colors of paint can prove to be very difficult to cover during subsequent paint jobs, especially if you want to return the unit to a basic white at the time of tenant turnover. There is a product available at most hardware supply store called Killz that works as a primer to cover a screamingly loud or super dark color.

Reserves for Income Properties

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Mon, 27 Apr 2009 20:25:42 -0500

The smart and successful landlord will have two cash reserve accounts set up, a Repair Reserve and a Vacancy Reserve.

A Repair Reserve is a savings account set aside specifically for major repairs or property improvements that may come up during the course of a year,. There is no set amount or steadfast formula to calculate how much money each month is reasonable to set aside for this reserve. You'll need to make an educated guess as to what expenses the building may incur over the next twelve months, and then break that savings plan down into monthly savings "payments" for yourself. For instance, if you anticipate approximately $6,000 of major upgrades or repairs over a year's time, you would strive to put away $500 per month in your Repair Reserve. Repairs or improvement that would fall into this category may be a new roof, heating and air conditioning replacement, or plumbing repairs.

Funds from a Vacancy Reserve are used to cover the mortgage during months in which rent is not received, due to unit vacancies during tenant turnover or nonpayment of rent by tenants. Without the security of a Vacancy Reserve, landlords may be tempted to take on less than desirable tenants just to fill space.

A good goal to set for your cash reserves is three to four months of total rental income. This is a hefty figure for most landlords to build toward, but it's a good goal to strive for in your financial planning.

Financing for Rental Properties

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Mon, 27 Apr 2009 02:13:38 -0500

If you are considering purchasing an income property and becoming a landlord, you might be wondering what kind of financing is best for you to secure. In short, the best possible deal is the best financing for you to seek out. In general, landlords prefer to get a loan with the best rate, for the longest possible financing term, with the lowest loan origination fees. These are the same three factors you most likely sought out when looking to finance your own home.

The difference in financing income property is that you will need to choose between two different kinds of loan programs in terms of occupancy; Owner Occupied financing or Non-Owner Occupied financing. Some lenders will only be interested in financing an Owner Occupied purchase, a purchase in which you are planning on living in one of the units of your income property and renting out the rest. Other lending institutions will have special programs developed specifically for Non-Owner Occupied deals.

Most importantly, you want to make sure your investment creates a positive cash flow. Make sure your monthly payment does not exceed the amount of total rental income you are expected to collect. Factor in taxes, building maintenance and repair, and other operating costs as well.

For guidance in purchasing or budgeting for your income property, feel free to contact us at www.GoldenEstateManagement.com.

Simple Ways to Conserve Engergy

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Sun, 26 Apr 2009 16:31:09 -0500

The annual celebration of Earth day is always cause for heightened energy awareness, yet our energy and resource usage is something we need to be mindful of every day of the year. With a few simple changes to our daily routines, we can save money, help conserve, and even hopefully repair, the state of the environment. Here are some things to consider:

Install Ceiling Fans - in your own home or rental units, consider installing ceiling fans. For a very small investment and less electricity use, you can install fans and cut down on the amount of air conditioning needed in your living space. Often times just circulating the air will cool things down enough to be comfortable.

Bag It - Reduce the number of grocery bags used by reusing your bags from the last trip to the store, or invest in some durable reusable bags. The "investment" in reusable bags can be as little as $1 each. These bags usually have a large capacity, and much more comfortable handles than those plastic bags that cut into your hands while carrying them!

Hoof It - If you live in an area with some amenities within walking distance do your body, mind, wallet and environment a favor and take a walk. Walk to the local market, the library (a great way to recycle and cut down on expenses!), your friend's house for a visit.

Turn It Off - When not in use, or at the end of the day, turn off lights, appliances, and computers. When possible, unplug such items. Even when turned off, an appliance that is plugged in draws energy.

Hang It - Hang dry laundry when possible to cut down on electricity used for the dryer. Your clothes will be nice and fresh when air dried, and they'll last longer because they won't be exposed to the high heat of a dryer. If items like jeans or towels to have a softer texture than air drying provides, just pop it in the dryer for 5 minutes when almost dry.

With a little forethought, these small changes can make a big impact over time.

Federal HUD Laws for Landlords

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills) — Sun, 26 Apr 2009 01:15:57 -0500

There are many federal laws landlords must be aware of and follow carefully. Most widely encompassing, and most important in legal and ethical terms, is the federal law that prohibits discrimination in the housing and rental markets. The Federal Fair Housing Act of 1968 and the Civil Rights Act make it illegal for a landlord to discriminate due to a person's race, sex, religion, or national origin. If a landlord exhibits any sort of discriminatory behavior, they could be subject to criminal and civil penalties.

Discrimination doesn't only happen on a personal level, meeting prospective tenants or interacting with current renters. There are also laws that prohibit any advertising that could be construed as screening or profiling applicants based on race, color, sex, religion, national origin, handicap or familial status.

Be a smart landlord. Avail yourself of the extensive guides HUD offers to help landlords operate in compliance with the laws. Go to their website at www.HUD.gov. If you have any questions, feel free to ask a reputable property management company such as Golden Estate Management. You can find information about all of our services at www.GoldenEstateMangement.com. It is of utmost importance to us that all of our clients understand and comply with federal laws regarding housing and rentals.