I cannot answer that question if I don't live in that neighborhood. So how do you make a wise decision on the safety of a particular neighborhood?
Call the police department and ask about police reports filed within the last year or 6 months for the specific address or block you're looking at. Try searching on websites such as crimemappers.com. If there's a neighborhood watch group in the area they can also provide you with statistics.
Google Megan's Law for that neighborhood and you'll get information on location of any sex offenders.
Look at the layout of doors and windows. In an apartment building a top or bottom floor are more accessible to intruders. Do you need a ladder to climb in the windows or are they easily accessible from decks and roofs?
Once you've made a decision that an area is relatively safe and decided to move in, how can you protect yourself? You have many common sense and low cost options. Ask your landlord to rekey before you move in. Exterior lighting of parking areas, walkways and outside doors is a good deterrent to crime. Trees and bushes should be trimmed so that no one can use them for concealment. Make sure all your windows have locks. Install a peephole in your front door so you can view any guests before opening the door.
If your landlord permits pets, you might consider Man's Best Friend. If you work long hours or travel consider putting lights on a timer. Alarm systems run from Radio Shack do it yourself models to professionally installed systems complete with monitoring. Keep in mind that if you do install a system it will stay with the rental when you leave.
Monday, April 30, 2012
Friday, April 27, 2012
Should I or Shouldn't I?
If you own rental property and manage it yourself you've probably occasionally pondered turning it over to property management. One reason you haven't done it yet is financial. Your immediate profit will decline once you factor in management fees. But depending on how you're self-managing your long term profit could improve.,
Here are some thoughts to consider if you're weighing the decision again. If you're currently doing most repairs and maintenance yourself either because you enjoy it or to save money you could continue to do that with property management. If you have preferred vendors you can continue to use them with property management.
With management you can go on that trip and not worry about being back by the first to collect rents. When the tenant in unit 4 has a 2 a.m. toilet emergency you can continue sleeping like a baby knowing your management company is handling it. Your management company stays current on laws and regulations and helps you be in compliance with government agencies. Most owners I've met who have been doing self-management are not as thorough in screening potential applicants and not as aware about the laws governing screening and applications.
For many reasons you may not want tenants to know you are the building owner and the management company is the buffer that protects your privacy.
No more bookeeping headaches as you'll receive a detailed monthly statement and year end statement you can just hand over to your tax preparer.
Don't engage property management if you're on the thinnest of margins and can't afford the fees, if you enjoy the 24-7 nature of tenants' calls and if you have loads of free time and want to do all repairs yourself.
But if you're ready to step back and hand over the day to day to someone else and wait for your monthly check, property management may be just what you need.
Here are some thoughts to consider if you're weighing the decision again. If you're currently doing most repairs and maintenance yourself either because you enjoy it or to save money you could continue to do that with property management. If you have preferred vendors you can continue to use them with property management.
With management you can go on that trip and not worry about being back by the first to collect rents. When the tenant in unit 4 has a 2 a.m. toilet emergency you can continue sleeping like a baby knowing your management company is handling it. Your management company stays current on laws and regulations and helps you be in compliance with government agencies. Most owners I've met who have been doing self-management are not as thorough in screening potential applicants and not as aware about the laws governing screening and applications.
For many reasons you may not want tenants to know you are the building owner and the management company is the buffer that protects your privacy.
No more bookeeping headaches as you'll receive a detailed monthly statement and year end statement you can just hand over to your tax preparer.
Don't engage property management if you're on the thinnest of margins and can't afford the fees, if you enjoy the 24-7 nature of tenants' calls and if you have loads of free time and want to do all repairs yourself.
But if you're ready to step back and hand over the day to day to someone else and wait for your monthly check, property management may be just what you need.
Wednesday, April 25, 2012
Smart Money
Every rental market is different but here in the greater Los Angeles area there are 3 things I encourage owners to invest in as they will return higher rents.
First, central air.
Second, a dishwasher.
Third, a garage.
Absolutely necessary? No. Habitability requirements? No. Will attract a higher income tenant who is willing to pay a higher rent? Yes.
First, central air.
Second, a dishwasher.
Third, a garage.
Absolutely necessary? No. Habitability requirements? No. Will attract a higher income tenant who is willing to pay a higher rent? Yes.
Do I qualify?
You've found a place you love and can picture all your stuff in it. Now's time to turn in the application. What are your chances of being accepted?
We look at 3 main things: how's your credit, how's your income, and what does your landlord say about you. If you have current late payments on your credit report, an eviction, or undischarged bankruptcy many landlords will not accept you.
We will ask for proof of income and we want your income to be at least 3x the rent. If you receive paychecks we want paystubs. If you're self-employed we want tax returns and bank statements.
If your financials are less than stellar, what can you do? Some landlords will accept co-signers. Another option you may be offered is an increased deposit if you're a higher risk. If you have extenuating circumstances like being a victim of identity theft disclose that upfront.
We will also call your most current landlord and possibly the one before to ask if you paid on time, took care of the property and whether they'd rent to you again.
Remember as owners or agents for owners we want to know that you will provide us with reliable income and protect our property.
If you're having trouble meeting the standards for a property management company try looking for units rented directly by owners. It may be easier to plead your case face to face with the property owner.
We look at 3 main things: how's your credit, how's your income, and what does your landlord say about you. If you have current late payments on your credit report, an eviction, or undischarged bankruptcy many landlords will not accept you.
We will ask for proof of income and we want your income to be at least 3x the rent. If you receive paychecks we want paystubs. If you're self-employed we want tax returns and bank statements.
If your financials are less than stellar, what can you do? Some landlords will accept co-signers. Another option you may be offered is an increased deposit if you're a higher risk. If you have extenuating circumstances like being a victim of identity theft disclose that upfront.
We will also call your most current landlord and possibly the one before to ask if you paid on time, took care of the property and whether they'd rent to you again.
Remember as owners or agents for owners we want to know that you will provide us with reliable income and protect our property.
If you're having trouble meeting the standards for a property management company try looking for units rented directly by owners. It may be easier to plead your case face to face with the property owner.
Tuesday, April 24, 2012
It's Vanilla and I'm More Tutti Frutti
You moved in and you're staring at the four walls which are just looking ...so...white. Your landlord has said no painting allowed. How can you feather your nest and express your personality while staying within the parameters of your rental agreement?
Area rugs are a good solution for floor coverings. Check the garden department as well when shopping as many floor coverings intended for patios and decks make inexpensive interior rugs.
Wall decals are widely available both in stores and on line. They can mimic chandeliers, a lush tropical garden, birdcages or even blackboards. No damage to the wall and you can take them with you when you move.
If all your windows have mini blinds or vertical blinds hang some curtains for more personality. If you sew, great, if not, as long as you can iron you can use fusible web to hem yardage. If you don't need curtains for privacy or insulation you can just knot and drape a length of fabric across a curtain rod.
Most rental units have very utilitarian light fixtures. Change them out for something more exciting as long as you change them back when vacating.
Changing handles on kitchen and bathroom cabinets can personalize the space instantly. Again save the old hardware so you can change it back when vacating.
These are all simple changes that make your unit feel like a home when you open the door and keep you in compliance with your landlord. Win win!
Area rugs are a good solution for floor coverings. Check the garden department as well when shopping as many floor coverings intended for patios and decks make inexpensive interior rugs.
Wall decals are widely available both in stores and on line. They can mimic chandeliers, a lush tropical garden, birdcages or even blackboards. No damage to the wall and you can take them with you when you move.
If all your windows have mini blinds or vertical blinds hang some curtains for more personality. If you sew, great, if not, as long as you can iron you can use fusible web to hem yardage. If you don't need curtains for privacy or insulation you can just knot and drape a length of fabric across a curtain rod.
Most rental units have very utilitarian light fixtures. Change them out for something more exciting as long as you change them back when vacating.
Changing handles on kitchen and bathroom cabinets can personalize the space instantly. Again save the old hardware so you can change it back when vacating.
These are all simple changes that make your unit feel like a home when you open the door and keep you in compliance with your landlord. Win win!
How Can I Get All or Most of My Deposit Back?
It's expensive to move and getting most or all of your deposit returned can help defray all those costs associated with moving. Check your rental agreement to see if you are required to give notice when vacating. If organization is not your forte and you can't put your hands on it ask your landlord for a copy. Usually you cannot use your deposit as last month's rent and must give 30 days' notice when vacating. Prior to vacating ask your landlord for a pre move out walk through where he can tell you what he's looking for as far as returning your deposit. Minor repairs may be needed and leaving the place as clean as when you moved in is prudent. If there are carpets have them professionally cleaned and save the receipt. After vacating your landlord must provide you with receipts for any work done that he's deducting from your deposit. Some items are normal wear and tear and you cannot be charged and other items, like paint and floor covering are prorated over the term of your tenancy.
Most states have a certain number of days after the lease ends when the deposit must be returned. Your landlord may have estimates for some repairs if the actual work hasn't been done yet and then provide you with invoices later down the road when the work has been done and make any adjustments in your deposit return.
Before moving in your landlord may have provided you with photos or videos of the move in condition. He will compare those to the move out condition when determining deposit return.
Most states have a certain number of days after the lease ends when the deposit must be returned. Your landlord may have estimates for some repairs if the actual work hasn't been done yet and then provide you with invoices later down the road when the work has been done and make any adjustments in your deposit return.
Before moving in your landlord may have provided you with photos or videos of the move in condition. He will compare those to the move out condition when determining deposit return.
Both Sides of the Fence
I work as a Property Manager in Glendale California and manage single family homes and smaller residential buildings. I also am a licensed realtor and am building my sales business. It's really the best of both worlds as property management is one of the few real estate fields that brings a steady income and I come across many people in that arena who might become home purchasers down the road.
I represent owners and act as their agent with tenants. I have been an owner myself and managed my own properties. I am also currently a tenant so I have personal knowledge of this business from all angles.
I plan to answer questions that I often hear from both sides, owners and tenants, answered with grace and sprinkled with humor.
Something specific you'd like addressed? Please email me your questions and concerns.
I represent owners and act as their agent with tenants. I have been an owner myself and managed my own properties. I am also currently a tenant so I have personal knowledge of this business from all angles.
I plan to answer questions that I often hear from both sides, owners and tenants, answered with grace and sprinkled with humor.
Something specific you'd like addressed? Please email me your questions and concerns.
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