Tuesday, December 14, 2010

Just listed a gorgeous 1bd/1bth condo for rent at $1400 in Sherman Oaks!! Check out pics at http://tinyurl.com/JRealtyShermanOaks

Monday, December 13, 2010

Check out the latest JRealty blog post "Value of Make-Ready Work: Higher Rents and Quicker" at http://ping.fm/yLYmq

The Value of Make Ready Work: Higher Rents and Quicker.

This past weekend, I went with a friend who was looking at a 5 bedroom home for rent in Manhattan Beach. As we toured the property, the owner was first to point out various repairs that needed to be done.

The hallway stair carpet was filthy, a couple bedrooms needed to be repainted, and other rooms had wallpaper from the early 70s. Additionally, there were several miscellaneous items left by the owner.
Talking to the owner, I found that the property has been vacant for three months and rent had been lowered from its original price of $5,000 a month to $4,200 a month. The owner indicated that they have had a steady stream of calls and showings the past three months, but no applications.

One of the reasons? The property was not move-in ready. Prospective tenants don’t want promises of future repairs.

In this case, I feel the owner was sincere in the promises to make the repairs, which makes her decision to not make the repairs before advertising the property for lease even more puzzling.

By not doing the make ready work before advertising the property for lease, the owner potentially lost out on as much as $15,000 in possible rent (3 months vacant at the initial rent price).

JRealty always advises making your property move-in ready before starting to advertise. This ensures you the best chance of collecting the highest possible rents quickly. Sometimes new paint and fresh carpets makes all the difference!!

Check out our website www.jrealty.org for more on our property management services.

Friday, December 10, 2010

Just listed a terrific 1bd/1bth apartment in North Hollywood for $1000 a month! Check out pics at http://tinyurl.com/NorthHWApartment

Thursday, December 9, 2010

Just leased~ A terrific studio in Los Feliz for $950 to a great tenant with a credit score over 725!!

Monday, December 6, 2010

Landlords Beware: Bogus Charges and Friendly Rents

Landlords Beware: Bogus Charges and Friendly Rents

JRealty recently took over managing a 15 unit property in North Hollywood. Looking through the financials records of the previous property management company, we discovered some major red flags that are unfortunately all too common in property management.

First, we noticed a $600 pool charge. Considering there is no pool at the property, this was a very surprising and disturbing find to say the least.
Additionally, we noticed a tenant who was paying half of market value in rent. When we asked the resident manager, she said the person was a friend of the property management company and that was the reason why she got such a great deal. The previous property management company locked her into a two-year contract with NO SECURITY DEPOSIT. This favor from the property management company will cost the owners of the property close to $10,000 in possible rents over the length of the lease.

JRealty was formed to bring a professional and client focused approach to property management. The fact that bogus charges and friendly rents are all too common highlight that is essential to find a professional, client focused, and bottom-line driven company to manage your property.

JRealty’s mission is to deliver high quality, sustainable results for the benefit of our clients and JRealty. For more information on our company and the services we provide, please visit our website at www.jrealty.org.

Tuesday, November 30, 2010

Just listed for rent at $1450 a month. Spacious 5bd/2bth in Norwalk!!!! Check out pics at: http://tinyurl.com/Norwalk5bd

Wednesday, November 17, 2010

Just listed a terrific 1bd/1loft/1bth condo in Westwood for $1800. Pool, fitness center. Check out pics: http://tinyurl.com/JRealtyCondo

Friday, November 12, 2010

Just listed for rent at $1775 a terrific 1bd/1bth apartment 5 blocks from the beach in Hermosa! Check out pics: http://tinyurl.com/2bsjgxy

Thursday, November 11, 2010

Just opened escrow on the terrific 2bd/3bth condo in Santa Monica!!! It was on the market for only 21 days!!!!

Wednesday, November 3, 2010

Just signed a property management agreement for a terrific 15 unit building on Coldwater Canyon in North Hollywood!!!

Friday, October 29, 2010

Just leased a beautiful 2bd/3bth condo in Lawndale to a terrific tenant with a great FICO credit score of 821!!!!

Wednesday, October 27, 2010

Just listed an awesome 1bd/1bth apartment in San Gabriel for $925 a month!!!

Monday, October 25, 2010

Just leased- a beautiful 2bd/2bth home in Palos Verdes to an awesome tenant with an incredible 795 FICO and a great rent to income ratio!

Thursday, October 21, 2010

Just listed for sale priced at $399,000 a darling 3 bth, 2 bd Santa Monica condo!!! Check out pics at http://tinyurl.com/2dbpz7d

Tuesday, October 19, 2010

Just listed lovely 2bd/2bth home in Palos Verdes Estates for $2850. Near great walking trails.Check out pics at http://tinyurl.com/24yrftb

Sunday, October 17, 2010

This terrific 3bd/2bth home features a spacious backyard with a large classic style pool and patio. http://ping.fm/dnoVA

Monday, October 11, 2010

Just signed a listing agreement for a terrific condo in Santa Monica. The initial listing price is $399,000.

Friday, October 8, 2010

You can now check out pictures of all our terrific properties! Just click this link: http://ping.fm/HyJKE

Thursday, October 7, 2010

Just leased-a gorgeous 3bd/4bth home in Lancaster to three tenants w/ awesome credit and great income to rent! http://tinyurl.com/2flr5ya

Thursday, September 30, 2010

Just found a great tenant for our property on 1800 Oak Street in Torrance. FICO Score in the high 700s plus an incredible rent to income ratio!!!

Tuesday, September 28, 2010

Just listed a wonderful and bright 2 bd/2.5bth townhome in the Santa Monica adjacent part of Los Angeles. Listed at $499,000. Features: beautiful kitchen w/ hardwood floors, private patio, fireplace and recessed lighting in the family room, plus great access to Santa Monica and area freeways

Monday, September 27, 2010

Just leased a 1bd/1bth condo in Santa Ana--great tenant with good FICO and super employment!

Tuesday, September 21, 2010

Just leased a three bedroom home with beautiful wood floors in Los Angeles to a very well-qualified tenant!
Just signed property management agreements for two beautiful homes! One in Palos Verdes Estates and the other in Encino!

Monday, September 20, 2010

JRealty picked up our own key making machine! Now we can even better serve our clients and tenants!

Friday, August 6, 2010

Just listed a stunning 2bd/2bth condo located in the prestigious Windermere gated community in Torrance. This corner lot property features a newly upgraded kitchen and a lovely small front patio. Recreational amenities include 3 outdoor pools, racquetball courts, and much more!
For sale!--A fantastic 5-unit apartment in Hermosa Beach! Priced at $2,100,000, the building is located just few short blocks from the beach and a stone’s throw away from Pier Avenue. It features a huge rooftop deck that offers a terrific panoramic view of the bay and offers an attractive rental revenue of $110,280 per year!

Sunday, August 1, 2010

Just rented a GORGEOUS house in Del Air/Hawthorne in less then 4 days to a terrific tenant with 800+ FICO!

Tuesday, July 27, 2010

In just two weeks we rented a fabulous condo in Woodland Hills to a wonderful tenant--780 FICO & great rent-to-income ratio!
Just rented a lovely apartment on 1130 Wilcox Avenue. Found a great tenant with excellent credit!

Monday, July 12, 2010

Just rented a cozy 1bd apartment in Westchester
to a great tenant--750 credit score & great rent-to-income ratio.

Wednesday, June 30, 2010

Selecting a Tenant -- Leasing a Rental in Los Angeles

When advertising a vacant residence that is appropriately priced in Los Angeles, you are likely to get between 40-50 calls from potential tenants. These potential tenants can of course range from very reasonable and easy to work with to more difficult.

Before you begin the tenant screening process, it is beneficial to develop objective criteria to determine eligibility. This will allow you to fairly evaluate potential tenants in a way that reduces your liability. I have seen cases where a potential tenant will question the legality of tenant screening and it is reassuring to have objective criteria that has been documented prior to beginning the tenant screening process. Obviously all renting criteria must be in accordance with the Fair Housing Act. We often use a credit score minimum combined with a rent-to-income ratio requirement. We find that these requirements are highly correlated with not only a tenant’s ability to honor the financial component of the lease contract, but also a tenant’s ability to take good care of a rental.

Like many things in life, we find that undertaking a large effort to find a high quality tenant up front prepays huge dividends in the long-term.

Tuesday, June 29, 2010

Renting Can Be a Good Option for Sellers

Home owners who have been trying to sell their properties for a year or more might consider lease or a rent-to-own option.

A lease option agreement gives the tenant the option to buy at a predetermined price for a rent that is slightly higher than market. In a lease purchase, a buyer commits to buying the property. In exchange, the seller credits a percentage of each payment toward the purchase price.

Either arrangement is likely to attract serious renters who would like to buy the property if they can. In exchange, they’ll take good care of it.

Negotiating these agreements can be tricky, and the owner should always get help from a real estate attorney.

Source: The Wall Street Journal, June Fletcher (06/16/2010)

Thursday, June 24, 2010

We are interviewing for several unique real estate agent positions in Los Angeles--it entails both traditional real estate sales as well as leasing assistant work--base pay + commission! It is a great position for new agents who are just starting their real estate career!

Thursday, June 17, 2010

Just starting integrating all of our operations to the Yardi system which is the premier software for property managers. This will add tremendous value to our clients, especially those with multifamily properties!
Just opened escrow on a GORGEOUS 3bd/2bth house in Del Aire. Wood floors throughout, huge windows, 2 sets of french doors leading to deck, updated kitchen w/ steel appliances, and much more!

Friday, June 11, 2010

Just Rented 6641 W 6th St! Found terrific tenants with almost 800 FICO scores and very low Rent to Income ratios!

Monday, May 24, 2010

Just rented 1,050 sq ft retail space in a great part of Hermosa Beach!
In just two weeks JRealty rented a gorgeous 1bd+loft in West LA to a great tenant with 783 FICO and tons of income!

Monday, May 17, 2010

Just rented a very interesting townhome w/ tons of unique features in about 3 weeks. GREAT tenant, 803 FICO and $230,000 income.

Friday, May 14, 2010

Movin' units! Just rented a HOT 1bd/1bthrm apartment close to downtown Hermosa Beach & the strand to an great tenant, 760 FICO and $100k income, ONLY 2 DAYS OF VACANCY!
Just rented a small Hollywood apartment to a very nice gentleman with 800+ FICO. Rented in about 1.5 weeks.
Movin' units! Just rented an architecturally unique condo in Pomona, only on the market for 1 week! Great tenant with a trust fund!

Tuesday, May 11, 2010

Huge & heavenly house rented in RPV to great tenant, 800+ FICO score, $100k+ income, plus he is super nice!

Sunday, May 2, 2010

Just Sold! Closed escrow on 25766 Via Lomas, Laguna Hills, CA 92653. All cash buyer, 14 day escrow, $10k over Bank's desired listing price.

Friday, April 16, 2010

We just signed a Property Management Agreement for a 5-unit in San Gabriel. Big day!
Just signed Property Management Agreement for an 8-unit building in Hollywood.

Monday, April 12, 2010

Securing the Security of a Security Deposit -- Los Angeles & California

There are several misconceptions about security deposits. Tenants often think that this money can be used for the last month of rent. This is absolutely not the case and should be explained up front so that there are no surprises. Landlords are required to keep security deposits in a non-interest bearing account. The landlord can vary the amount of the security deposit required but cannot collect more than two months worth of rent for unfurnished rental properties. We recommend varying the amount of the security deposit by credit score, you may want to maximize the amount collected for tenants with credit scores less than 650.

The landlord has 21 days from when the property is vacated to refund the security deposit. All deductions must be itemized. Common deductions include unpaid rent, repairs that are above and beyond normal wear & tear, and reasonable cleaning charges. The landlord is required to give the tenant the option to schedule a joint walk through to review the condition of the property within the last two weeks of the tenancy. We recommend a move-in/move-out procedure that allows good transparency and accountability for both the landlord and the tenant.

Finally, security deposits become interesting when a foreclosure is involved. In California, the tenant essentially loses the ability to have his/her security deposit refunded. If a tenant knows his residence is in the pre-foreclosure process, we recommend that the tenant work with the landlord to have the security deposit put into an escrow account.

While some security deposits are small, most can equal a significant amount of money and the guidelines for processing such transactions should be clear for both the tenant and the landlord.

Friday, April 9, 2010

Just Rented 5359 S Centinela Ave. Obtained a 2 year commercial lease agreement with above market rents and annual rent increase.

Wednesday, April 7, 2010

Certificate of Occupancy received for 635 N Normandie Ave, Los Angeles! SFR converted into a 4 unit apartment building!
Just rented! 8828 Pershing Dr #206! Terrific tenant with 740 FICO score and very low rent-to-income ratio.

Tuesday, April 6, 2010

Just Listed! REO at 25766 Via Lomas #94, Laguna Hills! $149,500, 3bed 1ba 1,173sf see www.jrealty.org for more details
Just rented! 527 Hennipen Ave! Terrific family with great income and credit.

Thursday, April 1, 2010

Although many rules, Californians have a brief window in order to receive up to $18,000 in combined federal and state homebuyer tax credits.

Thursday, March 25, 2010

What To Do When a Tenant Abandons Your Property -- Los Angeles

Always do everything you can to minimize the chances that this will happen. We use credit score and rent/income ratio to identify high quality tenants who have a very low propensity of abandoning their lease mid-term. 

If this does happen, it is very important that you follow the correct protocol in order to minimize your liability. 

First, post a 24-hour Notice of Entry. After you have entered the property and confirmed that it is vacant, you must wait 14 days and then post a Notice of Abandonment. You must also mail this Notice of Abandonment to the tenant by using the last known address, which is often the subject property address. There is a good chance that this mail will be returned back to you as "undeliverable due to the property being vacant". It is very important that you keep this in your files. 

The Notice of Abandonment lets the tenant know that they have 18 days to remove any personal belongings from the property. Chances are that the tenant will not return for the property. After 18 days, you may dispose of the property if it is worth less than $300. If it is worth more than $300, you must hold a public auction.

We like to combine the Notice of Abandonment protocol with the Security Deposit Refund form. Typically, the security deposit due ends up being negative after the cost of repairing and cleaning abandoned property. More to come on the Security Deposit Refund form.....

Wednesday, March 24, 2010

Just closed escrow on beautiful, 2 bed 3 bath 2,050sf townhome in Playa Vista! 30 days!

Friday, March 12, 2010

Just Listed! Spacious 2bed/2bath Condo with stainless steel appliances, wet bar and 2 parking spaces in Playa Del Rey. $2400/month

Monday, March 8, 2010

Just Listed! 800sq/ft 1bedroom 1bath Apartment in North Hills with range, double oven, community laundry, courtyard, access gate and 1 parking spot. $800/month
Just Listed! 2 bedroom 2 bath house on large 6,200 sq/ft lot with charm, beautifully manicured yard and located in Burbank. $2,350/month

Friday, March 5, 2010

Just rented! Great 1080 sq/ft Retail Space on busy La Brea street. Tenant Fico of 675 rented for $1,100/month!
Just Signed! Exclusive leasing services for vacancies in a 37 unit multi-family building!

Thursday, March 4, 2010

Home Prices May Be Flat for Years

Housing prices are unlikely to fall much farther, but they aren’t going to rise either — at least for several years — predict analysts for Barclays Capital in its Residential Credit Strategy report.

Barclays blames government programs that have slowed foreclosures. “The overhang of distressed inventory is a huge negative technical. It suggests that any price rise will probably be met by increased distressed sales,” the report says.

The report also concludes that home prices are cheaper than rents and incomes suggest they should be, “but not extremely so.”

Source: Property Wire (03/03/2010)

Monday, March 1, 2010

Currently interviewing Agents!

Friday, February 26, 2010

In Escrow!!!! 5350 Playa Vista Drive #4, Playa Vista, CA
For Lease! Spacious 4 bedroom 3
bath home in Mar Vista with a
well manicured front and backyard along
with a large, beautiful patio. A family
kitchen with stainless steel appliances..(dishwasher, range,refrigerator) granite counter-top, beautiful new cabinets and tons of
storage. This house is a must see!

Wednesday, February 24, 2010

For Lease! Cheap Retail space on busy La Brea street! 1080sq/ft 3 car tandem parking in rear with plenty of front street parking for customers. $1200/month check us out at www.jrealty.org

Monday, February 22, 2010

Just Listed! Beautifully designed, cozy 3 bedroom 1 bath house on large lot. 1100sq/ft with exceptional hardwood floors, charming bedrooms and newly designed living and dining room. $1,600/month.

Saturday, February 20, 2010

Just rented! 8728 Villa Dr, Whitter, $1,375, rented in 3 weeks to excellent tenants with 660 FICO.

Friday, February 19, 2010

JRealty is now hiring Sales Agents--very competitive commission!

Check us out at:

Just signed a Landlord Agreement to lease a property at 53597 South Centinela Ave, Los Angeles for $3,500--it is a big house!

Monday, February 15, 2010

Met with a landlord for leasing and managing his 3 bed 2 bath house in Sherman Oaks
Submitted Purchase Agreement for beautiful condo in Playa Vista.

Saturday, February 13, 2010

1089 E Grand Ave #101, Pomona

Just Listed! 2 bedroom 3 bath 1,510sq/ft townhouse located in Whittier with attached, 2 car garage. Stainless steel appliances, granite countertops, big walk in closet off of master bedroom, and much more. $1,500/month

Wednesday, February 10, 2010

California Home Price Numbers

Calif. median home price: December 09: $306,820 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region December 09: Santa Barbara So. Coast $847,500(Source: C.A.R.)
Calif. lowest median home price by C.A.R. region December 09: High Desert $121,010 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Third Quarter 2009: 64 percent (Source: C.A.R.)
Mortgage rates - week ending 2/4/10 30-yr. fixed: 5.01 Fees/points: 0.7% 15-yr. fixed: 4.40% Fees/points: 0.7% 1-yr. adjustable: 4.22% Fees/points: 0.5% (Source: Freddie Mac)