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!