Tuesday, May 15, 2012

Just Reduced! Beautiful 3bd/3bath in Playa Vista w/ tons of amenities! Now only $3,000.00 a month! Check it out @ http://tinyurl.com/6nr7ql8

Friday, May 4, 2012

Things You Should Consider: Condos, HOAs, and the Rules

Condominiums are great places to live. There are community features that sometimes a homeowner would not be able to have in a single family residence. When shopping around for a condo, potential buyers should research a few things before submitting an offer.

One of the more important factors that influence potential buyers of condos is the Home Owner Associations (HOA). HOAs have printed Covenants, Conditions, and Restrictions (CC&Rs) that inform tenants/owners what they can and cannot do. It is recommended (if possible) to review a copy of the current CC&Rs. Hypothetically speaking; you may be the type of person who loves to work on your car on the weekends. Some CC&Rs may prohibit you from working on your vehicle in your driveway. Or perhaps you have a beautiful pet who you have had lived with for years, but the condo you are interested in does not allow pets above 25 pounds. These are things you would want to know before purchasing or leasing a condo.

If purchasing a condo, it would be advisable that you ask for a copy of the HOA’s financial statements. If an HOA is collecting HOA fees from home owner’s but has very little money in their reserves, it should raise a few questions from the potential buyer. Also, if possible, a potential buyer should ask to review the minutes from HOA Board meetings. As a potential home owner in these buildings, you would want to know what is being discussed in the meetings.

Condos can be great living spaces for certain people, but we recommend researching more than the asking price and HOA fees before making a decision. Happy searching everyone!

Thursday, May 3, 2012

Just Listed-- Terrific 1bed/1loft/1bath condo at The Colony in Westwood! Check out pictures and details at http://tinyurl.com/d8afqcz!

Wednesday, May 2, 2012

Ask Yourself: What Can I Afford?

JRealty has credit and income requirements to lease any of our properties. We require that our lessees have a minimum FICO score of 650 and that their rent to income ratio be no more than 33%. We feel that this is a good standard to weigh out applicants to minimize risk with potential tenants.

A person with a good credit score indicates that they understand the importance of paying their bills on time. When searching for a potential tenant it is important to assess 1) if they will pay their rent on time and 2) if they capable of paying rent on time. Realistically speaking, for a tenant to be able to pay rent and live a comfortable life style they should earn at least three times their monthly rent.

We frequently receive calls from potential tenants who love one of our current vacancies and would like to lease it out, but unfortunately do not meet our requirements. They sometimes earn enough income, but have poor credit or have great credit, but earn too little income. In an effort to reduce the risk of problems in the future, we would like the tenant’s rent to income ratio to be as low as possible.

If you are looking for a new place live and keep asking yourself, “What can I afford?” we recommend searching for properties that are priced for about a third of what you earn monthly. Of course there are other expenses to consider such as: insurance, utilities, debts, and other monetary obligations.

Happy searching potential tenants!