Month: April 2014

Before I fire the Resident Manager, Do I need a Resident Manager?

An apartment building in California with 16 or more units must have an on-site resident manager.  Cal. Admin. Code tit. 25, § 42. If your building is more than 4 units and less than 16 units, then a notice must

Posted in Income Property, Property Management, Resident Manager

Smoke Detectors in Rental Properties

Recently, MacFarlane Real Estate, Inc. took over management of a small duplex owned by an elderly couple.  Amazingly, there was no smoke detectors or any sign that there had been smoke detectors in the units. Smoke detectors are cheap.  As

Posted in Uncategorized

Business Purchase Agreement- More than a Handshake

For simple businesses, there is a simple way to purchase and sell.  Both the seller and the buyer would be fools to transfer the business on a hand shake or without a proper legal document.  The California Associationa of Realtors

Posted in Uncategorized

Assignment of Rent Clause- Interception!

Do you own a real estate investment?  Are you in default on your loan?  Be aware that most lenders have a clause in the loan documents that allows for an absolute assignment of rents when the borrow is in default.

Posted in Income Property, Property Management

Where do I put my money? Low Income Apartments Are Money Makers!

In college at UC Davis, I began to get interested in investing and making money.  I read books about the stock market and specifically became fascinated with Warren Buffet and Berkshire Hathaway.  I admired Buffet’s basic approach to investing.  He

Posted in Income Property, Real Estate Brokerage (Apartment Buildings)

Can’t Sell Your House? Rent or Lease It!

The housing market is tough for sellers.  Foreclosed properties are piling up and banks need to discount the properities in order to sell.  Lets face it, if you want to sell today…  you have to sell at a bargain. Many

Posted in Property Management, Single Family Homes, Uncategorized

Implications of Short Sale or Foreclosure: Recourse vs. Non-Recourse Debt

A deficiency judgment is the assessment of personal liability against the seller for the unpaid balance of the mortgage debt when the proceeds of a foreclosure or short sale are insufficient to satisfy the debt. Such liability is typically crushing

Posted in Short Sales

Department of Fair Employment and Housing

One of my clients, a 30 year veteran of apartment investing, forwarded a complaint against him by the Department of Fair Employment & Housing for violation of the Fair Employment and Housing Act. Just a short while ago, the Department

Posted in Fair Housing

Caveat Venditor! Short Sale Sellers Beware!

Many have heard the latin phrase caveat emptor (translation: “let the buyer beware”). However, in the current real estate market, I find caveat venditor (translation: “let the seller beware”) much more appropriate. With foreclosure filings and notices of default increasing

Posted in Short Sales