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…
Author: MarkMacFarlane
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…
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…
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
Evictions Not Easy With Los Angeles REAP Properties
I recently met with a potential client who was served a “3-day notice to pay rent or quit”…which happened to be improperly served…which came after a 60-day notice to vacate had been served two weeks prior…which happened to have been…
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
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