Archive for December, 2009

Another Notice for Rent Controlled Properties in Los Angeles

Tuesday, December 22nd, 2009

Author: Scott Goodman • www.scenicwestpm.com

Another proclamation has come down from the high priesthood called the Los Angeles Housing Department (LAHD).  The notice concerns those buildings built before 1978, commonly referred to as “rent controlled” buildings. Not surprisingly, the notice is about posting a notice – your tax dollars at work.  More specifically, the notice states that landlords whose buildings are subject to the Los Angeles Rent Stabilization Ordinance (LAHD RSO) must post a notice providing information about said Rent Stabilization Ordinance.  The notice must be posted in a visible location of the property – in the lobby, near a mailbox used by all residents, or in or near a public entrance to the property. LAHD will inspect properties and notify owners who fail to post the notice. Landlords have seven days to comply. One thing is for certain, if you don’t comply, you could be fined $250.00 per day.  Check it out at:

http://lahd.lacity.org/lahdinternet/Portals/0/Rent/RSO%20NOTICE%20(2).pdf

The Importance of Finding Good Tenants In Spite of the Bad Market

Thursday, December 3rd, 2009

Author: Scott Goodman • Scenic West Property Management

First in a series about tenant screening 

Don’t lower your standards and ignore your better judgment for the sake of a quick rental. I’ve been there and learned my lesson.  If the tenant looks bad on paper, just wait until they are living under your roof. A good property manager should have a written set of criteria which every prospective tenant must meet in order to live in one of your units.

The rental market is soft, there’s a lot of competition out there. Landlords are seeing one vacancy after another and feel the pressure to fill vacancies quickly. Many landlords have become less diligent in screening prospective tenants. After all, an occupied apartment is better than an empty one, right? Wrong.

Unfortunately, this non-vetting can lead to larger issues with problem tenants. Let’s fast-forward six months from now. Your tenant, who wasn’t properly screened, has stopped paying rent and now you have an eviction in your hands. It’s a double whammy – another vacancy AND an eviction. You would have been better off properly screening your prospective tenants and renting to a good tenant.

Only an apartment occupied by a GOOD tenant is better than a vacant unit. To avoid problem tenants, it is important to carefully assess your candidates. This might mean that you will have to suffer along the way and have an unoccupied period, but it could save you costly expenses later on. Remember, the time you spend up front carefully screening your applicants will save you a lot of time, money, and headache when compared to renting to a deadbeat tenant that defaults on rent, trashes your rental property, or worse yet, scares away your other tenants.

As a footnote, always use fair and consistent parameters for screening your prospective tenants. More about this topic coming soon.