Southern California Rental Housing Association Rental Advisor Magazine - De

Mixed Messages Key Theme of the 2022

Real Estate Investors Want & How Property Managers Can Adapt

Multifamily Real Estate Income Funds Have Distinct Benefits for Investors

2022 OFFICERS

President Lucinda Lilley, CPM®, CAPS®, GRI®, Bridging In uence

President Elect

Abigail Rex, CPM®, ARM®, American Assets Trust

Vice President Todd Henderson, Independent Owner

Secretary Shannon Kelly, Independent Owner

Treasurer Aiesha Blevins, Greystar

Legislative Chair Greystar

MAGAZINE STAFF

Publisher Apartment News Publications, Inc. Design & Layout Travis Watson, Production Director Editorial Review Lindsey Lee, Marketing Coordinator

ASSOCIATION STAFF

Alan Pentico, CAE, Executive Director apentico@socalrha.org 858.278.8070

Olivia Galvez, Director of Business Operations/Operational Advice ogalvez@socalrha.org 858.751.2217

Immediate Past President

Kendra Bork, ARM®, Cambridge Management Group, Inc., AMO®

2022 DIRECTORS

Buck Buchanan, Independent Owner

Jay Lopeman, AZP Multifamily

Jennifer Ford, Douglas Allred Company

John LaRaia, H.G. Fenton Company

Mark Feinberg, Heinz & Feinberg

Matt Ruane, Liberty Military Housing

Allison P ster, Atlantic & Paci c Management

Melissa Wickerd, Natasha Howell, Millcreek, WTS Trust

Scott Ledesma, Generation Contracting & Emergency Services Inc.

Tom Tamar, Independent Owner

HONORARY LIFE ADVISOR

G. Wesley Harker

Our Address

Southern California Rental Housing Association

Toll Free: 888.762.7313 Fax: 888.871.5229 socalrha.org

Molly Kirkland, mkirkland@socalrha.org 858.751.2200

Kim Zebroski, kzebroski@socalrha.org 858.751.2220

Lorna R. Kindred, Education Manager lkindred@socalrha.org 858.751.2219

Lindsey Lee, Marketing Coordinator llee@socalrha.org 858.751.2218

Alma Macias, Operational Advisor amacias@socalrha.org 858.278.8070

Southern California Rental Housing Association Rental Advisor Magazine is published by the San Diego Multi-Housing Corporation (SDMHC) a wholly owned subsidiary of the Southern

the author's views and do not necessarily represent those of the Southern California Rental Housing Association or SDMHC.

All rights reserved. Materials may not be reproduced or translated without prior written permission by the publisher. Contact the Southern California Rental Housing Association at 858.278.8070 or visit socalrha.org for more information.

Advertising - We do not guarantee or endorse the products or services of any of the advertisers, but and respect for one another. Information provided in the advertisements are the sole responsibility of the advertiser. For concerns please contact the advertiser directly.

CONTRIBUTE: Educational articles in Rental Advisor Magazine must be between 500-800 the 10th of the month before publication. Submit to socalrha@aptnewsinc.com.

ADVERTISE: Contact the team at Apartment News Publications, Inc. at 714-893-3971 or email scrha@aptnewsinc.com for advertising information, including rates, production

As members of the Southern California Rental Housing Association, we are partners in creating a thriving community by providing quality rental housing for all We value our residents, our fellow members, and our community and are working to support a healthy housing ecosystem through advocacy, education, and collaboration.

OUR

VISION Reenvisioning

As housing providers, we believe we have the responsibility to provide California renters with:

Quality housing with habitable and healthy living conditions. Freedom from arbitrary eviction, retaliation, or discrimination in line with all federal and state fair housing laws

Fair and equal resident protections and policies that balance the needs of renters, housing providers, and the community A voice in housing decisions with respect and access equal to that of housing providers

An innovative and collaborative housing ecosystem where government, businesses, housing providers, and rental advocates work together to solve the region’s housing issues by identifying the underlying problems and crafting balanced solutions

Adherence to housing quality and equity standards and regulations

Review and follow rental agreement terms, including timely rental payments

Maintain a clean and habitable home Be a good neighbor by respecting others’ peace and quiet. Provide timely reporting of any issues and necessary repairs. Keep open lines of communication with the property owner or manager

Lucinda Lilley

2022 President Southern California Rental Housing Association

Working Together to Provide Quality Housing for All

By the time you read this, we’ll have celebrated excellence in the rental housing industry at the 2022 Mark of Excellence Awards . I look forward to this event each year, and I’m always moved to see our community honored and celebrated for their efforts that make a difference each and every day. I’d like to extend my heartfelt congratulations to all nominees and winners, and I look forward to watching your continued success in the new year

I’d also like to extend my deep appreciation to the members of Southern California Rental Housing Association . As president for the past two years, it has been my honor to be the voice of the industry at a time when protections increased for residents without consideration for the entire ecosystem . As the voice of the industry, SCRHA has pursued a lawsuit against the County of San Diego, stood up for housing providers in Chula Vista, and are actively working with the City of San Diego to ensure that any Tenant Protections Ordinance are balanced and that our perspective is heard

In addition to our ongoing legislative advocacy, the Board of Directors adopted a new mission and vision statement that recognizes our essential role in the housing ecosystem . The Housing Provider & Resident Rights and Responsibilities shows how we are partners in creating a thriving community by providing quality rental housing for all .

While I had the privilege of leading the Association for these past two years marked by momentous change, none of these accomplishments are mine alone I would like to thank all of the volunteers and members

of SCRHA who shared insights and support during my term . SCRHA is a membership-driven organization and I treasure the friendships that I have built during my time as member, volunteer, and as President .

The 2023 Board of Directors will be installed on December 15, and I welcome both the returning members and new members I look forward to continuing my support as we all work together to provide quality housing for all . I wish you all the best in the new year .

forward-thinking. Now, Gen Z is not as concerned with recreation or downtime at the office, rather a financial investment in their future. However, stock options and a standard 401(k) won’t cut it when they are actually searching for “student loan assistance, tuition reimbursement, and maternity and paternity benefits.” This generation values a work-life balance and is highly optimistic for the future, so these types of benefits will not only attract but also encourage them to stay and take advantage of these opportunities.

Alan Pentico, CAE

Executive Director

Southern California Rental Housing Association

feel if it’s a right fit, the offer should be made. “Nearly one in five Gen Zers expect a job offer one week from the initial phone screen. The majority expect an offer within two weeks.” Whether this expectation is realistic or not, companies that make an actionable change to speed up their hiring process will win top Gen Z talent.

Setting The Mark Of Excellence Year After Year

They Want to See Diversity and Inclusion

This highly educated, highly diverse generation is craving a passion and dedication to diversity and inclusion from their employers. As a result, “86% of

s we head into the final days of 2022, I’d like to thank you for your continued support and ongoing efforts to provide housing to our community . The environment for housing providers continues to be challenging, and I know all too well that housing providers are struggling with inflation, labor shortages, and many of the challenges facing families and businesses today

Gen Z job seekers cite a company’s commitment to diversity as an important factor in deciding whether or not to accept an offer.” Here it is very important for a company to talk the talk and walk the walk. Diversity and inclusion cannot just be a phrase in your company’s mission statement or a committee that meets once a quarter. This dedication needs to be seen in initiatives like asking one’s pronoun preference, adequate accommodations for those who are differently-abled, policies to ensure fair and equal pay, etc.

AThey Want an Offer, and They Want it NOW Standard HR procedures make it difficult to establish a hiring committee and follow the correct protocol when extending an offer. Gen Z wants no part of that. They

While we kept busy representing the interests of our members at local, state, and federal levels of government, we continued to host a busy calendar of classes and events . Our classes include both online seminars and in-person instruction to best suit your learning needs . We’ve also added some fun socials throughout the year to give our members a chance to relax and have a little fun with industry colleagues

As I write this, we are completing final preparations for the 2022 Mark of Excellence Awards Ceremony Once again, I’d like to share my congratulations with both the nominees and winners how our members and industry partners continue to set the Mark of Excellence year after year

With the close of 2022, I’m looking forward to a new year with a Board of Directors inducted on With their leadership and guidance, we will continue to provide expert resources, timely communications, and the support you need as you work to fulfill our mission of providing quality housing

With so many great classes and events coming up at the Association, now is the perfect time to set your 2023 calendar . Much of our seminars are already posted . If you are a Supplier, consider becoming

*Statistics pulled from Yello

an Associationwide sponsor to have your pick of sponsorship perks and maximum visibility throughout the year . If you are interested in increasing your visibility with our members, please reach out to the Sponsorship Committee to learn more about our different sponsorship levels.

Generation Name Birth Years

Baby Boomers 1946-1964 Gen X 1965-1980 Millennials 1981-1996 Gen Z 1997-2012

Again, thank you for your continued support through your membership in Southern California Rental Housing Association It is my honor to serve as Executive Director and provide expert resources for housing professionals .

What Real Estate Investors Want & How Property Managers Can Adapt

by Yardi breeze

Whether a property management business has two or 2,000 investors, real estate investment portfolios are known for being difficult to manage . The property manager must account for all losses and returns, optimize investment strategies to maximize returns, justify calls for capital and accurately calculate all distributions Matters are only made more difficult by tricky tax-related structures and complex accounting

That’s hard enough, but today’s investors are also looking for real-time reports that they can access from anywhere, at any time . To do all this, property managers must adapt Attracting investors means having the right fundamentals, the right technology and even the right mindset going in Let’s look at what real estate investors want and how property managers can make it happen for them .

IN REAL ESTATE INVESTING, MONEY ISN’T EVERYTHING: IT’S THE ONLY THING

Once an investment is made in real estate, the property manager is in charge of it on a day-to-day basis . And when we look at the investment landscape, a lot of organizations are still managing portfolios in spreadsheets . Communications are done via email, and some organizations are still printing out information and sending it through the mail

This results in a lot of back and forth in the subscription agreement process (e .g ., getting signatures, capturing information), which is a problem because investors now expect instant access to information . They want checking their investment portfolio to be as easy as checking their stock portfolio (online, 24-hour access, mobile friendly, etc .) .

Without this level of transparency and real-time access to information, a property manager’s portfolio will not appear as a viable, trusted avenue for investors to

increase their wealth . If your plan isn’t maximizing investor returns, simplifying communications and offering transparency, you aren’t effectively attracting and retaining investors . And they will certainly not be lining up to work with a business that doesn’t offer the latest technological resources .

DON’T CHANGE WHAT INVESTORS DO, IMPROVE HOW THEY DO IT

At its core, real estate investing is the same as it’s always been The legal requirements, accounting, capital calls and distributions haven’t changed . What’s new is that investors want to be notified immediately (aka electronically) . Not just at the end of the month or during tax season It goes without saying that they also want immediate distributions in the form of electronic payments .

Investors want to share all this information with their advisors, employers, accountants, investment partners, etc . They want to be able to access historical information, contributions, transactions, notices they may need for other reporting or tax purposes, etc

To do that, investors need to be able to see operational details, meaning everything that’s happening at the property . They’re also going to look at the markets and what’s happening in the news because these developments impact their investments and potential risk exposure

TAKEAWAYS

Investors are more tech savvy than ever . Across the board, they are managing a variety of asset classes online through investor portals . Real estate investments have lagged a bit in this regard, but the expectation for better tech is there We know this because investors are asking for deeper insights about what’s happening to their assets at the operational level They want to understand their risk in the context of current events and market activity and see how their investments might be impacted .

It’s our job, as software providers, to give you the tools that let investors be proactive and stay engaged with their portfolios in real time .

The bottom line is this: Investors want to collect a lot of information as quickly as possible They don’t want to see it in arrears . Their expectations are changing . In many ways, the bar is raised for transparency, communication and the speed with which everything happens .

ONE MANAGEMENT SOLUTION FITS ALL

Yardi Investment Manager is an intuitive, elegant tool that property management businesses of all sizes can put to good use The brilliance of the design comes from the way it integrates with Yardi Breeze Premier or Yardi Voyager It can also be used as a standalone product . There is no other software provider that offers both an investment management and property management solution that operate as one seamlessly combined product .

There are plenty of software solutions that offer thirdparty integrations . It’s just so much better for you and your investors to have everything in one place

Let’s talk cost . The price you pay for Yardi Investment Manager scales with the number of units being managed . There’s no limit to how many investors you can add per property or overall Because of the way the tool is designed, it appeals to organizations of all sizes, not just large institutional investment structures . After all, we know small organizations can have complex ownership structures with thousands of distributions that need to be handled

The right technology platform increases investor confidence, helps maximize returns, reduces risk, boosts transparency and ensures unrestricted access to pertinent investor data If you have outside investors, you need a modern investment management solution . It’s that simple .

Yardi Breeze is property management software designed for you Our refreshingly simple platform puts you in charge of marketing and managing your entire portfolio, with support for residential, commercial, affordable, self storage, HOA/condo and manufactured properties . Rest easy knowing your reports are accurate with Yardi’s trusted, built-in accounting system to track your revenue and expenses . And since Breeze is in the cloud, you can work from anywhere and get fantastic support when you need it .

Special Value, New Lower Price, Was:Now, Military Discount, Employee Discount, and Lowe’s price match guarantee); (ii) associate discretion price adjustments; (iii) any services (such as but not limited to, extended protection/replacement plans; shipping, delivery, assembly or installation charges); (iv) fees or taxes; (v) previous sales; (vi) gift cards; or (vii) Weber or Kichler products. We reserve the right to discontinue or alter the terms of this offer at any time.

©2022 Lowe’s. LOWE’S, the Gable Mansard Design and Lowe’s Pro Supply are trademarks or registered trademarks of LF, LLC. 3366723

LEGISLATIVE REGIONALUPDATE

Chula Vista Adopts Tenant Protection Ordinance

After many scheduled then rescheduled hearing dates, the Chula Vista City Council voted 3-1 to adopt a Tenant Protection Ordinance (TPO) on October 25 .

Mayor Mary Casillas Salas and Councilmembers Andrea Cardenas and Steve Padilla voted yes Councilmember Jill Galvez voted no while Chula Vista Mayoral Candidate and Councilmember John McCann was required to recuse himself from the vote .

The TPO adopted by the City Council places further restrictions on no-fault termination of tenancy and provides for stronger protections for renters In addition to Just Cause protections being effective at day one of tenancy, the ordinance will require rental owners/ manager to provide relocation assistance equivalent to 2-3 months of the U .S . Department of Housing and Urban Development Small Area Fair Market Rent for no-fault cause .

The ordinance expands the definition of substantial remodel requiring that improvements be a total of at least $40 per square foot and that the repairs necessitate a unit being vacant for at least 60 days .

The tenant being displaced also must be granted the first right of return when work on the unit has been completed and is ready to return to the rental market

Just Cause protections for the tenant take effect on the first day their tenancy. The ordinance includes revised anti-harassment and retaliation protections for the tenant and allows the city to take administrative and civil action against the owner or manager and even allows for criminal prosecution .

Over the course of the past year, SCRHA has participated in multiple meetings with stakeholders and Chula Vista City officials expressing strong opposition to the ordinance and deep concerns how the ordinance will affect rental properties and tenants. Despite the strong objections from the SCRHA and its coalition partners, the city council still moved forward with the vote. The ordinance takes effect in March 2023

SCRHA sincerely thanks members who attended the hearings to voice their opposition and submitted public comment . SCRHA will be creating resources and forms to help members navigate this complicated ordinance .

© Vadim Startsev | Dreamstime.com

© Hhunlimitedmedia - Dreamstime.com

© Sumikophoto | Dreamstime.com

Voices of the Industry

SAN DIEGO GAS & ELECTRIC CUSTOMERS TO SEE RATE INCREASE NEXT YEAR

Electricity Delivery rates will increase 8% for San Diego Gas & Electric (SDG&E) residential customers beginning January 1, 2023 . Customers using natural gas for power will see their rates increase 5 8% starting next year .

SDG&E says the rate increase is necessary due in part to enhance wildfire safety, need to transition to using power from carbon free sources, to build more Electric Vehicle Charge Stations and add battery storage . SDG&E adds that customers are using more power than in previous years so it must continue expanding its infrastructure to meet increased consumption .

If SDG&E’s request is approved, the average residential customer will see their rate rise from 22 6 cents per kilowatt-hour to 24 .4 cents/kW hour, or about $15/ month . Last year, residential customers saw their delivery rate increase by 8% and natural gas users saw their rates increase by 20 .8% .

The rate increase is still waiting for final approval from the California Public Utilities Commission (CPUC) . The increase of SDG&E rates will likely affect utility rates of customers belonging to San Diego Community Power and Clean Energy Alliance, both are Community Choice Aggregation (CCA) programs .

The Clean Energy Alliance (CEA) currently serves customers in Carlsbad, Del Mar and Solana Beach . CEA will soon be adding the cities of Escondido, San Marcos, Oceanside, and Vista . San Diego, Chula Vista, La Mesa, Encinitas, and Imperial Beach are served by San Diego Community Power (SDCP) . Starting next year, SDCP will serve National City and unincorporated San Diego County. Officials of both CCAs say it is too soon to tell how much rates will increase; officials under both CCAs are responsible for setting electricity rates, not SDG&E .

To learn more visit: https://www .sandiegouniontribune . com/business/story/2022-10-18/your-sdg-e-ratesare-going-up-again-next-year

RIVERSIDE COUNTY EXTENDS MORATORIUM ON NEW SHORT-TERM RENTAL PERMITS IN TEMECULA WINE COUNTRY AND IDYLLWILD COMMUNITIES

The Riverside County Board of Supervisors voted to update its short-term vacation rental ordinance on October 18 for the County’s unincorporated areas, but supervisors held another hearing on October 25 to decide if the County should extend a current moratorium stopping the issuance of permits for new Short Term Vacation Rentals (STVR) and if supervisors should consider a standalone STVR ordinance specifically for the unincorporated areas of Temecula Wine County, Idyllwild, and surrounding mountain communities located in the County’s 3rd District

The County held multiple hearings earlier this year to update its STVR ordinance, including addressing the growth of short-term rentals in Temecula Wine Country and Idyllwild According to Riverside County, the county has seen a 575% increase in vacation rentals prompting the County Board of Supervisors to vote on updating its STVR ordinance and placing a 45-day moratorium on issuing new short-term rental permits on September 13

The County Board of Supervisors voted to adopt County Ordinance No . 927 in September and again in October The ordinance requires owners who operate STVRs in the unincorporated areas of Riverside County to have a valid permit and pay necessary fees and a 10% Transient Occupancy Tax on each visit The ordinance limits the number of days visitors can stay in the rental and limits the number of people that can stay on the property depending on its lot size . STVRs

Please turn to page 18

12 | Southern California Rental Housing Association Rental Advisor April 2022

are also required to notify nearby residents and post signs around the perimeter of the property indicating it is a short-term rental and have a responsible person to be on the premises . Properties would have to install “noise monitors” to ensure rentals are not emitting loud noises during the hours between 10:00pm and 7:00am . The county already has “Special Enforcement Teams” to investigate complaints STVRs caught violating the ordinance would be subject to fines and have their permits permanently But supervisors decided they would like more time to consider if a separate STVR ordinance is needed for Temecula Wine Country and the mountain communities

At the October 18 hearing, the County’s Transportation & Land Management Agency (TMLA) issued its report conducting a poll of county residents in the affected areas The poll indicated a substantial number of residents wanted to limit the number of rentals in those communities and place more restrictions on vacation rentals . Critics of the TMLA report argued the report was biased and warranted further study Supervisors decided to delay any action until October 25; if the Board of Supervisors takes no action to extend the moratorium, it would end on October 28 and effectively Ordinance No . 927 would apply to all unincorporated areas

On October 25, County Supervisors met to decide if they will extend the moratorium another 10 months on issuing new STVR permits in those communities . The County Board of Supervisors unanimously voted to extend the moratorium until September 2023 on issuing new permits STVRs with permits are not affected by the moratorium. County Supervisors did not indicate what another vacation rental ordinance for the 3rd Supervisorial District would like

To learn more visit: https://patch com/california/ temecula/temecula-wine-country-idyllwild-vacationrentals-remain-limbo

UPDATE: PALM SPRINGS TO CONSIDER CAP ON SHORT-TERM RENTALS

The Palm Springs City Council on September 29 discussed a recommendation offered by the city’s Vacation Rental Work Group, an advisory group tasked with reviewing the city’s Short-Term Vacation Rental (STVR) ordinance . The group recommended that the city place a cap on the number of short-term vacation rentals in the city to 2,500 total units and limit the percentage number of STVRs to 10% in each neighborhood

While the City Council did not vote on the

recommendation, the council stated that it would be open to the proposal for future consideration . Thus, the hearing triggered hundreds of STVR applications being submitted, overwhelming the city department that processes them In turn, the city council called for a temporary urgency ordinance to place a moratorium on all new STVR permits until the council can see a new ordinance

On October 17, the city council voted 4-0 to approve the urgency ordinance placing a temporary moratorium halting applications for new short-term vacation rentals until the city council meets on November 29, and direct city staff to draft language on several ideas raised during the hearing

The city council on November 29 will discuss several proposed amendments to its STVR ordinance brought up during the October 17 hearing . Among the proposals is limiting the number of times a STVR can be rented out each year; the proposal will limit the number of visits between 24-36 times a year and create a “junior permit” category for owners who only want to lease out their home between 6 – 12 times a year The City council asked city staff not to include any proposals on setting caps, but it did comment that it could support a percentage cap of STVRs of 15% or 20% in each community except Homeowner Associations (HOAs) Another idea brought up during the hearing was creating a separate policy regulating houses used for special events that attract larger crowds of people . This article was published before the city council took any action on the policies .

To learn more visit: https://www .desertsun .com/story/ news/local/palm-springs/2022/10/17/palm-springspauses-decisions-short-term-rental-permits-throughnov-29/10529079002/

Welcome New Members

C E L E B R ATI N G

INDEPENDENT OWNERS

an ANNIVERSARY This Month 10+ years of membership

Robert Company

HL Stay LLC

Parc One | Greystar

R & B Bicoastal Properties LLC

Richard Kellner

SUPPLIERS

The Heritage | Greystar

Vignapiano Living Trust

-- 2023 DUES RENEWAL INCREASE NOTICE --

We are giving advance notice that your 2023 SCRHA dues renewal will increase. Your invoice will be available online 90 days prior to the due date, and you will receive a mailed invoice 30 days out. This increase ensures that we can continue delivering unrivaled support to our members.

Base dues will increase from $250 to $263 for Owners. For Property Managers, the increase will be from $675 to $708 for base dues.

Unit dues will be $5.00.

An annual membership as a Supplier Associate will be $472, Professional Service Firm will be $577, and Suppliers will be $682.

This will not go into effect until your 2023 renewal.

We truly appreciate your support, which allows us to continue to advocate on your behalf and keep you educated on the ever-changing regulations.

Kitchen Tune-Up of North San Diego

Dennis & Verena Seisun

Kurt Wilson Robin Vincent

Mixed Messages Key Theme of the 2022 Apartment Perspective

By Southern California Rental Housing Association

Southern California Rental Housing Association and CCIM hosted the 2022 Apartment Perspective on October 6, 2022 The panel discussion was held to provide insight into San Diego’s multifamily real estate market and featured Ray Major, Nathan Moeder, and Andrew Malick, as speakers and Robert Vallera as moderator .

The discussion began with an overview of present market trends that show a slowdown in transactions (what kind of transactions?) from 608 completed transactions in 2021 to 268 completed transactions in 2022, with a total of 400 completed transactions by the end of the year While transactions have slowed considerably, the price per square foot rose 20 1% between 2021 and 2022 .

San Diego Association of Governments (SANDAG) Chief Economist and Deputy Chief Executive Officer of Business Operations Ray Major was the first speaker Major stated that San Diego’s regional

economy is $250 billion annually and among the top 25 economies and is resilient due to its diversification with no single sector representing more than 16% of the economy .

While the region is seeing tremendous growth in biotech, information, and data sectors as Silicon Valley expands into the region, traditional sectors, such as construction and professional services are almost back to pre-pandemic levels while driving sectors, such as tourism and service, continue to lag due to employment shortages

One potential challenge is that the region has 100,000 fewer workers than available jobs with Chief Operating Officers (CEOs) finding it difficult to recruit or retain mid-level employees . While companies are attracted to the quality of San Diego’s workforce and operating expenses compared to Silicon Valley, they are showing that they will shrink their footprint or relocate operations if unable to fill vacancies.

Another challenge is San Diego’s housing affordability crisis driven by a lack of new housing units and increasing home prices and interest rates The San Diego region’s present housing deficit is approximately 70,000 units and the average of 7,000 to 10,000 new units annually is well below what the region needs to build to keep up with present demand . Meanwhile, home prices have increased 33% and interest rates have risen from 2 2% in 2020 to 6 11% in 2022 leading to affordability dropping from 18% in 2019 to 14% . Presently, a San Diego household would need an annual income of $208,000 to afford a medianpriced home in the region. Additionally, rising inflation is causing San Diegans to spend an additional $1,000 a month .

Based on these factors, SANDAG will continue its strategy to encourage more new housing in urbanized and urbanizing areas with a focus on homes close to job centers and transit hubs to reduce the need for automobiles .

The next speaker was Nathan Moeder, Senior Principal at London Moeder Group and teaches at UC San Diego and the University of San Diego His presentation focused on trends affecting the underwriting of multifamily projects and San Diego’s market .

Moeder expects that the multifamily market should remain a stable, long-term investment as underwriting for multifamily projects stayed active due to rent growth between 9% to 12% in the past 12 months . Multifamily development remains popular with investors seeing higher returns and appreciation with cap rates hovering between 5 to 5 .5% in the last 12 months and builders hope that cap rates hold around 6% in the next 12 months to attract investors

Additionally, Moeder scrutinized the San Diego region’s hyper focus on building studio and one-bedroom

units instead of larger units with multiple bedrooms . The San Diego region only permitted 63% of the units needed from the previous Regional Housing Needs Assessment and permits for multiple bedroom units have dropped by 6,000 units over the last several years Moeder is presently working with the City of San Diego to create incentive programs for building larger units and submitted a request to the California Department of Housing & Community Development to develop a statewide incentive program .

In contrast, Andrew Malick, Principal & Founder of Malick Infill Development, spoke on the importance of mixed-use, small-scale properties with amenities to attract single adults Malick noted that 40% of people ages 20 to 34 live with their parents and there are 760,000 people in that age group in the San Diego Region This highlights the statistic that 40% of single-family homes have residents who are renting a bedroom or in a home sharing arrangement and underscores the need for smaller units to accommodate smaller households of single adults or single-parent households To support this emerging market, Malick sees a move to smaller housing units as zoning policies discouraging smaller units and density are changing in favor of policies that promote dense, walkable communities .

While speakers disagreed on whether the region needed more larger or smaller housing units, they all agreed that another 2008-style meltdown would be avoided due to new banking and lending regulations and that any potential meltdown would likely be triggered by global or geopolitical factors .

At the close of the event, Vallera polled the audience if they see San Diego’s multifamily market as positive, negative, or the flat in the next 12 to 18 months. The audience responded believing the market will be flat or negative . Only time will tell .

CE LE B R ATIN G

LE B R ATIN G an ANNIVERSARY This Month 10+ years of membership

Linda Kass Company

Kroeger Family Properties

James Kennedy Company

Thomas Schaide Company

Patricia Barrer Company

American Bathtub Refinishers

an ANNIVERSARY This Month 10+ years of membership

Richard and Nilda Townsend

David Berg Company

Jon Beaman Company

CE LE B R ATIN G

Eugene Kanaly Company

Hunter’s Run Apartments

Karen Langley Company

Fred Musial and Vicki Rydell

Jana Sulpizio Company

Stephanie Troncone Company

William Clarke Company

William Wiegand Company

Anne Lambert Company

Marc-Aaron, Inc.

Kirk Sheldon Company

Timbers Apartments

Russell Hook Company

T.L.M. Properties

Gloria Donichy Company

Commercial & Industrial Roofing

Jeremy Mencher Company

Michael Glickstein Company

Seamist15, LLC

La Jolla Park East Apartments

Chase Commercial Term Lending Regents FHT

Donald Beyer Company

Chase Pacific Property Management and Real Estate Services

1968 1971 1975 1976 1976 1977 1978 1978 1978 1980 1980 1981 1981 1982 1983 1984 1987 1988 1989 1989 1990 1991 1992 1993 1995 1996 1996 1996 1997 1998

NEBO, LLC

John Flavin Company

Martin Mosier Company

Ronda Landrum Company

Anova, Inc.

Thomas & Patricia Beilke

Norman Starr Company

Dowling Apartments

Douglas Allred Company

Robert Nida Company

Linda Adrian Company

BluSky Restoration Contractors, LLC

James P. Burrell Company

Frank Fernicola Company

Midland Properties LLC

Robert & Elizabeth Sunukjian

Pacific Coast Cleaning, Inc.

Patricia White Company

Pacific Patio Apartments

UDR, Inc.

Theodora Opteyndt

H.A. Lavezzi Co., Inc.

Nancy Partridge Company

Kimball, Tirey & St. John LLP

SD Lofts

Wilar Properties LLC Eugene & Lauren Berkenstadt (Trust)

1998 1998 1998 1998 1999 2000 2001 2001 2002 2003 2004 2005 2005 2006 2006 2007 2008 2008 2008 2009 2009 2010 2011 2011 2011 2011 2012 2012 2012 2012

an ANNIVERSARY This Month 10+ years of membership

Questions &Answers

by Kimball, Tirey & St. John LLP

Question: My tenant asked me to accept a payment from a third party for half of her rent . We have a policy not to take third party payments . Can I refuse?

Answer: No, you are required to accept third party payments provided that the third party payment also comes with a statement that says that the payment would not create a landlord tenant relationship with the third party .

Question: I gave a sixty-day notice of a rent increase, and my cousin says that is not good enough but it is the same notice I have always used . Why is it not good enough?

Answer: It depends on how much you have increased the rent If the total increase (including all increases over the last twelve months) is ten percent or less, then the notice required is thirty days If the total increase over the last twelve months is more than ten percent, the required notice increased to ninety-days plus five calendar days for mailing, if mailed within California .

Question: Am I within my legal rights to ignore oral notices and demand written thirty-day notice for a month-to-month lease termination?

Answer: Yes, California law requires termination notices to be in writing

Question: One of our tenants paid us $50 .00 per month rent less than what his lease required . We did not catch the mistake until after his third month He says he does not owe it because we waived our right to collect it when he paid his rent . Is he right?

Answer: Probably not . If your lease contained a non-waiver provision, it should be upheld in court . Even if your lease were silent on this issue, he would have to prove that you knowingly waived your right to receive full payment by accepting a lesser amount .

Kimball, Tirey & St. John LLP is a full-service real estate law firm representing residential and commercial property owners and managers. This article is for general information purposes only. Laws may have changed since this article was published. Before acting, be sure to seek legal advice. For contact information, please visit our website. www. kts-law.com. © 2022 Kimball, Tirey and St. John LLP

Question: Is there a clear definition of what constitutes “ordinary wear and tear”? My husband and I are spending day and night trying to clean and repair our once beautiful home we rented out and need to know how much to charge back to the residents .

Answer: There are not many legal guidelines on this issue so many judges use what they consider a common sense approach . We advise landlords to seek an opinion from the manufacturer of drapes, carpets, and appliances as to their expected lifetime assuming ordinary wear and tear If the item needs replacing before that time, you can use this as a guideline to determine the pro rata amount to charge back to the tenant

Question: One of my residents recently had her phone line repaired . The telephone company charged her $60 .00 . She did not notify us of the problem before ordering the repair . We could have made the repair ourselves at much less cost The tenant wants me to pay the bill . What do you think?

Answer: California law deems owners of rental property responsible for the inside wiring to the property However, tenants must first give landlords notice of a needed repair and provide a reasonable time to make the repair before undertaking a self-help action You shouldn’t have to pay more than what it would have cost for you to make the repair .

Question: Must three-day notices to pay rent or quit be served to all delinquent tenants at the same time? We manage a large apartment community and sometimes have a multiple of notices to serve

Answer: California law does not require that you serve threeday notices to all delinquent residents at the same time It is a good idea to do so, however, in order to avoid the appearance of favoritism or discriminatory conduct

Question: Our tenants have a one year lease They gave me a thirty-day notice of intent to vacate two months short of the one year lease expiration What should I do?

Answer: You should let them know in writing that a thirty-day notice has no legal effect on their obligations under the lease and they remain liable for the rent until the lease expires or the date you are able to relet the premises, (once they vacate you have to use due diligence to relet), whichever comes first .

Question: Our tenant’s children put a 6-inch hole in a plaster wall of the house they are renting The tenant readily admitted that the children “might have been punching the wall a little .” What are our legal options?

Answer: You can serve a three-day notice to perform conditions and covenants or quit to require the tenant to make repairs or to pay for the repairs . If they do not comply with the notice, you can proceed with an eviction, or alternatively, deduct repair costs from their security deposit .

Build “Community” in Your Apartment Building

by David Crown, Los Angeles Property Management Group

It might not be something you can check for when you receive an apartment application, but in my experience, the best tenants are those who care about one another . If you own an apartment building and can manage to build community for residents living there, you benefit by bolstering their sense of fellowship in the neighborhood, and you gain benefits for your property by making the residents more likely to respect it

Community creates a home, and if your tenants feel at home instead of like they’re just passing through, they’ll take better care of their space A strong sense of connection will also ultimately make your property more desirable to renters, and thereby worthy of higher rent in the long run We’re all searching for community in one way or another . Creating it for the people who rent from you can make owning apartments a uniquely rewarding experience .

When I was a kid growing up in Woodland Hills, the apartment building my family lived in offered free bagels and cream cheese in a common area on the first Sunday morning of each month . I remember the thrill of excitement every time, itching to get up early and run down the hall to eat my freebie bagel I also remember the adults all talking and getting to know each other I couldn’t believe the building owners were willing to “spot us” breakfast like that every month I now know it’s a great example of the impact a small and relatively inexpensive gesture can have .

Perhaps nothing creates community more effectively than shared experiences . Of course, you can’t send your tenants backpacking across Europe together, but you can spring for bagels and cream cheese . Sometimes providing a shared experience is as simple as organizing a communal event, like a delivered meal, a potluck, or a happy hour . For instance, wine tasting is all the rage these days (who doesn’t love wine?) and setting up a community

tasting for residents only costs the price of a few bottles If you work with a property manager you trust, they’ll handle the organization and make sure it goes off without a hitch

I recommend creating a calendar of community events and distributing it to tenants This way, you can integrate annual events that are useful to your residents, like an electronics recycling day This particular example is usually well-received, and will keep your trash bins from becoming the final resting place for items that don’t belong there I’ve also seen tenants have a great time at a pre-trick-or-treat Halloween gathering for families, with a gift card prize for the best costume . One of our clients even sponsored a Thanksgiving dinner where landlord and tenants alike contributed to a feast that the whole building enjoyed together, and we heard nothing but glowing reviews from the tenants for weeks afterward . With online reputation mattering more than ever (especially on outlets like NextDoor), this is no small victory

In general, a building full of appreciative and friendly tenants who’ve built relationships there will translate to an easier experience as a property owner Building community at your rental properties applies the evergreen philosophy of property management— leading with care now could make all the difference later . When we organize events like these for our clients, I like to think that there might be a kid at one of them who’s in awe at the magic of free stuff, just like I was . You never know what will stay with a person

David Crown is the Chief Executive Officer of Los Angeles Property Management Group and has more than 25-years of experience managing all types of income properties He is a hands-on leader who has managed properties in 16 different states For more information, Mr . Crown can be reached directly at (323) 433-5254 .

ACR4303MFW:$47900 FCRC3012AB: $55900 FFEF3016V: $59900 ACR4303MFS: $61900 AER6303MFW: $62900

FFEF3016VS: $63900

FFEH2422: $63900

FCRE3052AS: $67900

FFEF3054TS: $71900

FFET1022UW: $58900

FFRT1425VW: $65900

FFHT1425VW: $67900

FFHT1425VV: $70900

WRT518SZFW:$73900

FFHT1824UW: $74900

FFHT1820V: $77900

FFTR1835VS: $77900

FFHT1820VS: $79900 FRTD2021AS: $79900 FFHT1822U: $83900 WRT316SFDM: $85900

DISHWASHERS

FDPC4221A: $32900

ADB1400AG: $33900

FDPC4221AS: $35900

ADB1400AGS: $36900

FFCD2413U: $37900

FFCD2418U: $38900

FFCD2413US: $38900

FFCD2418US: $39900

WDF331PAHS:$45900

SIGHTS ON SAN DIEGO’S OMINOUS EARTHQUAKE FAULTS

Several spots in the region provide visual clues to the movement of the ground below

by Ali Sahabi,

Optimum Seismic

Tucked away on Island Avenue between 14th and 15th streets stand a pair of 7-foot reflective spheres strategically placed on the Rose Canyon Fault system A viewfinder on one zeroes in on the other so that if any shift in the fault happens, the markings will no longer align .

Located in Fault Line Park, the “Fault Whisper” exhibit is surrounded by multi-story condos . The park itself sits directly on the fault line and is unsuitable for building .

There are several such places throughout San Diego, identifying the location of the city’s most dangerous earthquake threat Other locations include the cliffs in La Jolla, where dramatically tilted layers of sedimentary sandstone and mudstone clash starkly against the clean cut of a more uniform mudstone beside it . The contrast between the two is undeniable: like wearing striped pants with a swirling paisley top .

Similar land formations can be seen at Tecolote Park

just east of the Sea World Drive exit from Interstate 5 If you walk past the recreation center, and peer past the fence to the left of center field on the upper ballfield, you’ll see a sign posted that describes similar mismatched rock formations there .

These changes didn’t happen suddenly, but over millennia at a rate of just a few millimeters a year . Had it not been for this movement of the earth, San Diego today would have no Mt . Soledad, nor any of the other geological formations that make the city the beautiful spot it is today

The topography is stunning, but Rose Canyon has a darker side, too .

A 6 9-magnitude earthquake along the Rose Canyon fault in San Diego would devastate the city, according to the Earthquake Engineering Research Institute, which projected these losses from that scenario:

• 45% of all residential buildings damaged

• 23,000 residential units severely or completely damaged

Ali Sahabi, a licensed General Engineering Contractor (GEC), is an expert in seismic resilience and sustainability He is Co-Founder and Chief Operating Officer of Optimum Seismic, Inc , which has completed more than 3,500 seismic retrofit engineering and construction projects, including adaptive reuse and renovation projects, for multifamily residential, commercial, and industrial buildings throughout California .

•

•

• $38 billion in damage

• $5.2 billion in lost income

“While most newer buildings, particularly singlefamily residences, can be expected to survive the scenario earthquake with repairable damage, many larger and older buildings can be expected to be more severely damaged and potentially unsalvageable,” the EERI study said .

To the east of Rose Canyon, the Elsinore Fault skirts around Palomar Mountain, runs through the heart of Julian and continues down Banner Grade to the border . Normally creeping at a rate of 4 to 5 millimeters a year, this lesser known cousin to Rose Canyon produced a whopper of a quake in 1892 – a 7 3-magnitude temblor that moved the ground 17 or 18 feet A magnitude 3 5 quake striking on this same fault line near Julian in October was felt in a wide area, from Borrego Springs to Carlsbad Seismologists believe this fault could deliver another massive blow to San Diego like it did more than 100 years ago, given that some portions – most notably

the area near Julian – have not shown significant movement for more than a thousand years .

Going even farther east beyond the Elsinore Fault is another serious concern . The San Jacinto Fault zone, which merges with the San Andreas north of Los Angeles and extends all the way south to the Gulf of California, is assumed to have the capacity to produce an earthquake of between 6 5 and 7 5 magnitude .

Historical writings have recorded the violent thrusts of these faults when the land was mostly undeveloped . There were no multi-story condos in 1982, no sewer systems, no electric grid or gas lines, and no freeways Is this 1892 or 1982? Check with her .

Damage was minimal because there wasn’t much to be broken . Imagine if those quakes had happened in today’s skyscraper metropolis

Learn more about the types of buildings most vulnerable to damage or collapse in an earthquake, and how structural retrofits can help protect your property and your assets Visit OptimumSeismic com or call 833-978-7664 .

CAN YOUR TENANT LEGALLY OWN AN ALLIGATOR AS AN EMOTIONAL SUPPORT ANIMAL (ESA)?

by Ian Riley, For Contemporary Information Corporation

When you think of an emotional support animal, what comes to mind? It would be fair to assume the first thought to enter one’s head would be a dog, if not some kind of bipedal mammal — and most likely not a reptilian carnivore with razor-sharp teeth

In enters WallyGator: a five-and-a-half foot, 70-pound TikTok famous alligator with over 72,600 followers on the platform owned by Philadelphia, Pennsylvania native Joie Henney While it is legal to own alligators in Philadelphia, that isn’t the case in many other states — nor is it likely that the majority of pet gators, if any, qualify as emotional support animals Or is it?

Since Wally’s uptick in popularity on the internet back in August, “alligators” as a related topic to the Google search query “emotional support animal” has seen a 300% increase in search frequency, most likely for the purposes of curious internet users seeing and reading about WallyGator for themselves However, with the increase in popularity of keeping various species of reptiles as house pets and the common need for emotional support animals, it isn’t beyond the realm of possibility that people with legitimate mental health conditions, unique cases of PTSD, or related conditions could be looking into obtaining a support gator of their own

As we’ve previously covered, the Department of Housing and Urban Development (HUD) has provided guidance on how the Fair Housing Act (FHA) interfaces with the ADA (Americans with Disabilities Act) regarding emotional support animals . HUD classifies assistance animals into two different categories in order to distinguish their roles from one another: service animals (primarily dogs), and other trained animals that do work, perform tasks, and/or provide therapeutic emotional support for individuals with disabilities . Per HUD’s guidelines, because Wally is not a dog, he, therefore, cannot qualify as a service animal – so, how does HUD define Wally and his role, exactly?

HUD states if the service animal status is not readily apparent, to limit inquiries to two questions: “Is the animal required because of a disability?” and “What work or task has the animal been trained to perform?”, and if the answer to either question is no, then following

denial of service animal status under federal, HUD states that the animal can still qualify as a support animal or other assistance animal, depending on what needs to be accommodated .

In Wally’s case, Henney received approval to use him as a support animal after expressing to his doctor he did not want to be medicated for depression following the deaths of several family members and close friends in a short period of time, and more recently, his untimely cancer diagnosis . Even before rescuing and adopting Wally, Henney has worked with and rescued reptiles (particularly alligators) for over thirty years, and his vocation is one he is very passionate about – so it stands to reason his support animal of choice would be one he’s so accustomed to working with .

Because the ADA makes the same distinction that an emotional support animal would only be classified as such due to its mere presence providing comfort as opposed to employing any training to respond to a situation, HUD’s guidelines technically, but clearly grant Wally his status as a legitimate emotional support animal under federal law

While Wally’s status is protected in the eyes of the law, HUD also states that a housing provider can refuse a reasonable accommodation request for a support or assistance animal if said animal poses a direct threat to the health or safety of other individuals or would result in substantial physical damage to the property of other which cannot be reduced or eliminated However, before denying such a request due to a lack of information, a housing provider is encouraged to engage in a “good-faith” conversation with the owner of the support animal to gather information about the animal and mitigate any potential misunderstandings regarding its purpose .

Luckily for most property owners, WallyGator is very much an anomaly, and most folks aren’t scrambling to obtain an emotional support gator of their very own, anyway . Henney himself calls Wally a “very special gator” (he’s trained Wally to understand commands and to keep his mouth closed around other people) and actively discourages others to adopt a pet alligator if they’re not actively predisposed to working with alligators, stating “if you don’t know what you’re doing, you will get bit”

griswold

Response

Financial advisory

The Importance of Business Plans When Buying Investment Real Estate

BY CHRISTOPHER MILLER, MBA SPECIALIZED WEALTH MANAGEMENT

Ican’t believe that it is December of 2022 already! This month, I’ll talk about business plans for your investment properties . The importance of creating a business plan for investment real estate does not get much press . I have seen that some people who deal with real estate for a living do not even use them Whether you are a sophisticated real estate investor or only own one rental property, spending a little time on a business plan can save a lot of headaches in the future .

I have had this exact conversation with several real estate brokers over the past two decades:

Chris: “While reviewing this property, I noticed that the lease runs for 75 years, and has no rent increases . How could I expect to sell this property for a profit?”

Broker: “Real estate always goes up in value, right?”

Wrong! I have always reminded my investors that real estate’s value is tied to the income it produces . Rising income is needed to realize rising property values At the same time, flat income does not lead to stable value . In fact, due to the influence of

inflation, it leads to declining value over the years . Why buy real estate that will slowly decline in value over the next 50 years? People do every day . These investors do not mean to do that but, because they lack a business plan; that is exactly what happens .

WHAT IS THE WORST THAT CAN HAPPEN?

Perhaps you have heard the phrase “People do not plan to fail; they fail to plan .” This is exactly what happens often in real estate .

Our last financial crisis, about 14 years ago now, provided many examples: An investor bought a property for “a good price,” but loses it to the bank 2 years later . Often, this happens due to poor planning .

We have all heard of investors who bought single family homes with no money down and experienced a bad result They bought a new home in what was formerly a desert for a “low price” of $400,000, taking advantage of “great financing” at 1 5% annually With a $1,380 mortgage payment and $1,800 of monthly income, the investor figures he can’t lose . But what happens when the special interest rate ends? The investor may have used an aggressive assumption like “the property will appreciate at 30%

Christopher Miller is a Managing Director with Specialized Wealth Management and specializes in tax-advantaged investments including 1031 replacement properties . Chris’ real estate experience includes work in commercial appraisal, in institutional acquisitions for a national real estate syndicator and as an advisor helping clients through over four hundred and ninety 1031 Exchanges Chris has been featured as an expert in several industry publications and on television and earned an undergraduate business degree and an MBA emphasizing Real Estate Finance from the University of Southern California . Chris began his real estate career in 1998 Call him toll-free at (877) 313 – 1868

Easy setup Property accounting

Walk-in payments with PayNearMe

Vendor payments

Owner payments & reports Live chat support Renters insurance†

per year ” His plan was to sell at that point and “cash in . ”

We all know what happened with that investment . When the interest rate kicked up to 6 5%, the mortgage payment became $2,528 per month, and the property’s value declined to below $250,000 . The investor found that his “can’t lose investment” just did .

Any good business plan contains provisions for “what if” scenarios . What if rents do not rise as fast as I expect? What if I can’t refinance? What if I need to hold the property for several years longer than I expect? Had the investor mentioned above asked these questions in a well-thought-out business plan, he could have saved himself a lot of trouble .

HOW TO CONSTRUCT A BUSINESS PLAN

A business plan can be summarized as follows; Put on paper what you want to happen, what you think will happen, and some things that might happen Estimate the financial implications of these situations and write those numbers down Next, write down your estimated expenses . (Mortgage, utilities, insurance, etc ) Create a spreadsheet that can test these scenarios If you are “not a computer wizard,” this can be done on paper with a calculator .

When I started my real estate advisory business, I sat down to write a business plan This plan contained my goals, my likely scenario, and my worst-case scenario . I reviewed the numbers of each, adjusted the plan as necessary, and moved forward

I do this same thing when I buy real estate for myself or for my clients . We will estimate what rents and expenses will be, and then test that model with some “worst case scenarios I always want to be comfortable with that worst-case scenario before moving forward

REALISTIC FINANCIAL ESTIMATIONS ARE IMPORTANT

Assuming that an office building will go from 30% to 95% occupancy in 1 year or planning to raise rents 10% every year for 7 years may give you attractive numbers In the absence of a special circumstance, neither of these business plans are very realistic . One can torture numbers long enough to tell a great story; but that does not make it true . Aggressive assumptions are best described as the ones least likely to happen I prefer conservative business plans where things are nearly as likely to go better as they are to go worse than expected After all, unforeseen things will always happen . It is good to have room in your plan for such occurrences A conservative plan can absorb an unexpected repair bill, while that expense may kill the whole deal if your numbers are too aggressive

WHAT I LOOK FOR

When I evaluate a property, I will look at the “full picture” and use that to put together some projections . By evaluating the building itself, its’ location, the surrounding market and submarket along with the leases and tenants, I can put together some financial projections . If these projections look attractive, and pass several “stress tests,” I will move on to looking at the business plan – how the property will be managed, and when it may be sold for a profit

Every public company today has a business plan that identifies corporate goals and maps out a plan on how to get there . Doesn’t your real estate deserve a professional approach as well?

Securities offered through Emerson Equity LLC, member FINRA/SIPC. Emerson Equity LLC and Specialized Wealth Management are not affiliated. All investing involves risk. Always discuss potential investments with your tax and/or investment professional prior to investing. Hypothetical scenarios herein are provided to illustrate mathematical principals only, and they are not a promise of performance. There can be no assurance that any investment strategy will achieve its objectives.

WHY MULTIFAMILY REAL ESTATE INCOME FUNDS HAVE DISTINCT BENEFITS FOR INVESTORS

BY STEVE HASKELL

Kay Properties and Investments, LLC

The recent fluctuations in the United States stock market have many investors looking for more conservative and less volatile investments . That’s why more and more investors are attracted to Real Estate Income Funds .

While Kay Properties & Investments is best known for its expert-level knowledge of Delaware Statutory Trust 1031 exchange investment strategies and opportunities, the company also has a great reputation for working with nationally recognized real estate sponsors to source and structure All-Cash/ Debt-Free Real Estate Income Funds for accredited investors

WHAT IS A REAL ESTATE INCOME FUND?

In general terms, any “income fund” is simply a pool of capital that has been assembled on behalf of a group of investors . There are literally tens-of-

thousands of different types of investment funds, including equity funds, bond funds, money market funds, mutual funds, and hedge funds While direct ownership of real estate has been a popular investment for centuries, recently many investors have also started investing in real estate through participation in a fund .

A Real Estate Income Fund is a specific subset of funds that is focused exclusively on investing in potentially income-generating real estate . Real estate income funds provide another entry point for those looking to invest in large commercial or multifamily real estate portfolios . Real Estate Income Funds are particularly appealing to retail investors who want to own institutional quality real estate that would normally be out of reach for them A Real Estate Income Fund pools capital from many investors, and then the fund’s sponsor oversees all the fund’s activities, including performing due Please turn to page 46

STEVE HASKELL, VICE PRESIDENT, KAY PROPERTIES AND INVESTMENTS, LLC

Steve Haskell is Vice President and DST 1031 specialist at Kay Properties and Investments where he works with 1031 exchange and direct investment clients throughout San Diego County and the rest of the United States . Prior to coming to Kay Properties and Investments, Steve served for seven years as an officer in the United States Air Force in the special operations community where he led small teams as well as a large staff of hundreds of military and civilian personnel Though Steve has retired from active duty, he still serves in the Air Force Reserves Steve holds a Master’s Degree from the American Military University and a Bachelors in Accounting from Point Loma Nazarene University where he graduated as International Development Student of The Year for his work providing business education to entrepreneurs in impoverished areas in Mexico, Nicaragua, and San Diego .

diligence, underwriting, and property management Investing in a Real Estate Income Fund is a great way to potentially generate passive income, gain access to institutional level assets, and avoid the responsibilities of direct ownership

THREE DISTINCT BENEFITS OF INVESTING IN A REAL ESTATE INCOME FUNDS

Diversification

The ability to diversify in real estate funds has attracted conservative investors that want to avoid the concentration risk that often accompanies purchasing one piece of real estate Typically, real estate investing requires a large down payment in order to obtain a loan with reasonable terms, tying up a significant portion of investors’ wealth in a single asset Funds allow an investor to often place a smaller amount of cash into a highly diversified portfolio, therefore mitigating risk through diversification Not only do funds allow investors to diversify in different pieces of real estate all over the country but investors can also diversify their investment by asset type and tenants . Funds may hold multifamily apartments, net lease commercial assets, medical, industrial, etc Asset types can have varying market cycles . Diversifying one’s investment across asset types and geography can potentially insulate their investment from market volatility .

*Diversification does not guarantee profits or protect against losses.

Depreciation

An additional benefit to real estate income funds is the potential for depreciation . Many real estate income funds allow investors to depreciate their basis in the fund The non-cash expense lowers the taxable income incurred from fund’s distributions . This may hold significant benefits for investors in high tax states such as California and New York . Investors

should speak to their CPA to determine their own potential tax efficiencies from investing in real estate income funds

ABLE TO OPTIMIZE BOTH INFLATIONARY AND DEFLATIONARY MARKET CYCLES

Finally, the ability for funds to continue to purchase real estate over time allows investors to optimize both inflationary and deflationary market cycles An inflationary market will theoretically drive up the value of the fund . In a deflationary cycle, the fund may continue acquiring assets, cost dollar averaging as the market retreats . Funds have the flexibility to pick up these assets at a discount Cap rates often expand in a deflationary market, which will allow investors to potentially realize higher distributions as they wait for the market to turn around .

ADDITIONAL POTENTIAL BENEFITS OF REAL ESTATE INCOME FUNDS

● Passive income and/or distribution potential

● May provide monthly cash flow and/or distributions

● Capital appreciation/equity growth potential

● Tax advantages through depreciation, interest deductions, and the fund itself being able to 1031 exchange proceeds from the sale of one property into another without realizing capital gains .

● Low minimum investment amounts allow for portfolio diversification (typical minimum investment amounts are $25,000-$50,000)

● Professional real estate expertise, including acquisition, financing, property management and asset management

Please turn to page 49

● Elimination of day-to-day management headaches

While it is almost impossible to predict what the economic future will look like, many prudent investors are posturing their portfolios to mitigate risk while optimizing their upside potential no matter which direction the market turns As more investors learn about the potential benefits of Real Estate Income Funds, their popularity will continue to grow throughout the coming years .

AN EXAMPLE OF TYPICAL REAL ESTATE INVESTMENT FUNDS EXCLUSIVELY OFFERED BY KAY PROPERTIES

Net Lease Income Fund 28 LLC

The Cove Multifamily Income Fund 28, LLC (the“Fund”) is a private placement real estate investment/ Regulation D, Rule 506 C offering for accredited investors only . The Fund is targeting unlevered/debt-free multifamily assets for accredited investors . In addition the Fund has targeted monthly distributions with an 8% preferred return *

*Preferred return is not guaranteed and is subject to available cash flow. For further information

about cash flow distributions from operations and capital events, please refer to the Private Placement Memorandum

Investment Strategy

To acquire and actively manage a diversified portfolio of debt-free multifamily assets across multiple U S markets that have value- add potential through physical renovations and/or operational improvements .

Sample Target Markets

● Georgia — Atlanta, Augusta, & Columbus

● Tennessee — Nashville, Memphis, Knoxville, & Chattanooga

● South Carolina — Charleston, Columbia, & Mount Pleasant

● North Carolina — Charlotte, Raleigh-Durham, & Winston-Salem

● Ohio — Cleveland, Columbus, Toledo, & Cinncinati

● Texas — Austin, San Antonio, Dallas-Fort Worth, & Houston

655 WB Operating LLC (619)702-0655

A

ADD Realty, Inc (619)232-6811

All Points Real Estate . . . . . . . . . . . . . . . . (619)298-7724

Alliance Investment Corp (858)597-4900

AltaCima Apartment Homes (858)565-8333

Antelope Ridge (Sentinel Real Estate) (951)672-8181

Arbor Terrace (619)293-3612

Arbors at California Oaks Apartment Homes (951)461-3264

Asset Property Management (858)560-9363 Avenue 5 (206)582-3333

Award Property Mgmt . ... . ........ . . (619)471-1755

B

Barone Galasso & Associates, Inc (619)855-5241

Beard Property Management (619)892-8722

Bob Cota Realty (619)465-9934

Brennan And Associates Inc. . . . . . . . . . (619)475-2470

Brentwood Management Co (619)220-8595

Bridge Property Management (801)716-5795

Brycorp, Inc (619)920-7174

Buchanan Property Management Corp. (619)269-0276

C

CASAVIDA (858)454-8857

Cambridge Management Group, AMO (619)497-0771

Campus Village 1, 2 & 3 | 6 Star Properties . .. ... . . . ..... . .. .. . .. . .. .... .. ... . (619)583-3339

Cardinal Group Management

Chase Pacific Property Management and Real Estate Services (858)271-8841

Choice Properties / Point Loma Real Estate . .. ... . . . ..... . .. .. . .. . .. .... .. ... . (619)223-4075

Cirrus Asset Management, Inc (818)222-4840

City View Apartments|Greystar (619)234-0134

Community Research Foundation, Inc (619)275-0822

Core Property Group . . . . . . . . . . . . . . . . (619)399-7279

Cushman & Wakefield (949)224-2929

D

Elite Property Management (619)823-3712

Euston Management (858)793-8899

F FBS Property Management, AMO .... . (619)286-7600

Five Peaks Property Management .... . (619)814-7505 Foothills at Old Town (951)676-7545

G

Gables Oak Creek (951)600-9696

Gables at Alta Murrieta (951)698-0628

Griffis Mission Valley (619)220-0530

Griswold Real Estate Mgmt., Inc (858)597-6100

H

H.G. Fenton Company ....... . ...... . (619)400-0120

Hanken, Cono, Assad & Co. ....... . . . (619)698-4770

Hanover Little Italy (619)677-1799

Heartland Associates Inc (619)462-2082

HeetWave Properties (888)557-4338

Holland Partner Group (360)940-0251

Homes Management, ATS Homes, Inc (760)432-4663

Horizon Properties Management Service(619)482-3054

Humphreys Residential . . . . . . . . . . . . . . (619)865-0389

I

IPI Property Management (858)277-2700

Iconic on Alvarado | BH Management Services (619)286-3990

Income Property Advisors Inc (858)279-1500

Interfaith Housing Assistance Corporation (619)668-1532

J

JHB California Properties, LLC ....... . (760)722-6421

Jensen Properties ....... . .......... . (858)449-7294

Johnston Property Management, Inc (760)944-0703

K

KFR STAR Realty (619)293-7653 L

Leonero Properties (619)273-4350

Liberty Military Housing (858)874-8100

Logan Property Management ........ . (619)260-5562

Lyon Living ....... . .......... . . . ... . (949)838-1274

M

MG Properties (858)658-0500

Maya Linda Apartments (858)566-5350

Melroy Asset Management (858)483-5111

Mira Bella Apartments | Simpson Property Group (858)560-5720

N

Nick Pappageorgio Company........ . (858)357-9472

Noah Realty ........ . .......... . ... . (858)504-0416

O

Delta Property Management (619)465-5851

Douglas Allred Company (858)793-0202

E

People Helping Others Prop. Mgmt (619)282-5400

Pierside North | Greystar (949)202-3991

Pierside South | Greystar (760)433-3500

Premier Real Estate Management, Inc. (619)632-6852

Professional Real Estate Management (619)297-7736

Providence Real Estate Management Corporation (760)525-8705

R

R A Snyder Properties, Inc (619)297-0274

REC Properties| Peasquitos Point Apts (858)484-5047

RG Investment Real Estate Services Inc (858)268-5004

Real Property Management...... . . . . . (760)434-1791

Rehmann Realty Group . . . . . . . . . . . . . . (619)440-5669

Richman Property Services (813)262-0401

River Oaks |Waterton Residential (760)721-8585

Rohn Properties Management (619)990-7433

Rolling Hills Gardens | Greystar (619)482-7583

S

SD Rent Pros (619)884-0906

STYL Residential ....... . ....... .. . . . (678)478-7707

San Diego Housing Commission . . . . . . (619)578-7531

Sardo Properties (619)405-9418

Scott Management Company (310)370-2696

ScottWay Capital (619)209-3544

Sea West Property Management (760)787-6035

Shapell Properties, Inc (323)988-7590

Skyline Management Group, Inc (310)246-4750x818

South Bay Community Services.. . . . . . (619)420-3620

Southwest Equity Partners . . ..... . . . . (760)419-5300

Stafford Property Group (619)957-7326

Summit Realty and Management (619)423-3023

Sun An Sea Property Mgmt (619)298-4160

SunRidge Properties, Inc (858)578-3600

Sunrise Management Company AMO (858)751-1768

T

Team Bourda Incorporated ..... . . . . . . (619)851-3784

Thatcher Properties, Inc. . . . . . . . . . . . . . (619)286-4250

The Dylan | Afton Properties (760)439-2752

The Helm Management (619)589-6222

The Phillips Group- Property Management (619)407-8729

The Premiere Residential, LLC (858)455-7711

The Rey Apartments | Berkshire Communities ........ . .......... . .... . . . .. . . . . . . (408)614-5587

Torrey Pines Property Management. . . . (858)454-4200

U

Ocean Breeze Apartments|Greystar (619)428-3369

Olympus Property (858)268-8858

P

Eagle Glen Apartments | Greystar (951)461-4565

Elevate SD Properties (619)535-8112

Pacific Commercial Management, Inc (858)450-6886

Parkdale Apartments | Norco Mgmt. Corp .... . ... . .......... . .... . . . .... . .. . (760)737-9017

Pasas Properties, Inc......... . ...... . (619)607-7560

Paul Langley Company (415)431-9104

UDR, Inc (720)283-6120

Urban Coast Properties, Inc (619)797-6733

V

Valentina by Alta (619)391-2700

Valor Property Management (619)771-2600

VandenBerghe Properties . . . . . . . . . . . . (925)819-1009

W

Whispering Oaks Apartments | Greystar (760)471-1262

Willin Properties (619)298-0500

Z Zimmerman Property Management (619)546-5361

forward-thinking. Now, Gen Z is not as concerned with recreation or downtime at the office, rather a financial investment in their future. However, stock options and a standard 401(k) won’t cut it when they are actually searching for “student loan assistance, tuition reimbursement, and maternity and paternity benefits.” This generation values a work-life balance and is highly optimistic for the future, so these types of benefits will not only attract but also encourage them to stay and take advantage of these opportunities.

They Want to See Diversity and Inclusion

This highly educated, highly diverse generation is craving a passion and dedication to diversity and inclusion from their employers. As a result, “86% of

Gen Z job seekers cite a commitment to diversity important factor in deciding whether or not to accept Here it is very important company to talk the talk the walk. Diversity and cannot just be a phrase company’s mission statement a committee that meets quarter. This dedication to be seen in initiatives asking one’s pronoun preference, adequate accommodations those who are differently-abled, policies to ensure fair and pay, etc.

They Want an Offer, and Want it NOW

Standard HR procedures it difficult to establish a committee and follow the protocol when extending Gen Z wants no part of

ADVERTISING & MARKETING

Apartments.com (888)658-7368

Zillow Rentals (206)757-2714

Rent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (626)660-4583

SOCi, Inc. (858)335-2185

Zumper (415)361-1351

Financial Designs, Ltd. . . . . . . . . . . . . . . . (858)597-1980

Innovative Building Materials (813)997-3152 Rent Dynamics (435)669-4628

Apartment News Publications (714)893-3971

APARTMENT BROKERAGE/SALES

Doug Taber CCIM - Rental Housing Broker (619)483-1031

APPLIANCE PARTS & REPAIR

Appliance Parts Company (480)755-5540

APPLIANCE SALES

R & B Wholesale Distributors, Inc. (909)230-5400

ASPHALT & ASPHALT MAINTENANCE

AMS Paving, Inc. (858)880-6133

ATTORNEYS-AT-LAW

Heinz & Feinberg .................... (619)238-5454

Kimball, Tirey & St. John LLP (619)234-1690

BACKFLOW TESTING

Pacific Backflow Company, Inc. (760)639-4000

San Diego Backflow Testing, Inc. ...... (619)916-8054

BANKS

Chase Commercial Term Lending (619)464-1597

BATHROOM REFINISHING

Pacific Bathtub Refinishers Inc. (619)772-2535

TASORO (330)429-1389

BATHROOM REMODELING & REFINISHING

American Bathtub Refinishers......... (619)265-8126

BROKERAGE

Doug Taber CCIM - Rental Housing Broker ................................... (619)483-1031

CABINET AND COUNTERTOPS

TASORO (330)429-1389

Grand Design Kitchens (760)789-0992

CARPET CLEANING

Cleanology Housekeeping Personnel Service (619)281-2532

CARPET SALES & FLOORING

America’s Finest Carpet Company (800)888-1568

J & C Carpet Company . . . . . . . . . . . . . . (619)498-1424

Sid’s Carpet Barn, Inc. (619)477-7000

KJ Carpet Wholesale (909)455-0180

CLEANING & JANITORIAL SERVICES

Atlas Property Service (858)386-4578

DAPA Janitorial Services Inc. “Customized Cleaning Soultions” (619)221-9292

Pacific Coast Cleaning, Inc. (858)565-1603

SD Construction Cleaning & Janitorial LLC (619)534-1189

Professional Maintenance Systems, Inc. (619)549-1821

COIN-OPERATED LAUNDRY EQUIPMENT

All Valley Washer Service (800)247-1100

WASH Multifamily Laundry Systems (800)421-6897

Washtek, Inc. (760)735-2495

PWS Laundry/Alliance ............... (323)490-1868

COLLECTIONS

Kimball, Tirey & St. John LLP (619)234-1690

CONSTRUCTION MANAGEMENT

Southern Cross Property Consultants (858)945-2629

CONSTRUCTION & REMODELING

TASORO (330)429-1389

Larry O’Dell Construction (619)501-5252

Matrix Construction Services (951)493-0100

Workright Property Services Inc (858)751-6312

Dexcore Restoration ................. (619)993-3417

Cambridge Maintenance and Property Services, Inc. (619)320-8334

McMillin Contracting Services......... (619)401-7000

General Coatings Corporation (858)587-1277

DECK COATING

Life Deck Coating Installations (619)262-8600 General Coatings Corporation (858)587-1277

DRAWERS & DRAWER PULLS

TASORO (330)429-1389

ELECTRICAL CONTRACTORS

Kennedy Electric (619)582-6568

EMERGENCY SERVICE FLOOD/ FIRE ATI Restoration, LLC ................. (619)318-2807 Commercial Restoration Company (858)922-3218

BELFOR Property Restoration . . . . . . . . (858)847-9886

ENERGY EFFICIENCY CONSULTING

ICF (503)816-6002

ENVIRONMENTAL: ASBESTOS/ LEAD/ MOLD

Alliance Environmental Group, LLC (626)633-3500

EVICTIONS

Kimball, Tirey & St. John LLP (619)234-1690

FINANCIAL SERVICES

MyPoint Credit Union ................ (858)268-7203

FIRE EQUIPMENT SALES & SERVICE

Symons Fire Protection . . . . . . . . . . . . . . (619)588-6364

Bay Alarm Company (858)205-7223 A-Tech Systems (909)444-9695

Standard Electronics................. (619)596-9950

CVA Security (619)726-8200

Time and Alarm Systems............. (858)245-1188

FITNESS EQUIPMENT & SALES

Advanced Exercise (303)996-0048

Opti-Fit (619)822-7370

FLOOD DAMAGE

Citiwide Restoration . . . . . . . . . . . . . . . . . (858)231-2801

FLOOR COVERINGS

TASORO (330)429-1389

Redi Carpet Sales of California , LLC (858)576-8400

Star Flooring & Remodeling (619)282-4000

FURNITURE RENTALS

Cort Furniture Rental (858)549-0800

GENERAL CONTRACTORS

Chameleon Contractors Inc. (310)462-9256

McMillin Contracting Services (619)401-7000

BluSky Restoration Contractors, LLC (858)336-9695

Camp Construction Services (713)413-2267

FSI Construction (713)690-5330

M. C. Contracting Service (619)282-3083

HEATING & AIR CONDITIONING

Sam’s Heating and Air Conditioning, Inc.(619)697-9824

INSURANCE

Farmers Insurance McWhirter Agency (619)463-7320

Snapp & Associates Insurance Services, Inc. (619)254-9478

LeaseLock . . . . . . . . . . . . . . . . . . . . . . . . . (310)906-2900

State Farm Insurance Kathy Jurgensen (951)225-4940

Pro Specialty Insurance Services (503)799-6449

INTERIOR FINISHES

TASORO (330)429-1389

Four Pillars Lighting, Plumbing & Furniture(619)990-1921

INTERNET ADVERTISING SERVICE

RAPIDSOFT SOLUTIONS (619)752-4929

INTERNET SERVICE PROVIDER

Cox (949)563-8176

Dish Fiber .......................... (951)201-3544

Quantum Fiber (360)931-9864

KITCHEN REMODELING

McMillin Contracting Services (619)401-7000

Kitchen Tune-Up of North San Diego (760)807-3782

LANDSCAPE MAINTENANCE & SERVICE

MSE Landscape Professionals, Inc. (760)579-2574

New Way Landscape and Tree Service (858)505-8300

Pacific Green Landscape, Inc. (619)390-9962

LEAK DETECTION

Cable, Pipe & Leak Detection, Inc. ..... (619)873-1530

LENDERS

Luther Burbank Savings (858)436-1819

LIGHTING

TASORO (330)429-1389

MAINTENANCE & REPAIR

PCC Trip Hazard Removal (760)658-6116

Pacific InterWest (657)276-1629

MAINTENANCE SUPPLY

HD Supply (858)226-9671

CALIFORNIA RENTAL HOUSING ASSOCIATION

RENTAL

AZP Multifamily (888)924-7278

MARKET RESEARCH

ALN Apartment Data (800)643-6416x218

ODOR CONTROL

Aire-Master of Coastal California (858)342-5353

PAINT MANUFACTURERS & SUPPLIES

Dunn-Edwards Corporation . . . . . . . . . . (619)884-3866 Sherwin-Williams Co. (714)404-8212

PAINTING

General Coatings Corporation (858)587-1277

Pro-Tech Painting Company (858)527-0200

PARKING MANAGEMENT SOFTWARE

Reliant Parking Solutions (888)977-6848

PAVING MAINTENANCE

Eagle Paving (858)486-6400

PEST CONTROL

Lloyd Pest Control................... (619)668-1958

Kilter Termite and Pest Control (714)348-0488

ATCO Pest Control (760)418-4573

PLUMBING SUPPLIES

Lixil Water Technology Americas (760)215-5803

PROPERTY MANAGEMENT

Wakeland Housing & Development (619)326-6213

Rowland Realty (619)223-1621

PROPERTY MANAGEMENT PERSONNEL

BG Multifamily (619)785-3164

InterSolutions ....................... (858)381-4378

The Phoenix Staffing Company (855)222-4136

PROPERTY MANAGEMENT SOFTWARE

AppFolio (805)364-6098

Yardi Systems (805)699-2040

SafeRent Solutions (419)367-7615

REAL ESTATE

ACI Apartments Office ............... (619)299-3000

Voit Real Estate Services (858)458-3337

Lee & Associates Commercial RE . . . . . (760)929-7846

Covest Properties Inc. (760)214-9240

RENOVATIONS & REMODELING

TASORO (330)429-1389

McMillin Contracting Services (619)401-7000

REPIPING

National Renovations, LLC - DBA Repipe Specialists, Inc ................ (703)801-8269

RESIDENT RETENTION

Parcel Pending (949)490-6987

RESIDENT SURVEYS

SatisFacts Research (866)655-1490

ROOFING

Commercial & Industrial Roofing (619)465-3737

Sully-Jones Roofing . . . . . . . . . . . . . . . . . (800)611-3110

A-1 All American Roofing Company (858)539-9113

Guardian Roofs (714)633-3619

SECURITY GUARD PATROL

Security First (619)243-3992 Securitas Mobile Guarding ........... (619)214-4919

SECURITY SERVICES

California Safety Agency . . . . . . . . . . . . . (866)996-6990

City Wide Protection Services, Inc . . . . . (619)929-2628

JDS Security (619)781-8694

Stealth Monitoring ................... (214)341-0123

SEISMIC RETROFIT

Optimum Seismic (818)625-2908

SMART TECHNOLOGY

ADT Smart Communities (562)712-7504

Ivy Energy .......................... (858)682-3489

Hotwire Communications (954)809-9577

Armada Power...................... (909)730-6509

SUBMETERING / BILLING SERVICES

Conservice Utility Billing & Mgmt (602)481-7440

TENANT SCREENING

KCB Screening LLC (714)384-7047

TOWING SERVICES

Western Towing (619)997-0904

TREE SERVICES

Four Seasons Tree Care (760)822-0309

WASTE MANAGEMENT

WasteXperts, Inc (206)496-9289

WATER DAMAGE RESTORATION

Generation Contracting & Emergency Services, Inc. (858)705-1501

Restoration Management Company ... (858)935-1170

Hometown Restoration (858)663-8330

First Onsite (858)880-5419

General Coatings Corporation (858)587-1277

WINDOWS

Newman Windows and Doors . . . . . . . . (760)438-8080

SECURE RENTAL FORMS

SECURE RENTAL FORMS

Worried about signing rental documents when you can't meet in person? SCRHA has several ways to electronically share and sign our forms.

Worried about signing rental documents when you can't meet in person? SCRHA has several ways to electronically share and sign our forms.

BlueInk

BlueInk

This gives you access to SCRHA forms in a digital format with electronic signature capabilities.

This gives you access to SCRHA forms in a digital format with electronic signature capabilities.

CIC information about your applicant, while keeping you compliant with all legal requirements.

CIC information about your applicant, while keeping you compliant with all legal requirements. socalrha.org

socalrha.org

1031 EXCHANGES

1031 Capital Solutions . . . . . . . . . . . . . . . . . .33

Financial Designs, Ltd . . . . . . . . . . . . . . . . . . .52

Kay Properties & Investments . . . . . . . . . . . . . .44

AIR-CONDITIONING

AA Feders 34

Aztec Appliance 59

Genie Air Conditioning 37

Lowe’s Pro Supply 12

APARTMENT ASSOCIATIONS

Southern California Rental Housing Association 6

APPLIANCE SALES

AA Feders . . . . . . . . . . . . . . . . . . . . . . . . . .34

Aztec Appliance . . . . . . . . . . . . . . . . . . . . .59

Lowe’s Pro Supply . . . . . . . . . . . . . . . . . . . . .12

ASPHALT

MGB Construction 43

BACKGROUND SCREENING

ApplyConnect 55

BATHROOM REMODELING / REGLAZING

American Bathtub Refinishers 22

Lowe’s Pro Supply 12

CABINETS

AA Feders . . . . . . . . . . . . . . . . . . . . . . . . . .34

Lowe’s Pro Supply . . . . . . . . . . . . . . . . . . . . .12

COIN-OP LAUNDRY SALES

Aztec Appliance 59

WASH Laundry 28

COLLECTIONS

Dennis P Block & Associates 19

COMMERCIAL LENDING

Luther Burbank Savings 17

Provident Bank . . . . . . . . . . . . . . . . . . . . . 52

COUNTERTOPS

Lowe’s Pro Supply . . . . . . . . . . . . . . . . . . . . 12

CREDIT CHECKS

ApplyConnect . . . . . . . . . . . . . . . . . . . . . . . 55

DECKING & STAIRS / MAGNESITE / WATERPROOFING

Life Deck 52

EARTHQUAKE RETROFITTING & ENGINEERING

ADU1 13

ENERGY SAVING / REBATES Livable 17

ENGINEERING

ADU1 13

FINANCIAL / ESTATE PLANNING

Financial Designs, Ltd 52

HEATING

Aztec Appliance 59 Genie Air Conditioning 37

KITCHEN REMODELING

AA Feders 34

Lowe’s Pro Supply 12

LEGAL & EVICTION SERVICES

Dennis P. Block & Associates . . . . . . . . . . . . . .19

PAINT & PLASTERING

Done Rite Painting, Inc . . . . . . . . . . . . . . . . .36

PEST / TERMITE CONTROL

XTermite 2

PROPERTY MANAGEMENT

Griswold Real Estate Management . . . . . . . . . .39

LRS Property Management 48

PROPERTY MANAGEMENT SOFTWARE

YardiBreeze 42

RATIO UTILITY BILLING

Livable 17

RENT COLLECTION / PAYMENT PROCESSING

ROOF REPAIRS, MAINTENANCE & INSTALLATION

Resilient Roofing 16

SEISMIC RETROFIT / SOFT STORY

ADU1 13

TOWING / PARKING CONTROL / SIGNAGE

Western Towing . . . . . . . . . . . . . . . . . . . . . . . 9

TENANT SCREENING

ApplyConnect 55

TOILETS/SINKS/FAUCETS

AA Feders 34 Lowe’s Pro Supply 12

UTILITIES REBATES

WATER HEATERS/BOILERS

AA Feders 34

Aztec Appliance 59

Lowe’s Pro Supply 12

WINDOWS & DOORS

Lowe’s Pro Supply . . . . . . . . . . . . . . . . . . . .12

SIVAN Windows & Doors 56

SAN DIEGO GAS & ELECTRIC & 211 PARTNERING FOR YOUR SAFETY

We all need a little help sometimes. During wildfire season, some of us need a little more help. That’s why SDG&E® is working with 211 San Diego to help provide additional customer assistance if a Public Safety Power Shutoff is necessary.

To get connected to community, health, social and disaster services, please call 211 or visit 211sandiego.org.