When To Hire A Property Manager What To Look For If You Do California Capital News Presented by SCRHA Page 29 Page 10 From the Publisher of June 2023 City of San Diego Residential Tenant Protections Ordinance (TPO) SCRHA Advocacy in Action See Page 18
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SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 3 newmanwindows
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2023 EXECUTIVE OFFICERS
President
Vice President
Todd Henderson, Independent Owner
Secretary
Natasha Howell, Independent Owner
Treasurer
Buck Buchanan, Independent Owner
Legislative Chair Greystar
Immediate Past President
Lucinda Lilley, CPM®, CAPS®, GRI®,
Bridging In uence
2023 DIRECTORS
Abigail Rex, CPM®, ARM®, American Assets Trust
Alex Winborn, H.G. Fenton Company
Jay Lopeman, CAS®, AZP Multifamily
Jennifer Ford, Douglas Allred Company
MAGAZINE STAFF
Publisher Apartment News Publications, Inc.
Design & Layout Travis Watson, Production Director Editorial Review Lindsey Lee, Marketing Manager
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
Molly Kirkland, mkirkland@socalrha.org 858.751.2200
Kim Zebroski, kzebroski@socalrha.org 858.751.2220
Lindsey Lee,Marketing Manager llee@socalrha.org 858.751.2218
Alma Macias, Operational Advisor amacias@socalrha.org 858.278.8070
&
Kimmi McBryde, Mark Feinberg, Heinz & Feinberg
Matt Ruane, Liberty Military Housing
Shannon Kelly, Independent Owner
Braden Haycock, Education Manager bhaycock@socalrha.org 858.751.2219
Alejandra Hernandez, Events Coodinator ahernandez@socalrha.org 858.751.2214
HONORARY LIFE ADVISOR
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Our Address
Southern California Rental Housing Association
Toll Free: 888.762.7313
Fax: 888.871.5229 socalrha.org
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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.
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4 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM6
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SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 5 Apartment Management Magazine is published monthly by Apartment News Publications, Inc. at 15502 Graham Street, Huntington Beach, CA 92649. Subscription Rate: $24.00/year with zip codes beginning with 900-935, (outside of L.A. & Orange counties $72.00/year.). The publisher and Apartment News Publications Inc. assume no responsibility for opinions expressed in articles appearing under an author's name. The contents of this publication may not be reproduced without written permission from the publisher. Bulk rate postage is paid at Bell Post Office BMC, 5555 Bandini, Bell, CA 90201. For Advertising Information: 1-800-931-6666 PRESIDENT’S MESSAGE: COLLABORATION MAKES A DIFFERENCE .7 By Aiesha Blevins EXECUTIVE DIRECTOR’S MESSAGE: SUPPORTING ADVOCACY .9 By Alan Pentico, CAE CALIFORNIA CAPITAL NEWS ........................................................... . 10 By Southern California Rental Housing Association PROTECT YOUR PROPERTY INVESTMENTS WITH EARTHQUAKE RETROFITS AND STRUCTURAL ENGINEERING ADVANCES ............................................................. . 15 By Ali Sahabi CITY OF SAN DIEGO RESIDENTIAL TENANT PROTECTIONS ORDINANCE (TPO) 18 By Southern California Rental Housing Association WHEN TO HIRE A PROPERTY MANAGER WHAT TO LOOK FOR IF YOU DO 29 By Livable 7 WAYS TO UPGRADE YOUR REAL ESTATE GAME WITH A 1031 EXCHANGE ................... . 35 By Austin Bowlin, CPA 8 PROPERTY AMENITIES THAT ARE PROFITABLE & SAVE RENTERS MONEY 41 By YardiBreeze THE FIGHT TO REPEAL PROPOSITION 19’S DEATH TAX ISN’T OVER 46 By Jon Coupal CALENDAR OF UPCOMING COURSES & EVENTS 24 PROPERTY MANAGEMENT DIRECTORY 51 SUPPLIERMEMBER DIRECTORY ........................................................ . 53 ADVERTISING DIRECTORY 57
FEATURED COLUMNS: Volume 65 Number 06 June 2023 When To Hire A Property Manager What To Look For If You Do By: Livable Pg. 29 8 Property Amenities That Are Profitable & Save Renters Money By: YardiBreeze Pg. 41
OURVISION
Reenvisioningquality housingforall
OURMISSION
Tocreateathriving rentalhousing communitythrough advocacy,education, andcollaboration
SCRHAHousingProvider&Resident RightsandResponsibilities
AsmembersoftheSouthernCaliforniaRentalHousing Association,wearepartnersincreatingathrivingcommunity byprovidingqualityrentalhousingforall.Wevalueour residents,ourfellowmembers,andourcommunityandare workingtosupportahealthyhousingecosystemthrough advocacy,education,andcollaboration.
Ashousingproviders,webelievewehavetheresponsibilityto provideCaliforniarenterswith:
Qualityhousingwithhabitableandhealthylivingconditions. Freedomfromarbitraryeviction,retaliation,or discriminationinlinewithallfederalandstatefairhousing laws.
Fairandequalresidentprotectionsandpoliciesthatbalance theneedsofrenters,housingproviders,andthecommunity. Avoiceinhousingdecisionswithrespectandaccessequal tothatofhousingproviders.
Aninnovativeandcollaborativehousingecosystemwhere government,businesses,housingproviders,andrental advocatesworktogethertosolvetheregion’shousingissues byidentifyingtheunderlyingproblemsandcrafting balancedsolutions.
Adherencetohousingqualityandequitystandardsand regulations.
AllCaliforniarentersalsohavearesponsibilitytotheirhousing providerto:
Reviewandfollowrentalagreementterms,includingtimely rentalpayments.
Maintainacleanandhabitablehome.
Beagoodneighborbyrespectingothers’peaceandquiet. Providetimelyreportingofanyissuesandnecessaryrepairs. Keepopenlinesofcommunicationwiththepropertyowner ormanager.
6 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM6
SOCALRHA.ORG
Aiesha Blevins
2023 President Southern California Rental Housing Association
President’s Message: Collaboration
Idon’t know about you, but May was a whirlwind, and June shows no signs of slowing down As you have read in recent SCRHA communications and throughout the news, the San Diego City Council passed the Tenant Protection Ordinance during a second reading on May 16. While SCRHA did not see the need for an ordinance that goes beyond state law, we worked with the city throughout this process to ensure that your elected officials heard the concerns of housing providers throughout the process.
Again, I’d like to express my deep appreciation for the hundreds of members who made their voices heard in person, virtually, or in writing to share their concerns with the proposed Tenant Protection Ordinance (TPO). As a member of the Southern California Rental Housing Association, you are part of an extensive network of housing providers who work together as we work to reenvision quality housing for all.
While the SCRHA Board of Directors approved the new mission and vision statement, you, our members, and your continuing work as a housing provider will help us bring our vision and mission to life. This process started with an announcement in October 2022 and continued in the following months However, your engagement on this issue went a long way to fulfill our mission to create a thriving rental housing community through advocacy, education, and collaboration.
It is through our advocacy efforts that we were able to secure revisions to the ordinance that include noticing periods consistent with state law, definitions of “at-fault” termination and “no-fault termination” consistent with state law, as well as many other revisions outlined in the article on page 18.
Makes a Difference
It is through our education efforts that our members understand their rights and responsibilities with the new ordinance. Our education outreach included member communications, free webinars, and classes. Our resource hub for this issue includes recordings available at socalrha.org, and new forms and notices will be available to support you as a housing provider.
Both our advocacy and education efforts were amplified through the third element of our mission, collaboration. By sitting at the table with elected officials and other community groups, SCRHA not only secured revisions to the ordinance but we built and strengthened relationships with other stakeholders who are invested in our community.
Families Fund, for the purpose of spending these tax dollars on rental assistance, homelessness, affordable housing, and housing counseling services.
Further, AB 1199 would require a qualified entity, currently defined as a limited liability company or limited partnership, owning multifamily or singlefamily rental homes, to report specified information about the property each year to the Secretary of State’s Office. That office would have to create a searchable database on its website.
What is the definition of insanity according to Einstein? “Doing the same thing over and over and expecting different results.” Well, here we go again. Assembly Member Buffy Wicks has proposed legislation for the third year-in-a-row that would force rental housing providers to register their properties with the government.
While the ordinance was signed into law on May 16 and will go into effect on June 24, the work of the Southern California Rental Housing Association continues. It’s important that you stay engaged by subscribing to our emails and following SCRHA on your favorite social media platform for future updates and resources designed to help you comply with the Tenant Protection Ordinance.
Since the bill is an urgency measure, meaning that if passed, it would take effect immediately, it will require a 2/3rds vote. Usually a high bar, however, with Democrats enjoying more than a 2/3rds majority, it will be difficult to stop. It is hard to believe that someone would introduce a bill to tax property owners for the “privilege” of providing rental housing, especially considering all that has been piled on property owners over the last few years. We would like to see this bill just go away. Very far away.
AB 1188 would require cities and counties to create and administer a rental registry with an online portal designed to receive specified information from landlords who own or operate five or more rental dwellings. The bill would require landlords to provide a variety of information regarding the location of rental property, its ownership, and its occupancy, among other things. It also would prohibit a landlord from issuing various notices to increase the rent or terminate a tenancy unless the landlord has submitted a form on the online portal.
The SCRHA opposed the prior bills and assisted in killing them. We will work toward the same result in 2021 for AB 1188.
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 7
16 | Southern California Rental Housing AssociationRental Advisor April 2022 april2022.indd 16 5/3/2022 12:40:48 PM
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Alan Pentico, CAE
Executive Director Southern California Rental Housing Association
Executive Director’s Message: Supporting Advocacy
Southern California Rental Housing Association has a long history of robust advocacy for the rental housing industry We were there during the “No on O” rent control ballot initiative in 1980, and we were there to defeat Proposition 10 (repeal Costa Hawkins Act) and Measure W (National City Rent Control), as well as countless other challenges throughout the years at all levels of government.
This past year has seen multiple challenges that have required us to use every available resource to continue the fight to protect property rights and your ability to provide quality housing for your residents. These challenges include everything from Tenant Protection Ordinances in Chula Vista and the City of San Diego to statewide efforts to weaken, if not repeal, CostaHawkins and national challenges to impose greater restrictions on tenant screening. We keep doing what experts think is impossible in today’s political climate, and that is we keep stopping what the worst types of regulations.
Southern California Rental Housing Association has met these challenges by aligning our efforts with the strategic plan with a focus on advocacy, education, and outreach. Our multi-faceted approach makes SCRHA the trusted resource hub for rental housing professionals. Not only do we advocate for our members and share the perspective of the rental housing industry with elected officials, but we also educate the community on best practices and changes in law and provide the operational support you need to comply with any requirements.
Despite our ongoing efforts, we share your fear that stricter tenant protection protections allow certain organizations and elected officials to nibble around the edges of Rent Control. That is why SCRHA has fought so hard to keep policies that primarily exist
in Rent Control jurisdictions out of recent local ordinances. We have been very successful in a political environment that is challenging to navigate. While recently passed ordinances are far from ideal, we know how much worse they could have been had we not been there.
We already have several key elements in place to fight Rent Control in what is now a war on the rental housing industry and property rights We have experience defeating rent control, and we have engaged members who answer our call-to-action alerts. We also have a team of consultants, public relations specialists, and attorneys ready to fight future challenges.
Please support our efforts by donating to the Industry Defense Fund (IDF). Your contribution of $5 per unit will help us prepare for the next battle in the war against the rental housing industry and property rights You can contribute to the IDF online at socalrha.org.
Additionally, follow SCRHA on social media (Facebook, LinkedIn, Instagram, and Twitter), and be sure to subscribe to our emails at socalrha.org to receive industry updates and PLEASE respond to our Action Alerts It will take all of us working together to protect property rights and stop rent control.
Your donation to the Rental Housing Scholarship is an investment in the future of our industry.
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 9
Support leaders in rental housing by contributing to our Rental Housing Scholarship program.
AT SOCALRHA.ORG SCHOLARSHIP PROGRAM
DONATE
C APIT OLNEWS O L N E W S California
May is a month of deadlines for bills making their way through the legislature. SCRHA’s advocacy has stopped several bad bills in their tracks this year. However, there are a few bills we are still working to stop or improve.
Perhaps the top industry bill of concern this year is SB 567 (Durazo), which as originally written, would have completely upended AB 1482, the Tenant Protection Act. We are pleased to report that our lobbying on this bill has led to a stricter rent cap being stripped out of the bill However, the bills still seeks to alter components of no-fault just cause. As of writing this (May 22, 2023), the bill was further amended to take out some very concerning concepts, such as requiring an owner or family member to live in a unit for at least
3 years after terminating tenancy for that reason
The recent amendment reduces that requirement to one year The new amendments also removed a detrimental approach to substantial remodels. Previously, substantial remodel would be considered temporary, allowing the resident to return to their unit at the previous rental rate after completion of the remodel Alternatively, a tenant could have opted for permanent relocation and received 6 months of fair market rent. The original definition of substantial remodel is back in, with a modification to require tenants be provided with a description of the work to be completed and copies of any necessary permits The bill also stated that termination of tenancy for withdrawal from rental market would require the units be off the rental market for at least 10 years Please turn to page 13
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and would have imposed penalties for returning the units to market within 5 years Recent amendments remove the 10 and 5 year parts and instead require that all units in a rental property must be removed from the rental market to use the withdrawal cause, and a copy of a notice must be filed with the County Recorder.
While the amendments are a vast improvement from the original bill, SCRHA will continue to work on the bill which still goes well beyond AB 1482, a law that barely went into effect before the pandemic hit. SCRHA has long stated that the law has not had a fair chance to work and that altering it now is premature. SB 567 is pending final approval on the Senate Floor. It is likely to make it out of the Senate, in which case SCRHA will continue to work on the bill in the Assembly.
SCRHA is still lobbying against AB 12 (Haney) which would limit security deposits to no more than the equivalent of one month’s rent regardless of whether the unit is furnished or not. The growing movement to reduce barriers to obtaining rental housing ignores many of the risks that come with operating rental housing. The bill passed out of the Assembly on May 22. SCRHA will work to stop the bill in the Senate.
SB 466 (Wahab) seeks to alter the Costa-Hawkins Rental Housing Act which protects housing providers from over-reaching rent control The bill has been amended several times and now proposes a new approach to when properties can be included in local rent control. Currently, properties with certificates of occupancy dated 1995 or later are exempt from local rent control Recent amendments take a rolling approach to including newer properties in rent control. SCRHA is working against the bill as it is vital that Costa-Hawkins remain intact should rent control every come to our region.
VICTORIES
SCRHA is pleased to report that SB 395 (Wahab) is dead for the year. The bill proposed to create an eviction registry but was really a full rental registry in disguise. The bill would have required a landlord to send copy of any notice of termination or notice of rent increase to the Secretary of State within 10 days of serving the notice on the tenant The Secretary of State would also have been charged with creating a searchable database of certain information. This bill may come back in January and SCRHA will be there to stop it.
The following bills are also dead for the year….
● AB 919 (Kalra) Sale of Rental Properties: First Right of Offer - Would require an owner of residential real property, defined to include a single-family residential property that is occupied by a tenant or a multifamily residential property, to offer the property for sale to tenants and wait a significant amount of time for them to make an offer before moving on to sell to another party.
● AB 1035 (Muratsuchi) - Mobile Home Parks Rent Caps - Would prohibit the management of a mobilehome park from increasing the gross rental rate for a tenancy for a mobile home space more than 3% plus the percentage change in the cost of living, as defined, over the course of any 12-month period, as specified.
● SB 460 (Wahab) - Hiring of real property: Criminal History – Would prohibit property owners and managers from conducting criminal background screening.
These are just some of the bills SCRHA has been and will continue to work on. Bills have until June 2 to get out of their house of origin, or they are dead for the rest of the year. Stay tuned for more updates!
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 13
14 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM6 April 2022 socalrha.org | 25
PROTECT YOUR PROPERTY INVESTMENTS WITH EARTHQUAKE RETROFITS AND STRUCTURAL ENGINEERING ADVANCES
by Ali Sahabi, Optimum Seismic
Structural engineering plays a very important role in our society today We show our great confidence into the work of structural engineers every time we drive on an overpass, pass through a tunnel, or enter a building In every case we trust our lives to the knowledge and workmanship of the people who built them.
Engineering professionals do a great deal to make the buildings we work and shop in, as well as attend school in, safer from earthquakes. Even many apartment buildings and other homes benefit from the work performed by structural engineers. As part of their design process they form and define the resilience of manmade structures – by calculating the stability, strength, rigidity, and earthquakesusceptibility of all built structures.
San Diego is at the heart of much of the world’s research on this topic.
TESTING BUILDINGS AND INFRASTRUCTURE
The University of California, San Diego, Jacobs
School of Engineering conducts some of the most noteworthy studies on the effects of earthquakes on buildings using one of the world’s largest shake tables — a massive platform that simulates the motion of seismic waves to test the stability of structures.
The university is in the midst of upgrading its outdoor shake table to reproduce all components of motion (various types of horizontal and vertical movement, as well as pitch, roll and yaw experienced during earthquakes). The ability to test buildings under these conditions is critical for research that can lead to effective advances in design.
Expansion of the shake table currently underway will accommodate tests on things beyond buildings – such as the full-sized civil infrastructure systems mentioned above.
The upgrades to the shake table are the result of a $17 million grant provided by the National Science Foundation, which recognizes the need for and invests in information that can lead to more resilience in our cities and neighborhoods.
Recently appointed to Los Angeles Mayor Karen Bass’ Transition Team, Ali Sahabi, previously received the California Governor’s Environmental and Economic Leadership Award for taking a sustainable approach toward community development and environmental restoration in the 543-acre Dos Lagos mixed-use development in Corona, CA A licensed General Engineering Contractor (GEC), Sahabi is an expert in building resilience and sustainability He is Co-Founder and Chief Operating Officer of Optimum Seismic, Inc., which has completed more than 3,500 structural retrofit and adaptive reuse projects for multifamily residential, commercial, and industrial buildings throughout California.
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 15
Results of the research done through these upgrades will no doubt help to make our roadways and other infrastructure safer. Schools, bridges, dams and other public infrastructure will undergo more rigid controls for seismic safety and be held to a higher standard to meet the latest in engineering standards.
KNOWLEDGE REQUIRES ACTION
Unfortunately –privately owned buildings are not held to the same standard In major cities, such as San Diego, there are likely hundreds or thousands
of buildings at serious risk of damage or collapse in a major earthquake – and most communities have done too little to address this danger.
Many building codes considered safe 25 years ago have now been proven to be ineffective in guarding against the violent ground movement experienced in a major quake. Here are five building types proven to be at risk in a major earthquake:
• Soft-story (pre-1978): These structures, with parking on the ground floor and units built above, sway and collapse during major earthquakes.
• Unreinforced Masonry (pre1975): The facades of these buildings can collapse and kill in a quake.
• Concrete Tilt-up (pre-1994): Weak connections can fail and cause walls of these “big box” structures to pull apart from the roof, presenting a collapse hazard
• Non-ductile Concrete (pre1977): Limited lateral resisting capacity makes these multi-story structures brittle.
• Steel Moment Frame (pre1996): These high-rise buildings can sustain brittle fracturing of the steel frames at welded joints between beams and columns.
In recent years, the Rose Canyon earthquake fault that runs through downtown San Diego, was found to be larger and potentially more dangerous than previously believed. And San Diego has yet to take the steps that can significantly reduce the potential damage an earthquake could inflict on our region.
Is your apartment building at risk of serious damage or collapse?
Call Optimum Seismic at 833-9787664 or visit optimumseismic.com to arrange for your complimentary building evaluation.
16 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM6
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CITY OF SAN DIEGO RESIDENTIAL TENANT PROTECTIONS ORDINANCE (TPO) SCRHA ADVOCACY IN ACTION
SCRHA would firstly like to thank all of the members who made their voice heard, whether in-person, virtually, or in writing Hundreds of rental providers packed the San Diego Council chambers to share their concerns with the proposed Tenant Protection Ordinance (TPO).
SCRHA worked very hard leading up to the meeting to ensure as much consistency with state law (AB 1482) as possible. Those efforts were largely reflected in the draft presented. However, SCRHA did express concerns with several issue areas that could create unintended consequences and pushed for means testing for relocation assistance to ensure high-income earners don't get relocation beyond the one month required by state law.
The amendments include:
•Requiring that copies of Termination of Tenancy notices be provided to the Housing Commission within 3 business days of serving notice (made by Council President Elo-Rivera)
o SCRHA heard this amendment might be proposed and addressed the concept in comments, specifically citing the need for more time to even consider the item since it was not discussed in the stakeholder process. But more importantly, opposed the idea of including At-Fault Cause
Termination Notices since the whole impetus behind the ordinance was to address issues surrounding No-Fault Cause.
o Councilmember Whitburn requested the removal of At-Fault noticing and received a second from Councilmember Campillo. However, Council President Elo-Rivera rejected that friendly amendment. The Council President then offered an amendment that the requirement to provide notice to the City shall not be effective until 30 days after the Housing Commission establishes the portal and requirements for submitting notices.
•An amendment to make it clear that a tenant has to respond to an offer to return to the unit within 30 days so rental owners don't have to hold their units off market for a punitive amount of time. (made by Councilmember Campillo)
•Additional time for exemption notification delivery (made by Councilmember Von Wilpert)
•Annual reporting from the City on impacts of the ordinance (made by Councilmember Campbell)
•Exemption for non-profit transitional housing (made by Councilmember La Cava)
18 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM6
•Amendment that the Council consider means testing or a ceiling on relocation payments, subject to legal review and data from the housing commission (made by Councilmember Lee)
The ordinance passed with the amendments on an
8-1 vote, with Councilmember Jennifer Campbell being the lone "No" vote.
The ordinance was approved at the second reading on May 16 and goes into effect on June 24. Visit socalrha.org for the latest updates.
City of San Diego Residen1al Tenant Protec1ons Ordinance (TPO) “It could’ve been so much worse!”
• Day one of tenancy
• Consistency with State Law at 12 months of tenancy
• When City made clear it would seek Day One protections, SCRHA negotiated for a min. of 9 months of tenancy so shortterm leases remain feasible
• Exemption for fixed-term leases of 3 months or less including any extensions or renewals of that lease for a fixed-term of three months or less
• Min. of 120-days’ notice for Withdrawals from Market
• Min. one year for tenants who are seniors or disabled
• New Termination Noticing requirements to the City
• Consistency with State Law
• SCRHA also successfully negotiated the removal of a provision sought during negotiations to require reporting of Termination Notices the City
• Noticing periods consistent with State Law
• NOTE: Council President amended TPO on dais to add back in reporting of Termination Notices to the Housing Commission, then agreed to delay implementation until 30 days after aportal is in place to collect notices (Est. July 2024)
• Major changes from State Law, including removal of “Illegal Use” without conviction and “Refusal to Renew Lease” altogether
• Major changes from State Law, including limits on “Owner/Relative Move-ins” if tenant(s) are elderly or disabled or during school year for students
• “Corrections of Violations” limited to temporary recovery of property
• Min. of 3-months rent, based on HUD calculations (effective on Day One of tenancy); additional for tenants who are senior, disabled or terminally ill
• Per-diem payments for temporary displacements (some suggested $200/day)
• Definitions consistent with State Law
• Definitions consistent with State Law
• Definitions consistent with State Law
• Definitions consistent with State Law
• SCRHA sought consistency with State Law (1 mo. contract rent, additional for tenants who are seniors or disabled)
• When Mayor and CMs made clear this was a non-starter, SCRHA negotiated for 2 months max, based on means testing
• Final TPO brought down to 2 months assistance, 3 months for seniors and renters with disabilities
• SCRHA secured “contract rent” calculation over HUD Fair Market rate
• Councilmember Lee amendment accepted to revisit TPO when more data is available to consider means testing or a cap on relocation payments, per SCRHA’s recommendation
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 19
Issue Oc t . Discussion Fram ework Wh at SCRHA Sought Fin al TPO Effective Date Protections Apply
Termination Notice Period
Fault” Termination of Tenancy Definitions
“At-
“No-Fault” Termination of Tenancy Definitions
Rel
i
Assistance
No
ocat
on
for
-Fault Cause
City of San Diego Residen1al Tenant Protec1ons Ordinance (TPO)
been so much worse!”
• No longer exempted AgencyOwned or Subsidized units
• No longer exempted AgencyOwned or Subsidized units
• SCRHA sought consistency with State Law, which exempts single-family homes, condos, owner-occupied ADUs, and units built within the last 15 yrs. The City’s existing ordinance did not provide those exemptions and the original framework did not propose to include them
• SCRHA sought consistency with State Law, which exempts single-family homes, condos, owner-occupied ADUs, and units built within the last 15 yrs. The City’s existing ordinance did not provide those exemptions and the original framework did not propose to include them
• Consistency with State Law
• Consistency with State Law
• Included without limitations
• Included without limitations
• SCRHA sought consistency with State Law, which does not include this requirement and raised concerns it could delay units from being listed in a timely fashion
• SCRHA sought consistency with State Law, which does not include this requirement and raised concerns it could delay units from being listed in a timely fashion
• Applies if unit is brought back to market w/in five years
• Rent reset and rescreening language included
• Applies if unit is brought back to market w/in five years
• Rent reset and rescreening language included
Buyout
Agreements
• Prior to buyout offer, the landlord must provide each tenant with a written disclosure of their rights
• Prior to buyout offer, the landlord must provide each tenant with a written disclosure of their rights
• Buyout agreements provided in writing and include the right to not enter the agreement
• Buyout agreements provided in writing and include the right to not enter the agreement
• Tenants have the right to withdraw from the agreement within 45 days
• Tenants have the right to withdraw from the agreement within 45 days
• The landlord must file a copy with the City
• SCRHA also expressed concern about tenants returning at previous rental rate, especially after a substantial remodel
• SCRHA also expressed concern about tenants returning at previous rental rate, especially after a substantial remodel
• Councilmember Campillo amendment accepted requiring tenant to respond w/in 30 days to help address concerns over delayed listings
• Councilmember Campillo amendment accepted requiring tenant to respond w/in 30 days to help address concerns over delayed listings Buyout Agreements
• While not in the December discussion framework, the topic resurfaced. SCRHA conveyed that there was no need to regulate buyout agreements and any regulation would likely result in tenants no longer receiving offers that might benefit them
• While not in the December discussion framework, the topic resurfaced. SCRHA conveyed that there was no need to regulate buyout agreements and any regulation would likely result in tenants no longer receiving offers that might benefit them
• SCRHA opposed a tenant being able to exit an agreement and filing a copy with the city
• Prior to buyout offer, the landlord must provide each tenant with a written disclosure of their rights
• Buyout agreements provided in writing and include the right to not enter the agreement
• Prior to buyout offer, the landlord must provide each tenant with a written disclosure of their rights
• Buyout agreements provided in writing and include the right to not enter the agreement
• Agreement amount may not be less that what the required relocation would be under the ordinance
• Agreement amount may not be less that what the required relocation would be under the ordinance
• The landlord must file a copy with the City
• SCRHA opposed a tenant being able to exit an agreement and filing a copy with the city
*This chart provides an overview of some of the major components of the Residen6al Tenant Protec6ons Ordinancebut does not cover all components and requirements. More informa6on and a copy of the ordinance is available on the SCRHA website.
*This chart provides an overview of some of the major components of the Residen6al Tenant Protec6ons Ordinancebut does not cover all components and requirements. More informa6on and a copy of the ordinance is available on the SCRHA website.
20 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM6
Issue Oc t . Discussion Fram ework Wh at SCRHA Sought Fin al TPO
City of San Diego Residen1al Tenant Protec1ons Ordinance (TPO) “It could’ve been so much worse!”
Proper ty Owner Exemptions
First Right of Return
Issue Oc t Discussion Fram ework Wh at SCRHA Sought Fin alTPO Proper
“It could’ve
ty Owner Exemptions
Fi
rst Right of Return
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 21
americanbathtub • Porcelain Sinks • Porcelain Bathtubs •Wall Sinks • Bath Bowls • Kitchen Sinks • Kitchen CounterTops • Fiberglass Bathtubs • Fiberglass Showers • Pedestal Sinks •Vanity CounterTops •Tile Surrounds •Wall Surrounds • Crack & Chip Repair • Plumbers Cutouts •Terrazzo Pans • Complete Support & Cutouts Porce lai n an d Fiber glass Surfaces Servi ng A ll O f San D i ego C ou nty C ali forn ia Stat e Contract ors L ic ense #74891 5 A ll of ourSer vi c es : 619-265-9200 619-265-8126 858-642-9200 North County 760-940-9200 Bathtub Refinishers Bathtub Liners / Complete Bathroom Remodels • Expert porcelain and fiberglass refinishing • Repairs of chip and cracks or completely refinish • Weak bottoms • Designed to fit over your existing tub. • Commercial and Residential • Will not disturb plumbing, walls or floor. • Will not chip, dent, crack or peel. • Installed in just two hours for same day use. SDCAA member since 1977 SCRHA Member Since 1977
SCRHA BOARD APPLICATION
OUR VISION: REENVISIONING QUALITY HOUSING FOR ALL
Our Mission: To create a thriving rental housing community through advocacy, education, and collaboration
Our vision is to re-envision quality housing for all, while our mission is to create a thriving rental housing community through advocacy, education, and collaboration. The SCRHA is a strong focus-driven organization that works diligently to represent the rental housing industry in San Diego, Imperial, and southern Riverside counties We utilize strategic planning and purposeful directives to ensure we remain a high value to our members, provide strong advocacy, and outreach to our community.
We focus on bringing the right skills to the Board to ensure we reach our goals. This type of thinking has ensured our excellence for over one hundred years, leading the rental housing.
At this time, the Board is seeking experienced owners and property managers with strengths in collaboration and community building, bringing value to the membership with transformative, innovative ideas, and an interest in advocacy.
The Nominating Committee is accepting applications from owners, property managers and associate/ supplier member candidates for consideration to serve on the Board of Directors for a two-year term. Candidates must complete an online application and a skills questionnaire to be considered. Complete applications must be received by June 30, 2023. For more information, please contact Alan Pentico, Executive Director, or Nominating Committee Chairperson, Lucinda Lilley, at 858-776-6333 or by email Lucinda.lilley@bridginginfluence.com.
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 23 account, or were taken under new ownership, the member will not appear here. If you feel that your membership should be in this list and is not, please
Questions?
Questions?
What
24 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM6 CALENDAR Register at socalrha.org Register for events and classes online at socalrha.org. Please note, that all in-person classes
Contact us at events@socalrha.org or 858.278.8070. 2 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM7 CALENDAR Register for events and classes online at socalrha.org. Please note, that all in-person classes
Contact us at events@socalrha.org or 858.278.8070
You Need to Know
Emotional Support Animal Processing! Webinar 9:00A - 10:00A ICON KEY 12:00P - 1:00P ICON KEY Gain a better understanding of water intrusion and how to be prepared in case of a water emergency.
webinar will cover what you need to know now about assistance animals and accommodation requests.
20 Temecula Wine Tasting ICON KEY Join us for a relaxing afternoon of conversation with housing providers while enjoying breathtaking views of Mount Palomar and the Santa Ana mountains at Lorimar Winery. June 21 Learn how to safely and confidently use background checks while navigating upcoming legislation. June 23 June 28 10:00A - 11:00A 1:00A - 4:00P IROC: Tenant Screening - Why It’s Getting Tougher to Know Your Applicant Water Intrusion ICON KEY 1:00P - 4:00P ICON KEY
about
This
June
July 13
IROC: Forms
June 29
2:00P - 3:00P
City’s Update on the Enforcement of the Short-Term Rental Ordinance Webinar
Join this webinar to learn more about the new law that went into effect on May 1, how to get a license, and which types of units may operate as a shortterm rental.
ICON KEY
10:00A - 11:00A
This webinar will take you through the entire leasing process, using our suite of forms as a reference. Let us help you take the guess work out of property management.
July 17
Advanced HVAC Electrical
ICON KEY
ICON KEY
8:30A - 5:00P
This course teaches the fundamental and advanced skills of troubleshooting residential and commercial HVAC electrical system problems.
ICON KEY
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 25 SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 3
Welcome New Members
PROPERTY MANAGERS
Bostonia | Warren Properties
Oakleaf Apartments
Ruby at the Society | Holland Partner Group
SolTerra | CushWake
INDEPENDENT OWNERS
A. Yamaguchi
Anabel Ortega
Baron
Benton Moore
Diane Blanchard Co.
Forge Property Management
J D’Agostino
Jesse Conner
JOHN KOON CO
Katherine Feather Company
Marshall Taylor
Meg and Ben Travis Company
MMS Property Management
MRS San Diego, LLC
National City Park Apartments
R. Urquhart
SUPPLIERS
A-S General Contracting
All Dry Services of San Diego
Landcare Logic
The Liberty Group
Kastner Investment Partners Realtor.com
Western State Design, Inc.
26 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM6 10 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM7
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 27 Management Companies Utilizing NAA Click & Lease: 50 Available States in Over 6,000,000 Units in the U.S. Streamline your process with default community settings, reporting & e-signatures. Online & Paperless Integrates With All PMS Software Integrates with your current Property Management Software. No need to retrain sta ! naahq.org/lease Ensure Compliance & Reduce Risk Legally Compliant Simply and e ciently generate legally compliant leasing documents to better serve your residents.
28 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM6
WHEN TO HIRE A PROPERTY MANAGER WHAT TO LOOK FOR IF YOU DO
Contributed
Managing a property is timeconsuming, especially if you own multiple properties or live at a distance from your assets Many property owners see their rental income as a means to enjoy their lives, rather a full-time job of maintenance and problem-solving . If you see owning property as the means to more leisure time, hiring a property manager is essential.
A professional property manager handles everything from rent collection to maintenance, making your life easier and freer, with fewer headaches . But not all owners need a property manager and not all property managers are created equal. The big questions you need to answer before making that investment are “When is it time to hire a property manager?” and “What should I look for when hiring one?”
WHEN TO HIRE A PROPERTY MANAGER:
1. Time Is Up: If you’re a property owner with multiple properties, you will find that managing them takes up a lot of your time and energy Whether your goal is to enjoy life more or manage a business, hiring a property manager can free up your time and allow you to focus on other areas of your life.
2. You’re Going The Distance: If you live far from your rental properties, it can be challenging to manage them effectively. This is certainly true if your property is out of state, but even a distance of thirty miles outside your home or work can establish a significant hole in your day and week A property manager can be your eyes and ears on the ground, ensuring that everything runs smoothly in your absence If you weigh the cost of your travel expenses and time
Please turn to page 32
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 29
Livable
is dedicated to conserving water and other natural resources while helping independent rental owners get more from their investments. To learn more about Livable’s innovative cost recovery solutions and educational initiatives for residents, visit livable.com/apn.
by the Livable Content Team
30 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM6 SMIB Management Giving You The Edge Every Day REAL ESTATE TRANSACTIONS Purchase / Sale 1031 Exchange Flip / Hold Rehab / Rennovation ADU / Conversion REAL ESTATE TYPES Residential / Commercial Residential Rental New Construction ENTITY TYPES Self Employed Individual Investor LLC Partnership C Corp S Corp WHEN IT COMES TO MAKING MONEY IN REAL ESTATE, Wealthy People Know a Secret! TAX LAWS ALLOW YOU TO KEEP MORE OF WHAT YOU MAKE WHEN USED CORRECTLY. How Can We Help? OUR TEAM •Enrolled Agents (EA) •Valuation Analysts (CVA) •Legal Experts •Contractor Experts •Accounting Experts •Crypto Experts 8030 La Mesa Blvd Ste # 608 La Mesa, CA 91942 (619) 592-2594 www.smibmanagement.com
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 31 REAL ESTATE INVESTING CAN PRESENT MANY CHALLENGES AND RAISE UNEXPECTED ISSUES 8030 La Mesa Blvd Ste # 608 La Mesa, CA 91942 (619) 592-2594 www.smibmanagement.com SMIB Management Giving You The Edge Every Day As a Real Estate Pro Your Buyer/Seller May Not Have all the Answers to their Questions/Concerns •Free Consultation •Free Evaluation •Free Analysis Let us help you to help your client. We can find many ways to help a buyer/seller use the tax rules to their advantage. Call Us Today Visit Our Site www.smibmanagement.com KEEP THIS FLYER Let’s sit down and look to how we can work together to give you the edge in every deal! Your clients will thank you for saving them tens of thousands in taxes! Decades of Experience in Real Estate Tax Issues (619) 592-2594
away from other work against the cost of a property manager, you will likely find that the expense of a property manager will pay for itself.
3. It’s Not Easy Being Green: If you’re new to owning and renting property, you may not have the expertise needed to handle everything that comes with being a property owner A well-seasoned property manager will have the knowledge and experience necessary to handle all aspects of property management and guide you through the process, if needed.
4. The Price Is Right: If you are a luxury property owner, you will certainly want to hire a property manager to ensure that everything is up to your standards and those of your residents A property manager will help you attract and retain quality residents, ensuring your properties remain profitable.
WHAT TO LOOK FOR WHEN HIRING A PROPERTY MANAGER:
1. Experience: Look for a property manager with experience managing properties similar (or even more extensive!) to yours. Ask for references and check them to ensure that the property manager has a good track record.
2. Knowledge: A good property manager should have a thorough understanding of local and state landlord-tenant laws. They should be able to advise you on legal matters related to your properties.
3. Communication Skills: A property manager should be able to communicate effectively with residents, contractors and landlords Look for someone who is responsive and has excellent communication skills.
4. Networking Skills: Your property manager should have a network of reliable contractors who can handle maintenance and repair issues promptly. Ask about their maintenance and repair process to ensure that it meets your standards.
5. Affordability: Finally, consider the fees charged by the property manager. Most property managers charge a percentage of the rent collected, typically around 8-10%. Make sure that the fees are reasonable and that there are no hidden costs.
When hiring a property manager, be sure to look for someone with experience, knowledge of landlord-tenant laws, excellent communication skill and a reliable network of vetted contractors. Also make sure that your property manager knows how to use tools like RUBS to help you make the most of your investment! By taking time to find the right property manager, you can ensure that your properties and residents are well cared for while enjoying more hours in your day and a high NOI.
Are you a property owner looking to improve your net operating income? Contact us today to find out how Livable can help you recover the rising costs of master-billed utilities, including water To find out how Livable can save you money, check out livable.com/apn or call (877) 789-6027.
32 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM6
Continued from page 29
forward-thinking.
Gen
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 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.
They 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
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.
*Statistics pulled from Yello
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 33
Get up to 6,400 * more cycles per machine than typical big-box washers & dryers Big box stores are okay for some things, but if you’re looking for new washers and dryers for your apartment complex, you have loads of better options with WASH. We consult with you to find the best machines and features for your property Quick delivery and expert installation Plus, you’ll get an extra level of service with WASH. Ask our experts. wash.com/machine-sales • 800.236.5599 When it’s time to buy washers and dryers, think outside
box. WS23-018 Think Outside Box 7_5x4_875.indd 1 1/27/2023 12:13:23 PM Let me take care of all your turnover painting needs which will always be Done Rite INTERIOR & EXTERIOR 30 Years Experience Quick, Clean & Neat Free Estimates CL#882763 Done Rite Painting Inc. When you’re sick of it being done wrong call Bonded and Insured (619) 977-0241 E-mail: doneritepaint@gmail.com DONE-RITE-PAINTING.COM
*Based on tests conducted by manufacturers.
the
Now,
Z is
Generation NameBirth Years Baby Boomers1946-1964 Gen X 1965-1980 Millennials1981-1996 Gen Z 1997-2012 24 | Southern California Rental Housing AssociationRental Advisor April 2022
34 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM6 Մենք խոսում ենք հայերեն, DIRECT DISTRIBUTOR TO THE MULTIFAMILY OWNER, INVESTOR, MANAGER, BUILDER, CONTRACTOR, & DESIGNER NH: 818-769-8000 | www.ApartmentSupply.com | VN: 310-450-8585 And more… CALL US NOW OR VISIT OUR WEBSITE: SINCE 1967: 5720 Lankershim Boulevard North Hollywood: 818-769-8000 ApartmentSupply.com New Showroom: 14117 Vanowen Street Van Nuys: 310-450-8585 APARTMENT REPLACEMENT | CONTRACT SALES | NEW CONSTRUCTION | SINGLE-FAMILY SAME-DAY OR NEXT-DAY DELIVERY AND INSTALLATION AVAILABLE! CALL US FOR MORE INFORMATION PRICES, SIZES, AVAILABILITY & MODELS ARE SUBJECT TO CHANGE ANYTIME WITHOUT NOTICE Since 1967
7 WAYS TO UPGRADE YOUR REAL ESTATE GAME WITH A 1031 EXCHANGE
BY AUSTIN BOWLIN, CPA, PARTNER AT REAL ESTATE TRANSITION SOLUTIONS
Owning investment real estate can be an effective way to build wealth and create financial security. Done properly, it can even generate stable, predictable income without significant management responsibility . However, often property owners need to rebalance their investments to achieve their objectives.
Selling investment real estate to acquire different properties better suited to meet an investor’s objectives sounds like a great idea until the taxes due upon the sale are considered. Unfortunately, the tax rate applied to sales proceeds can be as high as 42 1% at the Federal level, plus state income tax of up to 13.3%. However, one way to reposition real estate investments without taking a hefty haircut due to taxes is the strategic use of a
Austin Bowlin, CPA is a Partner at Real Estate Transition Solutions (RETS), a national real estate investment advisory firm specializing in 1031 Exchange strategies and Delaware Statutory Trust investments. As Chief Exchange Strategist, Austin leads the firm’s team of licensed 1031 Exchange advisors and analysts. His work focuses on tax analysis, developing tax-deferral strategies, legal entity re-structuring, co-ownership arrangements, 1031 replacement property options, and Delaware Statutory Trust investments Austin serves as an advisor and an advocate for owners of highly appreciated real estate He has extensive subject matter expertise and is a monthly contributor of educational articles to a variety of investment property owner focused publications Additionally, he regularly presents webinars and at conferences on 1031 Exchange strategies and Delaware Statutory Trust (DST) investments
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 35
1031 Exchange. By performing a 1031 Exchange, property owners can sell investment property without paying capital gains tax or depreciation recapture tax, provided the sales proceeds are reinvested into “like-kind” investment real estate of equal or greater value and the conditions of the IRS tax code are followed.
THE WAYS TO UPGRADE YOUR REAL ESTATE GAME
Although tax deferral is a key benefit of a 1031 Exchange, it is not the only advantage that appeals to property owners . A 1031 Exchange can also serve to “upgrade” a real estate investment, so it meets the owner’s objectives, whether that be larger properties, better locations, newer construction, higher income, reduced risk, or any other goals an owner may have Below are seven ways the owners of a single investment property can upgrade their real estate investment utilizing a 1031 Exchange:
1. Exchange the Current Property With a More Favorable Property Type A 1031 Exchange enables investors to expand their real estate portfolio into nearly every property type and even different ownership structures allowing for fractional ownership of large income-producing “institutional” investment property. Changing property types may make sense for an owner For example, an investor experiencing challenges with their retail property due to the impact of e-commerce may prefer to invest in apartment buildings in a market with strong population growth . Alternatively, an investor seeking retirement income may sell and exchange an appreciation-focused multifamily property and exchange it into a different property type with higher cash flow.
2. Change the Current Location for a More Favorable Location The location of a rental property can significantly impact its value, cash flow, and appreciation potential . A 1031 Exchange allows investors to reinvest in real estate with more favorable locations, such as states with lower taxes, accelerating growth, and more favorable landlord-tenant laws.
3. Increase the Capital Reinvested Back Into the Next Property 1031 Exchanges
offer investors the opportunity to retain all of the net proceeds from the sale of their relinquished property to reinvest in new property. This deferred tax can be viewed as an interest-free loan from the government, allowing for more significant investment in property and the potential for increased cash flow and appreciation.
4. Improve Monthly Income Potential and Returns. As a wealth-building tool, a 1031 Exchange gives investors access to their property’s appreciation to increase buying power without a tax penalty. Armed with more buying power, investors can acquire properties focused on delivering income that is not only higher but passive as well. Additionally, preserving all the net sales proceeds allows for higher-value properties to be acquired The ability to defer capital gains tax over a lifetime of real estate transactions enables you to methodically build wealth for yourself and pass on that wealth to your heirs.
5. Reduce Risk on Proceeds Reinvested Into Real Estate. Due to high entry price points for real estate investing, investors typically concentrate a large portion of their net worth into one or two properties that are often in the same city or town and are the same property type. A 1031 Exchange into Delaware Statutory Trust (DST) real estate allows investors to diversify their investments into several DST properties, property types, and geographic locations.
6. Reduce Taxes and Hassles for Estate Beneficiaries By utilizing 1031 Exchanges and deferring capital gains tax until an owner passes away, investors can eliminate the deferred tax for their beneficiaries, enhancing the value of their investment for future generations. Upon the passing of an owner, the Internal Revenue Service (IRS) eliminates capital gains, depreciation recapture, and net investment income tax, a process known as a “step-up in basis.” In “community property” states, a surviving spouse is entitled to a full stepup in basis to the fair market value of the properties. Meaning the property could be sold the day after the step-up was received and pay none of the aforementioned taxes. Please turn to page 38
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(619) 867-1713
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 37
Continued from page 36
7. Reduce the Time and Investment in Property Management. A 1031 Exchange provides real estate investors with the opportunity to transition out of actively managed properties and into passive investment options, including institutionalquality DST real estate with highly experienced, professional institutional management teams.
UNDERSTANDING THE RISKS: THE DISADVANTAGES OF A 1031 EXCHANGE
As with any investment strategy, it is important to understand the potential risks involved Real estate is an inherently illiquid asset class and ensuring that it is suitable for an investor’s financial position and objectives is important. One key consideration is liquidity - investors must have enough liquid assets to cover significant expenses, such as medical bills. However, there are ways to address this, such as refinancing a property or purchasing insurance.
Another potential disadvantage of a 1031 Exchange is the complexity of the process. If not executed properly, it can be costly. Therefore, working with a reputable 1031 Exchange company, a qualified intermediary, knowledgeable tax counsel, and a financial advisor and estate planning attorney is essential . At Real Estate Transition Solutions, we work with our clients and their advisors to ensure that all parties are familiar with the rules surrounding exchanges, all relevant risks are discussed, and the transaction is executed correctly.
FIND OUT IF A TAX-DEFERRED 1031 EXCHANGE IS RIGHT FOR YOU
Selling investment property with a 1031 Exchange has become a widely utilized tax avoidance strategy among income property investors . According to data from the IRS, during the ten years between 2004 and 2013, approximately $1 . 3 trillion of property was exchanged in over 2. 9 million transactions . The popularity of 1031 Exchanges often increases during a strong economy as owners take advantage of an appreciated real estate market.
Tax-deferred exchanges offer a flexible solution for real estate investors seeking to align their investments with their financial and lifestyle objectives. For investment property owners looking
to reduce active management, increase income, or eliminate tax for beneficiaries, the versatility of a 1031 Exchange can be a valuable tool for maximizing real estate investments.
Understanding the strengths and risks of 1031 Exchange options, locations, market conditions, and how they can be combined to achieve investment goals is a key focus of our firm If you plan to sell your investment property and are interested in learning more about 1031 Exchange options, contact Real Estate Transition Solutions (RETS) to speak with a licensed 1031 Exchange Advisor. We offer complimentary consultations that can be done over the phone, via video conference, or in person at one of our offices To schedule your consultation, call (866) 352-3354 or visit us at re-transition.com.
IMPORTANT INFORMATION
The information herein has been prepared for educational purposes only and does not constitute an offer to purchase or sell securitized real estate investments. Such offers are only made through the sponsor’s Private Placement Memorandum (PPM), which is solely available to accredited investors and accredited entities. Examples are for illustrative purposes and not representative of future results. There are risks associated with investing in real estate properties, including, but not limited to, loss of entire investment principal, declining market values, tenant vacancies, and illiquidity. Because investor situations and objectives vary, this information is not intended to indicate suitability for any particular investor. This material is not to be interpreted as tax or legal advice. Please speak with your own tax and legal advisors for advice/guidance regarding your situation. Delaware Statutory Trust 1031 Exchange (DST) properties are only available to accredited investors (generally described as having a net worth of over $1 million exclusive of primary residence) and accredited entities only. If you are unsure if you are an accredited investor and/or an accredited entity, please verify with your Certified Public Accountant and Attorney. Securities are offered through Aurora Securities, Inc. (ASI), a member of FINRA/SIPC. Advisory services are offered through Secure Asset Management, LLC (SAM), a registered investment advisor. ASI and SAM are affiliated companies. Real Estate Transition Solutions (RETS) is independent of ASI and SAM.
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SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 39
6 | Southern California Rental Housing AssociationRental Advisor July 2021
18 | Southern California Rental Housing AssociationRental Advisor April 2022
griswold
Response
40 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM6
San Diego (38428)
8 Property Amenities That Are Profitable & Save Renters Money
by By Max Glassburg, Yardi breeze
The right property amenities will keep renters engaged and more likely to renew their lease with you Let’s look some of the amenities that are not only profitable but desired by residents.
1. HIGH-SPEED INTERNET & CABLE BUNDLE
According to the 2022 NMHC Renter Preferences Survey, a whopping 89% of renters are interested in included high-speed internet The only property amenities ranked higher in the survey (by a margin of 3% or less) are in-unit washers and dryers, air conditioning and soundproof walls.
A growing number of multifamily apartments, HOAs and condo communities have implemented bulk packages for internet and cable to meet the demand for this amenity.
Here’s how it works: Through a revenue sharing agreement with the internet/cable provider, the property management office takes a cut of each sale Likewise, residents get to pay less than the market rate for high-speed internet and television services However, new FCC rules prohibit broadband providers from entering certain revenue sharing agreements, so make sure to educate yourself before pursuing a bulk package scenario. The section below offers a quick summary.
RECENT UPDATES TO FEDERAL LAW
In 2022, the FCC decided that it’s unfair for property managers to allow only one internet/cable provider in their building. That means multifamily operators are no longer able to restrict residents to their preferred provider. Some people don’t want TV or feel the high speeds offered by the bundle are Please turn to page 43
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 41
yardibreeze
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Continued from page 41
not necessary. They might simply want to choose a different provider In short, it’s illegal to restrict the resident’s options if other providers are available.
2. SMART AMENITIES
Wondering which smart amenities renters really want? The NMHC Renter Preference Survey provides some guidance . Here’s the list, starting with the most-desired property amenities.
SMART THERMOSTATS
This popular property amenity is profitable for you because more renters want it than any other piece of smart technology. Outfit your properties with them and you’ll be able to command higher rates Renters will love the ability to set and change the temperature from anywhere, helping them save on energy bills.
LEAK DETECTION
Leaks are expensive When you and your residents can detect them early on, you reduce the risk of water damage, save money and keep everyone happier overall. Yardi Breeze Premier users have access to Yardi Utility Billing, a comprehensive program that automatically recovers expenses, monitors consumption, identifies leaks and more.
SMART SECURITY ALARM SYSTEM
Safety always comes first . Residents will sleep better at night — and when they’re away from home — knowing a smart, Wi-Fi accessible alarm system has their backs.
VIDEO DOORBELL
Like the previous amenity, a video doorbell is a great safety feature . Is that the pizza delivery or someone trying to sneak into the building? With a video doorbell and intercom system, residents will always know who’s at the front door.
SMART LIGHTS
The cost of electricity has risen in recent months, much like the cost of everything else Simple but effective tech, like lights that automatically shut off when no one is in the room, helps residents and your building save energy and money.
DYNAMIC GLASS WINDOWS
Not all glass is made equal Dynamic windows filter out harmful UV rays and provide better insulation in all seasons Many have a tinting feature that lets in sunlight even when fully activated in bright light.
It simply makes incoming light more comfortable and reduces glare They’re a simple, green, moneysaving property amenity your entire community can enjoy.
KEYLESS SMART LOCKS
Many property managers charge a fee to replace a lost key or door lock It’s extra work for you or your maintenance team, and residents are likewise disgruntled when they have to pay those fees Why not eliminate the risk and improve building safety with keyless entry? They require a little bit of upkeep, so use your property management software to create a regular maintenance schedule to change the batteries and inspect them as necessary.
VOICE ASSISTANT INTEGRATION
Some people love their Google Home and Alexa devices For those that use them, the integration works seamlessly with a lot of the smart tech on this list (e.g., thermostat, lights).
3. RENTERS INSURANCE
At this point, insurance is almost a requirement for multifamily operators who want to run a sound, solvent business. There’s no easier way to protect yourself and your residents than by offering affordable renters insurance. The best time to offer it is when an applicant has been approved and is going through the online leasing process Some prospects will have their own insurance, but anyone who isn’t insured will be able to sign up for your policy in just a few quick steps.
4. EV CHARGING STATION ACCESS
With a federal ban on gas-powered vehicle production by 2035, not to mention a California law to the same effect, plug-in hybrids and electric vehicles (EVs) are the future . Some multifamily buildings provide charging stations as an optional property amenity for residents . There are many services that will install EV charging stations in parking spots that residents can pay to use.
5. ADDITIONAL STORAGE
Need a profitable property amenity that appeals to almost every renter? Onsite storage is an easy way to increase profits at little cost to property owners Some residents use the extra room to store their bikes and other bulky items that would otherwise clutter the apartment. As renters accumulate more things, they may start looking for a bigger living
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 43
space. You stand a good chance of keeping them around longer if they have extra storage space.
6. EXTRA PARKING
Dedicated parking isn’t a given in the multifamily world. If you offer extra parking, you might have a profitable property amenity on your hands You might choose to include the cost of a parking space in the rent, but you might also make it optional. Residents without vehicles will appreciate not having to pay for a space they don’t need, leaving you with ever more opportunities to provide affordable parking for those who need it. Renters with valuable, vintage or multiple vehicles will be especially appreciative.
7. PAY-PER-USE PET WASHING STATION
If there was ever an easy opportunity for a profitable property amenity that saves pet owners time and money, this is it . Let pet parents wash and dry their furry friends for a small fee at an all-in-one pet wash station. You can either charge for access
to a dedicated room in your building or provide a wash station that accepts credit cards . Offering this amenity will satisfy residents with pets and emotional support animals by allowing them to avoid the mess and hassle of washing and drying their pets in the bathroom.
8. RECREATIONAL ACTIVITIES
Even if you provide free-to-access property amenities like basketball, tennis and pickleball courts, there are ways to make them profitable for your community Use the courts for resident engagement and community building . Host tournaments with a small buy-in for each team Once you know what your residents like to do recreationally, capitalize on it by improving their renter experience and generating a little extra income for the property.
As always, survey your community before adding new property amenities . Find out what your residents are willing to pay for, then set out to make those amenities worth the cost.
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44 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM6
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Max Glassburg is a senior marketing writer at Yardi He is usually found writing blog content for Yardi Breeze and especially enjoys connecting with clients and sharing their successes with the real estate community In his spare time, he is probably shopping online for guitars and pedals he doesn’t need.
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 45
The Fight To Repeal Proposition 19’s Death Tax Isn’t Over
By Jon Coupal, Howard Jarvis Taxpayers Association
Last month, Senate Constitutional Amendment No 4, a major legislative effort to repeal the dreaded “Death Tax,” lost by a narrow margin (4-3) before the Senate Governance and Finance Committee. Although opponents of the tax will continue to pressure the Legislature to act, there is a powerful alternative to address the harm inflicted by this record-setting property tax hike.
Over the last forty-plus years, the Howard Jarvis Taxpayers Association has successfully qualified numerous pro-taxpayer initiative measures starting, of course, with California’s iconic Proposition 13, approved by voters in 1978. In 1996, HJTA qualified, and the voters enacted the Right to Vote on Taxes Act.
Now, HJTA and a broad coalition of minority organizations, taxpayer groups, and property owners will proceed with an initiative to restore the right of parents to transfer their home and limited other property to their children without reassessment to market value.
The legislative effort to repeal the death tax, authored by Sen Kelly Seyarto, R-Murrieta, sought to reverse the provisions in Proposition 19 regarding intergenerational transfers of family property Under Prop. 19, which passed narrowly in November 2020, property is now reassessed to market value upon transfer between parents and children, with only limited exceptions.
Support in the legislature for repealing the death tax was bipartisan, with Sen. Catherine Blakespear, D-Encinitas, joining Sen Seyarto and Sen Brian Dahle, R-Bieber, in support of SCA 4.
At a recent hearing, Los Angeles County Assessor Jeffrey Prang, a sharp critic of Proposition 19, emphasized that voters were not informed of the complex and costly effects that Proposition 19 would have on property tax reassessment of longheld family homes as well as businesses built over generations. “These neighborhood markets, auto shops and family-owned restaurants are community staples,” he said, but they are “in jeopardy of closing their doors when they are hit with high tax bills.”
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Testifying on the harm inflicted on minority communities was Veronica Nelson, 1st VP of the Sacramento Realtists Association, noting the damage that Proposition 19 is doing to families in communities of color as they try to build economic security for the next generation. The Realtists organization, the California Association of Real Estate Brokers, was founded in 1947 to serve the needs of the Black community at a time when racism and redlining blocked that community’s access to home buying and real estate services. Nelson also expressed concern that Prop 19 has put tenants at risk of eviction by requiring the reassessment to market value of familyowned apartment buildings when parents pass away
It’s unfortunate that repeal of the death tax does not yet have majority support in the California Legislature. This is a marked departure from 1986, when the Legislature voted unanimously to place the parent-child transfer exclusion from reassessment on the ballot This measure, Proposition 58, was approved by nearly 76% of voters, which protected property owners until Proposition 19 took that away and replaced it with the largest property tax increase in California history.
Sen. Kelly Seyarto said many voters were unaware
that Proposition 19 would have this effect, because the measure’s title and summary on the ballot emphasized separate provisions that provided benefits for senior or disabled homeowners and wildfire victims.
A previous initiative effort to repeal the death tax fell just short of securing enough signatures, but a renewed effort will likely be much different. First, the number of signatures required to qualify a constitutional amendment is now substantially less than what was needed for the previous effort. Also, the earlier effort was hindered by the pandemic, which impeded the effort to obtain signatures in public places. Finally, since the last effort, the coalition has grown much larger and more diverse, driven by families ambushed by Prop. 19’s draconian tax hikes.
Jon Coupal is the President of the Howard Jarvis Taxpayers Association (HJTA). HJTA, with offices in both Los Angeles and Sacramento, is the largest taxpayers association in California with a membership of over 200,000. Founded by the late Howard Jarvis, the author of Proposition 13, HJTA’s name is synonymous with tax relief and the uncompromising defense of the California homeowner.
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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
52 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM6 Low cost financing for Multi-Family1 Apartment properties. Purchase Money, Cash Out, or Construction Financing! 13 or more units to an LLC, Corp, or Partnership – 5 or more units to individuals and other entities. Loans subject to borrower and property qualifications. Brokered originations are not eligible. Other restrictions may apply. All rates, fees, terms and programs are subject to change without notice except as required by law. ©2023 Provident Bank. NMLS #449980. All rights reserved. Member FDIC. REV1222 | 855-217-3541 Since 1956 HOMEGROWN & LOCAL KERRY CANTO NMLS #2050119 Vice President, Commercial Loan Officer (949) 371-1932 | kcanto@myprovident.com
24 | Southern California Rental Housing AssociationRental Advisor April 2022 nancialadvisors Own Appreciated Investment Real Estate? Aubrey Morrow CERTIFIED FINANCIAL PLANNER™ Practitioner 6 EXIT STRATEGIES FOR HIGHLY APPRECIATED REAL ESTATE Financial Designs, Ltd. 5075 Shoreham Place, Suite 230 San Diego, CA 92122 Phone (858) 597-1980 Fax (858) 546-1106 www.MoneyTalkRadio.com The Financial Advisors Tune In! AM 600 News Talk Radio Saturday at 8am Tune in Saturdays at 8am to AM 600 KOGO radio and learn more at our online WEBINAR Case Study Saturdays@10am and on-demand See www.RentalOwnerWorkshop.com Securities offered through Concorde Investment Services, LLC (CIS), member FINRA/SIPC. Advisory Services offered through Concorde Asset Management, LLC (CAM), an SEC Registered Investment Advisor. Financial Designs is independent of CIS & CAM. This is for informational purposes only, does not constitute as investment advice, and is not legal or tax advice. There are material risks associated with investing in real estate securities including illiquidity, general market conditions, interest rate risks, financing risks, potential adverse tax consequences, general economic risks, development risks, and potential loss of the entire investment principal. *as of 12/2022 bd-ld-a-192-2-2023
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Dunn-Edwards Corporation (619)884-3866
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Wakeland Housing & Development ....
Rowland Realty
(888)977-6848
(858)486-6400
(800)570-2847
(858)277-2228
(714)348-0488
(415)898-2282
(760)215-5803
(619)235-2296
(619)540-2727
PROPERTY MANAGEMENT PERSONNEL
BG Multifamily ......................
InterSolutions
The Phoenix Staffing Company
(619)785-3164
(619)804-2554
(855)222-4136
PROPERTY MANAGEMENT SOFTWARE
RATIO UTILITY BILLING SYSTEMS
Livable (877)789-6027
REAL ESTATE
ACI Apartments Office ............... (619)299-3000
Voit Real Estate Services (858)453-0505
Covest Properties Inc. (760)214-9240
RENOVATIONS & REMODELING
McMillin Contracting Services (619)401-7000
RENT GUARANTOR
TheGuarantors (212)266-0020
REPIPING
National Renovations, LLC - DBA Repipe Specialists, Inc (703)801-8269
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)537-5177
SECURITY GUARD PATROL
Security First (619)243-3992
Securitas Mobile Guarding (619)214-4919
SECURITY SERVICES
JDS Security ....................... (619)781-8694
Bald Eagle Security Services, Inc. (619)230-0022
ASAP Security Guards (619)750-4542
SEISMIC RETROFIT
Optimum Seismic (562)298-6395
SMART TECHNOLOGY
ADT Smart Communities ............. (714)858-1344
Armada Power (909)730-6509
SUBMETERING / BILLING SERVICES
Conservice Utility Billing & Mgmt (602)481-7440
SUPPORTIVE HOUSING
Brilliant Corners (213)232-0134
TENANT SCREENING
CIC ............................... (800)288-4757
TOWING SERVICES
Western Towing (619)297-8697
WASTE MANAGEMENT
WasteXperts, Inc (206)496-9289
Strategic Sanitation Services (877)271-7909
WATER DAMAGE RESTORATION
Generation Contracting & Emergency Services, Inc. (858)679-9928
Restoration Management Company (858)935-1170
SERVPRO of Sorrento Valley.......... (575)420-3885
Hometown Restoration (858)663-8330
First Onsite 8588805419
Servpro San Diego SW . . . . . . . . . . . . . . (619)643-2145
WATERPROOFING
General Coatings Corporation (619)707-2639
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
54 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM6
8 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM7
Domuso 424.272.1562 SafeRent Solutions (419)367-7615
© Sunan Panyo | Dreamstime.com
Pref e rre d Pa rt n er s
As
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 55
socalrha.org
a member of Southern California Rental Housing Association, you have access to discounts on the products and services provided by our Preferred Partners. Visit socalrha.org/preferred-partners for details!
56 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM6 MAJORMANUFACTURERSLIKE MILGARDWINDOWSANDDOORS! NEW! BLACK EXTERIOR| V250 STYLE LINE SERIES ® AJOR MANUFACTURERS LIKE REPLACENOWPAYLATER! REPLACE NOW PAY LATER! UPTO48MONTHSON APPROVEDCREDIT* $0DOWN 0%INTEREST Vinyl|Fiberglass|Aluminum Bi-FoldingDoors|FrenchDoors PatioSlidingDoors&more! ENERGYSAVING MATERIALS! LOWESTPricesGuaranteed* ForHomeowners HOAFriendlyforApartment, CondoandTownhomeowners WholesalePricingforArchitects, BuildersandContractors! APARTMENTOWNERSTRUSTEDSOURCEFOR REPLACEMENTWINDOWS&DOORS! SivanWindowsandDoors.com 9596ChesapeakeDriveSuiteB. SanDiego,CA92123 LOVEUS PEOPLE ON Some restrictions may apply. This offer is not valid with any other offer and cannot be combined. Promotions and discounts are subject to availability and applied by dealer at the time of contract execution in-home. Offer valid through the end of the current month. Lic #: 1000582 (888)383-6798 CallTodayforaFREEEstimate
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 57 1031 EXCHANGES 1031 Capital Solutions 12 Financial Designs, Ltd 52 AIR-CONDITIONING AA Feders 34 Aztec Appliance 59 Genie Air Conditioning 45 APARTMENT ASSOCIATIONS Southern California Rental Housing Association .6 APPLIANCE SALES AA Feders 34 Aztec Appliance 59 ASPHALT MGB Construction 10 BACKGROUND SCREENING ApplyConnect 14 BATHROOM REMODELING / REGLAZING American Bathtub Refinishers 22 CABINETS AA Feders ................................ 34 COIN-OP LAUNDRY SALES Aztec Appliance ........................... 59 WASH Laundry ............................ 33 COLLECTIONS Dennis P. Block & Associates ................ 40 COMMERCIAL LENDING Luther Burbank Savings................ .49 Provident Bank ............................ 52 COUNTERTOPS CREDIT CHECKS ApplyConnect 14 DECKING & STAIRS / MAGNESITE / WATERPROOFING Life Deck 52 EARTHQUAKE RETROFITTING & ENGINEERING ADU1 21 ENERGY SAVING / REBATES Livable 28 ENGINEERING ADU1 21 FINANCIAL / ESTATE PLANNING Financial Designs, Ltd 52 HEATING Aztec Appliance 59 Genie Air Conditioning 45 KITCHEN REMODELING AA Feders ................................ 34 LEGAL & EVICTION SERVICES Dennis P. Block & Associates ................ 40 PAINT & PLASTERING Done Rite Painting, Inc. ..................... 33 PEST / TERMITE CONTROL XTermite ................................... 2 PROPERTY MANAGEMENT Griswold Real Estate Management ........... 39 LRS Property Management ................. 37 SMIB Management, Inc 30 PROPERTY MANAGEMENT SOFTWARE YardiBreeze 42 RATIO UTILITY BILLING Livable 28 ROOF REPAIRS, MAINTENANCE & INSTALLATION Resilient Roofing 20 SEISMIC RETROFIT / SOFT STORY ADU1 21 TOWING / PARKING CONTROL / SIGNAGE Western Towing 33 TENANT SCREENING ApplyConnect 14 TOILETS/SINKS/FAUCETS AA Feders 34 TRASH HAULING & RECYCLING MANAGEMENT Mattress Recycling Council, Inc 16 UTILITIES REBATES Livable ................................... 28 WATER HEATERS/BOILERS AA Feders ................................ 34 Aztec Appliance ........................... 59 WINDOWS & DOORS Newman Windows & Doors .................. 3 SIVAN Windows & Doors ................... 56 Apartment Management Magazine cannot guarantee or be responsible for the products or services offered by advertisers in this publication - AMM 6-1
58 JUNE 2023 - APARTMENT MANAGEMENT MAGAZINE AMM6 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. SAN DIEGO GAS & ELECTRIC & 211 PARTNERING FOR YOUR SAFETY © 2021 San Diego Gas & Electric Company. Trademarks are the property of their respective owners. All rights reserved.
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Phone: (619) 236-0616 (ask for Joan)
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Mon.-Fri. 8:30am-5:30pm
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PRESORTED STANDARD U.S. POSTAGE PAID LOS ANGELES, CA PERMIT #1831 APARTMENT MANAGEMENT MAGAZINES SMIB Management Giving You The Edge Every Day REAL ESTATE TRANSACTIONS Purchase / Sale 1031 Exchange Flip / Hold Rehab / Rennovation ADU / Conversion REAL ESTATE TYPES Residential / Commercial Residential Rental New Construction ENTITY TYPES Self Employed Individual Investor LLC Partnership C Corp S Corp WHEN IT COMES TO MAKING MONEY IN REAL ESTATE, Wealthy People Know a Secret! TAX LAWS ALLOW YOU TO KEEP MORE OF WHAT YOU MAKE WHEN USED CORRECTLY. How Can We Help? Our Team •Enrolled Agents (EA) •Valuation Analysts (CVA) •Legal Experts •Contractor Experts •Accounting Experts •Crypto Experts 8030 La Mesa Blvd Ste # 608 La Mesa, CA 91942 (619) 592-2594 www.smibmanagement.com REAL ESTATE INVESTING CAN PRESENT MANY CHALLENGES AND RAISE UNEXPECTED ISSUES As a Real Estate Pro Your Buyer/Seller May Not Have all the Answers to their Questions/Concerns •Free Consultation •Free Evaluation •Free Analysis Let us help you to help your client. We can find many ways to help a buyer/seller use the tax rules to their advantage. Decades of Experience in Real Estate Tax Issues