Thursday, January 27, 2011

Pets and Apartment renting...

Pets are a new thing for many of the apartment buildings on the west side of Los Angeles. Allowing pets enables us to capture more tenants/clients that we used to be able to turn away. Now we need them to fill our vacancies.

Some points to ponder:
- Pet Deposits are often to low. (carpet - woodwork etc. cost big bucks)
- Staying up on the maintenance of the pet must be reinforced. (over time)
- Keeping the rest of the residents from assuming they all are now allowed to have a pet is the worst part. (they see it as favoritism. We see it as contract law.)

I've seen ... Snakes, Iguana, Birds, Dogs, Cats.

Snakes... Food is mice. What if some mice get out?
Iguana... food is crickets. They will be all over eventually. chirp chirp chirp in the neighbors kitchen etc.
Birds... Squawking (big) or pooping on the curtains (little).
Cats... Indoor is usually ok. Outdoor is not. (bring home mice to your building)
Dogs... Little ones yap. Very big ones frighten the other residents.

This can be a long list.

Just remembered the Ferret... Now that is a story. he he he

Property management in Santa Monica, Los Angeles, Venice

Tuesday, January 18, 2011

lending... What makes the R.E. World go round.

You know the old song... "Money makes the world go 'Round"

Without lending the real estate world will not go around very much. It is possible to get loans. They do really put the lender through the ringer nowdays. If they fund at all.

So what rate do we put into the calculations as we evaluate the loan portion of the buy - don't buy evaluation. that oh so nebulous "Does it make Seance" that I hear all the buyers ask. Do i pencil it or work out detailed spreadsheets?

I'm a bit geeky so you know the answer to that. But the Loan rates...

This came in on my email today. Looks rather good. Market still getting really nice rates. But will they loan on your building. Lets find out.

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