Monday, May 3, 2021

Mike Explains: Homeowner's Association

Imagine, if you will: you have a building with over a hundred units, all independently owned. How do you operate that building? Who decides when it gets painted, in what color? Who decides what temperature to have the pool? Some people might want it cold to save money. While some people, who use it more, might want it warmer. Everybody has a different agenda.

So, how can you ever operate a community full of people with similar but different priorities? Simple, it's called the homeowner's association.

What Is a Homeowner's Association or an HOA?


Wednesday, April 14, 2021

Mike Explains: Lockboxes

In real estate, we have everyday situations of granting access to properties with various potential buyers, tenants (some may or may not have agents), and vendors. You need to accommodate different, conflicting times. It can often be too much to meet them all in person every time. Plus, your property is a home that you have entrusted us to take care of.

Luckily, there are tools for that: they are called lockboxes. That’s how the pros handle it.

In real estate, a lockbox is essentially a locked container or a box that has a key inside that gets you to access a property.

...

Wednesday, March 24, 2021

Mike Explains: Escrow

Imagine, if you will: you're offered $500,000 for a piece of property. You accepted the deal, and then, you told the buyer: "give me the $500,000, and I'll sign over the property." Then, you said: "how about this, you sign over the property, and I'll give you $500,000."

Well, we might be in a standoff, so that's where escrow comes in.

Mike Explains: Escrow

So, what is an escrow? That's a question a lot of people are afraid to ask. You hear that a property is under escrow or fell out of it. Or, it's at the close o... read more >>

Tuesday, March 2, 2021

Mike Explains: Renter’s Insurance

Let's picture this: Sunday evening, end of a relaxing weekend... And, you get a phone call. Turns out, there's a fire at your rental property.

The good news is: the tenants are OK. You agreed to accommodate them in a hotel. What's not resolved is: who pays for their accommodation for the next six weeks? After all, they just paid for this month's rent.

Most of their furniture and personal belongings have been damaged. There's also the issue of what was the cause of the fire. If the tenants don’t have renter’s insurance it is a huge mess that could ... read more >>

Wednesday, January 13, 2021

Mike Explains: Long Beach Tenant Anti-Harassment Ordinance

Let me paint you a picture: you’ve got these tenants - you know, the ones that you’ve been getting the complaints on from the neighbors, the ones where the cops keep coming out to the property - those tenants. They’re no longer paying you rent and maybe because of AB-3088 or whatever reason you go by the property to see what’s happening because you haven’t heard from anybody. You snoop around a little bit on Facebook and you see, oh… they’re up skiing in Mammoth, they’re in Cabo or wherever it may be. You get upset - understandably upset. No ... read more >>

Friday, December 11, 2020

Mike Explains: AB-3088 (COVID-19 Tenant Relief Act of 2020)

There are more rules and regulations for landlords than ever before. At the Mike Dunfee Group, we manage several hundred properties and do a good job at staying compliant with the new rules and regulations. These rules are always changing and there is a big one in this age of COVID that all California landlords should be aware of: 

On August 31st, 2020, the COVID-19 Tenant Relief Act of 2020 (enacted by AB-3088) was passed by the California Legislature and signed by Governor Gavin Newsom. Here is what you need to know about this bill: 

The COVID-19 Tenant Relief Act of...

Wednesday, December 4, 2019

Which properties are “Exempt” under California Statewide Rent Control, AB-1482?

Single family residences including condos are exempt from California Statewide Rent Control, AB-1482, if:

  • Proper notice of exemption is given to the tenants and;
  • Owner is not a Real Estate Investment Trust, Corporation, or LLC where an owner is a Corporation.

Other Exemptions include:

  • Housing with a certificate of occupancy issued within the past 15 years. 
  • Owner occupied duplexes where the property is the owner’s primary residence at the beginning of tenancy. 
  • Owner occupied single family-residences ...

Monday, October 21, 2019

Does California have Statewide Rent Control? What should Landlords do now?

Does California have Statewide Rent Control? What do all California landlords need to know about it?

Yes, California does have statewide rent control. Governor Gavin Newsom signed Assembly Bill 1482 into law. This new rent control law will go into effect throughout the entire state of California on January 1, 2020 and will expire on January 1, 2030 unless lawmakers vote to extend it. 

Before AB-1482 goes into effect, California Landlords / Property Managers need to: 

  1. Determine if their properties qualify for “exempt” status or no... read more >>

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