Monday, June 30, 2014

The last resort escape hatch was in jeopardy. News the Anti Ellis Bill is Dead

State lawmakers in Sacramento affect us so very much in Los Angeles and Santa Monica.

Hot News: The bill to stop the Ellis act is dead... for this year.  Sen. Mark Leno has halted his pursuit of state legislation that would undermine a landlord's right to leave the rental housing industry.

Leno, D-San Francisco, has given up on Senate Bill 1439 after its rejection in the Assembly Housing and Community Development Committee last week. The bill took aim at the Ellis Act, a landmark 1985 law that bars local governments from making property owners stay in the apartment business.

Leno told the San Francisco Chronicle on Tuesday that he'll probably try to resurrect the bill in 2015.  " I'm very committed to this,..." he said in the article.

The Housing and Community Development Committee voted down SB 1439 by a 4-3 vote on June 18, leaving little chance for Leno to keep the bill afloat this year. The bill would force many rental property owners in San Francisco to wait at least five years before removing their units from the market - even if losing money month after month.

While the bill would have applied only to San Francisco, it could have statewide ramifications. Los Angeles and Santa Monica has already expressed interest in pursuing legislation similar to SB 1439.

Before the Ellis Act, rent-controlled cities - Santa Monica in particular - were forcing landlords to stay in business, even if they were losing money or experiencing other hardships. The Ellis Act has blocked this type of government intrusion, providing a veritable escape hatch for owners who can no longer thrive - or even survive - in rent-controlled communities.  All the owner in California owe a debt of gratitude to The California Apartment Association (CAA) for their tireless work to defeat this bill.

Saturday, April 19, 2014

High end 2 bedroom 2 bath unit with Ocean Views

Fantastic unit just came available!   One of my very best.

AND I gust renovated the full kitchen with new Granite countertops and appliances.

Photos to follow.

This link is only good for the next 30 days ...
http://postlets.com/r/931-euclid-st-santa-monica-ca-90403/10467227


Description:


Nice views out the south facing windows and from the private balcony.
Top floor unit with high vaulted ceilings.
Laundry inside the Unit.
Big Kitchen area that is freshly renovated with...
 - New Granite
 - New sink and faucet
 - New Glass top cooktop and vent hood
 - New Oven and Microwave
 - New Dishwasher
 - New S S front Refrgerator
Fireplace in the Living Room.
Master bedroom with private bath.
Elevator access.
One parking space in the garage.
Oh and the new paint and carpet are colorful with a very warm and welcoming tone.  Must see this classy place to truly appreciate the quality!
 May go for more than asking price.  Best offer with a May 1st start will get it!

What did I leave out?

KL

Wednesday, February 22, 2012

Will it go up or down...

... That is the question. You and I both know you can not expect real estate to always be going up. but why expect it to always be going down once it turns?

We know it is Real Estate that is the basis of most significant wealth in the US of A.

Nice article at DSNews about the report just released yesterday (Tuesday 2-21-2012)


So this imply's we are at the beginning of the rebound.

It most likely is the type of info to really look hard at if you want to buy at the start of the upswing in real estate values. Call me to review your goals. I am sure we can find a property that can enrich you and give you financial security.

Income or rental properties. Not just the one single family home purchase. You need an income producing portfolio of real estate to protect you and secure your financial future.

This is where I can help.

Sincerely,

Keith Lambert

Your Real Estate expert.
Happy to help in Anything RE related.


All Real Estate is Local. Deal with someone who knows the local market

Tuesday, January 17, 2012

Single Family Home Rental Advice... My 2 Cents Worth

An extended family member from out of town asked a rental question. I'll share it here.

Susie and her husband are moving to a new city for work relocation. The house they have in San Diego County is down in todays market and they have very little equity left. But they put plenty of equity and sweat equity into this house. So selling at a loss is not a great thrill.

Therefore they want to hang on for the rebound in the market and rent it short term.

The dialog went like this:

Hey Keith-

Have a question for you. Is it better to rent to someone you know who would take excellent care of your home and take a little bit of a loss on a monthly basis OR make a couple hundred extra a month with someone you don't know?

I'm leaning toward the little bit of a loss situation but want your professional opionion!

Love ya!

And my Reply is:

You have to go by the seat of your pants on these situations.

In calling on the references (more than one!) the most important question I can ask of the previous landlords is "Would you rent to them again?"

The amount of damage and down time for repairs is really heavy if you select poorly. So past landlords are key.

You have one unit. One heavily invested home. If you are renting in the new town... Is the rent received (old place) higher than the rent paid (new place)? If so, it is a good thing.

My 2 cents.*

Sincerely,
Keith

* Price charged is Zero. My liability is the same.
No legal advice given here. Emotional justifications and encouragement offered freely and with my best of intentions to make you feel better about a hard and difficult decision.

Her followup:

Thank you brother!! Appreciate your advice. ...


One point I like to make here is the number of Units matters. If you buy or happen to have just one (like Susie above) and a bad tenant messes up or leaves early you are down and left naked to pay the mortgage by yourself for as long as it takes to repair and re-rent. That can be very costly. If you have more units... 5 plus! Then you have less financial hardship as you fix and re-rent one.

so my advice... Get as many units in the investment property as you can afford! Or team up with a couple of others so you can buy and properly fund a bigger asset.

So call me if you are interested in buying or investing in performing real estate in the Los Angeles region where historically the rents have been strong and stable.

Sincerely,

Keith Lambert
310-391-0821

Monday, January 09, 2012

Visiting and need to see Los Angeles... Beach side option

OKay if you are coming to the area to search for a place you need a short term place....

If you are in the area and have family coming from out of town and you do not want them on your couch for days.

If you are a business transfer and want a week of good housing but not a boring hotel.

THEN the answer is the Venice Suites or Venice Breeze Suites.

You can find all the info on www.BestOfTheBoardwalk.com

Really cool to look out your windows and check out the serf on the beach. WiFi for the guests. And Venice Suites does include parking. A big deal in beach towns up and down the coast. Ask if parking is included. Many of the other places will say No.

Stay at the best. Right on Venice Beach for the views and fun hip feel.

IMHO. These are the best.

Keith

Friday, December 30, 2011

Merry and Happy - To all a good night. 2012 - Bring it on!

I think this is the best Holiday Card for this season.

Hopping you all had a nice holiday filled with family and love. Now as we look at the new year we turn to 20 12 with aspirations for a very profitable year.

I think the new year is going to be very good.

Enjoy...

Snow Globe Los Angeles from All Cut Up Films on Vimeo.


Nice! Right?

Keith

Wednesday, September 07, 2011

1031 Exchange is a Great Wealth Building Tool Available to Income Property Investors

Section 1031 of the Internal Revenue Code has been called the single greatest wealth building tool available to real estate investors. If you are unaware how Section 1031 of the IRC can magnify your returns and help you create wealth, review this:

An investor who purchases $100K worth of Microsoft stock in 2000 sells the stock today for $200K. The investor yields a whopping 100% return, correct? Well yes, but don’t forget that when tax time comes around, our Microsoft investor will owe the IRS and State Taxing Authority about $30K. After taxes, the profits from the Microsoft investment plummets from $100K to $70K. Still not a bad return, but after taxes our Microsoft investor now has only a total of $170,000 to reinvest.

Now let’s contrast this with an investor who makes the same returns in the real estate market. A property purchased for $100K, appreciates to $200K. The investor earns the same $100% return. The major difference however, is the investor can elect a 1031 Exchange and defer the capital gains taxes. Doing so leaves the investor with a total of $200K to reinvest.

The effect taxes have over the long term are dramatic. I suggest having performing real estate in your portfolio.

If you want to invest in secure West Los Angeles multifamily or commercial property please consider using my services to aquire/manage/sell as needed.

Sincerely Keith Lambert
310-391-0821