New Landlord Laws 2024

Starting April 1, Senate Bill 567 will impact landlords who make tenants move out so they can move into a home. It will require the property owners or their family members to move into the property within 90 days and live there for at least 12 months

AB 12 limits security deposits to one month's rent, regardless of whether the residential property is furnished or unfurnished. It goes into effect on July 1, 2024.

Effective April 2024- SB 567 sought to strengthen the eviction protections in the 2019 law by limiting so-called “renovictions,” where landlords evict tenants to complete major repairs on the property. It also heightens the penalties for landlords who claim they are taking the property off the rental market only to re-rent the units, among other provisions. It goes into effect on April 1, 2024.

Effective Jan. 1, 2024, AB 1418 by Assemblywoman Tina McKinnor, D-Inglewood, will prevent local governments from imposing penalties or requiring landlords to evict tenants based on calls to law enforcement, suspected criminal activity, or other alleged nuisances. It will also prohibit local governments from requiring or even encouraging landlords to conduct criminal background checks during tenant screening. Additionally, the legislation will stop governments from forcing the eviction of an entire family due to a felony conviction of a single family member.

What to Look for when looking for an Investment Property

When looking for an investment property, there are certain things that your property needs to have.

Will this property rent? Is it located in a high need rental area? Is shopping nearby? Is it a safe area?
How much are other rentals going for and how long does it take to rent them?
What is the cost of this rental? What is the mortgage with tax and insurance and repairs costing VS. the actual rent. Will you make a profit or will you actually be in debt monthly.
Does the home need repairs before you are able to rent it?

All of these questions are pertinent to having success with a rental property. The purpose of rental is to diversify your investment portfolio, give you a source of income for the future and have a property that is going to gain equity for future real estate growth. Buying real estate has always been a great source of wealth, but it also has a cost. Being prepared for financial shortages and any vacancies from your rental is an important part of selecting your property.

I am able to look for rental properties and also set up rental properties in other states. You have options for purchasing rental properties that are TIC ( tenancy in common units), secondary home rentals( think airbnb) and regular every day rental properties. The rental market is multi level. Finding which area you want to invest into is just as important as the property. When you are ready to invest, Call Me!!

Property Manager or Doing it yourself?

When you own an investment property, one of the major decisions is do you manage it yourself or use a property manager. Many people will say that managing on your own is the only way to go, however using a property manager makes many strong points too..

Property Manager

Owner Managed

They dedicate all day, every day to needs of owners and tenants.

Know the laws of rental/tenant rights.

Tenant calls- they take them all and the hassle.

Cost- Usually take 50% of first month and approx. 10% of rent monthly.

Eviction issues- they handle the court, the lawyers, and the mess.

You may not have the time to show the property for rent, run to help a tenant, or to focus on the property.

You will need to research the laws and interpret them and Implement them correctly.

Tenant calls- you take them all.

Free except your time.

Eviction issues- you take the time to file the paperwork, get a lawyer and spend a day sitting in court. Then deal with getting the tenant out as ordered