INVESTMENT PROPERTY UPDATE THE ONE SOURCE FOR ALL OF YOUR INVESTMENT PROPERTY NEEDS
FEATURED ARTICLE
ISSUE# 908.04
Is This the Future? BY JAMES JOSEPH
Owner of Century 21 Ambassador and Coldwell Banker Ambassador Century 21 Liaison to Japan
Two Tax Bombs
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IN THIS ISSUE Cover Stories Property Management Guest Article Taxes Maintenance Local Listings Out of State Listings IPU Online Buying & Selling Finances Directory
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ONLINE INFO Visit Jim’s Blog for up to the minute real estate information at www.jjipu.blogspot.com
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Some of my clients are reporting more vacancies and challenges filling up units. It might be the economy or a combination of tenants moving in with relatives and immigrants moving back to their countries. For whatever reason, this might be a good time to take a look at your rents and see how they compare with your neighbors’. Recently, during my drive into work, I came across this sight on Scott Avenue in Whittier. The location is south of Whittier Blvd. I was surprised to see a “for rent” sign on every single apartment lawn on the street. The signs reminded me of the tough time in the 90s when
landlords were giving away free months’ rent as well as microwave ovens and were loosening credit requirements and security deposits to get the units filled. Whether or not we are going down that road remains to be seen. I would be interested to hear your comments on what you are seeing in the market. Check out my new website by going to www.josephapartments.com and clicking on “Jims Blog” in the upper right-hand corner. Or you can go directly to www. jjipu.blogspot.com. There you will find dozens of news sites pertaining to real estate from all over the country. This really is your one-stop source to keep you posted on the business continued on page 2
Questions: Security Deposits and Property Inspections BY CANDY LIVESEY
Century 21 Ambassador Property Management Manager Q: I just took over management of a rental unit that is rented to three individuals. One of the three renters just informed me that one of the three roommates will be leaving at the end of this month. The remaining two renters plan to get a new roommate before month end and they want to leave the security deposit in place. Don’t I need to return the security deposit since it is my understanding that all three roommates on the lease have equal right to the security deposit? How should I handle this? A: This is a common occurrence for rental property owners, where roommates are involved. The security deposit should run with the unit. The security deposit is returned 21 days after the owner has been given possession of the rental unit. In this situation, you can simplify matters by using a Release and Assignment of Security Deposit form. Thus, when one tenant indicates that he is vacating the rental unit, you have him formally release his interest in the security deposit and legally assign it to the incoming tenant. Thus the outgoing and incoming tenants must handle any financial arrangements between themselves. You should also make sure that your lease or rental agreement always accurately indicates the current occupants. The use of a Release and Assignment of Security Deposit form simplifies this problematic situation and minimizes the owner’s chance of getting entangled in a roommate dispute over each individual tenant’s legal claims to the security deposit. Q: We are interested in listing and putting our rental home on the market. Although our tenants have paid their rent on time, they have not properly maintained the exterior of the property. We want to inspect the interior of our rental home and be sure that it is in good condition. If interior repairs are necessary, we want to complete the repairs prior to showing the home to prospective buyers. Do we have the legal right to enter the rental property and to inspect the
home? If so, what is the proper way to go about it? A: California Tenant-Landlord law allows for the entry by the landlord into the rental home for various reasons. These include making necessary repairs, showing the property to prospective buyers, new renters, maintenance/repair persons and bankers -- or in the case of an emergency. The one reason for entering the house specifically not mentioned in the law is entering the rental property to make an inspection. Therefore giving a notice of entry to conduct an inspection may be improper and an invasion of the privacy rights of the tenant.
“...when one tenant indicates that he is vacating the rental unit, you have him formally release his interest in the security deposit and legally assign it to the incoming tenant.” One simple suggestion is to discuss your plans with the tenant and seek to arrive at some mutually beneficial arrangement. Hiding the fact of trying to sell the house may create problems in the future. Explain to your tenant that it may take quite a while to complete the repairs and to sell the house. Also inform your tenant that he will enjoy the benefits of a fixed-up home until it is sold. You can offer an incentive for their cooperation. For example, a nominal rent discount can pay for itself many times over if the tenant cooperates with showing the property while it is on the market and after a favorable sale is made. Candy Livesey is the Manager for the Century 21 Property Management division. Candy’s office is located in the city of Whittier. If you would like more information about property management, you can call Candy toll free at 800-651-2177, or visit online at www.C21PM.com.
Los Angeles County 15201 Leffingwell Rd. Whittier, CA 90604
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INVESTMENT PROPERTY UPDATE
TRAVELING with the IPU Carlos M. Godoy relaxing with his IPU at the White Sands Balloon Festival in New Mexico. Thanks for taking us along Carlos! Take a photo with the IPU on your next trip, and either mail or e-mail us a copy. Email your photo with “Traveling with the IPU” in the subject line to: ipu@josephapartments.com. Or you can mail a copy to Century 21 Ambassador, Attn. Michael, 15201 Leffingwell Rd., Whittier, CA 90604. We can not return your photo, so please send a copy.
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GUEST ARTICLE
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Investment Property Update
Senate Bills You Should Know About BY JOHN SMOCK
Apartment Association of Orange County There is nothing like a good mystery to capture one’s attention. For some, the mysterious ways in which legislation is crafted—the ebb and flow of ideas accepted or rejected—is a real attentiongetter. From humble beginnings, through the crucible of scrutiny (or not), to enactment or demise—the journey is full of suspense, plots, subplots, and characters good and bad, liked or not. Almost any legislative action produces a common list of “usual suspects” linked to support or opposition. Who’s the sponsor? Where did that amendment come from? Why not try this another way? With more than 1,000 registered lobbyists in Sacramento representing a like number or more of public and private interests, along with an uncounted army of public “staff analysts” watching the scene, the number of possible culprits would dazzle the most ardent mystery fan. Critics who chide the Legislature for being ponderous and slow to act on several issues fail to acknowledge the flip side of deliberative consideration; today’s version of public hearings often entails limited public input on rapidly changing substance with little or no notice. For better or otherwise, it is what it is. In no particular order of interest, here is a look at the most recent version of a number of Senate bills pending action in Sacramento. Senate Bill 120 would provide certain tenant protections in foreclosed properties. It contains multiple changes and clarifications in landlord-tenant law, specifically related to tenant payment of utility charges and the responsibilities of successors in interest for appropriate disposition of security deposits. The measure is a reintroduction of a bill on the same subject from last year (Assembly Bill 2586, vetoed by the Governor). The bill was approved by the Senate and is pending committee assignment in the Assembly. Senate Bill 183 now has some meat on the skeleton. It would require installation of carbon monoxide detec-
tion devices in all residential housing having a fossil fuel burning heater or appliance, etc. Details in the bill follow closely those specified in last year’s bill (Senate Bill 1386, vetoed by the Governor), but there are some differences. First, the bill deals only with existing properties, requiring installation in single family homes by January 1, 2011, and in multifamily properties by January 1, 2012. New construction is left to be covered by the Building Standards Commission and the usual regulatory process for adoption of building standards. This dual approach may or may not meet one of the Governor’s stated reasons for disapproval of last year’s bill: Building standards should not be statutory. The Building Standards Commission BSC) was created to ensure an open public adoption process allowing experts to develop standards and periodic updates to the building codes. Placing building standards in statute rather than regulation circumvents the existing state regulatory adoption process and excludes the input of safety and construction experts. Smoke detectors in homes were approved by the BSC after a process of review of the safety, need, and reliability of the product. This process should be utilized for carbon monoxide devices. The bill also references specified national standards and approval by the State Fire Marshal, and directs place-
ment “in accordance with the manufacturer’s instructions.” This statutory mandate might conflict with another of the Governor’s earlier concerns. Additionally, product reliability is an issue that has also affected attempts to require carbon monoxide devices through national building codes. The International Code Council, which writes a national model building code, recently rejected two proposals to require the installation of carbon monoxide devices in new residential dwellings, citing the lack of clear direction for placement of the devices and the propensity for false alarm indications. A recent test study indicated that alarm technology is not adequately reliable, resulting in false alarms or no alarm at all. Though approved by two different policy committees in the Senate, the bill has a long way to go before reaching the Governor’s desk this year. Its fate is not at all certain. Senate Bill 290 would repeal the sunset date governing 60-day termination notices in longer term tenancies, making the longer notice period permanent. The bill has passed the Senate and is awaiting committee assignment in the Assembly. Senate Bill 242 would make it a violation of the Uncontinued on page 9
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Is This the Future? continued from cover of investment property. Please click on the text at the top right-hand side of the screen that says “Click here to receive email updates from the Investment Property Update.” Follow the instructions that pop up in order to get updates directly e-mailed to you. The income property market has fared much better than the single family real estate market or the commercial market. If, on the other hand, rents start to decline, that might be a different story. Unlike single family homes, lenders never did loans with less than 25% down and as a result there is not a dearth of income properties in foreclosure like single family homes. Since rents held their own or went up, that gave apartment owners strong reason to keep their properties and brag about the soundness of their investments as compared to stocks, 2% savings accounts, and Bernie Madoff’s portfolio. If rents slip and vacancies rise, the challenge might increase. We will see. If, in the meantime, you want to find a buyer for your apartment building and want to get out of the business and take it easy, call, click, or visit me and let me find a buyer for your apartment building. I can find a buyer for your property in the least amount of time for the most money. In the meantime, go online and tell me your vacancy or rental story. Are we holding rents up or are they slipping? James Joseph is a 28-year veteran of the real estate industry and specializes in apartment buildings. He has sold over 2,300 units in his career. The range of cities he covers reaches as far south as Costa Mesa, as far north as Pasadena, and as far east as Ontario. He is recognized for his mass marketing to over 18,000 apartment owners on a monthly basis. Through the monthly newspaper, the Investment Property Update, he is able to market all of his listings to over 18,000 potential buyers. He is well trained and edu-
Issue# 908.04
cated in his market and highly recommended by past clients. He has maintained a successful career in listing and selling apartment buildings while juggling office ownership, national speaking, and foreign real estate consulting. Mr. Joseph is the owner of Century 21 Ambassador (formerly Grisham-Joseph) at 15201 Leffingwell Road in Whittier and Coldwell Banker Ambassador at 16201 E. Whittier Boulevard in Whittier. The office is a fourteen-time consecutive winner of the coveted Centurion award and now the Double Centurion award for sales excellence. With over 140 agents in two offices, he developed and oversees the Commercial Investment Division. He can be reached at (800) 874-0715 or online at www.josephapartments.com.
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Investment Property Update
Contact James Joseph today for your investment property needs. Phone: 562.236.0088 Email: Lisa@cent21.com
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Issue# 908.04
TAXES
4
Investment Property Update
Two Tax Bombs Waiting to Explode BY BRUCE JONES
President and CEO of TaxWealth® Risk always plays an important and pivotal role when one is considering the purchase of investment property or its sale. And the risks are plentiful. There is market risk, credit risk, inflation risk and, as we have recently experienced, the risk of an economic downturn in the market. These and other threats impact a person’s decision to buy that acreage, apartment building, or other investment property. Risk also exists when selling appreciated property and the greatest of these risks are the taxes that are triggered when the property is sold. “Sure, capital gains taxes,” you may be thinking. But other unexpected taxes can also surface that you need to be aware of and solving these tax situations can usually only be accomplished if you plan before you list and sell. It also depends upon the types of property you plan to market. For instance, did you know that the depreciation you have enjoyed over the years for tax benefit comes roaring back on you as a taxable “gain” and is taxed when you sell your property? “But I’m not subject to recapture,” you may think. “I took the depreciation on a straight-line basis.” You will discover that the IRS has a different opinion and will expect you to pay a tax equal to 25% of the depreciation you have taken. This is in addition to the amount California will expect to be paid based upon your income tax bracket. If, for example, you have taken $300,000 in depreciation benefit over the years on your apartment or commercial building, you would owe up to 34.3%, or $102,900 for the year of sale--in addition to the capital gain taxes due on your profit. What if you never depreciated the property? Other than land which is non-depreciable, it doesn’t matter. The IRS will assume that you should have taken the depreciation and will still tax you as if you had! Another Tax Problem Lurks About “Mortgage in excess of basis” is another potential tax problem which has been known to trigger devastating re-
sults for unsuspecting property owners. Entire equity values have been completely wiped out at sale forcing the sellers to dissipate personal savings to pay all of the taxes that were due. If you have an investment with a depreciable basis, such as an apartment building, the IRS allows you to depreciate that structure over 27.5 years or 39 years if it is commercial. For accounting purposes, you gain tax benefit each year because it is assumed that the building will deteriorate to the point that it becomes worthless at the end of this time period.
“If you have an investment with a depreciable basis, such as an apartment building, the IRS allows you to depreciate that structure over 27.5 years or 39 years if it is commercial.” If you have reduced the adjusted basis to a value below the existing mortgage, you will have a mortgage in excess of basis tax problem. When this happens the amount over and above your basis is taxable even though you did not receive any money. This is sometimes referred to as “phantom income” and is taxed federally at a greater tax rate than the 15% capital gains tax. California, again, would charge you based upon your normal state income tax rate. Here is a real life example to illustrate the negative tax impact a property owner must sometimes face: A husband, 70, and his wife, 71, owned a 7-unit apartment building that was purchased in 1986 using a 1031 tax-deferred exchange. The property had a market value of $600,000, an existing mortgage totaling $310,000 and provided no income after paying the mortgage and maintenance costs. They wanted to sell the property but discovered that their net equity would not pay all of the $320,000 in taxes that would be due because of capital gains, depreciation recapture and mortgage in excess of basis. To pay all the
taxes, they would have to give the IRS a significant portion of their personal savings. Talk about a financial threat! Could anything be done to solve this devastating tax problem? Absolutely! Here are the planning benefits they now enjoy: • At sale, all taxes were deferred for 20 years. • Their annual lifetime retirement income increased by $33,778. • Over $220,000 in potential estate taxes are saved and their heirs will receive a significant tax-free cash benefit. Tax Solutions are Best Found Before You Decide to Sell With few exceptions, tax law demands that the tax planning solutions are legally put in place prior to signing a sales agreement and, preferably, even before listing the property for sale. What if you have already sold the property and are now in escrow or have even closed the escrow? Are you beyond help? No, some planning approaches can still be implemented to help solve the tax problem and generate good income. Given the right circumstances, it is even possible to reduce or eliminate capital gains taxes on property sold the previous year. It is best, however, to keep in mind that it is always better and easier to plan before a sale is finalized than afterwards. To determine the appropriate action plan for you, it is essential to first learn what your true tax problem is and then search out the most viable options available to eliminate or reduce the taxes for the year of sale and maximize your profit and income. Once these solutions are found and are tailored to your specific circumstances, the last step is to verify its authenticity under tax law through independent tax and legal authorities. Following these steps will prepare you to be better informed on how best to approach the sale of your property and accomplish your goals. Because reducing taxes is important to you, learn how to position yourself to know all your options before you make the decision to sell. Understand how these solutions impact you and take action to effectively implement these tax planning tools to reach your objectives. You can then confidently move forward to market and sell your property within a structure you will already know will maximize your profit and income in the year of sale...with Uncle Sam’s blessing. If you would like to learn what planning options are available to solve your specific tax concerns, give me a call toll-free at (800) 300-4723 ext. 14 for a FREE CONSULTATION. There is no cost or obligation. You have nothing to lose other than a portion or all of the taxes you thought you would have had to pay. About the Author... Bruce Jones entered the financial services industry in 1970 and has taught the subjects of tax management and financial strategy planning since 1974. He is President and CEO of TaxWealth®LLC, a tax planning advisory company which provides comprehensive tax planning solutions for owners of real estate, privately-owned businesses and other appreciated assets. In addition to serving its own clientele, TaxWealth® supports CPAs, attorneys, financial advisors and real estate professionals in helping to solve their clients’ tax problems. Headquartered in Newport Beach, California, TaxWealth® works with clients and professional affiliates nationally.
Luke 12:24 “Consider the ravens, for they neither sow nor reap; they have no storeroom nor barn, and yet God feeds them; how much more valuable you are than the birds!” Issue# 908.04
Contact James Joseph today for your investment property needs. Phone: 562.236.0088 Email: Lisa@cent21.com
Investment Property Update
MAINTENANCE
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Dear Maintenance Men BY JERRY L’ECUYER AND FRANK ALVAREZ Buffalo Maintenance
Dear Maintenance Men: I have just finished rehabbing a rental unit. I replaced counter tops, cabinets, baseboards and so on. Even though the unit is freshly painted with new carpets, the unit still looks unfinished. The base boards don’t always follow the wall contours exactly and the cabinets also have small gaps where they meet the wall. What can I do to make my work look professional? Julia Dear Julia: We are going to let you in on a “professional” secret and it is called painter’s caulk! Painter’s caulk typically comes in a tube and is applied with a caulking gun. Run a small bead of caulk along the baseboard and with your finger push the caulk between the wall and the gap you are trying to fill. Using a damp sponge or rag, wipe up any excess caulk. Painter’s caulk can be used to hide a multitude of installation sins. Almost anywhere two dissimilar materials meet, painter’s caulk can help hide the transition. Painter’s caulk is not limited to just baseboard, use it to make cabinets and door trim look custom installed. Fill nail holes without making a big flat spot on your wall. If you have ever tried to mate two pieces of trim or coving at a 45 degree angle and your cuts are not quite square, use painter’s caulk and no one will know. All gaps will magically disappear.
to read the product’s instructions before use for safety and wear gloves and goggles. Mix the product’s solution with water into a pump up sprayer. Wet the deck or fence with the solution and using a nylon brush or broom, scrub the wood evenly, working harder on stained areas. Let the solution stand for about thirty minutes and rinse off with a strong stream of water. Let dry and the wood should look brighter. It might not look brand new, but it will look much better.
maintenance & construction for over 18 years. He is also a lecturer & educational instructor. Frank can be reached at (714) 956-8371 Frankie@JLE1.com Please view our web site at: www.BuffaloMaintenance.com.
If you need maintenance work or consultation for your building or project, please feel free to contact us. We are available throughout Southern California. For an appointment please call Buffalo Maintenance, Inc. at 714 956-8371 Jerry L’Ecuyer is the owner of Buffalo Maintenance, Inc. and is a licensed contractor & real estate broker. He is currently on the Board of Directors, Chairman of the Education Committee & President of the Apartment Association of Orange County. Jerry has been involved with apartments as a professional since 1988 and can be reached at (714) 778-0480 or jerry@JLE1.com. Frank Alvarez is the Operations Director for Buffalo Maintenance, Inc. He has been involved with apartment
Dear Maintenance Men: A building inspector once made me correct a sump pump plumbing line that discharged rainwater into a municipal sewer line. Can you clarify for me the do’s and don’ts of patio drains? Michael Dear Michael: Great question and one that many people might not think is important. To many, a drain is a drain is a drain and most individuals don’t know where the water drains to and what environmental impact waste water can cause. In urban areas and most municipalities, waste waters are directed to their proper destinations via a sewer drain or a storm drain. As an example: A sewer drain often carries waste water from toilets, kitchens & laundry area directly to a waste water treatment facility. On the other hand, a storm drain will direct rain water from roof, driveways and streets including patio drains into streams, aquifers or the ocean. The reason for the two different systems is so rain or runoff water does not overwhelm the sewer waste treatment facilities and force the release of untreated raw sewage into the storm systems which of course leads to our streams, aquifers and the ocean. Because the storm & sewer drains eventually empty into the environment, contaminants such as oil, paint and other hazardous material must be disposed of properly and not into the drains. Dear Maintenance Men: Each of my units sports a nice redwood deck as part of their patio. Well, to be honest, there is not much “red” left in the deck. It looks more like a “greywood” deck. The decks themselves are in good condition, they just don’t look new anymore. How can I refresh the look of my decks? Josh Dear Josh: A Redwood deck or fence may be young and fit, but they do tend to grey prematurely. Luckily, the solution is not too hard. There is a chemical called oxalic acid which will help give the wood its youth and vitality back again. Most hardware stores will stock a product called cedar and redwood cleaner/brightener. It may be under the brand name of “Olympic Cedar and Redwood Deck Brightener” Be sure your deck or fence is clean before treatment by using a TSP and water solution. Be sure
You need to know that your investment property is being well taken care of! Let Century 21 Property Management take care of your property and help your problems decrease while your profits increase. Call us today and find out how we can make owning investment properties stress-free. Ask for Candy Kivesey.
Phone: 562-236.0102 Web: www.C21PM.com
Contact James Joseph today for your investment property needs. Phone: 562.236.0088 Email: Lisa@cent21.com
Issue# 908.04
LOCAL / OUT OF STATE LISTINGS
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EXCLUSIVE LISTINGS
ORANGE 4 units $643,000 Great location in a very nice neighborhood. Investors dream, 3 fourplexes, next to each other, in the process of shortsale. Please pay attention to the addresses, Each unit has its own address. 1st 4plex: 181, 185 A,B & C Hamlin st. 2nd 4plex: 193 Hamlin st, 4737,4739 & 4741 E. Washington Ave, priced at $688,000.00, 3rd 4plex: 4711 E. Washington Ave, 184,188 & 190 Hamlin St., priced at $660,000.00
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R.E. Lic. #00819837 800-874-0715 | Call For Information 13920 Placid, Whittier 2 Attached Units 6 Bedrooms / 5 Baths $849,999 - Seller will carry at 3.9%! Units are Brand New and Beautiful Newly Landscaped
POMONA
Kevin’s Ad
1039 58th St., Los Angeles - IN ESCROW 16 Units $779,999 Large Studio Units One 2 Bedroom / 2 Bath and 8 two bedroom/ 1baths. The subject property is situated on a oversized corner parcel. Such a unit mix has consistently ensured strong rental demand. Common area features include nicely landscaped courtyards, laundry room, and tenant storage facility. The property also boasts abundant parking that includes 31 carports and 16 open spots. The property also offers tenants close proximity to schools, retail shopping, public recreation areas and excellent local employment opportunities.
5943 Loveland, Bell Gardens 4 Units $470,000 Accepted Offer - Backup offers accepted
BELL GARDENS
2 House on 1 Lot, Long Beach $345,000 Price Lowered Built in 2000, Fenced 2 Houses on 1 Lot, Costa Mesa $696,000 - 3 Bedroom & 4 Bedroom Lowered Price 1410 W. 145th Street, Gardena All 3 Bedrooms $649,999 Just Lowered Price
6 units $475,000 The subject property is a six-unit apartment building located at 674 Karesh Avenue in the city of Pomona, also known as The Karesh Apartments. Built in 1960, the property consists of a two-story building with a pitched composition roof and sits on approximately 7,039-square foot parcel. The complex has a unit mix of six one-bedroom/one- bathroom units of approximately 640-square feet each. In addition the units are individually metered for electricity and gas. The Karesh Apartments also provide a laundry room and six covered carport parking spaces. SANTA ANA
24432 Eucalyptus Ave., Moreno Valley 5 Beautiful Brand New Units $875,000 Townhome Style, All 4 Bedroom / 3 Bath Built in December of 2008
1275/1279 W. Grand Ave., Pomona 2 Houses on 1 Large Lot $385,000 Lowered Price AGAIN!
Investment Property Update
7 units $975,000 Very desirable residential complex located just east of downtown on treelined street. Complex includes a free-standing two-bedroom SFR with fenced yard, free-standing duplex and free-standing fourplex. One of the duplex units has a fenced yard. There is a paved surface parking lot. Sold in as-is condition, please drive by but do not disturb tenants. Interior inspection possible after offer is accepted. Expenses are estimated. Buyer should review and confirm projected expenses,and should inspect and confirm condition and presence of all features of property prior to close of escrow. COSTA MESA 4 units $950,000 Well maintained 4 Plex in one of the best neighborhoods of Eastside Costa Mesa. 100% occupany - never vacant. With the right offer, seller willing to credit buyer between $20,000 - $35,000 to do interior remodel to refresh all units. With a minimum remodel the units will capture between $1,575 - $1675 per month. Our contractor has quoted the remodel and the work can be done upon close of escrow. It isn’t needed but will help command more rent. Units are individually meetered and tenants pay electricity. The units have good size yards for multifamily units. All Units are 2BR/1BA and approx 880 sqft per unit. FULLERTON 4 units $699,000 Great fourplex with an excellent unit mix of all 2 and 3BR units. The units are well maintained and the property is professionaly landscaped. The property also features single and double enclosed garages. The is realistic upside potential in rents.
6 units $710,000 Well-maintained 6-unit apartment complex in the heart of the Civic Center, just north of the Courthouse. The property features a good mix of 1 and 2 bedroom units, plenty of parking behind the building, and a laundry facility with owned machines. This is the first time this property has been on the market in approximately 30 years. Don t miss the opportunity to own in one of Santa Ana s best rental locations. Pro-forma rents are listed below. Actual rents are low. Please call listing agent for details. WHITTIER 9 units $1,075,000 Great opportunity to own eight-units plus one non conforming unit in a great location in Whittier just blocks from the 605 Freeway. Built in 1957 the property has seven two-bedroom units, one-studio and a three-bedroom unit. The two and three bedroom units have a full bath with a tub and a separate enclosed shower. The two and three bedroom units also have hardwood floors and the studio has all ceramic tile. Property amenities include onsite laundry facility as well as six assigned covered parking spaces with storage plus three assigned outdoor spaces. All units are individually metered for gas and electric with individual gas water heaters in each unit. Landlord is responsible for water and trash. The property is in an excellent location at the end of a cul-de-sac.
Out Of State Listings
To advertise your out-of-state property in the IPU, call Michael Dinsmoor at (562) 236-0117 City: Plano, TX 8% + Cap (actual) New Strip Center. High quality construction, 90% leased. Located at the Allen/Plano boundary just Northeast of Dallas. Great rooftops and traffic! Price just reduced by motivated seller. Offered by: Larry Harbour (214) 446-2585 Email: commercial@judgefite.com www.c21JFcommercial.com
GARDEN GROVE
LOCAL LISTINGS ALHAMBRA 6 units $1,380,000 Exceptional location located in the City of Alhambra, and blocks from all necessary amenities like shopping center, Target, Fresh & Easy, Costco, restaurants, movie theaters, and major employers. The 6-unit building consists of 1-3Bdr/2Bath Unit(perfect for owner occupied with 2-car garage), 2-2Bdr/1Bath Units and 3-1Bdr/1Bath Units. The property offers investors with significant upside rental potential in a high demand rental and desirable Alhambra neighborhood. Drive-by only, please do not disturb or talk to tenants. Existing Loan with fixed rate is assumable. ANAHEIM 28 units $3,295,000 Built in 1963 and rehabbed in 2007, 2008, & 2009, the subject property consists of 28 units, which includes 10 studios, 10 one bedroom / 1 baths
4 units $895,000 Great oppurtunity for a desirable four unit rental! All units are well maintained. Unit A is a 3 bedroom 2.5 bath townhouse style, unit B is a 2 bedroom 2 bath on bottom level, unit C is a 2 bedroom 2 bath located upstair and unit D is a 2 bedroom 1.5 bath also upstairs. This rental have a newer roof with 3 double car garage and 2 parking stalls. ONTARIO 4 units $569,000 This is a standard sale. No dealing with banks. Fast response from seller. Make an offer. Can be a great income property. 4 nice townhouse style units. All with 2 car attached garages. Each has there own laundry hook ups in garage. 2- 3bedroom 1.5 bath and 2-2bedroom 1 bath. The 3 bedroom have a private patio area. Unit A has a fireplace. The 2 bedrooms have a balcony. Each kitchen has a dishwasher. Central Air thru out units and the units are fenced. Good size yard area. Fairly new units built in 1985 as per tax assessor. +
Check out the IPU on www.facebook.com The Investment Property Update is now on the popular Facebook.com. If you would like updated information and posted articles from the IPU on Facebook, become a fan today. It’s easy! Just log into Facebook.com. If you are not already a member, sign up today! Once you are logged in, type in Investment Property Update in the “search field” at the top right of the page. You will find our Fan Page at the top of the list. Click on the link and click on “Become A Fan”. We will post old articles as well unpublished articles on this page, as well as videos of interviews with our vendors. You will find that this is a great tool as well to keep up to date with investment property information.
Issue# 908.04
Contact James Joseph today for your investment property needs. Phone: 562.236.0088 Email: Lisa@cent21.com
BUYING & SELLING
Investment Property Update
MADE EASY!
5 Steps To Buying & Selling BUYING
SELLING
1. If you have received or would like to receive a fax, email, or postcard/flyer about a property, call James Joseph’s Executive Assistant Lisa at 800.874.0715.
1. Either fill out the PVA card and mail it to us, or call, fax, or email Lisa to get a NO OBLIGATION current market analysis of your property.
2. Fill out a NO OBLIGATION Buyer Representation Agreement and fax/email it to Lisa.
2. Lisa will contact you about the particulars of your property, and will schedule an appointment for you with James Joseph to accommodate your schedule.
3. Along with additional property details, we may have you sign a pre-qualification letter with our lender, and Bruce Jones will offer you a Free Tax Analysis. 4. If you decide to purchase the property, we will send you a one-page offer letter to fill out and fax/ email back to us to begin negotiations. 5. Let James Joseph handle the rest.
3. Come in for the appointment to go over your analysis, and share your desires or concerns with James Joseph. 4. You can decide when to list your property. 5. Let James Joseph handle the rest.
Fill out the Property Value Analysis (PVA) card that is included in this paper and drop it in the mail. I will review your information, and contact you with a FREE, NO OBLIGATION consultation. If the PVA card is missing from this publication, please contact James Joseph’s assistant Lisa by phone, mail, or fax with the information provided below. I have been listing and selling Investment Properties since 1981. I am confident I can help you with your Investment Property needs! James Joseph
PHONE
Call Us Toll Free 800.874.0715
James Joseph’s Executive Assistant Lisa@Cent21.com
Send in your PVA card today, or contact me using one of the methods above. I want to help you achieve your investment property goals! R.E. Lic. #00819837
James Joseph 15210 Leffingwell Whittier, CA 90604
FAX
Fax Us at 562.236.0139
FINANCES
8
Investment Property Update
Understanding the First-Time Homebuyer Tax Credit GARY FLATER
Founder & Chairman of MCL Financial Group, Inc. If you recently purchased a first home, or intend to purchase a first home in the next few months, you may stand to benefit from the firsttime homebuyer tax credit provisions included in the recently signed American Recovery and Reinvestment Act. When it comes to the first-time homebuyer tax credit, though, there’s quite a bit of confusion. So it’s worth taking a few minutes to make sure you understand how the credit works, and the time period to which it applies. First, the credit isn’t new: Back in July of 2008, the Housing and Economic Recovery Act established a temporary refundable first-time homebuyer credit equal to 10% of the purchase price of a principal residence, up to $7,500 ($3,750 if married filing separately). The credit applied to first-time homebuyers who purchased a home on or after April 9, 2008, and before July 1, 2009. Generally, you qualified as a first-time homebuyer if you, and your spouse if you were married, did not own any other principal residence during the 3-year period ending on the date of purchase. The credit was phased out for individu-
als with higher incomes, and had to be paid back over 15 years in equal installments (repayment would be accelerated if the home were to be sold during the 15-year period or if the home ceased to be the principal residence of you or your spouse during that time). The new legislation extends the credit to homes purchased by qualified first-time homebuyers through November 30, 2009. The new legislation also expands the credit. The credit remains 10% of the purchase price of the home, but the dollar limit has increased to $8,000 (the cap for married individuals filing separate returns is half that amount) for home purchases made after December 31, 2008, and before December 1, 2009. In addition, if you qualify for the credit as the result of a home purchase in 2009, you don’t have to pay it back over time, provided the home remains your principal residence for 36 months. The American Recovery and Reinvestment Act continues to allow you to elect to report a qualifying home purchase made in 2009 as if it occurred on December 31, 2008 (allowing you to claim the credit on your 2008
federal income tax return). Unfortunately for many, the new legislation also continues to eliminate the credit for those with higher incomes. The credit is reduced if your modified adjusted gross income (MAGI) exceeds $75,000 ($150,000 if you’re married and file a joint return) and is completely eliminated if your MAGI reaches $95,000 ($170,000 if you’re married and file a joint return). Gary Flater is the founder and chairman of MCL Financial Group, Inc. – Member NASD - SIPC in Santa Ana, California. No specific offer to buy or sell any security is herein implied. This is not a complete description of the subject. All investments and tax strategies have risks. Past performance is never an assurance of future results. No guarantees and/or promises are herein implied. This article’s sole purpose is initial education. Additional information is available by contacting MCL Financial Group at Info@MCL1031.com or 800.692.6064 x222.
Summary of rules for qualifying first-time homebuyers, by purchase date When was home purchased?
April 9, 2008 through December 31, 2008
January 1, 2009 through November 30, 2009
Maximum credit
$7,500 ($3,750 if married filing separately)
$8,000 ($4,000 if married filing separately)
Does credit have to be paid back?
Yes--generally, over 15 years in equal installments
No, provided the home remains your principal residence for 36 months
Credit is claimed on tax return for what year?
2008 federal income tax return
You can elect to treat the purchase of the home as if it occurred on December 31, 2008, claiming credit on 2008 tax return ($8,000 maximum credit limit still applies even if reported on 2008 return); otherwise, credit is claimed on 2009 tax return.
Credit phased out for higher incomes?
Yes
Yes
Issue# 908.04
Contact James Joseph today for your investment property needs. Phone: 562.236.0088 Email: Lisa@cent21.com
Investment Property Update
9
Senate Bills continued from page 2
ruh Civil Rights Act to adopt or enforce a policy that limits or prohibits the use of any language in a business establishment, unless the language is justified by a business necessity. The bill defines “business necessity” as meaning “an overriding legitimate business purpose for which all of the following are true: (A) The language restriction is necessary to the safe and efficient operation of the business. (B) The language restriction effectively fulfills the business purpose it is supposed to serve. (C) An alternative practice to the language restriction that would accomplish the business purpose equally well with a lesser discriminatory impact does not exist.” This measure clarifies a policy that has been implicit in the state’s antidiscrimination laws and the Fair Employment and Housing Act (FEHA) for years. It was also approved by the Senate Judiciary Committee. Senate Bill 782 would permit a victim of domestic violence, sexual assault or stalking to remain in a rental unit notwithstanding an owner’s desire to terminate the tenancy. This bill would create an affirmative defense to an action for possession under the unlawful detainer provisions of law if the court determines that (1) the tenant or the tenant’s household member is a victim of an act or acts that constitute domestic violence, sexual assault, or stalking, and (2) the notice to vacate is substantially based upon the act or acts against the tenant or a tenant’s household member that constitute domestic violence, sexual assault, or stalking, including, but not limited to, an action for possession based on complaints of noise, disturbances, or repeated presence of police. The bill would require a landlord to retain in strictest confidence all information regarding any act or acts of domestic violence, sexual assault, or stalking that is received in confidence from a tenant or a tenant’s household member who is a victim, except as specified. This bill moves in exactly the opposite direction of legislation enacted last year, Assembly Bill 2052, enacted as an urgency measure effective September 27,
2008, that provided for early voluntary termination of tenancies for victims of domestic violence, abuse or stalking. This bill juxtaposes the plight of a victim against the rights of all tenants to the quiet enjoyment of their premises and places an enormous burden on owners to discharge their statutory duty to provide a reasonably safe environment for all persons lawfully on their properties. There are very likely many more amendments to come before this bill is ready for enactment. The bill was reset for hearing in the Senate Judiciary Committee in early May. Jon Smock is the General Counsel and Legislative Advocate for the Apartment Association of Orange County. Mr. Smock serves as a consultant to private and governmen-
tal agencies. He formerly was a Director and Officer of several diverse corporations and General Counsel for a state-chartered financial institution. Jon has argued cases before United States Supreme Court, California Supreme Court and other state and federal courts and agencies on behalf of various clients, including courts, judges, legislators and the Legislature. He has served as Assistant Director for the Judicial Council of California and as Counsel for the California Law Revision Committee For questions regarding this article, please call the AAOC at (714) 638-5550.
William F. Turner, Esq.
(951) 371-2715
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Contact James Joseph today for your investment property needs. Phone: 562.236.0088 Email: Lisa@cent21.com
Issue# 908.04
Investment Property Update
10
Advertise Today With The IPU...
And Reach Thousands of Potential Clients
The Investment Property Update reaches thousands of readers each month. So what sets us apart from the “bigger” newspapers out there? Well for one is our target market. If you feel that your product or service would meet the needs of our readers, then you will not find a more targeted form of marketing and advertising. You also have the added benefit of writing and including articles next to your ad within the IPU for our readership to enjoy. This is known as advertorial marketing, allowing you another form of advertising to our readers. Along with these two things, you will also be included in James Joseph exclusive blog. With James Joseph’s blog readership constantly increasing, you will have the added bonus of being seen online. Many of our advertisers also have been interviewed and had those interviews posted online for others to view. All of this adds us to successfully marketing you and your business.
Michael Dinsmoor Advertising Director
Give Michael a call today, and find out how the Investment Property Update can help your business succeed. Phone:
562.236.0117
Email: IPU@JosephApartments.com
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Issue# 908.04
Contact James Joseph today for your investment property needs. Phone: 562.236.0088 Email: Lisa@cent21.com
BUSINESS DIRECTORY
Investment Property Update
INVESTMENT PROPERTY UPDATE THE ONE SOURCE FOR ALL OF YOUR INVESTMENT PROPERTY NEEDS
EDITORIAL STAFF Editor-In-Chief
Corey Bogardus
Managing Editor
Michael Dinsmoor
Copy Editor
Michael Dinsmoor
PRODUCTION Publisher Creative Director
James Joseph Corey Bogardus
Director of Circulation
Lisa Weeber
Circulation Supervisor
Michael Dinsmoor
Circulation Staff Cartoonist Crossword Puzzle
Chela Arredondo Heidi Aanderud Julia Lee
ADVERTISING Advertising Director Advertising Designer
Michael Dinsmoor Phn: 562.236.0117 Corey Bogardus
MAIN OFFICE Contact & Mailing Info
15201 Leffingwell Rd. Whittier, CA 90604 Phn: 562.236.0117 Fax: 562.236.0139
Investment Property Update, established in 1982, is an independent investment property newspaper published monthly with an audience of Local Apartment Owners, Property Managers and Local Real Estate Agents. Viewpoints expressed in the Investment Property Update are those of the respective writers, and are not necessarily held by the publisher. The Investment Property Update accepts advertising from businesses desiring to reach the investment property readership. No endorsement by the publishers is implied or should be inferred in any manner in regard to any specific advertiser. The publisher can not accept responsibility for the products or services offered through advertisements. The publisher reserves the right to refuse any advertisement. If your property is currently listed, please disregard this notice as it is not our intention to solicit other broker’s listings.
Advertising Information If you would like to advertise with the IPU, be added to our mailing list, or if you just have questions you need answered, you may reach our Advertising Director Laura Villa at 949.697.0420.
Advertising/Marketing Trinitas Creative Ad/Marketing - Print & Web 562-236-0090 www.TrinitasCreative.com see ad in the IPU Apartment Lenders Arrow Mortgage (4 units or less) Contact: Vince Mele 562-822-5684 see ad in the IPU Fullerton Community Bank Multifamily & Commercial (4 units or more) Contact: Haley Gifford 714-578-7540 see ad in IPU Venture West Funding Contact: Joe Mercado 310-531-8364 www.VentureWestFunding.com see ad in IPU Appraisal Pacific Appraisal Contact: Randy Chase 619-464-8814 pac_app1@pacbell.net see ad in the IPU Associations/Clubs Apartment Association of OC Contact: Valerie Teeter 714-638-5550 see ad in the IPU Attorney Geoffrey D. Chin Attonery at Law Estate Plan, Trusts, Wills, etc. 626-229-9971 see ad in the IPU Real Estate, Trusts, Tax Attorney William Turner 951-371-2715 see ad in the IPU Banks Fullerton Community Bank Multifamily & Commercial Contact: Haley Gifford hgifford@fullertoncb.com see ad in IPU Bathroom Remodeling Pacific Reglazing Contact: Eric 800-557-2243 www.pacificreglazing.com Carpet & Flooring Drakes Affordable Floors Contact: Bob 562 696.0808 drakesfloors@charterinternet.com Churches St. Stephen’s Lutheran Church Contact: Larry (pastor) 714-871-1711 2311 E. Chapman in Fullerton see ad in the IPU Cleaning Cinderella’s Cleaning Services Contact: Judy Green 714-637-7500 judygreen27@hotmail.com Construction Hugo’s Plumbing & Construction Bathroom Remodels 909-935-9691 / 323-732-5141 Hugovilchez@aol.com Elevators TRE Elevators 818-509-0339 Exchange Companies Downstream Exchange Contact: Anthony 800-743-1031 see ad in IPU JRW Investments Contact: Dwight Kay 626-564-1031 x.119 858-395-0932 see ad in IPU
Pacific Financial Exchange Contact: Earl Salter 562-863-1968 see ad in the IPU Exterminating Western Exterminator Company 800-937-8398 Financial Services Fidelity National Title Company 800-488-0320 see ad in the IPU MCL Financial Group, Inc. Contact: Gary Flater 800-692-6064 www.MCL1031.com see ad in the IPU LRM Investments Contact: Leon McKittrick 702-252-8801 Midpoint Financial Services Contact: Chris Miller 877-313-1868 see ad in the IPU Pacific Financial Exchange Contact: Earl Salter 562-863-1968 see ad in the IPU Furniture Pacific Sun Casual Furniture 800-624-4385 Gates & Decking Ivan’s Gates & Decking Co. 800-482-6334 Glass & Mirror North OC Glass & Mirror 714-528-1403 Graphic Design Trinitas Creative Ad/Marketing - Print & Web 562-236-0090 www.TrinitasCreative.com see ad in the IPU Handyman Services Christian Management Consultants Inc. Jobs Under $500 Fixers/Repos 714-535-2918 All SoCal Hauling Vic’s Hauling & Cleanup Serv. 562-946-1084 714 879-7667 www.illhaul.com Landscaping DeLeon Tree Service & Landscape Contact: Jose 562-694-0290 Deleonlandscape@aol.com Laundry Equipment Excel Laundry Equipment 800-334-1824x127 Maintenance Buffalo Maintenance, Inc. 714-956-8371 Fax: 714-491-0864 www.BuffaloMaintenance.com see ad in IPU Mortgage Arrow Mortgage (4 units or less) Contact: Vince Mele 562-822-5684 see ad in the IPU
11 Norwalk/La Mirada Plumbing, Heating & Air Conditioning 800-238-5558 www.laplumber.com see ad in the IPU Pool Service Mission Pool Service 800-390-7040 Pools & Construction Algorri Pools, Inc. Contact: Brian Algorri 562-305-9788 balgorri@msn.com Property Management CENTURY 21 Ambassador (formerly Grisham-Joseph) Contact: Candy Livesey 562-236-0102 see ad in the IPU Real Estate CENTURY 21 Ambassador (formerly Grisham-Joseph) Contact: James Joseph 562-236-0088 see ad in the IPU Reglazing Pacific Reglazing 800-557-2243 Repiping Pacific Coast Copper Repipe Contact: Pat Anthony 800-556-7473 patanthony@sbcglobal.net see ad in the IPU Roofing California Roofing 888-684-2626 Solar Heating Solar Services 800-57SOLAR Solar Hot Water/Solar Pool Heating www.SolarGuy.com Supplies Orchard Supply Hardware 888-746-7674 Tax Strategy Services MCL Financial Group, Inc. Contact: Gary Flater 800-692-6064 www.MCL1031.com see ad in the IPU Midpoint Financial Services Contact: Chris Miller 877-313-1868 see ad in the IPU Tax Wealth Inc. Contact: Bruce Jones 800-300-4723 Ext 14 see ad in the IPU Termite & Pest Control Brothers Termite Company, Inc Contact: Bob Cooper 800-621-0294 brotherstermite@yahoo.com see ad in the IPU Water Heater AABCO Water Heaters 800-577-6527 Commercial-Residential-Tanks/Tankless Sales-Service-Installations Welding TNT Welding 909-735-3757
Painting G & G Painting Co. 714-636-4650 Plastering Matthews Patch Plastering 714-840-3236 Plumbing Ace Pelizon Plumbing Contact: Paul Young 626-331-0701 www.AcePelizon.com see ad in IPU
Contact James Joseph today for your investment property needs. Phone: 562.236.0088 Email: Lisa@cent21.com
Issue# 908.04
A Wealth Of Real Estate Information
www.jjipu.blogspot.com
James Joseph is excited about the launch of his online blog. For those who are unfamiliar with blogs, this is a website where Jim posts his thoughts and ideas about the real estate market and the economy. He also has live feeds from other invaluable websites with up to the minute news and reactions to the real estate market, along with polls and an e-newsletter subscription. He is confident you will find this website extremely helpful and you will find yourself visiting it on a daily basis. You also can now visit the Investment Property Update on Facebook. com. Just type in Investment Property Update in the search field, and become a “fan” of the IPU today! Visit this blog at: www.jjipu.blogspot.com
R.E. Lic.# 00819837
Call James Joseph Today at
800-874-0715
James Joseph
Apartment Specialist
You can email James Joseph’s assistant Lisa@cent21.com Feel free to also use the easy steps on page 7