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SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 3
4 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7 Recognized resource hub that inspires diverse membership growth & engagement from all sectors of rental housing The ultimate resource for all things related to rental housing. OUR VISION Reenvisioning quality housing for all OUR MISSION To create a thriving rental housing community through advocacy, education, and collaboration VALUE SOCALRHA.ORG VALUE AOUTREACH DVOCACY Presence in the community Resource hub Product and program diversification People coming to SCRHA for opinion, advice, knowledge, & expertise Rental housing providers are recognized as valuable & essential members of the community OUTREACH Visibility & prominence Collaboration STRATEGIES STRATEGIES ADVOCACY Rental housing friendly public policy & elected and appointed officials Robust funding for rental housing policy creation Character & integrity that negates need for regulation Strategic alliances Fundraising Set strategic priorities STRATEGIES 4 | Southern California Rental Housing Association Rental Advisor April 2022 april2022.indd 4 5/3/2022 12:40:23 PM
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 5 Apartment Management Magazine is published monthly by Apartment News Publications, Inc. at 15502 Graham Street, Huntington Beach, CA 92649. Subscription Rate: $20.00/ year with zip codes beginning with 900-935, (outside of L.A. & Orange counties $69.00/year.). The publisher and Apartment News Publications Inc. assume no responsibility for opinions expressed in articles appearing under an author's name. The contents of this publication may not be reproduced without written permission from the publisher. Bulk rate postage is paid at Bell Post Office BMC, 5555 Bandini, Bell, CA 90201. For Advertising Information: 1-800-931-6666 PRESIDENT’S MESSAGE: PREPARING FOR THE FUTURE 7 By Lucinda Lilley EXECUTIVE DIRECTOR’S MESSAGE: IT’S BETTER TO LEARN IN THE CLASSROOM THAN IN THE COURTROOM ........................................................... 9 By Alan Pentico, CAE REGIONAL LEGISLATIVE UPDATE 10 EVEN DURING DROUGHT WATER WASTE IS RAMPANT 19 By ARELivableYOUPREPARED FOR WILDFIRE SEASON? 29 By San Diego Gas & Electric SAN DIEGO COUNTY MULTIFAMILY FEE SURVEY 31 MEMBER SPOTLIGHT: BLAIR MADRID, CALP, AMERICAN ASSETS TRUSTS ........... 35 SEVEN DST 1031 EXCHANGE TERMS EVERY REAL ESTATE INVESTOR SHOULD KNOW . 37 By Betty Friant ARE YOU READY FOR REQUIRED INSPECTIONS OF BALCONIES AND EXTERIOR ELEVATED ELEMENTS? 41 By Omid Ghanadiof 8 APARTMENT LEASING INCENTIVES THAT ENTICE RENTERS (PLUS 3 THAT DON’T) ... 47 By Steve QUESTIONSGoyette&ANSWERS WITH KIMBALL, TIREY & ST. JOHN, LLP ................... 53 By Kimball, Tirey & St. John LLP BUSINESS DIRECTORY 57 SUPPLIER DIRECTORY 59 ADVERTISING DIRECTORY 64 APARTMENT NEWS PUBLICATIONS, INC. 15502 Graham Street Huntington Beach, CA EmailyourAreadmin@aptnewsinc.comJessicaOFFICEsean@aptnewsinc.comSeanCREATIVEproduction@aptnewsinc.comTravisPRODUCTIONDonPRESIDENT:DonFOUNDERwww.aptnewsinc.com92649714-893-3971:Smeallie,Sr.Smeallie,Jr.DIRECTOR:WatsonDIRECTOR:BuurADMINISTRATOR:Smithyoumovingorhavingtroublereceivingmagazines?Wewanttosolveit!us:admin@aptnewsinc.com FEATURED COLUMNS: Volume 64 Number 08 August 2022 Required Inspections of Balconies and Exterior Elevated Elements By: Omid Ghanadiof Pg. 41 Are You Prepared for Wildfire Season? By: San Diego Gas & Electric Pg. 29
6 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7 Southern California Rental Housing Association Rental Advisor Magazine is published by the San Diego Multi-Housing Corporation (SDMHC) a wholly owned subsidiary of the Southern the author's views and do not necessarily represent those of the Southern California Rental Housing Association or SDMHC. All rights reserved. Materials may not be reproduced or translated without prior written permission by the publisher. Contact the Southern California Rental Housing Association at 858.278.8070 or visit socalrha.org for more information. Advertising - We do not guarantee or endorse the products or services of any of the advertisers, but and respect for one another. Information provided in the advertisements are the sole responsibility of the advertiser. For concerns please contact the advertiser directly. Our Address Southern California Rental Housing Association Toll Free: 888.762.7313 Fax: socalrha.org888.871.5229 2022 OFFICERS President Lucinda Lilley, FBS Property, AMO President Elect Abigail Rex, American Assets Trust, Inc. Vice President Todd Henderson, Independent Owner Secretary Shannon Kelly, Independent Owner Treasurer Aiesha Blevins, Greystar Legislative Chair Greystar Immediate Past President Kendra Bork, Cambridge Management Group, Inc. 2022 DIRECTORS Angela Mallory, Greystar (Board Advisor) Buck Buchanan, Independent Owner Jay Lopeman, BG Multifamily Jennifer Ford, Douglas Allred Company John LaRaia, HG Fenton Mark Feinberg, Heinz & Feinberg Matt Ruane, Liberty Military Housing Melissa NatashaWickerd,Howell,Millcreek, WTS Trust Scott Ledesma, Generation Contracting & Emergency Services Inc. Tom Tamar, Independent Owner HONORARY LIFE ADVISOR G. Wesley Harker MAGAZINE STAFF Publisher Apartment News Publications, Inc. Design & Layout Travis Watson, Production Director ASSOCIATION STAFF Alan Pentico, CAE, Executive Director apentico@socalrha.org 858.278.8070 Olivia Galvez, Director of Business Operations/Operational Advice ogalvez@socalrha.org 858.751.2217 Molly mkirkland@socalrha.orgKirkland, 858.751.2200 Kim kzebroski@socalrha.orgZebroski, 858.751.2220 Lorna R. Kindred, Education Manager lkindred@socalrha.org 858.751.2219 Mike mnagy@socalrha.orgNagy, 858.751.2214 Lindsey Lee, Marketing Coordinator llee@socalrha.org 858.751.2218 Alma Macias, Operational Advisor amacias@socalrha.org 858.278.8070 CONTRIBUTE: Educational articles in Rental Advisor Magazine must be between 500-800 the 10th of the month before publication. Submit to socalrha@aptnewsinc.com. ADVERTISE: Contact the team at Apartment News Publications, Inc. at 714-893-3971 or email scrha@aptnewsinc.com for advertising information, including rates, production Editorial Review Lindsey Lee, Marketing Coordinator
Y
Preparing for the Future
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 7
As you prepare for the upcoming year, I want to remind you that Southern California Rental Housing Association is here to support you. We take great pride in listening to the needs of our members and providing expert resources that make a difference.
ou may not realize it at first, but August is a time of reflection and preparation. As students return to the classroom and housing providers prepare their budgets for the upcoming year, late summer is a time to set aside the joys of summer and prepare for autumn.
Lucinda Lilley 2022 RentalSouthernPresidentCaliforniaHousingAssociation
As I’ve discussed in previous messages, the mission of the Southern California Rental Housing Association is to create a thriving rental housing community through advocacy, education, and collaboration. This month, I’d like to focus on the element of education for housing providers. While we have a full calendar of classes, our education efforts go far beyond the classroom (or Zoom webinar) and provide housing providers the support they need to be prepared. Case in point, this issue of the magazine features the annual San Diego County Multifamily Fee Survey that provides updates on utility services throughout the county. Many of our members use this data to assist their budgeting process for the upcoming year. The comprehensive report is available at no additional cost to members at socalrha.org.
Your SCRHA membership gives you access to expert information and industry insights. Login to your Member Compass at scrha.org to access the complete survey. Not a member? Join today to access this comprehensive report on vacancy and rental rates throughout San Diego County.
In addition to the annual Multifamily Fee Survey, this month’s magazine includes information on wildfire preparation from San Diego Gas & Electric. With the current drought throughout our region, we know that it’s going to be essential for housing providers to partner with residents to reduce risk and improve the safety of our communities. Our education efforts go beyond articles and include blog posts and social media posts. I encourage you to share this information with your network and help us create a thriving rental housing community. All these efforts to learn and grow will help strengthen our ability to serve our residents and foster a stronger sense of community.
8 R e c o g n i z e e x c e l l e n c e i n r e n t a l h o u s i n g d u r i n g t h e 2 0 2 2 M a r k o f E x c e l l e n c e A w a r d s . D e c e m b e r 2 , 2 0 2 2 T o w n & C o u n t r y R e s o r t S O C A L R H A . O R G Event Sponsors Thank You to Our Association Wide Sponsors Platinum Sponsor Bronze SSponsor ilver Sponsors
Alan Pentico, CAE Executive Director Southern California Rental Housing Association It’s Better to Learn in the Classroom than in the Courtroom
Our Education Committee does an incredible job of scheduling industry experts to share insights and best practices with our members. The Education Calendar is on our website under the Training tab. Our classes have new logos to help you identify the seminars that are most appropriate for you. We are also excited to announce that we now offer Education Packages. These packages allow you to purchase tickets to classes for the entire year at a discounted price. Our Education Package can be purchased by individuals or companies and includes 25 passes that allow unlimited access to SCRHA classes AND the Education Conference or a credential education package for individuals that combines the credential course AND access to SCRHA classes throughout the year. There is a package for everyone. The highlight of our educational offerings is the Innovations in Rental Housing Education Conference & EXPO on September 7 at Town & Country Hotel. This event is your chance to attend seminars taught by industry experts on a range of topics from legislative issues and appliacen repair to team management and emotional support animals.
As a member-driven organization, the success of our members is our success. Please let us know if you have trouble finding the resources you need to be a successful member of the rental housing community. Education is a two-way street, and we always want to know how we can serve you better.
One popular saying we have at Southern California Rental Housing Association is that it’s better to learn in the classroom than in the courtroom. Education has long been at the forefront of our mission and continues to be one of the core resources we provide our members.
While we want you to learn in a classroom, not a courtroom, we’ve expanded the idea of a classroom and see the opportunity to share educational resources in many different ways. If the past two years of living and operating through a pandemic have taught us anything, it’s that flexibility is key. In addition to our classes and annual education conference, we provide educational resources in many ways. If you missed a class, you can purchase a recorded webinar or download a white paper on the topic. When you need one-on-one support, you can call and speak to an operational advisor and get answers to your Whetherquestions.youprefer to learn on the go or join an in-person discussion in a classroom, we have something for everyone. If you can’t find what you need, I encourage you to join the Education Committee or email me at info@socalrha.org to share your ideas.
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 9
California Allows Proposed
California’s
In
© Vadim Startsev | Dreamstime.com © Hhunlimitedmedia - Dreamstime.com © Sumikophoto | Dreamstime.com LEGISLATIVE REGIONALUPDATE Please turn to page 12
In 2020, the San Diego City Council placed Measure E on the November ballot. Measure E would have repealed the 30-foot building height limit in San Diego’s Midway Project To Exceed San Diego’s Building Height Limits Coastal Zone
The state agencies contend that because the Rose Creek Apartment project will be entirely affordable utilizing state and local density bonus laws and is within one-half mile of a major mass transit corridor, the project can be built higher than permitted because state law supersedes city law in this case. The state’s current density bonus law allows Rose Creek to add another 3 stories to the project. At the same time, San Diego City Council is attempting to remove similar building height restrictions elsewhere to allow taller and more dense housing in the city’s coastal zones.
Department of Housing & Community Development (HCD) and the California Coastal Commission (CCC) recently approved a proposed 60-unit apartment project in San Diego’s Pacific Beach Community. The proposed project called the Rose Creek Apartments will be entirely deedrestricted, dedicated to very low and low-income residents. It is located on a 0.4-acre parcel and the proposed height of the project will be at least 60 feet, but building heights located in Pacific Beach and other San Diego Coastal Areas are restricted to a maximum of 30 feet according to San Diego’s Municipal Code. However, HCD and the Coastal Commission are permitting the project to be built much taller than what San Diego’s coastal building height restrictions allow. In 1972, San Diego voters approved a referendum limiting building heights to a maximum of 30 feet in the city’s coastal areas to preserve views of the coastline with exception of Downtown San Diego and portions of Mission Bay. For Decades, the San Diego Coast Height limit has kept most development at or below 30 feet. Due to San Diego’s severe housing shortage and state housing law requiring local governments to plan for and build more housing throughout their communities, San Diego City and state officials have been looking for opportunities to overrule local regulations that impede housing production.
10 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7
San(38428)Diego
12 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7 Community. Despite that Measure E was approved by city voters with 57 percent supporting it; a judge overturned Measure E in December 2021 because the city should have provided more environmental analysis showing how buildings taller than 30 feet could impact the Midway Community before placing Measure E on the ballot.
In September 2020, the cities of Coronado, Lemon Grove, Imperial Beach, and Solana Beach filed a lawsuit after SANDAG adopted its RHNA plan. The lawsuit alleged SANDAG’s adoption of its RHNA plan was flawed because of SANDAG’s weighted vote SANDAG’sprocess. weighted vote, which was signed into law in 2017, changed its voting governance structure granting cities with larger populations like Chula Vista and San Diego more voting power than less populated cities like Lemon Grove or Solana Beach. Coronado, Lemon Grove, Imperial Beach, and Solana Beach contend the weighted vote unfairly grants larger populated cities greater voting power over smaller cities in SANDAG policy decisions. Thus, SANDAG’s adoption of its RHNA unjustly assigned smaller cities more new homes than they can handle. SANDAG countered that its weighted vote process was following state law and that all cities must plan for more homes because of the state and San Diego region’s housing shortage.
SEVERAL SAN DIEGO CITIES LOSE COURT DECISION ON HOUSING NUMBER REQUIREMENTS
Continued from page 10 Please
Several San Diego cities filed a lawsuit against the San Diego Association of Governments (SANDAG) in 2020 alleging SANDAG’s weighted voting process, when it voted to adopt its 2021-2029 Regional Housing Needs Assessment (RHNA) plan, unfairly assigned smaller cities too many new homes. However, an appellate court dismissed the case ending their challenge to SANDAG’s voting process and RHNA plan.
In June, the City Council’s Rules Committee voted to place a similar city measure on the ballot that would repeal the 30-foot building height in the Midway Community – voters will have another chance to vote for the measure this November. Even if Measure E is approved, it would not apply to the Pacific Beach Community. The City Council hopes that voters will vote to repeal the building height restriction again to allow for taller projects in the Midway Community and the redevelopment of the Sports Arena property. It is too early to say if the HCD and Coastal Commission decision will set a precedent for future taller, more dense projects to be built in Pacific Beach or other coastal zones. However, taller, and more dense projects in San Diego’s Coastal Zones presently have a better chance of being built with the support city and state officials.
Under the RHNA, 6th cycle, all San Diego cities and the county saw their housing number requirements significantly increase. Under the previous cycle, Coronado was only responsible for planning or building 50 affordable units; Coronado now must plan for or build 1,001 affordable units by 2029. Likewise, the other cities must plan or build a significant number of affordable units; Imperial Beach must account for 1,375 new units, Lemon Grove 1,359 units, and Solana Beach 875 new affordable units between 2021-2029. In June 2022, the appellate court dismissed the lawsuit ruling that SANDAG by using its weighted vote process was following state law and, unless SANDAG’s law is amended or changed by the legislative process, the court does not have the authority to overturn it. The dismissal of the lawsuit means all cities are responsible for achieving their allocated number of new low, moderate, and above moderate-income homes. turn to
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SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 13
14 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7 WE RECOMMEND THIS COURSE for community managers and experienced assistant managers. Earning your CAM credential allows you to demonstrate that you have the knowledge and ability to manage an apartment community and achieve the owner’s investment goals. YOU’LL LEARN ABOUT: • Occupancy rates • Comprehensive marketing plans • Sales team management and product readiness • Equitable treatment of current and potential residents • Resident retention and maintaining a positive company image • Communicating with residents • Customer service and issue resolution • Enforcing company policy and complying with laws and regulations • Property inspections • Preventive maintenance programs • Service requests’ management • Apartment turnover • Working with contractors and suppliers • Recruiting high-caliber employees • Employee orientation, training, and evaluation • Employment regulations and record keeping • Analyzing the property’s financial operations and taking corrective actions for underperformance • Monitoring property performance to achieve the owner’s investment goals • Accounting principles and practices • Maximizing net operating income • Reporting property performance accurately Certified Apartment Manager Shane Raby CAM, CAPS, Notary Regional Property Manager TRIBRIDGE RESIDENTIAL For me, earning my credentials meant solidifying myself as a true player, here for a long-term career, not just a job. It helped me build confidence in my role as a regional manager. I learned more of the “why” behind things that we do daily. I built relationships with other students and phenomenal instructors. Achieving my CAM and CAPS credentials are two of the best things I have ever done for my professional development. For more information, visit naahq.org/CAM Learn in person at Southern California Rental Housing Association! Class series starts October 10, 2022, in San Diego, California
Continued from page 12 Please turn to page 16
Supporters say the People’s Ordinance must be repealed, or at least amended, because San Diego cannot afford to continue providing free trash service or achieve its climate action goals. A 2009 Grand Jury report concluded the cost of the People’s Ordinance will balloon to $234 million annually by 2023 if not changed or repealed. If approved by voters this November, the ballot measure would allow the city to initiate a process allowing the city to change or repeal the However,ordinance.even some supporters voiced concerns with changing or repealing the ordinance when businesses and households are seeing fee and rate increases in other city services. The Southern California Rental Housing Association is closely monitoring the ballot measure but has not taken a position on it.
Ordinance adopted in 1919 prohibits San Diego from charging most single-family homes in the city a separate fee for trash service; however, the city can charge businesses and multifamily properties a fee for that same service. Last year, Council President Sean Elo-Rivera introduced a plan to initiate a process that could eventually repeal the ordinance by placing a measure on the city’s November 2022 ballot.
The San Diego City Council took another step with what could result in the change or repeal of the city’s People’s Ordinance. The council’s action last June allows the city’s labor relations staff to begin the ‘meet and confer’ process to amend the city’s municipal code if the People’s Ordinance is eventually changed or Therepealed.People’s
The Americans for Civil Liberties Union (ACLU), Inland Empire United, and several county voters filed a lawsuit against Riverside County in June. The lawsuit is an attempt to dissolve the County Supervisor electoral maps approved by the County Board last year and force the county to redo its redistricting process again.
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 15
RIVERSIDE COUNTY SUED OVER REDISTRICTING
SAN DIEGO CITY COUNCIL APPROVES BALLOT MEASURE REPEALING THE CITY’S PEOPLE’S ORDINANCE
All cities in the San Diego Region that fail to meet their assigned RHNA housing unit targets potentially could face penalties or other punitive actions from the state.
16 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7
Your SCRHA membership gives you access to expert information and industry insights. Login to your Member Compass at socalrha.org to access the complete survey. Not a member? Join today to access this comprehensive report on vacancy and rental rates throughout San Diego County.
Continued from page 15
The lawsuit alleges that County Supervisors did not follow federal and state redistricting laws when they adopted the Supervisor districts and Latinos living in the county are not being properly represented as a result. The lawsuit contends that County Supervisors redrew the districts to make it easier for them to win reelection; the County rejects the allegations. The groups began criticizing the County’s redistricting process last year. The groups argued the districts need to reflect the dramatic increase of the county’s Latino population over the previous decade. According to the 2020 Census, Latinos represent about half of Riverside County’s total population. Critics of the Supervisor districts point out there is only one Latino County Supervisor despite Latinos representing half of the county’s population. The groups had advocated for a plan that would add two new county supervisor districts, known as Map 1.4, but County Supervisors disagreed with the proposed map opting for district maps based on the county’s existing 5 Supervisor districts. Even if the court rules in favor of the plaintiffs’ lawsuit, it will not overturn the 2022 elections. County District 2 Supervisor Karen Spiegel and District 4 Supervisor Manuel Perez, who ran unopposed, won reelection outright in the June 7 Primary. The race for the County’s District 5 will be decided this November when incumbent Supervisor Jeff Hewitt faces Mayor of Moreno Valley Yxstian Gutierrez. If the courts rule in favor of the lawsuit, Supervisors will likely have to run for election in 2024 depending on the court’s ruling.
The County Board of Supervisors’ authority to determine their districts could be in jeopardy in the future. Assemblymember Sabrina Cervantes introduced AB 1307 earlier this session which passed the Assembly and is waiting to be heard in the State Senate later this year. If enacted into law, redistricting of County Supervisor seats will be determined by an independent redistricting commission, not by the County Board of Supervisors.
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● Hand wash dishes.
With dire weather events such as the current California drought, it’s as crucial as ever to reinforce conservation practices as a property owner or manager. Water and energy conservation efforts will protect community lifestyle and, equally as important, allow you to increase the net operating income (NOI) of your property. Across the country, property owners are seeking solutions for revenue generation since the usual tactics - like raising rent - aren’t always Apossible.great- and obvious - way to increase your NOI is by focusing on reducing consumption, thereby reducing expenses. With a utility-centered approach, you can increase your property’s income and help the planet. The approach is simple: cut costs by cutting back utility use. Here’s how a focus on conservation education can positively impact your expenses, lifestyle, and the environment.
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● Do not leave sprinklers or hoses unattended and running. Please turn to page
In a year, the average family spends more than $1,000 in water costs. Based on information shared by the U.S. Environmental Protection Agency (EPA) the average American uses 82 gallons of water per day. This means that in a 30-day period, a family of four uses almost 10,000 gallons of water. Leaks make up a significant portion of that; the average family can waste over 700 gallons per month just from household leaks.
In current times of drought, there are simple practices you can focus on that will yield significant impacts:
● Use excess water for chores such as watering plants.
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● Store drinking water.
● Don’t let water run during household tasks.
● Decrease laundry loads by fully loading washing machines.
WATER IS BEING WASTED
● Rely on short showers.
● Avoid unnecessarily flushing the toilet or disposing waste in the toilet.
20 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7 Securities of fered throughC oncorde Invest SECRegisteredInvestment Advisor.Financ not legal or ta xadvice. Thereare material ri risks, potential adverset ax consequences, 12 | Southern California Rental Housing Association Rental Advisor April 2022 april2022.indd 12 5/3/2022 12:40:37 PM
CONSERVATION VS EFFICIENCY
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 21
Both conservation and efficiency are means of reducing consumption of a resource – whether that resource is water, energy, or something else. It’s tempting to use the words ‘conservation’ and ‘efficiency’ interchangeably. But in reality, conservation and efficiency refer to two different –but relatedConservationthings.isabout adjusting behaviors and habits to use less water/energy, while efficiency refers to using less of a resource to perform the same function. For example, installing energy efficient lights is an energy efficiency method, while turning off the lights when they aren’t needed is an energy conservation method. Both are equally important endeavors, impacting operating income and eco-conscious lifestyles.
ENERGY RATES ARE RISING Back in 2019, the U.S. Energy Information Administration (EIA) reported that the average monthly electric bill for residential customers was $115. That year, the average price of electricity was 13.01cents/kWh. Of course electricity rates vary from place to place, but since 2019 energy rates all over America have been on the rise. In fact, home energy prices have outpaced inflation which is already at a 40-year high in the U.S. according to the Guardian. With the cost of energy on the rise, it doesn’t help that households waste a lot of electricity. Studies have shown that 35% of residential energy consumption in the U.S. is wasted
YOUR TENANTS ARE KEY IN YOUR CONSERVATION STRATEGY
Remember, targeting household utilities is always a smart and easy strategy for reducing consumption and utility bills.
Go a step further and share utility data with your tenants. Let them know just how much their unit, or even the whole building, is using. This can empower them to make informed decisions about their utility use. They can track the efficiency of their unit, and get the information that they need to refine their personal conservation approach and be even more conscientious about utility use. One way to do this is by sharing utility data in a newsletter that highlights conservation trends on your property. Technology can be a powerful asset to the modern property owner, especially where conservation is concerned. By using a smart billing company, you can get access to software that
There are many things that a property owner can do to facilitate lower water and electricity use on their property. WaterSense labeled products are 20% more water-efficient and perform as well as (and sometimes better than) standard models, according to the EPA. You could replace old, inefficient faucets on your property with WaterSense labeled models, but if your tenants continue to leave the faucet running while they brush their teeth and shave, a lot of water is still being wasted. Share conservation tips with your tenants so they are aware of the things that they can do to conserve water and energy. A study by the Yale Program on Climate Change Communication found that Americans are becoming increasingly worried about global warming and increasingly supportive of climate solutions. It’s likely your tenants are interested in conservation and just need to be equipped with the knowledge and tools necessary to get involved!
Please turn to page 22 Continued from page 19 Create Your Free anp.ApplyConnect.comAccount! *Renters pay $29.95 or the landlord/agent may choose to cover cost.800.288.4757opt.7 STOP PAYING FOR TENANT SCREENING
A ratio utility billing system divides a property’s utility costs among residents based on selected criteria. This system takes into account many different factors, like unit occupancy, common area amenities and square footage, to ensure fair and accurate billing to tenants. Property owners and tenants can build a community of conservation around RUBS. As a property owner, when you use this system, you make your residents aware of what their share of the utilities are, keeping them informed of trends and incentivizing them to conserve. By actually making tenants directly financially responsible for their utility use, you can offset the rising costs of utilities and increase your bottom line. There are important guidelines to follow with RUBS implementation. For example, in rent-controlled markets, tenants can only be enrolled on turnover. A utility billing expert can help you navigate RUBS implementation and get the maximum possible benefit out of this system.
Seeing month-to-month utility costs and trends can provide motivation, more so if you’re financially responsible for the utilities you use.
22 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7 simplifies the communication of utility data and also gives tenants tips they can use to lower their usage.
Continued from page 21
A study compiled by the National Apartment Association and the National Multi Housing Council showed that residents manage their utility use more carefully when they have to pay separately for their share of the water service as opposed to when these costs are embedded in rent. This study found that implementing a ratio utility billing system (RUBS) in particular resulted in an approximately 6-18% reduction in water use.
BILLING: A BETTER INCENTIVE TO CONSERVE It’s easier to stay on track with conservation goals when you’re accountable for your consumption.
HOW RUBS IS A TOOL FOR CONSERVATION AND COST CUTTING
Livable is a full-service residential & commercial real estate billing partner. Focusing on bulk amenity/ utility billing, our mission is to promote savings and conservation through education. Our suite of cloud services and end-to-end solutions helps to reduce monthly consumption, overall expenses and adds more money to your bottom line. To learn more, visit livable.com/apn.
Power-up your NOI Net Operating Income So CA 3.625x4.875 forward-thinking. Now, Gen Z is not as concerned with recreation or downtime at the office, rather a financial investment in their future. However, stock options and a standard 401(k) won’t cut it when they are actually searching for “student loan assistance, tuition reimbursement, and maternity and paternity benefits.” This generation values a work-life balance and is highly optimistic for the future, so these types of benefits will not only attract but also encourage them to stay and take advantage of these opportunities. They Want to See Diversity and Inclusion This highly educated, highly diverse generation is craving a passion and dedication to diversity and inclusion from their employers. As a result, “86% of Gen Z job seekers cite a company’s commitment to diversity as an important factor in deciding whether or not to accept an offer.” Here it is very important for a company to talk the talk and walk the walk. Diversity and inclusion cannot just be a phrase in your company’s mission statement or a committee that meets once a quarter. This dedication needs to be seen in initiatives like asking one’s pronoun preference, adequate accommodations for those who are differently-abled, policies to ensure fair and equal pay, etc. They Want an Offer, and They Want it NOW Standard HR procedures make it difficult to establish a hiring committee and follow the correct protocol when extending an offer. Gen Z wants no part of that. They feel if it’s a right fit, the offer should be made. “Nearly one in five Gen Zers expect a job offer one week from the initial phone screen. The majority expect an offer within two weeks.”
Although our fiber service usually means 100% fiber-optic network to your residence, in limited circumstances Quantum Fiber may need to deploy alternative technologies coupled with a non-fiber connection from a certain point (usually the curb) to your residence in order to provide the advertised download speeds. Service is not available everywhere. Quantum Fiber may change, cancel, or substitute offers and services, or vary them by service area, at its sole discretion without notice. All products and services listed are governed by tariffs, terms of service, or terms and conditions posted at www.q.com/legal. Restrictions apply. © 2022 Q Fiber, LLC. All Rights Reserved. Quantum, Quantum Fiber and Quantum Fiber Internet are trademarks of Quantum Wireless LLC and used under license to Q Fiber, LLC. Multifamily developers and ownersWith an all-inclusive bulk internet solution for your property, we can help you boost revenue. Future-ready fiber is an investment to power-up your property value. Instant WiFi is uniquely designed for multi-dwelling properties to provide property-wide WiFi coverage.
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 23
Whether MillennialsGenZ 24 | Southern California Rental Housing Association Rental Advisor April 2022 april2022.indd 24 5/3/2022 12:40:55 PM The SCRHA Business Directory of Suppliers is where you'll find the products and services you need to run a successful rental business. Use an SCRHA member first to invest in businesses that support a thriving rental housing community! w w w S o C a l R H A o r g Scan the code to connect with SCRHA Supplier Members!
24 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7 Pref e rre d Pa rt n er s socalrha.org As a member of Southern California Rental Housing Association, you have access to discounts on the products and services provided by our Preferred Partners. Visit socalrha.org/preferred-partners for details! MAY 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7
CE LE B R ATIN G an ANNIVERSARY This Month 10+ years of membership Griswold Real Estate Mgmt., Inc. 1968 Clark Commercial Investments 1968 J. C. Jensen Company 1971 John Souza Company 1972 Barbara Strong Company 1973 Leon Edmonds Company 1973 Sherry Ann Hackett Company 1973 Team Bourda Incorporated 1975 Ocean Realty 1975 William Hilsdorf Company 1975 Donald & Adla Tessier 1976 Ruben Ascanio Company 1976 Nick Frank Company 1976 Bonnell Goycochea Company 1977 Hoppe Casa Del Sol, LLC 1978 Larry M. Kelly 1978 Thomas Lowe 1979 Cox Realty 1980 William Hagerty Company 1982 Marsha Reece Company 1983 Celeste Taylor Company 1984 Doris McDowell Company 1987 Joanne Freitas 1987 Kevin Dean Company 1987 Mike D'Angelico Company 1987 David Anderson Company 1988 James and Nancy Essery 1988 Henry Cagle Company 1989 Debbie Postlethwaite Company 1990 Louisa Golden Company 1993 Hector Lopez Company 1993 Sycamore Properties 1993 John Stoll Company 1993 Duane Lucca Company 1993 Richard Lesser and Don Taylor 1994 Small Properties, LLC 1994 Finch Management Corporation 1994 Doris Erenea Company 1995 MCM Enterprises 1995 Rutledge Kent Trust 1996 Eva and Shauna Aiken 1996 Thatcher Properties, Inc. 1996 Georgette Gavin Company 1997 Investors Property Management Group 1997 Life Deck Coating Installations 1997 Robson Associates 1997 Philip and Joanna Pieper 1998 Albemarle, LLC 1998 Earnel and June Durden 1999 The Helm Management 2000 IMOJIM, Inc 2000 Hilleary Park 2000 Miramar Capeharts 2000 Miramar Milcon 2000 Miramar PQ & Orion 2000 Miramar Townhomes 2000 Park Summit 2000 Prospect View 2000 Ramona Vista 2000 Silver Strand II 2000 Vista Ridge 2000 Woodlake 2000 Tellervo Luostarinen Company 2000 Home Terrace 2000 La Mesa Park 2000 Pomerado Terrace| Pomerado District 2000 Liberty Military Housing 2000 Admiral Hartman 2000 Bayview Hills 2000 Beech Street Knolls 2000 Rasor Properties 2000 Delevan Lisk Company 2000 Canyon Rim| Fairfield Residential 2001 Vista Del Mar Investments| Oceanview Terrace Apts. 2001 South Bay Community Services 2002 America's Finest Carpet Company 2002 Villa Gardens AMFLP 2002 Robert & Ann Blakemore 2002 Ray & Susie Mathews 2002 Phil Kasavage Company 2002 Arnold Baynard 2002 Marlyn McDonald Company 2003 Glenn Hom and Rosemarie Lim 2005 Mike Urbano Company 2005 Arturo Hoffman Company 2005 Canyon View 2006 Chesterton 2006 Chesterton Townhomes 2006 Chollas Heights & Historical 2006 Eucalyptus Ridge 2006 Howard Gilmore Terrace 2006 Lofgren Terrace 2006 Mira Mesa Ridge 2006 Orleck Heights 2006 River Place 2006 Santo Terrace 2006 Silver Strand I 2006 Terrace View Villas 2006 Village at NTC 2006 Village at Serra Mesa 2006 Frank Real Company 2006 Ben Zanin Company 2007 Sholeh Mahmoudian Company 2007 Conservice Utility Billing & Mgmt 2007 Laura Middlebrook Company 2007 Barbara Brooks Company 2007 Phillips Investment Corporation of California 2007 Phillips Realty & Management Inc. 2007 Mike Fogarty & Laura Shoemehl 2008 Aero Ridge 2008 Randi Osen Company 2008 Robert O'Dwyer Company 2008 James S Dunlop Company 2009 Charles Been Company 2009 355 Dodson LLC 2009 Draper LLC 2010 TSD Unlimited 2011 Warren Properties, Inc. 2011 Marcia Martin Company 2011 Karl Grusendorf Company 2011 CE LE B R ATIN G an ANNIVERSARY This Month 10+ years of membership account, or were taken under new ownership, the member will not appear here. If you feel that your membership should be in this list and is not, please contact the publications department at publications@socalrha.org
Fees
Retroactive
City Of San Diego Fire Inspection 3:30P - 5:00P in Rental Housing 9:30A - 3:00P ICON KEY Featured ICON KEY Education Conference & EXPO September 7, 2022 more than 100 exhibitors and six the tradeshow admission, the SCRHA Innovations in Rental Housing Education Conference and EXPO brings management
Alarm Requirements And
Register for events and classes online at socalrha.org. Please note, that all in-person classes Questions? Contact us at events@socalrha.org or 858.278.8070 August
needs.
seminars included in
With
California fire code requires that an apartment house with 3 or more stories, existing as of January 1, 1975, have in place a fire alarm system capable of warning all occupants. This could mean a retrofit for your rental property.
you the latest trends in the industry while providing solutions to all your maintenance and
practices
Instructor: Daniel Hypes, Assistant Fire Marshal, City of San Diego Fire-Rescue
Innovations
Requirements
26 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7
City of San Diego Retroactive Fire Alarm Webinar
CALENDARRegisteratsocalrha.org 17
August 10 The Journey HomeMapping Out the Prospect & Resident Experience 10:00A - 11:00A ICON KEY Instructors: Melissa DeCicco, Satisfacts Resident experience and reputation are the new, intangible amenities for apartment communities. In this session, we will venture into new territory and explore best for engagement and connection for both prospect and resident satisfaction. We will map out what has changed in renter preferences and how to get the most mileage out of your efforts to win the experience journey and set you apart from your competition.
Department
September 19 Advanced Electrical 8:00A - 5:00P ICON KEY
Instructor: Peter Cline, The Phoenix Staffing This class goes further and will get into the indoor breaker box as well as heavy on troubleshooting. This class is the next step up in electrical work. This course is designed for maintenance workers looking to gain additional in-depth hands-on understanding of complex control circuits. This course is intended to be taken only after completion of the Electrical Troubleshooting & Preventive Maintenance course. Hands-on lab activities are the focus of this class.
September 21 Supplier Council 2:30P - 3:30P SCHRA wants to help our supplier members be successful. This is great opportunity to hear new ideas and share yours. We hope that you’ll take the time to join us.
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 27
September 29
Solution Series: Reputation Management Is Not Enough 10:00A - 11:00A ICON KEY This session breaks down the components that drive a renter’s onsite experience and what teams can do to control the online narrative.
28 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7 We all need a little help sometimes. During wildfire season, some of us need a little more help. That’s why SDG&E® is working with 211 San Diego to help provide additional customer assistance if a Public Safety Power Shutoff is necessary. To get connected to community, health, social and disaster services, please call 211 or visit 211sandiego.org. SAN DIEGO GAS & ELECTRIC & 211 PARTNERING FOR SAFETYYOUR © 2021 San Diego Gas & Electric Company. Trademarks are the property of their respective owners. All rights reserved.
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 29
• Encourage your tenants to sign up for alert notifications (they can receive PSPS Address Alerts for any address they care about, even if the electric bill is not in their name).
High winds, dry vegetation, and low humidity continue to elevate the risk and frequency of major wildfires across California. When these weather conditions occur in combination, your electric utility may need to temporarily shut off power to help prevent wildfires. This temporary outage is called a Public Safety Power Shutoff (PSPS) and while inconvenient, it is a preventative step that must be taken to help keep customers and communities safe. If you receive electric service from PG&E, SDG&E or SCE and you own or manage a master metered, multi-family dwelling located in a Tier 2 or Tier 3 high fire-risk area, take these important steps TODAY to prepare and stay informed:
• Keep contact information current to receive PSPS alerts or, sign up to receive them if enrollment is required by your electric service provider.
Pacific Gas and Electric Company (PG&E), San Diego Gas & Electric (SDG&E) and Southern California Edison Company (SCE) contributed to this article ARE YOU PREPARED?
• Review your emergency plan and tenant roster to ensure both are current. Sign up for alerts, view outage tips and learn more about your electric service provider’s customer care programs, including rebates for backup power devices at prepareforpowerdown.com.
30 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7 yardibreeze YardiBreeze.com | (800) 866-1144 “Yardi Breeze is easy to use. Tenant tracking, maintenance requests and online support … I love everything about it!” Danielle Drozdek RB Homes, Inc. Get a free, personalized demo to see why thousands of companies choose Yardi Breeze Discover what you can do with intuitive & powerful property management software *Minimums apply †Additional fees apply way to manage your properties Affordable Self Storage Condo/HOA Manufactured Easy CorporateResidentRentersLiveOwnerVendorWalk-inEmailOnlineOnlineOnlineILSVacancyPropertysetupaccounting&prospecttrackingpostingapplicationspaymentsmaintenance&textcommunicationspaymentswithPayNearMepaymentspayments&reportschatsupportinsurance†screening†websites† Property websites† Online lease execution† ✓ Customer relationship management ✓ Job cost tracking ✓ Rent deferment ✓ Rent control ✓ Invoice approval & processing ✓ Corporate accounting ✓ Customizable financial statements ✓ Menu-level security ✓ april2022.indd 26 5/3/2022 12:40:57 PM
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 31 The Southern California Rental Housing Association’s MultiFamily Fee Survey for the San Diego region posts information on housing data, current and pending changes in fees for each jurisdiction in the San Diego Region. The Association sent questionnaires in May to the County of San Diego and each city in the San Diego Region requesting the jurisdictions to provide information on housing stock, sewer, trash, and water rates for residential properties, and anticipated rate changes in the Fiscal Year or Calendar Year, 2022-2023. To download the full report, please visit socalrha.org. You will need to log in to your account to download the complete report. If you aren’t a current member of Southern California Rental Housing Association, you can create a guest login and purchase the comprehensive report at socalrhra.og. San Diego City-County Multifamily Fee Data Sheet for FY 2022-2023 To reserve a booth call us today (800) 931-6666 HUNDREDS OF VENDORS & EDUCATIONAL SEMINARS Pasadena Convention Center FREE ADMISSION! WITH REGISTRATION PRE-REGISTER NOW IPMEXPO.COM October 18th, 2022 9am - 4pm
32 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7 401(K) PLANS DENTAL INSURANCE MEDICAL INSURANCE WORKERS COMPENSATION LIABILITY BENEFITS VOLUNTARY BENEFITS L I F E I N S U R A N C E
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 33 Welcome New Members INDEPENDENT OWNERS PROPERTY MANAGERS SUPPLIERS Five Peaks Property Management Holland Partner Group Urban Coast Properties, Inc. Adagio Luxury Apartments | Greystar Al Ju Company Anita L. Barkelew Ariel Castillo Garrido Company AV8 | Greystar Bella Terra Apartments | Greystar Cambridge Maintenance and Property Services, Inc. Casoleil Living | Greystar Charles Murdock Lucas Company Crest 850 | Greystar EspritECB Luxury Villas | Greystar Feldman-Scarr & Wolman First Onsite Four Pillars Lighting, Plumbing & Furniture Frank Sapienza Greenfield Village | Greystar Jackson Pointe 111 | Greystar Jo Lancaster Company Joanne Stevenson-Bellomo Company Kacie Planavsky Company Lakeview 88 | Greystar Legacy | Greystar Marcelle Bronson Properties MCG MelissaCOMPANYOuellette Company Metro Mission Valley | Greystar Missions at Rio Vista | Greystar Monterey Property Management Ocean Air | Greystar Palomar Station | Greystar Phyo Ko SoftwindSiloShadowridgeSetaSalernoRoroRivueRidgestoneCompany|Greystar|Greystar|GreystarApartments|GreystarWoodbend|Greystar|GreystarPoint|Greystar Sola at Pacific Highlands Ranch | Greystar Sorano | Greystar Sunbow Villas | Greystar Susan West Company The Casas | Greystar The Crnkovic Family Trust The Heritage | Greystar Village Square | Greystar VK Smith Realty LLC Whitfield Capital LLC Windsor Real Estate Aire-Master of Coastal California
34 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7 1031capitalsolutions DST 1031 properties are only available to accredited investors (typically defined as having a $1 million net worth excluding primary residence or $200,000 income individually/$300,000 jointly of the last three years; or have an active Series 7, Series 82, or Series 65. Individuals holding a Series 66 do not fall under this definition) and accredited entities only. If you are unsure if you are an accredited investor and/or an accredited entity, please verify with your CPA and Attorney. This is for informational purposes only, does not constitute as individual investment advice, and should not be relied upon as tax or legal advice. IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax concepts, therefore you should consult your legal or tax professional regarding the specifics of your particular situation. Potential cash flows/returns/appreciation are not guaranteed and could be lower than anticipated. Diversification does not guarantee a profit or protect against a loss in a declining market. It is a method used to help manage investment risk. Securities offered through Concorde Investment Services, LLC (CIS), member FINRA/SIPC. Advisory services offered through Concorde Asset Management, LLC (CAM), an SEC registered investment advisor. 1031 Capital Solutions is independent of CIS, CAM and CIA. To learn more, visit 1031CapitalSolutions.com or call us at (800) 445-5908 • Potential for monthly cash flow and capital appreciation • Potential to defer capital gains taxes • Potential close in as little as 3-4 days • Help build a diversified portfolio • Invest in “out-of-state” properties • No need to obtain a loan • Low minimum investment amounts • Institutional asset and property management • Pass through tax benefits • No escrow Jason McMurtry, MBA Managing Partner My mission is to provide expert advice that helps investors escape the burdens of traditional rental property ownership, and 1031 exchange into potentially 100% passive income DST properties.” “ ARE YOU DONE WITH THE HEADACHES OF RENTAL PROPERTY? CALL YOUR LOCAL DST ADVISOR April 2022 socalrha.org | 17 april2022.indd 17 5/3/2022 12:40:48 PM
The exam was exactly as described. It contained a lot of the information that was taught in the courses. To prepare for the exam, I studied the knowledge checks and did the practice test about five times. I feel as though doing the practice test and re-reading the knowledge checks really benefited me as a lot of the questions were tailored from those documents.
I decided to get my credential to better myself as a Leasing Manager. Going through the course allowed me to freshen up on hot topics and learn more about the leasing profession. This training allowed me to bring the knowledge back to my team and assist them in their growth and training. WHAT WAS THE EXPERIENCE WITH THE CLASSES? My experience was fantastic. The instructors were very knowledgeable, and they kept the classes interesting!
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WHAT WAS YOUR EXPERIENCE TAKING THE EXAM?
WHAT MADE YOU DECIDE TO GET YOUR CREDENTIAL?
WOULD YOU ADVISE YOUR CO-WORKERS AND COLLEAGUES TO GET THE CALP?
Congratulations to Blair Madrid, CALP, American Assets Trust, on earning her Certified Apartment Leasing Professional credential from NAA. Learn more about her experience on taking the course at SCRHA and passing the exam.
HOW LONG HAVE YOU BEEN IN THE LEASING?
TELL US ABOUT HOW YOU STARTED WORKING IN THE MULTI-HOUSING INDUSTRY? WHAT MOTIVATED YOU?
I would definitely suggest for anyone within the multifamily leasing industry get the certification. It allowed me to refresh a lot of my knowledge, and I found that networking with industry colleagues was helpful in sharing best practices.
I stumbled into the industry, as most do, through a friend. I started working at our corporate office, and then a leasing position became available at Loma Palisades, and I jumped at the opportunity to interview.
WHAT ADVICE WOULD YOU GIVE SOMEONE WHO WANTS TO GET THEIR CREDENTIAL?
I would advise them to pay close attention to the knowledge checks at each course completion and focus on the math. Memorizing the math equations and making sure they really make sense to you is important for the exam. I would also advise them to build relationships with their classmates. Test preparation is much more enjoyable when you have others to bounce your thought processes off of!
If you are ready to take the next step in your career, learn more about upcoming courses at socalrha.org.
I have been in the industry now for about nine years.
Blair Madrid, CALP, American Assets Trusts
36 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7 Management Companies Utilizing NAA Click & Lease: 50 AvailableStatesin Over 6,000,000 Units in the U.S. Streamline your process with default community settings, reporting & e-signatures. Online Paperless& Integrates With All PMS Software Integrates with your current Property Management Software. No need to retrain sta ! naahq.org/lease Risk&ComplianceEnsureReduce CompliantLegally Simply and e ciently generate legally compliant leasing documents to better serve your residents. april2022.indd 2 5/3/2022 12:40:19 PM
•
• What is the definition of “beneficial interest” and how does it relate to DST’s? What is a Tenant In Common Investment? Do you know what a Qualified Intermediary a serious 1031 Exchange real estate investor can involve a significant learning curve. For example, there are many investment terms that every investor should know and understand in order to better understand the nuances surrounding 1031 Exchange real estate investments and help find success as an investor. Therefore, Kay Properties thought it would be a good idea to present some of the most important investment terms that all Delaware Statutory Trust 1031 Exchange investors should know.
•
1. DST: This term stands for “Delaware Statutory Trust” which is an entity that is used to hold title to investment real estate. A DST is also a powerful real estate planning tool because it allows “beneficial interest” ownership where multiple investors can share ownership of a single property or an entire portfolio of properties. A DST is often paired with the 1031 Exchange. Pairing these two entities together allows for individual investors to diversify* their investment dollars into multiple properties and potentially mitigate concentration risk of over-concentration in their investment properties. This can potentially be accomplished by investing in DSTs with properties in different geographies, in many of the asset classes, and with various property DST 1031 EXCHANGE TERMS EVERY REAL ESTATE INVESTOR SHOULD KNOW
•
SEVEN
BY BETTY FRIANT Senior Vice President Kay Properties and Investments, LLC Kay Properties and Investments, LLC is a national Delaware Statutory Trust (DST) investment firm with offices in Los Angeles, San Diego, San Francisco, Seattle, New York City and Washington DC. Kay Properties team members collectively have over 94 years of real estate experience, are licensed in all 50 states, and have participat ed in over $7 billion of DST real estate. Our clients have the ability to participate in private, exclusively available DST properties as well as those presented to the wider DST marketplace; with the exception of those that fail our due-diligence process. To learn more about Kay Properties please visit: www.kpi1031.com Call: 1-855-8994597 or email: info@Kpi1031.com
KEY TAKEAWAYS: Knowing key terms for a 1031 Exchange is important for investors
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 37
Bis?ecoming
This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the “Memorandum”). Please read the entire Memorandum paying special attention to the risk section prior investing. IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax codes therefore you should consult your tax or legal professional for details regarding your situation. There are material risks associated with investing in real estate securities including illiquidity, vacancies, general market con ditions and competition, lack of operating history, interest rate risks, general risks of owning/operating commercial and multifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the entire invest ment principal. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appreciation are not guaran Nothingteed.
contained on this website constitutes tax, legal, insurance or investment advice, nor does it constitute a solicitation or an offer to buy or sell any security or other financial instrument. Securities offered through FNEX Capital , member FINRA, SIPC. managers, asset managers, and sponsoring companies.
5. QI: The letters “QI” typically refer to a Qualified Intermediary. The Qualified Intermediary is an accommodator or facilitator that works as an entity that facilities 1031 tax-deferred exchanges. They act like the glue that puts the buyer and seller of property together into the form of a 1031 Exchange. A QI is an individual who enters into a written agreement with the taxpayer of a property. The QI acquires the relinquished property from the taxpayer, transfers the relinquished property to the buyer, acquires the replacement property from the seller, or transfers the replacement property to the taxpayer.
38 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7
Knowing and understanding these acronyms will help in placing you on a path of success in the investment world. You might want to keep this list of the alphabet soup of acronyms handy as you research the world of investment real estate.
2. TIC: This term means “Tenancy in Common”, and refers to an investment arrangement where two or more individuals share the ownership rights of a property that qualifies under the rules to be used as like-kind in a 1031 Exchange. TIC investments must comply with IRS Rev Proc 2002-22 which has a limit on the number of investors. This gives the TIC entity unique challenges where each investor is named on the mortgage and each investor has the right to vote on decisions concerning the property which can be cumbersome in a co-ownership arrangement. This property can be commercial or residential. TIC allows investors to own different percentages of a property. Tenants in common can leave their share of the property to anyone of their choice upon their death.
4. 1031s: Section 1031 is probably one of the most familiar passages in the Internal Revenue Code (IRC). These numbers refer to an IRS provision that allows individuals to defer tax on qualifying exchanges of like-kind real estate. To utilize this tax strategy investors must take certain steps when selling and buying real estate. The replacement real estate must be like-kind, tax must be paid on any boot in the year of the exchange, and replacement real estate must be identified within 45 days and acquired within 180 days to utilize the 1031 exchange.
3. NNN: Anytime you see three N’s in a row when referring to real estate, it will invariably be referring to the concept of triple net lease investing. This is a lease agreement where the tenant promises to pay all expenses of the property. This includes real estate taxes, building insurance, and maintenance. Typically, these are expenses of the landlord. However, in a NNN lease agreement, the tenant pays these expenses along with rent and utility fees. Tenants generally pay a lower rent charge by taking on these additional expenses. Triple net leases have become popular as they have the potential to provide low-risk steady income to investors.
6. PPM: Anytime an investor is involved with a private or public investment vehicle, a Private Placement Memorandum (PPM) will be involved. A PPM is a document that divulges everything an investor needs to know before investing in a Regulation D Offering. The PPM is very beneficial to an investor as it details the investment opportunity, disclaims legal liabilities, and explains the risk of losses. All real estate investors are strongly advised to carefully read the PPM and consult their tax attorney or CPA prior to investing.
7. IOI: When real estate investors become interested in a particular real estate asset or portfolio, they will usually request more information on the property in question. In many cases, the seller will provide a document called an Indication of Interest (IOI). An IOI is an informal proposal that is non-binding and designed to provide the investor more information on the investment. For example, IOI’s typically include property details like leasing data, square footage, and market overview. An IOI might also include due diligence plans, aerial photos, and site maps. Finally, the IOI will typically include information about the sponsoring seller of the real estate asset.
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 39April 2022 socalrha.org | 37 april2022.indd 37 5/3/2022 12:41:16 PM
40 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7 April 2022 socalrha.org | 33 april2022.indd 33 5/3/2022 12:41:12 PM
These two state laws are designed for buildings that contain three or more dwelling units. Senate Bill 326 is for condominiums, and Senate Bill 721 is for apartment buildings. The laws emerged following a balcony collapse in the City of Berkeley, which then established a local balcony inspection ordinance, and many of the local ordinance’s provisions have been incorporated into state law. Accordingly, required inspections must be made to any elevated element structures. Exterior Elevated Elements are building elements that are constructed of wood, have a walking surface, have any portion sitting 6-feet above the ground, and that extend outside of the four walls of a structure. Exterior Elevated Elements include balconies, outside decks, porches, exterior stairways, and exterior walkways that have a walking surface that is elevated more than six feet above ground level according to these ordinances. Required inspection includes waterproofing system supports and railings, and load bearing component. Senate Bill 721 (SB721) and Senate Bill 326 (SB326) Mandate by Statutory Deadlines By Omid Ghanadiof, EEE Advisor Engineering
Get ready! January 1, 2025 is the deadline for compliance with both Senate Bills 721 and 326 for multifamily rental properties and condominiums that contain three or more dwelling units. Applicable residential property owners and homeowners’ associations (HOAs) throughout California must have inspections of balconies and exterior elevated elements at their properties. Property owners and manages, and HOAs should seek the help they need before the deadline and become familiar with the inspection criteria to ensure they are in compliance with the so-called “California Balcony Inspection Laws.”
WHAT MUST BE INSPECTED? EXTERIOR ELEVATED ELEMENTS (EEES)
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 41
Are You Ready for Required Inspections of Balconies and Exterior Elevated Elements? California’s
Compliance
LOAD-BEARING COMPONENTS
Senate Bill 326; however, defines visual inspection as “inspection through the least intrusive method necessary to inspect load-bearing components, including visual observation only or visual observation in conjunction with, for example, the use of moisture meters, borescopes, or infrared technology.” One of the major challenges with visual inspection compliance is understanding the terms, especially visual inspection, as it is required by the law, which is where the team at 3EAdvisor Engineering can assist you.
Senate Bill 326 gives a more descriptive definition of “load-bearing components” as components that extend beyond the exterior walls of the building to deliver structural loads to the building from decks, balconies, stairways, walkways, and their railings, all designed for human occupancy or use, supported in whole or in substantial part by wood or wood-based products, and associated waterproofing systems including flashings, membranes, coatings, and sealants that protect the load-bearing components of Exterior Elevated Elements from exposure to water.
VISUAL INSPECTION COMPLIANCE
If the inspector in the Senate Bill 326 or 721 report identifies any issues that require repairs to be made, but the property owner or HOA board member decides not to address the issue, an inspector is then required to notify the local jurisdiction about the condition.
The distinctions between the required inspection cycles under Senate Bill 721 and Senate Bill 326 are striking. The timeframe under Senate Bill 326 is at least once every nine years, except for new common interest buildings. But, under Senate Bill 721, subsequent inspections need to be completed by January 1st every Please turn to page 45
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Under Senate Bill 721, load-bearing components are “those components that extend beyond the exterior walls of the building to deliver structural loads from the exterior elevated element (EEE) to the building.”
Moreover, if a building element fails and someone is injured as a result, there could be severe liability for any property owner or any HOA and HOA board member.
Inspectors will provide a written report that lists the components that have been checked and that describes their condition, including estimates of the components’ remaining functional life, any necessary repairs, and a report on any immediate dangers to occupants. The Senate Bill 326 report will be incorporated into the HOAs’ next reserve study, and HOAs will be required to keep the reports for at least two inspection cycles, that is, up to 18 years.
Under Senate Bill 721, the minimum requirements for inspection include “identification of each type of exterior elevated element that, if found to be defective, decayed, or deteriorated to the extent that it does not meet its load requirements, would, in the opinion of the inspector, constitute a threat to the health or safety of the occupants.”
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 43 griswold 6 | Southern California Rental Housing Association Rental Advisor July 2021 Response 18 | Southern California Rental Housing Association Rental Advisor April 2022
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SAMPLE SIZE OF INSPECTIONS
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Described as “the biggest divergence between the law meant for apartments and the law meant for condominiums, sample size for inspection under Senate Bill 721 is just 15% of each type of Exterior Elevated Element shall be inspected. Under Senate Bill 326; however, sample size is a bit more elaborate. Senate Bill 326 requires any inspection to include “a sufficient number of units inspected to provide 95% confidence that the results from the sample are reflective of the whole, with a margin of error of no greater than plus or minus five percent.”
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Understanding the terms of each of these state laws and subsequently ensuring compliance can sometimes be a daunting task, especially for inexperienced engineers and contractors, let alone property owners and managers or members of an HOA board. Consequently, it is imperative that you hire only experienced professionals to ensure safety and of course, compliance with these very complicated laws. 3Eadvisor Engineering has the knowledge and experience you need to ensure your inspections are completed in accordance with the law, and also to ensure safety of your residents and to reduce your risk of liability. Omid Ghanadiof is a co-founder of EEE Advisor Engineering, a specialized engineering structural inspection firm active located in Southern California. EEE Advisor Engineering assists rental property owners and homeowners associations (HOAs) with compliance with state mandated balcony inspections per Senate Bills 721 and 326. EEE Advisor Engineering is a leading engineering inspection company that assists clients in meeting the January 1, 2025 deadline for compliance with Senate Bills 721 and 326. For more information, contact Mr. Ghanadiof at (805) 312-8513 or info@EEEadvisor.com.
Continued from page 42
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 45 six years following the initial inspection. In addition, Senate Bill 326 does not specify any fines; however, the inspection report is incorporated into the HOA’s reserve study and it will likely be subject to the same penalties as failure to comply with the Davis-Stirling Act. Local enforcement agencies have the ability to collect enforcement expenditures, according to each of Senate Bills 721 and 326.
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The best apartment leasing incentives are the ones that entice renters (without hurting your bottom line). That can take trial and error to get right. Some renters may not be enticed by a waived security deposit, but they might be interested in flexible lease terms. Every community, and every renter, is different. Let’s explore the incentives property managers can use to attract renters. At the end of the article, we’ll also touch on three leasing incentives that don’t work and explain why.
A security deposit is a safety net for you and your owners. It might not be possible to eliminate, but you may be able to reduce it. This can be done across the board or only for select renters with high credit scores, good rental history, etc. If you’re a property manager who collects first and last month’s rent in addition to a security deposit, you might be able to ease one or more of those requirements. That’s an easy way to make your property more enticing to prospects.
4. OFFER LONGER LEASE TERMS
A free month of rent has the potential to negatively impact your monthly reports. It might be easier on your bottom line if you offer reduced rent on a lease. This spreads your free month incentive over the course of a 12-month lease. The upside is that you don’t have a big hole in your earnings for the month, and renters still get a great leasing incentive. As another option, you can provide discounts for longer leases (18 months or more). That ensures less Leasing Incentives That Entice Renters (Plus 3 That Don’t) by Yardi breeze
8 Apartment
1. RESIDENT REFERRAL PROGRAM
2. GIVE A FREE MONTH OF RENT
The first apartment leasing incentive on our list is actually more of a benefit for current renters. The incentive could be reduced rent or even a free month of rent. A resident referral program is a great way to build a stronger, tighter community. After all, residents will be “paid” to live closer to friends or family. If you have a program like this, make sure your internal communications are promoting it repeatedly. And don’t forget: Happy renters are more likely to provide references, and they’re more likely to leave positive property reviews.
3. REDUCE THE SECURITY DEPOSIT
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 47
It’s expensive to move, especially for long-distance or out-of-state renters. Between moving fees, first/last month’s rent and security deposits, a move-in special might be the push a prospect needs to consider renting from you.
Some property management businesses offer leasing incentives that make a big difference to budgetconscious renters. There’s arguably no better way to get someone’s attention than a free month of rent. (Some properties go as high as six weeks!)
1. GIFT CARDS
Just keep in mind that a subscription is nice, but it’s not the most powerful apartment leasing incentive. There’s no comparison to free or discounted rent. That said, it’s a budget-conscious incentive that might help entice more renters to your community.
Now that we’ve looked at the best leasing incentives, let’s look at some of the worst. These three “incentives” all lack credibility because they don’t really save the renter any real money. (Aka don’t nickel and dime your community when it comes to leasing incentives.)
The reason we’re including this here is because property improvements are a standard part of market rate rental pricing. You won’t necessarily be able to increase rent just because you put in new appliances. If the appliances are old and in need of replacement, you’re simply doing what you need to do to stay competitive, attract prospects and retain residents. Of course, if you really go above and beyond with Please turn to page 51
8. SUBSCRIPTIONS TO GYM, GROCERY DELIVERIES, ETC.
10. Microwave
2. PROPERTY IMPROVEMENTS
APARTMENT LEASING INCENTIVES THAT DON’T WORK
There are so many ways to create value without offering free or reduced rent. The 2022 NMHC Renter Preferences Survey reveals the best amenities according to renters. To get you thinking, check out the top-10 list of renters’ favorite features and amenities, starting with the most desired: In-unit washer and dryer Air conditioning full balcony oven Don’t just go by this list. Your apartment community preferences are probably different than the national average. On your next tenant satisfaction survey, ask your residents to rank the amenities listed above. Add in a few that make sense for your property. That will tell you what people love about living there as well as what may be missing. PAY ATTENTION TO THE TRENDS
There are circumstances where a little creativity will get your property filled faster. Students and seasonal workers might be looking for shorter leases in the sixto nine-month range. With a shorter lease, short-term residents don’t have to stay where it no longer makes sense for them to live. They’ll save money on rent because they have the freedom to move on sooner, penalty-free.
The popularity of some amenities can wax and wane. For instance, “better modular closet systems” saw the highest year-over-year increase in interest. In 2020, this feature only appealed to 56% of renters surveyed. In 2022, this figure grew to 72%. That’s a 16-point difference! It’s also a sign that people are looking for more customizable storage space — a good thing to know when you’re looking to add amenities.
6. WAIVE PET DEPOSITS (APPLIES ONLY TO PETFRIENDLY PROPERTIES) According to the 2022 NMHC Renter Preferences Survey Report, 51% of respondents prefer petfriendly apartments. So in addition to making your pet policy easy to find online, consider making your properties even more welcoming to pet owners. If your prospects with pets are considering your property and a comparable property in the area, they’ll be more likely to choose the one that waives (or reduces) the pet deposit.
3. Soundproof walls 4. High-speed internet access 5. Garbage disposal 6. Walk-in closet 7. Dishwasher 8. Pre-installed window shades/blinds 9. Patio or
5. OFFER SHORTER LEASE TERMS
If it’s not in your budget or floor plan to add a gym
7. OFFER THE AMENITIES YOUR COMMUNITY WANTS
48 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7 turnover and provides a special incentive for longterm residents.
2.
— but your renters want one — you might be able to compromise by subsidizing their gym memberships. See if you can partner with a local gym for a free or discounted membership. You might be able to do the same with a grocery delivery service such as DoorDash or Uber Eats.
While it sounds like a nice part of a move-in package, a gift card to a local shop or restaurant isn’t much of an incentive to rent. Residents are looking to save hundreds of dollars or more (depending on rent in your area). A coffee break or restaurant experience doesn’t even come close.
1.
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3. GIFT BASKETS & WELCOME PACKAGES
Continued from page 48 luxury amenities and appliances, you might have a case for treating these upgrades as leasing incentives.
Just imagine what “free gift basket for new leases” would look like on a billboard! Not too impressive. Counterpoint: Not everyone believes in apartment leasing incentives If an incentive results in higher retention and shorter vacancies, you stand to profit in the long run from any discounts in the short run. Still, incentives are as controversial as they are popular. Not everyone thinks they’re a good business practice. Some people think incentives cheapen your brand and image.
On the other hand, the right leasing incentive is eyecatching and can keep your brand top-of-mind for future renters. If your properties are being outpriced by a local competitor, you might not be able to lower rent, but you can entice prospects with something Ifelse.nothing else, an incentive can get people talking to you. That means leads you might have missed without an incentive.
Yardi Breeze is property management software designed for you. Our refreshingly simple platform puts you in charge of marketing and managing your entire portfolio, with support for residential, commercial, affordable, self storage, HOA/condo and manufactured properties. Rest easy knowing your reports are accurate with Yardi’s trusted, built-in accounting system to track your revenue and expenses. And since Breeze is in the cloud, you can work from anywhere and get fantastic support when you need it.
It’s thoughtful of you to provide a welcome package or gift basket to new residents. Such a package might include snacks, replacement household items like light bulbs, a guide to local restaurants and activities, gift cards, etc. And don’t forget a handwritten welcome letter! However, while a welcome package might help your new renter feel more at home and starts your relationship off on the right foot, it doesn’t make sense to offer one as an apartment leasing incentive.
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52 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7 (619) 867-1713
Question: I have a lease with two male tenants. The lease specifies two occupants only. One of the tenants has a girlfriend who spends the night every day of the week for the last month. How do you determine when a guest is an occupant?
Questions&AnswersbyKimball,Tirey&St.JohnLLP
Question: As resident managers, we are dealing with several tenants in violation of pet rules. In retaliation, they have made false accusations of us entering their apartments without notice. They are now disturbing other tenants with this untruth and questioning our integrity. How can we protect or defend ourselves?
Question: I want to start charging a late charge in my future leases. Is there a law stating how many days after the due date must expire before a late charge can be imposed? Answer: California law does not prohibit a landlord from charging the tenant a bona fide late charge after the rent is delinquent. The rent is not delinquent unless one business day has passed at the time the rent became due. If the rent is due on the first and the first is on a weekend, a late charge could not be imposed until after the first business day expires.
Answer: You can serve a Three-Day Notice to Perform Conditions and/or Covenants or Quit to permanently remove the unauthorized pets, if permitted by your local moratoria, if any in place. If you can prove the pets are still there after the notice expires, you can file for unlawful detainer.
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 53
Question: In a co-signer situation what forms do you recommend that the co-signer sign along with the tenant?
Answer: They should sign a separate guarantee agreement that has been reviewed by competent counsel.
Question: What happens when the lease expires? Is it assumed that the agreement goes month-to-month? Or should a new agreement be signed? Answer: If the lease does not speak to renewal or reversion to month-to-month and the tenant remains in the premises with the landlord’s consent, the law will presume a month-to-month agreement if the rent is paid and accepted by the landlord. It then can be terminated by either side serving the other with a written Thirty-Day or SixtyDay Notice to Quit unless subject to a just cause provision like AB 1482 or a local provision.
Question: Is there a law for returning the security deposit within a certain time frame? If I missed the due date is there an automatic penalty? I overlooked accounting for a deposit and it has been 25 days. Answer: California law allows residential tenants and landlords to contract for up to 21 days for the accounting and, if applicable, return of all or a portion of the tenant’s security deposit. There is no automatic penalty for being late. It is advisable to have the accounting provided within 21 days, even if the accounting provides for the estimates for work not already completed.
Kimball, Tirey & St. John LLP is a full-service real estate law firm representing residential and commercial property owners and managers. This article is for general information purposes only. Laws may have changed since this article was published. Before acting, be sure to seek legal advice. For contact information, please visit our website. www. kts-law.com. © 2022 Kimball, Tirey and St. John LLP
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Question: When typing up a new lease, should we use the spelling of the tenant’s names as it appears on the application or on their driver’s license?Answer: It is important to be consistent on how you spell their name in the event legal action is necessary. It is best to use the name exactly as it appears on their driver’s license and request that they fill out the application in a manner consistent with this request.
Question: When we have called attention to a violation of the lease or community rules, tenants frequently will say we are “picking” on them. How can we protect ourselves?
Question: If a one-year residential lease is broken, what becomes of the security deposit?
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Answer: Unless the tenant admits to having another person move into the rental unit, you need to prove that they are occupying the unit through circumstantial evidence. Proof of facts such as receiving mail at the premises, coming to and from work on a daily basis, present on weekends, or making requests from management all could lead a trier of fact to conclude that the person is an occupant of the premises. The required level of circumstantial evidence may vary from different jurisdictions.
Answer: Once the tenants have vacated the premises and the landlord has taken over possession, the time to account for the use of the security deposit (normally 21 days) begins. The deposit can be used for any monies owed the landlord including delinquent rent left over from the contract.
Question: I have single family homes that I have for lease. They have large, well- maintained gardens. How do I best ensure that they are kept Aup?nswer: Your best bet is to hire a gardener yourself, build the cost into the rent and have the lease read that the gardener has permission to enter the property for gardening, landscaping, mowing etc. That way you have more control over the price and the quality of the work done.
Advertise in Apartment Management Magazine, and make your business services available to more apartment owners and managers monthly. Just call (714) 893-3971 or (800) 931-6666 for advertising rates and information.
Answer: First, make sure you are enforcing the lease and community rules equally to all violators. The best way to avoid or minimize legal challenges is by documenting all incidents and responding in a consistent manner.
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 55 INNOVATION IN RENTAL H EDUCATION CONFERE 2022 S E P T E M B E R 7 , 2 0 2 2 T O W N & C O U N T R Y H O T E L S A N D I E G O 5 0 0 H O T E L C I R N , S A N D I E G O , C A 9 2 1 0 8 Exhibit at the SCRHA Innovations in Rental Housing Education Conference & EXPO to grow your business and build relationships. Meet independent owners and property managers. Increase your visibility with event sponsorships. Showcase your products and services. R E S E R V E Y O U R B O O T H & B E C O M E A S P O N S O R N e e d m o r e d e t a i l s ? C o n t a c t o u r t e a m t o d a y ! s o c a l r h a . o r g | 8 5 8 . 2 7 8 . 8 0 7 0 e v e n t s @ s o c a l r h a . o r g Thank You to Our Association Wide Sponsors Platinum BSponsor ronze Sponsor Silver Sponsors
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SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 57 INNOVATIONS IN RENTAL HOUSING EDUCATION CONFERENCE & EXPO Thank You to Our Association Wide Sponsors Platinum BSponsor ronze Sponsor Silver Sponsors 2022 S E P T E M B E R 7 , 2 0 2 2 T O W N & C O U N T R Y H O T E L S A N D I E G O 5 0 0 H O T E L C I R N , S A N D I E G O , C A 9 2 1 0 8 The SCRHA Innovations in Rental Housing Education Conference and EXPO brings you the latest trends in the industry while providing solutions to all your management and maintenance needs REGISTER TO ATTEND $15 Members $30 Non Members 8:30 AM 9:15 AM: Legislative Update Presented by Molly Kirkland, Director of Public Affairs and Pat Moran, Aaron Read & Associates 10:30 AM 11:15 AM: Team Leadership and How to Hold Your Team Accountable Presented by Alex Winborn, VP of Residential Asset Management 11:30 AM 12:30 PM: Rise above the Chaos with Carolyn Gross Presented by Keynote Speaker, Carolyn Gross 1:00 PM 1:45 PM: You Bet Your Assets! What You Need to Know about ESA Processing Presented by Victoria Cowart, CPM, Director of Education and Outreach, PetScreening 2:00 PM 2:45 PM: San Diego Apartment Market Overview Presented by Josh Ohl, Director of Market Analytics for San Diego with the CoStar Group 2:15 PM 3:00 PM: Appliance Repair Class Presented by Peter Cline, The Phoenix Staffing Scan the code to register! socalrha.org | 58.278.8070
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SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 59 # 655 WB Operating LLC . . . . . . . . . . . . . . (619)702-0655 A ADD Realty, Inc. (619)232-6811 All Points Real Estate (619)298-7724 Alliance Investment Corp. (858)597-4900 AltaCima Apartment Homes (858)565-8333 American Assets Trust (858)350-2564 Antelope Ridge (Sentinel Real Estate) (951)672-8181 Arbor Terrace (619)293-3612 Arbors at California Oaks Apartment AwardAvenueAsset...................................Homes(951)461-3264PropertyManagement(858)560-93635(206)582-3333PropertyMgmt(619)471-1755 B Barone Galasso & Associates, Inc. (619)855-5241 Bob Cota Realty (619)465-9934 Book and Ladder (949)209-8347x0029 Brennan And Associates Inc. . . . . . . . . . (619)475-2470 Brentwood Management Co. . . . . . . . . . (619)220-8595 Bridge Property Management (801)716-5795 Brycorp, Inc. (619)920-7174 Buchanan Property Management Corp. (619)269-0276 C CASAVIDA (858)454-8857 Cambridge Management Group, Inc. (619)497-0771 Campus Village 1, 2 & 3 | 6 Star ServicesChase...................................Properties(619)583-3339PacificPropertyManagementandRealEstate(858)271-8841ChoiceProperties/PointLomaRealEstate(619)223-4075CirrusAssetManagement,Inc.(818)222-4840CityViewApartments|Greystar(619)234-0134CommonLivingInc.(844)612-6697CommunityResearchFoundation,Inc.(619)275-0822CorePropertyGroup................(619)399-7279Cushman&Wakefield...............(949)224-2929 D Delta Property Management (619)465-5851 Domain | STYL/Magnolia Capital (858)292-1111 Douglas Allred Company (858)793-0202 E Eagle Glen Apartments | Greystar (951)461-4565 Elevate SD Properties (619)535-8112 Elite Property Management ........... (619)823-3712 Encore Realty, Inc. (619)742-5678 Euston Management (858)793-8899 F FBS Property Management, AMO (619)286-4721 Five Peaks Property Management (619)814-7505 Foothills at Old Town . . . . . . . . . . . . . . . . (951)676-7545 G Gables Oak Creek (951)600-9696 Gables Point Loma (619)223-6577 Gables at Alta Murrieta (951)698-0628 Griffis Mission Valley (619)220-0530 Griswold Real Estate Mgmt., Inc. (858)597-6100 H H.G. Fenton Company (619)400-0120 Hanken, Cono, Assad & Co. .......... (619)698-4770 Hanover Little Italy................... (619)677-1799 Heartland Associates Inc. (619)462-2082 HeetWave Properties (888)557-4338 Holland Partner Group (360)940-0251 HomeTeam Property Management (619)872-7368 Homes Management, ATS Homes, Inc. (760)432-4663 Horizon Properties Management Service(619)482-3054 Humphreys Residential (619)865-0389 I IPI Property Management . . . . . . . . . . . . (858)277-2700 ISG Real Estate (619)500-5860 Iconic on Alvarado | BH Management Services(619)286-3990 Income Property Advisors Inc. (858)279-1500 Interfaith Housing Assistance Corporation Investors(619)668-1532Property Management Group (760)967-4764 J JHB California Properties, LLC ........ (760)722-6421 Jensen Properties (858)449-7294 Johnston Property Management, Inc. (760)944-0703 K KFR STAR Realty (619)293-7653 Kleege Enterprises (858)481-3081 A Leonero Properties (619)273-4350 Liberty Military Housing (858)874-8100 Logan Property Management ......... (619)260-5562 Lyon Living (949)838-1274 M MG Properties (858)658-0500 Maya Linda Apartments (858)566-5350 Melroy Asset Management (858)483-5111 Mill Creek Residential (714)800-1391 Mira Bella Apartments | Simpson Property(858)560-5720Group Modera San Diego | Mill Creek ...................................Residential(619)500-8509 N Nick Pappageorgio Company (858)357-9472 Noah Realty (858)504-0416 O Ocean Breeze Apartments|Greystar (619)428-3369 Olympus Property (858)268-8858 P Pacific Commercial Management, Inc (858)450-6886 ParkLife Real Estate . . . . . . . . . . . . . . . . . (619)435-9100 Parkdale Apartments | Norco Mgmt. Corp.(760)737-9017 Pasas Properties, Inc. (619)607-7560 Paul Langley Company (415)431-9104 People Helping Others Prop. Mgmt. (619)282-5400 Pierside North | Greystar (949)202-3991 Pierside South | Greystar . . . . . . . . . . . . . (760)433-3500 Premier Real Estate Management, Inc. (619)632-6852 Professional Real Estate Management (619)297-7736 Providence Real Estate Management Corporation(760)525-8705 R R & V Management (619)285-5500 R. A. Snyder Properties, Inc. (619)297-0274 REC Properties| Peasquitos Point Apts. (858)484-5047 RG Investment Real Estate Services Inc.(858)268-5004 Real Property Management........... (760)434-1791 Rehmann Realty Group (619)440-5669 River Oaks |Waterton Residential (760)721-8585 Rohn Properties Management (619)990-7433 Rolling Hills Gardens | Greystar (619)482-7583 S SD Rent Pros (619)884-0906 San Terra Properties (858)832-7800 Sardo Properties (619)405-9418 Scott Management Company . . . . . . . . (310)370-2696 ScottWay Capital (619)209-3544 Sea West Property Management (760)787-6035 Skyline Management Group, Inc (310)246-4750x818 South Bay Community Services (619)420-3620 Southwest Equity Partners (760)419-5300 Stafford Property Group (619)957-7326 Summit Realty and Management (619)423-3023 Sun An Sea Property Mgmt. (619)298-4160 SunRidge Properties, Inc. . . . . . . . . . . . . (858)578-3600 Sunrise Management Company AMO (858)751-1768 T Team Bourda Incorporated (619)851-3784 Thatcher Properties, Inc. (619)286-4250 The Dylan | Afton Properties (760)439-2752 The Helm Management (619)589-6222 The Legacy Real Estate Company (619)980-7467 The Phillips Group- Property TrilarTorreyTheThe...................................Management(619)407-8729PremiereResidential,LLC........(858)455-7711ReyApartments|BerkshireCommunities(408)614-5587PinesPropertyManagement(858)454-4200ManagementGroup(760)929-4940 U UDR, Inc. (720)283-6120 Urban Coast Properties, Inc. (619)797-6733 V Valentina by Alta (619)391-2700 Valor Property Management (619)771-2600 VandenBerghe Properties (925)819-1009 W Whispering Oaks Apartments | Greystar (760)471-1262 Willin Properties ..................... (619)298-0500 Winn Residential . . . . . . . . . . . . . . . . . . . . (559)435-3434 Z Zimmerman Property Management (619)546-5361
| Southern California Rental Housing Association Rental Advisor April 2022 april2022.indd 24 financialadvisors builder.workingtwo-Las be computers.Temecula.corridorareavouchersoftheoutdoorThe financial was not Phone(858 www Securities of fered throughC oncorde Invest SECRegisteredInvestment Advisor.Financ not legal or ta xadvice. Thereare material ri risks, potential adverset ax consequences, Aubrey Morrow CERTIFIED FINANCIAL PL ANNER™ Practitioner Market Values at AL LT IMEHIG H FinancialDesigns, Ltd. 5075 Shoreham Place, Suite200 SanDiego,C A9 2122 OwnA ppr eciatedInvestme nt Re al Es tate? Selling AppreciatedInvestmentProperties? BigTaxes on Profits! Consider 10 31 ExchangeOptions Case Study Online Webinar sS at ur days @10amand on -demand Seew ww.Ren talO wner Work shop.c om
forward-thinking. Now, Gen Z is not as concerned with recreation or downtime at the office, rather a financial investment in their future. However, stock options and a standard 401(k) won’t cut it when they are actually searching for “student loan assistance, tuition reimbursement, and maternity and paternity benefits.”
60 AUGUST 2022 Low cost financing for Multi-Family1 Apartment properties. Refinance today, beat inflation and higher rates tomorrow! 13 or more units to an LLC, Corp, or Partnership – 5 or more units to individuals and other entities. Loans subject to borrower and property qualifications. Brokered originations are not eligible. Other restrictions may apply. All rates, fees, terms and programs are subject to change without notice except as required by law. ©2022 Provident Bank. NMLS #449980. All rights reserved. Member FDIC. REV0122 | 855-217-3541 Since 1956 HOMEGROWN & LOCAL JERRY FURLONG NMLS #1951320 Vice President, Commercial Loan Officer (949) 940-5950 | JFurlong@myprovident.com
This generation values a work-life balance and is highly optimistic for the future, so these types of benefits will not only attract but also encourage them to stay and take advantage of these opportunities. They Want to See Diversity and Inclusion This highly educated, highly diverse generation is craving a passion and dedication to diversity and inclusion from their employers. As a result, “86% of Gen Z job seekers cite a company’s commitment to diversity as important factor in deciding whether or not to accept an Here it is very important for company to talk the talk and the walk. Diversity and inclusion cannot just be a phrase in your company’s mission statement a committee that meets once quarter. This dedication needs to be seen in initiatives like asking one’s pronoun preference, adequate accommodations those who are differently-abled, policies to ensure fair and equal pay, etc. They Want an Offer, and Want it NOW Standard HR procedures make it difficult to establish a hiring committee and follow the correct protocol when extending an Gen Z wants no part of that.
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 61 1031 EXCHANGE SERVICES, & TRUST SERVICES Blueprint Equity (310)383-6597 ADVERTISING & MARKETING Rent Dynamics (435)669-4628 Zumper (760)264-6429 Financial Designs, Ltd. (858)597-1980 Innovative Building Materials (813)997-3152 Apartments.com 888.658.7368 APARTMENT BROKERAGE/SALES Doug Taber CCIM - Rental Housing Broker(619)483-1031 APPLIANCE PARTS & REPAIR Appliance Parts Company (480)755-5540 APPLIANCE SALES R & B Wholesale Distributors, Inc. (909)230-5400 ASPHALT & ASPHALT MAINTENANCE AMS Paving, Inc. (858)880-6133 ATTORNEYS-AT-LAW Buchalter, A Professional Corporation (619)929-5448 Heinz & Feinberg (619)238-5454 Kimball, Tirey & St. John LLP (619)234-1690 Todd A. Brisco & Associates, APC ..... (714)634-2814 Ted Smith Law (619)610-9332 BACKFLOW TESTING Pacific Backflow Company, Inc. ....... (760)639-4000 San Diego Backflow Testing, Inc. (619)916-8054 BANKS / FINANCIAL SERVICES; / ENDERS Chase Commercial Term Lending . . . . . (619)464-1597 BATHROOM REFINISHING Pacific Bathtub Refinishers Inc. (619)772-2535 TASORO ........................... (330)429-1389 Citiwide Restoration (858)231-2801 BATHROOM REMODELING & REFINISHING American Bathtub Refinishers......... (619)265-8126 BROKERAGE Doug Taber CCIM - Rental Housing ...................................Broker(619)483-1031 CABINET AND COUNTERTOPS Designer Quartz (702)325-1580 TASORO ........................... (330)429-1389 Dixieline (619)358-8188 CABLE TELEVISION Cox ............................... (949)563-8176 CARPET CLEANING Cleanology Housekeeping Personnel Service(619)281-2532 CARPET SALES & FLOORING America’s Finest Carpet Company 800.888.1568 J & C Carpet Company . . . . . . . . . . . . . . . 619.498.1424 Sid’s Carpet Barn, Inc. 619.477.7000 KJ Carpet Wholesale (909)455-0180 CLEANING & JANITORIAL SERVICES Cleanology Housekeeping Personnel Service(619)281-2532 DAPA Janitorial Services Inc. “Customized Cleaning Soultions” (619)221-9292 Pacific Coast Cleaning, Inc. 858.565.1603 Professional Maintenance Systems, Inc. (619)549-1821 Sea Crest Services, Inc. (877)536-2777 SD Construction Cleaning & Janitorial LLC(619)534-1189 COIN-OPERATED LAUNDRY EQUIPMENT All Valley Washer Service 800.247.1100 WASH Multifamily Laundry Systems (800)421-6897 Washtek, Inc. 760.735.2495 COLLECTIONS / EVICTIONS Kimball, Tirey & St. John LLP (6190234-1690 CONSTRUCTION & REMODELING Dexcore Restoration (619)993-3417 TASORO (330)429-1389 Matrix Construction Services (951)493-0100 Fast Affordable Restorations 858.449.7294 McMillin Contracting Services.......... 619.401.7000 Larry O’Dell Construction 619.501.5252 Workright Property Services Inc (858)751-6312 General Coatings Corporation . . . . . . . . (858)587-1277 Southern Cross Property Consultants (858)945-2629 Parra Building Consultants, Inc. (619)540-2000 COURTESY PATROL Signal 88 Security of San Diego (619)363-7233 City Wide Protection Services, Inc (619)929-2628 DECK COATING Life Deck Coating Installations (619)262-8600 General Coatings Corporation (858)587-1277 DRAWERS & DRAWER PULLS TASORO (330)429-1389 EDUCATION Grace Hill, Inc. . . . . . . . . . . . . . . . . . . . . . . (404)895-9570 ELECTRICAL CONTRACTORS Kennedy Electric 619.582.6568 EMERGENCY SERVICE FLOOD/ FIRE CommercialRestoration Company (858)922-3218 J & M Keystone Restoration & Emergency Service ................................... (619)466-9876 BELFOR Property Restoration (858)847-9886 ATI Restoration, LLC (619)318-2807 EMPLOYMENT AGENCY The Liberty Group (951)744-0057 The Phoenix Staffing Company 855.222.4136 ENERGY EFFICIENCY CONSULTING ICF (503)816-6002 ENVIRONMENTAL: ASBESTOS/ LEAD/ MOLD Alliance Environmental Group, Inc. (626)633-3500 Superior Abatement Services, Inc. (619)458-1763 EXTERMINATORS & PEST CONTROL Lloyd Pest Control (619)668-1958 FINANCIAL SERVICES MyPoint Credit Union (858)268-7203 FIRE EQUIPMENT SALES & SERVICE Symons Fire Protection . . . . . . . . . . . . . . (619)588-6364 Bay Alarm Company (858)205-7223 A-Tech Systems (909)444-9695 Standard Electronics................. (619)596-9950 CVA Security (619)726-8200 Time and Alarm Systems (858)245-1188 FITNESS EQUIPMENT & SALES Advanced Exercise (303)996-0048 Opti-Fit (619)822-7370 FLOOR COVERINGS TASORO (330)429-1389 Redi Carpet Sales of California , LLC (858)576-8400 Star Flooring & Remodeling (619)282-4000 FURNITURE RENTALS Cort Furniture Rental (858)549-0800 GENERAL CONTRACTORS BluSky Restoration Contractors, LLC (858)336-9695 Camp Construction Services (713)413-2267 FSI Construction (713)690-5330 M. C. Contracting Service (619)282-3083 HEATING & AIR CONDITIONING Sam’s Heating and Air Conditioning, Inc. 619.697.9824 INSURANCE Farmers Insurance McWhirter Agency (619)463-7320 Snapp & Associates Insurance Services, Inc. ................................... (619)254-9478 LeaseLock (310)906-2910 State Farm Insurance Kathy Jurgensen (951)225-4940 INTERIOR FINISHES TASORO (330)429-1389 INTERNET ADVERTISING SERVICE Apartments.com . . . . . . . . . . . . . . . . . . . . . 888.658.7368 RAPIDSOFT SOLUTIONS (619)752-4929 Cox (949)563-8176 Dish Fiber .......................... (951)201-3544 Quantum Fiber 360.931.9864 LANDSCAPE MAINTENANCE & SERVICE MSE Landscape Professionals, Inc..... (442)257-4229 New Way Landscape and Tree Service (858)505-8300 Pacific Green Landscape, Inc. (619)390-9962 LEAK DETECTION;SEWER & DRAIN LINE VIDEO Cable, Pipe & Leak Detection, Inc. 619.873.1530 LENDERS Luther Burbank Savings.............. (858)436-1819 LIGHTING TASORO (330)429-1389 MAINTENANCE & REPAIR PCC Trip Hazard Removal 760.658.6116 A & PM, Inc. (858)722-5953 Pacific InterWest Building Consultants (925)939-5500 MAINTENANCE SUPPLY HD Supply (858)226-9671 MARKET RESEARCH ALN Apartment Data (800)643-6416x218
62 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7 MARKETING & ADVERTISING RentPath (858)220-8521 SOCi, Inc. (858)225-4110 PAINT MANUFACTURERS & SUPPLIES Behr Paint (619)772-2170 Dunn-Edwards Corporation (619)884-3866 PAINTING General Coatings Corporation (858)587-1277 Pro-Tech Painting Company ........... 858.527.0200 PARKING MANAGEMENT SOFTWARE Reliant Parking Solutions (888)977-6848 PAVING MAINTENANCE Eagle Paving (858)486-6400 AMS Paving, Inc..................... (858)880-6133 PEST CONTROL Kilter Termite and Pest Control (714)348-0488 ATCO Pest Control (760)418-4573 PROPERTY MANAGEMENT Wakeland Housing & Development .... (619)326-6213 Rowland Realty (619)223-1621 PROPERTY MANAGEMENT PERSONNEL BG Multifamily (619)785-3164 Link Staffing Services (858)874-3334 InterSolutions ....................... (858)381-4378 PROPERTY MANAGEMENT SOFTWARE Domuso (469)286-9619 SafeRent Solutions (419)367-7615 AppFolio (805)308-6274 Yardi Systems . . . . . . . . . . . . . . . . . . . . . . (805)699-2040 HappyCo (510)239-1868 RATIO UTILITY BILLING SYSTEMS & SUBMETERING / BILLING SERVICES & WATER CONSERVATION Livable (877)789-6027 REAL ESTATE ACI Apartments Office (619)725-3624 Voit Real Estate Services (858)458-3337 Lee & Associates Commercial RE (760)929-7846 RENOVATIONS & REMODELING TASORO (330)429-1389 REPUTATION MANAGEMENT SatisFacts Research (866)655-1490 RESIDENT RETENTION SatisFacts Research (866)655-1490 ShipIT dba ShipMagic (209)576-5013 RESIDENT SURVEYS SatisFacts Research (866)655-1490 ROOFING AMS Construction (949)388-0289 Commercial & Industrial Roofing (619)465-3737 DILS Roofing & Exteriors (760)727-6000 Sully-Jones Roofing (800)611-3110 A-1 All American Roofing Company ... (858)539-9113 Guardian Roofs (714)633-3619 SECURITY GUARD PATROL Security First (619)243-3992 Securitas Mobile Guarding ........... (619)214-4919 SECURITY SERVICES California Safety Agency . . . . . . . . . . . . . . 866.996.6990 JDS Security (619)781-8694 Bald Eagle Security Services, Inc. . . . . . (619)230-0022 Stealth Monitoring (214)341-0123 Signal 88 Security of Oceanside - Escondido(877)779-7980 SEISMIC RETROFIT Optimum Seismic (818)625-2908 SMART TECHNOLOGY ADT Smart Communities (562)712-7504 Company Ivy Energy (858)682-3489 Hotwire Communications (954)809-9577 SUBMETERING / BILLING SERVICES Conservice Utility Billing & Mgmt (602)481-7440 TELEPHONE SERVICES Cox ............................... (949)563-8176 TENANT SCREENING KCB Screening LLC ................. (714)384-7047 TOWING SERVICES Western Towing ..................... (619)997-0904 TRAUMA SCENE CLEAN UP BIO-ONE of Poway.................. (858)261-4527 TREE SERVICES Four Seasons Tree Care.............. (760)705-7751 WASTE MANAGEMENT WasteXperts, Inc ..................... 858.677.0881 WATER DAMAGE RESTORATION Generation Contracting & Emergency Services,(858)679-9928Inc. WATER DAMAGE RESTORATION Restoration Management Company (858)935-1170 SERVPRO of Sorrento Valley.......... (575)420-3885 Hometown Restoration (858)663-8330 WATERPROOFING General Coatings Corporation (858)587-1277 WINDOWS Milgard Manufacturing - Temecula (951)334-1584 Newman Windows and Doors (760)438-8080 SECURE RENTAL FORMS Worried about signing rental documents when you can't meet in person? SCRHA has several ways to electronically share and sign our forms. BlueInk This gives you access to SCRHA forms in a digital format with electronic signature capabilities. CIC information about your applicant, while keeping you compliant with all legal requirements. socalrha.org Dreamstime.com|PanyoSunan©
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 63 April 2022 socalrha.org | 25
64 AUGUST 2022 - APARTMENT MANAGEMENT MAGAZINE AMM7 1031 EXCHANGES 1031 Capital Solutions.........................34 Kay Properties & Investments 44 AIR-CONDITIONING AA Feders 46 Aztec Appliance 67 Genie Air Conditioning.........................50 APARTMENT ASSOCIATIONS Southern California Rental Housing Association 4 APPLIANCE SALES AA Feders 46 Aztec Appliance 67 ASPHALT MGB Construction 12 BACKGROUND SCREENING ApplyConnect 63 BATHROOM REMODELING / REGLAZING American Bathtub Refinishers 17 CABINETS AA Feders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46 COIN-OP LAUNDRY SALES Aztec Appliance 67 WASH Laundry...............................49 COLLECTIONS Dennis P. Block & Associates 11 COMMERCIAL LENDING Luther Burbank Savings 20 Provident Bank ...............................60 Red Tower Capital 49 CREDITCOUNTERTOPSCHECKS ApplyConnect 63 DECKING & STAIRS / MAGNESITE / WATERPROOFING Life Deck. 60 EARTHQUAKE RETROFITTING & ENGINEERING ADU1. 13 ELECTRICAL SERVICES Kennedy Electric. 15 ENERGY SAVING / REBATES Livable 20 ENGINEERING ADU1. 13 FINANCIAL / ESTATE PLANNING Financial Designs, Ltd. 60 Red Tower Capital 49 HEATING Aztec Appliance 67 Genie Air Conditioning 50 INSURANCE Newfront Insurance 66 INTERNET SERVICE PROVIDER Lumen Quantum Fiber 23 KITCHEN REMODELING AA Feders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46 LEAK DETECTION Cable, Pipe & Leak Detection, Inc 12 LEGAL & EVICTION SERVICES Dennis P. Block & Associates ...................11 PEST / TERMITE CONTROL XTermite 2 PROPERTY MANAGEMENT Griswold Real Estate Management 43 LRS Property Management . . . . . . . . . . . . . . . . . . . .52 PROPERTY MANAGEMENT SOFTWARE YardiBreeze 30 RATIO UTILITY BILLING Livable 20 RENT COLLECTION / PAYMENT PROCESSING PayRent. 44 SEISMIC RETROFIT / SOFT STORY ADU1........................................13 TOWING / PARKING CONTROL / SIGNAGE Western Towing. 23 TENANT SCREENING ApplyConnect 63 TOILETS/SINKS/FAUCETS AA Feders 46 UTILITIES REBATES Livable ......................................20 WATER HEATERS/BOILERS AA Feders 46 Aztec Appliance 67 WINDOWS & DOORS SIVAN Windows & Doors ......................65 Apartment Management Magazine cannot guarantee or be responsible for the products or services offered by advertisers in this publication - AMM 7-1
SOUTHERN CALIFORNIA RENTAL HOUSING ASSOCIATION - SCHRA.ORG 65 PRICE Purchase direct from wholesaler. No pushy sales people. We help you choose the perfect window or door plan to fit your needs. YOUR TRUSTED SOURCE FOR 99 per month* 6 WINDOWS + 1 PATIO DOOR $ WHOLE HOUSE NEW! TRINSIC™ SERIES | V300 ALL BLACK VINYL! *Any finance terms advertised are estimates only with an interest rate of 2 99% for 60 months on approved credit through a third party lender This offer not valid with any other offer and cannot be combined Some restrictions may apply on window and door sizes Discount applied by representative at the time of contract execution Expires END OF MONTH SPECIAL CALL NOW FOR A FREE ESTIMATE! SivanWindowsandDoors.com 888.383.6798 LIC # 1000582 REPLACEMENT WINDOWS & DOORS EXTERIOR & PATIO DOORS • FRENCH SLIDING DOORS INSTALLATION RETRO-FIT WINDOWS FIBERGLASS, VINYL, CUSTOM WINDOWS AND MORE. ISUMMER SHERE! 9596 Chesapeake Drive Suite B. San Diego, CA 92123 VISIT OUR SHOWROOM
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aztecappliance Sat 10am-4pm Huge Clearance Center Largest Selection in San Diego Famous quality and value since 1974 Professional Delivery, Installation, & Haul Away Property Management & Commercial Accounts Welcome 100’S OF MODELS AND BRANDS TO CHOOSE FROM! WeWelcomeResidentialandCommercialClients. ServingSanDiegosince1974! CHECK OUT THE OPEN BOXES, DISPLAY MODELS, AND DISCONTINUED ITEMS FOR FAMOUS SAVINGS! Famous for Customer Value since 1974! Trusted for “On Time” service for 37 Years! Providing the Multi-Unit Housing community with value and service Experienced Associates to assist you with: Brand name products, sales, selection, and service The Right Product, for the Right Application to Rent that empty unit, or complete your home’s remodel! Most items available for same- day will call, or order by noon-have it delivered the next day! LAUNDRY ROOM, REFRIGERATORS & FREEZERS, MATTRESS SETS, COIN-OPERATED WASHERS, DRYERS, DISHWASHERS, DISPOSERS, TRASH COMPACTORS, RANGES, OVENS, COOKTOPS, VENTILATION, OUTDOOR APPLIANCES, WATER HEATERS & ACCESSORIES FORFAMOUSVALUE 4070 Kearny Mesa Road, San Diego, CA 92111 Phone: (619) 236-0616 (ask for Joan) E-Mail:Joan@aztecappliance.com Mon.-Fri. 8:30am-5:30pmSat.10am-4pm
Investment Highlights
This offering is a Regulation D, Rule 506c offering This material does not constitute an offer to sell nor a solicitation of an offer to buy any security Such offers can be made only by the confiden tial Private Placement Memorandum (the “Memorandum”) Please read the entire Memorandum paying special attention to the risk section prior investing This material is not intended as tax or legal advice There are material risks associated with investing in real estate, Limited Liability Com pany owned (LLC) properties, LLC interests, promissory notes, and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks the risk of new supply coming to market and softening rental rates general risks of owning/operating commercial and net leased properties short term leases associated with net leased properties after the primary lease term has decreased financing risks potential adverse tax consequences, general economic risks including the effects of pandemics and civil unrest, devel opment risks and long hold periods There is a risk of loss of the entire investment principal Past performance is not a guarantee of future results Potential cash flow, potential returns, potential tax benefits and potential appreciation are not guaranteed For an investor to qualify for any type of investment, there are both financial requirements and suitability requirements that must match specific objectives, goals and risk tolerances. Securities offered through FNEX Capital, member FINRA, SIPC. Cove Capital Investments, LLC and FNEX Capital are separate
Real Estate Investment Opportunity
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entities. LEARN Distribution9.25%coveaptmgtmag.comMORE!1.866.558.4272AnnualizedPotential* with monthly payments via ACH* *The Debentures will bear non-compounded interest at the annual rate of 9.25% per annum (365-day year basis) on the outstanding principal, payable monthly on between the twentieth and twenty fifth day of the following month. An investment in the Debentures will begin accruing interest upon acceptance and closing of the Investor’s Subscription Agreement. There is a risk Investors may not receive distributions, along with a risk of loss of principal invested. FOR INVESTORS SEEKING: ✔ 9.25% Annualized Distribution Potential* ✔ Monthly Payments via ACH* ✔ Minimum Investment $50,000 ✔ Projected Hold Period: 4 Years with a limited liquidity feature ✔ Available for IRAs and 401ks ✔ Accredited investors only ✔ MONTHLYPOTENTIALINCOME ✔ ALTERNATIVE TO INCREDIBLY LOW RETURNS AT THE BANK ✔ ALTERNATIVE TO STOCK MARKET VOLATILITY Scan for more info!
