Circling back - our weekly update

Savvy owners and real estate professionals are always in the know.

Landlords and their advocates are preparing for an epic battle after the sharp-elbowed president of the AIDS Healthcare Foundation threatens to upend the rental housing industry with yet another attempt to repeal Costa Hawkins. Yet our industry partners are getting creative.

With the Protect Patients Now Act, Michael Weinstein gets a taste of his own medicine.

A ballot initiative would prohibit the sprawling international nonprofit from spending vast amounts of taxpayer money to advance radical rent control measures and make it clear that these funds must go where they are intended - to direct patient care.

Lawmakers can't seem to stop meddling with security deposit accounting and while they are at it, take aim at tenant screening fees

One thing we've learned about tenants' advocates is that they are a resilient bunch and given an inch, they will take a mile. After the ink barely dried on a new state law limiting security deposits, there are calls to further tweak security deposit rules.

More concerning to us is the effort to require housing providers to foot the entire bill to vet prospective tenants vying for a rental unit.

Right-sizing asking rents is an art form. Make the right economic decisions based on data and realistic expectations on what will get rental units cash flowing.

With a glut of vacancies, there is pressure to reduce rents, but amid skyrocketing costs of operating a rental business, there is also pressure to get the highest rent amounts.

Given the tension between these two competing forces, what's to give?

Accounting is one of the hallmarks of excellent property management and the Achilles heel for many owners who are using archaic bookkeeping.

We stress the importance of knowing your numbers and bringing your accounting system into the 21st century. If you are using primitive bookkeeping, we can have a dialogue on how to exert more control over your financials and get a bird's eye view of the economic health of your rental business.

A heartfelt thanks to our valued clients, colleagues, and referral partners as we embark on the goal of optimizing cash flow in rental properties, cauterizing risk, and making smart business decisions in a complicated regulatory regime that is not all that friendly to housing providers.

With the addition of some stellar team members, we are firing on all cylinders in resolving landlord-tenant disputes.

Seeing past the horizon of the tension in a rental relationship, our goal is always to resolve matters as quickly and inexpensively as possible, taking into account time, risk, and attorneys' fees.

While we enjoy updating our community through weekly email broadcasts, please follow us on social media to get even more happenings and insights germane to landlords and real estate practitioners.

As a reminder, I'm always accessible via email at daniel@bornstein.law.

Onward,

Sharing is caring.

Share This Email