Investment Property Update, Issue 908.04

Q: I just took over management of a rental unit that is rented to three individuals. One

of the three renters just informed me that one of the three roommates will be leaving at the end of this month. The remaining two renters plan to get a new roommate before month end and they want to leave the security deposit in place. Don’t I need to return the security deposit since it is my understanding that all three roommates on the lease have equal right to the security deposit? How should I han-dle this?

A: This is a common occurrence for rental property own-ers, where roommates are involved. The security deposit should run with the unit. The security deposit is returned 21 days after the owner has been given possession of the rental unit. In this situation, you can simplify matters by using a Re-lease and Assignment of Security Deposit form. Thus, when one tenant indicates that he is vacating the rental unit, you have him formally release his interest in the security deposit and legally assign it to the incoming tenant. Thus the outgo-ing and incoming tenants must handle any fi nancial arrange-ments between themselves. You should also make sure that your lease or rental agreement always accurately indicates the current occupants. The use of a Release and Assignment of Security Deposit form simplifi es this problematic situation and minimizes the owner’s chance of getting entangled in a roommate dispute over each individual tenant’s legal claims to the security deposit.

Q: We are interested in listing and putting our rental home on the market. Although our tenants have paid their rent on time, they have not properly maintained the exterior of the property. We want to inspect the interior of our rental home and be sure that it is in good condition. If interior repairs are necessary, we want to complete the repairs prior to showing the home to prospective buyers. Do we have the legal right to enter the rental property and to inspect the

home? If so, what is the proper way to go about it? A: California Tenant-Landlord law allows for the entry by the landlord into the rental home for various reasons. These in-clude making necessary repairs, showing the property to pro-spective buyers, new renters, maintenance/repair persons and bankers -- or in the case of an emergency. The one reason for entering the house specifi cally not mentioned in the law is entering the rental property to make an inspection. Therefore giving a notice of entry to conduct an inspection may be im-proper and an invasion of the privacy rights of the tenant.

“...when one tenant indicates that he is vacating the rental unit, you have him for-mally release his interest in the security de-posit and legally assign it to the incoming tenant.”

One simple suggestion is to discuss your plans with the tenant and seek to arrive at some mutually benefi cial arrange-ment. Hiding the fact of trying to sell the house may create problems in the future. Explain to your tenant that it may take quite a while to complete the repairs and to sell the house. Also inform your tenant that he will enjoy the benefi ts of a fi xed-up home until it is sold. You can offer an incentive for their cooperation. For ex-ample, a nominal rent discount can pay for itself many times over if the tenant cooperates with showing the property while it is on the market and after a favorable sale is made.

Candy Livesey is the Manager for the Century 21 Prop-erty Management division. Candy’s offi ce is located in the city of Whittier. If you would like more information about property management, you can call Candy toll free at 800-651-2177, or visit online at www.C21PM.com.

Some of my clients are reporting more vacancies and challenges fi lling up units. It might be the economy or a combination of tenants moving in with relatives and

immigrants moving back to their countries. For whatever reason, this might be a good time to take a look at your rents and see how they compare with your neigh-bors’. Recently, during my drive into work, I came across this sight on Scott Avenue in Whittier. The location is south of Whittier Blvd. I was surprised to see a “for rent” sign on every single apartment lawn on the street. The signs reminded me of the tough time in the 90s when

landlords were giving away free months’ rent as well as mi-crowave ovens and were loosening credit requirements and security deposits to get the units fi lled. Whether or not we are going down that road remains to be seen. I would be interested to hear your comments on what you are seeing in the market. Check out my new website by going to www.josephapartments.com and clicking on “Jims Blog” in the upper right-hand corner. Or you can go directly to www.jjipu.blogspot.com. There you will fi nd dozens of news sites pertaining to real estate from all over the country. This really is your one-stop source to keep you posted on the business

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Cover Stories 1Property Management 1 Guest Article 2Taxes 4Maintenance 5Local Listings 6Out of State Listings 6IPU Online 6Buying & Selling 7Finances 8Directory 11

Two Tax BombsPage 4

Is This the Future?BY JAMES JOSEPHOwner of Century 21 Ambassador and Coldwell Banker AmbassadorCentury 21 Liaison to Japan

IN THIS ISSUE

continued on page 2

Carlos M. Godoy relaxing with his IPU at the White Sands Balloon Festival in New Mexico. Thanks for tak-ing us along Carlos!

Take a photo with the IPU on your next trip, and either mail or e-mail us a copy. Email your photo with “Traveling with the IPU” in the subject line to: [email protected]. Or you can mail a copy to Century 21 Ambassador, Attn. Michael, 15201 Leffi ngwell Rd., Whittier, CA 90604. We can not return your photo, so please send a copy.

TRAVELING with the IPUFREEStarbucks CoffeeSend us your travel photo, and if we use it, we’ll send you a$5 Starbucks CoffeeGift Certifi cate!

THE ONE SOURCE FOR ALL OF YOUR INVESTMENT PROPERTY NEEDS ISSUE# 908.04

INVESTMENT PROPERTY UPDATE

Questions: Security Deposits and Property InspectionsBY CANDY LIVESEYCentury 21 Ambassador Property Management Manager

ONLINE INFO

Visit Jim’s Blog for up to theminute real estate information at

www.jjipu.blogspot.com

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InvestmentProperty Update

Issue# 908.04

2 InvestmentProperty Update

Contact James Joseph today for your investment property needs. Phone: 562.236.0088 Email: [email protected]



There is nothing like a good mystery to capture one’s attention. For some, the

mysterious ways in which legislation is crafted—the ebb and fl ow of ideas accepted or rejected—is a real attention-getter. From humble beginnings, through the crucible of scrutiny (or not), to enactment or demise—the journey is full of suspense, plots, subplots, and characters good and bad, liked or not. Almost any legislative action produces a common list of “usual suspects” linked to support or op-position. Who’s the sponsor? Where did that amendment come from? Why not try this another way? With more than 1,000 registered lobbyists in Sacramento represent-ing a like number or more of public and private interests, along with an uncounted army of public “staff analysts” watching the scene, the number of possible culprits would dazzle the most ardent mystery fan. Critics who chide the Legislature for being ponderous and slow to act on several issues fail to acknowledge the fl ip side of deliberative con-sideration; today’s version of public hearings often entails limited public input on rapidly changing substance with little or no notice. For better or otherwise, it is what it is. In no particular order of interest, here is a look at the most recent version of a number of Senate bills pending action in Sacramento.

Senate Bill 120 would provide certain tenant protec-tions in foreclosed properties. It contains multiple changes and clarifi cations in landlord-tenant law, specifi cally relat-ed to tenant payment of utility charges and the responsi-bilities of successors in interest for appropriate disposition of security deposits. The measure is a reintroduction of a bill on the same subject from last year (Assembly Bill 2586, vetoed by the Governor). The bill was approved by the Senate and is pending committee assignment in the Assembly.

Senate Bill 183 now has some meat on the skeleton. It would require installation of carbon monoxide detec-

tion devices in all residential housing having a fossil fuel burning heater or appliance, etc. Details in the bill follow closely those specifi ed in last year’s bill (Senate Bill 1386, vetoed by the Governor), but there are some differences. First, the bill deals only with existing properties, requiring installation in single family homes by January 1, 2011, and in multifamily properties by January 1, 2012. New con-struction is left to be covered by the Building Standards Commission and the usual regulatory process for adoption of building standards. This dual approach may or may not meet one of the Governor’s stated reasons for disapproval of last year’s bill: Building standards should not be statutory. The Build-ing Standards Commission BSC) was created to ensure an open public adoption process allowing experts to devel-op standards and periodic updates to the building codes. Placing building standards in statute rather than regulation circumvents the existing state regulatory adoption process and excludes the input of safety and construction experts. Smoke detectors in homes were approved by the BSC after a process of review of the safety, need, and reliability of the product. This process should be utilized for carbon monoxide devices. The bill also references specifi ed national standards and approval by the State Fire Marshal, and directs place-

ment “in accordance with the manufacturer’s instructions.” This statutory mandate might confl ict with another of the Governor’s earlier concerns. Additionally, product reliability is an issue that has also affected attempts to require carbon monoxide devices through national building codes. The International Code Council, which writes a national model building code, re-cently rejected two proposals to require the installation of carbon monoxide devices in new residential dwellings, cit-ing the lack of clear direction for placement of the devices and the propensity for false alarm indications. A recent test study indicated that alarm technology is not adequate-ly reliable, resulting in false alarms or no alarm at all. Though approved by two different policy committees in the Senate, the bill has a long way to go before reaching the Governor’s desk this year. Its fate is not at all certain.

Senate Bill 290 would repeal the sunset date govern-ing 60-day termination notices in longer term tenancies, making the longer notice period permanent. The bill has passed the Senate and is awaiting committee assignment in the Assembly.

Senate Bill 242 would make it a violation of the Un-

Phone: 562.236.0090Email: [email protected]

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Is This the Future?continued from cover

of investment property. Please click on the text at the top right-hand side of the screen that says “Click here to receive email updates from the Investment Property Update.” Follow the instructions that pop up in order to get updates directly e-mailed to you. The income property market has fared much better than the single family real estate market or the commer-cial market. If, on the other hand, rents start to decline, that might be a different story. Unlike single family homes, lenders never did loans with less than 25% down and as a result there is not a dearth of income proper-ties in foreclosure like single family homes. Since rents held their own or went up, that gave apartment owners strong reason to keep their properties and brag about the soundness of their investments as compared to stocks, 2% savings accounts, and Bernie Madoff’s portfolio. If rents slip and vacancies rise, the challenge might increase. We will see. If, in the meantime, you want to fi nd a buyer for your apartment building and want to get out of the business and take it easy, call, click, or visit me and let me fi nd a buyer for your apartment building. I can fi nd a buyer for your property in the least amount of time for the most money. In the meantime, go online and tell me your va-cancy or rental story. Are we holding rents up or are they slipping?

James Joseph is a 28-year veteran of the real estate industry and specializes in apartment buildings. He has sold over 2,300 units in his career. The range of cities he covers reaches as far south as Costa Mesa, as far north as Pasadena, and as far east as Ontario. He is recognized for his mass marketing to over 18,000 apartment owners on a monthly basis. Through the monthly newspaper, the Invest-ment Property Update, he is able to market all of his listings to over 18,000 potential buyers. He is well trained and edu-

cated in his market and highly recommended by past clients. He has maintained a successful career in listing and selling apartment buildings while juggling offi ce ownership, na-tional speaking, and foreign real estate consulting. Mr. Joseph is the owner of Century 21 Ambassador (formerly Grisham-Joseph) at 15201 Leffi ngwell Road in Whittier and Coldwell Banker Ambassador at 16201 E. Whittier Boulevard in Whittier. The offi ce is a fourteen-time consecutive winner of the coveted Centurion award and now the Double Centurion award for sales excellence. With over 140 agents in two offi ces, he developed and oversees the Commercial Investment Division. He can be reached at (800) 874-0715 or online at www.josephapartments.com.

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Issue# 908.04

3Investment

Property UpdateInvestment

Property Update



Issue# 908.04





Luke 12:24 “Consider the ravens, for they neither sow nor reap; they have no storeroom nor barn, and yet God feeds them; how much more valuable you are than the birds!”

Risk always plays an important and pivotal role when one is considering the purchase

of investment property or its sale. And the risks are plen-tiful. There is market risk, credit risk, inflation risk and, as we have recently experienced, the risk of an economic downturn in the market. These and other threats impact a person’s decision to buy that acreage, apartment building, or other investment property. Risk also exists when selling appreciated property and the greatest of these risks are the taxes that are triggered when the property is sold. “Sure, capital gains taxes,” you may be thinking. But other unexpected taxes can also sur-face that you need to be aware of and solving these tax situations can usually only be accomplished if you plan before you list and sell. It also depends upon the types of property you plan to market. For instance, did you know that the depreciation you have enjoyed over the years for tax benefit comes roaring back on you as a taxable “gain” and is taxed when you sell your property? “But I’m not subject to recapture,” you may think. “I took the depreciation on a straight-line ba-sis.” You will discover that the IRS has a different opinion and will expect you to pay a tax equal to 25% of the depre-ciation you have taken. This is in addition to the amount California will expect to be paid based upon your income tax bracket. If, for example, you have taken $300,000 in deprecia-tion benefit over the years on your apartment or commer-cial building, you would owe up to 34.3%, or $102,900 for the year of sale--in addition to the capital gain taxes due on your profit. What if you never depreciated the property? Other than land which is non-depreciable, it doesn’t mat-ter. The IRS will assume that you should have taken the depreciation and will still tax you as if you had!

Another Tax Problem Lurks About “Mortgage in excess of basis” is another potential tax problem which has been known to trigger devastating re-

sults for unsuspecting property owners. Entire equity val-ues have been completely wiped out at sale forcing the sellers to dissipate personal savings to pay all of the taxes that were due. If you have an investment with a depre-ciable basis, such as an apartment building, the IRS allows you to depreciate that structure over 27.5 years or 39 years if it is commercial. For accounting purposes, you gain tax benefit each year because it is assumed that the building will deteriorate to the point that it becomes worthless at the end of this time period.

“If you have an investment with a depreciable basis, such as an apartment building, the IRS allows you to depreci-ate that structure over 27.5 years or 39 years if it is commercial.”

If you have reduced the adjusted basis to a value be-low the existing mortgage, you will have a mortgage in ex-cess of basis tax problem. When this happens the amount over and above your basis is taxable even though you did not receive any money. This is sometimes referred to as “phantom income” and is taxed federally at a greater tax rate than the 15% capital gains tax. California, again, would charge you based upon your normal state income tax rate. Here is a real life example to illustrate the nega-tive tax impact a property owner must sometimes face: A husband, 70, and his wife, 71, owned a 7-unit apart-ment building that was purchased in 1986 using a 1031 tax-deferred exchange. The property had a market value of $600,000, an existing mortgage totaling $310,000 and provided no income after paying the mortgage and main-tenance costs. They wanted to sell the property but discovered that their net equity would not pay all of the $320,000 in taxes that would be due because of capital gains, depreciation recapture and mortgage in excess of basis. To pay all the

taxes, they would have to give the IRS a significant portion of their personal savings.

Talk about a financial threat! Could anything be done to solve this devastating tax problem? Absolutely! Here are the planning benefits they now enjoy:• At sale, all taxes were deferred for 20 years. • Their annual lifetime retirement income increased by $33,778. • Over $220,000 in potential estate taxes are saved and their heirs will receive a significant tax-free cash benefit.

Tax Solutions are Best Found Before You Decide to Sell With few exceptions, tax law demands that the tax planning solutions are legally put in place prior to sign-ing a sales agreement and, preferably, even before listing the property for sale. What if you have already sold the property and are now in escrow or have even closed the escrow? Are you beyond help? No, some planning ap-proaches can still be implemented to help solve the tax problem and generate good income. Given the right cir-cumstances, it is even possible to reduce or eliminate capi-tal gains taxes on property sold the previous year. It is best, however, to keep in mind that it is always better and easier to plan before a sale is finalized than afterwards. To determine the appropriate action plan for you, it is essential to first learn what your true tax problem is and then search out the most viable options available to elimi-nate or reduce the taxes for the year of sale and maximize your profit and income. Once these solutions are found and are tailored to your specific circumstances, the last step is to verify its authenticity under tax law through indepen-dent tax and legal authorities. Following these steps will prepare you to be better informed on how best to approach the sale of your property and accomplish your goals. Because reducing taxes is important to you, learn how to position yourself to know all your options before you make the decision to sell. Understand how these solutions impact you and take action to effectively implement these tax planning tools to reach your objectives. You can then confidently move forward to market and sell your property within a structure you will already know will maximize your profit and income in the year of sale...with Uncle Sam’s blessing. If you would like to learn what planning options are available to solve your specific tax concerns, give me a call toll-free at (800) 300-4723 ext. 14 for a FREE CON-SULTATION. There is no cost or obligation. You have nothing to lose other than a portion or all of the taxes you thought you would have had to pay.

About the Author... Bruce Jones entered the financial services industry in 1970 and has taught the subjects of tax management and financial strategy planning since 1974. He is Presi-dent and CEO of TaxWealth®LLC, a tax planning advi-sory company which provides comprehensive tax plan-ning solutions for owners of real estate, privately-owned businesses and other appreciated assets. In addition to serving its own clientele, TaxWealth® supports CPAs, at-torneys, financial advisors and real estate professionals in helping to solve their clients’ tax problems. Headquartered in Newport Beach, California, TaxWealth® works with cli-ents and professional affiliates nationally.

Two Tax Bombs Waiting to Explode BY BRUCE JONESPresident and CEO of TaxWealth®

TAXES



Issue# 908.04

5Investment


Property Update


Dear Maintenance Men: I have just finished rehabbing a rental unit. I re-placed counter tops, cabinets, baseboards and so on. Even though the unit is freshly painted with new car-pets, the unit still looks unfinished. The base boards don’t always follow the wall contours exactly and the cabinets also have small gaps where they meet the wall. What can I do to make my work look professional?

Julia

Dear Julia: We are going to let you in on a “professional” secret and it is called painter’s caulk! Painter’s caulk typically comes in a tube and is applied with a caulking gun. Run a small bead of caulk along the baseboard and with your finger push the caulk between the wall and the gap you are trying to fill. Using a damp sponge or rag, wipe up any excess caulk. Painter’s caulk can be used to hide a multitude of installation sins. Almost anywhere two dissimilar materials meet, painter’s caulk can help hide the transition. Painter’s caulk is not limited to just base-board, use it to make cabinets and door trim look custom installed. Fill nail holes without making a big flat spot on your wall. If you have ever tried to mate two pieces of trim or coving at a 45 degree angle and your cuts are not quite square, use painter’s caulk and no one will know. All gaps will magically disappear.

Dear Maintenance Men: A building inspector once made me correct a sump pump plumbing line that discharged rainwater into a municipal sewer line. Can you clarify for me the do’s and don’ts of patio drains?

Michael

Dear Michael: Great question and one that many people might not think is important. To many, a drain is a drain is a drain and most individuals don’t know where the water drains to and what environmental impact waste water can cause. In urban areas and most municipalities, waste waters are directed to their proper destinations via a sewer drain or a storm drain. As an example: A sewer drain often carries waste water from toilets, kitchens & laundry area directly to a waste water treatment facility. On the other hand, a storm drain will direct rain water from roof, driveways and streets including patio drains into streams, aquifers or the ocean. The reason for the two different systems is so rain or runoff water does not overwhelm the sewer waste treatment facilities and force the release of untreat-ed raw sewage into the storm systems which of course leads to our streams, aquifers and the ocean. Because the storm & sewer drains eventually empty into the environ-ment, contaminants such as oil, paint and other hazard-ous material must be disposed of properly and not into the drains.

Dear Maintenance Men: Each of my units sports a nice redwood deck as part of their patio. Well, to be honest, there is not much “red” left in the deck. It looks more like a “greywood” deck. The decks themselves are in good condition, they just don’t look new anymore. How can I refresh the look of my decks?

Josh

Dear Josh: A Redwood deck or fence may be young and fit, but they do tend to grey prematurely. Luckily, the solution is not too hard. There is a chemical called oxalic acid which will help give the wood its youth and vitality back again. Most hardware stores will stock a product called cedar and redwood cleaner/brightener. It may be under the brand name of “Olympic Cedar and Redwood Deck Brightener” Be sure your deck or fence is clean before treatment by using a TSP and water solution. Be sure

to read the product’s instructions before use for safety and wear gloves and goggles. Mix the product’s solu-tion with water into a pump up sprayer. Wet the deck or fence with the solution and using a nylon brush or broom, scrub the wood evenly, working harder on stained areas. Let the solution stand for about thirty minutes and rinse off with a strong stream of water. Let dry and the wood should look brighter. It might not look brand new, but it will look much better.

If you need maintenance work or consultation for your building or project, please feel free to contact us. We are available throughout Southern California. For an ap-pointment please call Buffalo Maintenance, Inc. at 714 956-8371

Jerry L’Ecuyer is the owner of Buffalo Maintenance, Inc. and is a licensed contractor & real estate broker. He is currently on the Board of Directors, Chairman of the Education Committee & President of the Apartment Association of Orange County. Jerry has been involved with apartments as a professional since 1988 and can be reached at (714) 778-0480 or [email protected].

Frank Alvarez is the Operations Director for Buffalo Maintenance, Inc. He has been involved with apartment

maintenance & construction for over 18 years. He is also a lecturer & educational instructor. Frank can be reached at (714) 956-8371 [email protected] Please view our web site at: www.BuffaloMaintenance.com.

You need to know that your investment property is being well taken care of!

Let Century 21 Property Management take care of your property and help your problems decrease while your profits increase. Call

us today and find out how we can make owning investment proper-ties stress-free. Ask for Candy Kivesey.

Phone: 562-236.0102 Web: www.C21PM.com

Dear Maintenance MenBY JERRY L’ECUYER AND FRANK ALVAREZBuffalo Maintenance

MAINTENANCE


Issue# 908.04



EXCLUSIVE LISTINGSPresented by James JosephR.E. Lic. #00819837800-874-0715 | Call For Information

13920 Placid, Whittier2 Attached Units6 Bedrooms / 5 Baths$849,999 - Seller will carry at 3.9%!Units are Brand New and BeautifulNewly Landscaped

1039 58th St., Los Angeles - IN ESCROW16 Units$779,999Large Studio UnitsOne 2 Bedroom / 2 Bath

24432 Eucalyptus Ave., Moreno Valley5 Beautiful Brand New Units$875,000Townhome Style, All 4 Bedroom / 3 BathBuilt in December of 2008

5943 Loveland, Bell Gardens4 Units$470,000Accepted Offer - Backup offers accepted

1275/1279 W. Grand Ave., Pomona2 Houses on 1 Large Lot$385,000Lowered Price AGAIN!

2 House on 1 Lot, Long Beach$345,000 Price LoweredBuilt in 2000, Fenced

2 Houses on 1 Lot, Costa Mesa$696,000 - 3 Bedroom & 4 BedroomLowered Price

1410 W. 145th Street, GardenaAll 3 Bedrooms$649,999Just Lowered Price

LOCAL LISTINGSALHAMBRA

6 units $1,380,000Exceptional location located in the City of Alhambra, and blocks from all necessary amenities like shopping center, Target, Fresh & Easy, Costco, restaurants, movie theaters, and major employers. The 6-unit building con-sists of 1-3Bdr/2Bath Unit(perfect for owner occupied with 2-car garage), 2-2Bdr/1Bath Units and 3-1Bdr/1Bath Units. The property offers investors with signifi cant upside rental potential in a high demand rental and desir-able Alhambra neighborhood. Drive-by only, please do not disturb or talk to tenants. Existing Loan with fi xed rate is assumable.

ANAHEIM

28 units $3,295,000Built in 1963 and rehabbed in 2007, 2008, & 2009, the subject property consists of 28 units, which includes 10 studios, 10 one bedroom / 1 baths

and 8 two bedroom/ 1baths. The subject property is situated on a oversized corner parcel. Such a unit mix has consistently ensured strong rental de-mand. Common area features include nicely landscaped courtyards, laun-dry room, and tenant storage facility. The property also boasts abundant parking that includes 31 carports and 16 open spots. The property also of-fers tenants close proximity to schools, retail shopping, public recreation areas and excellent local employment opportunities.

BELL GARDENS

7 units $975,000Very desirable residential complex located just east of downtown on tree-lined street. Complex includes a free-standing two-bedroom SFR with fenced yard, free-standing duplex and free-standing fourplex. One of the duplex units has a fenced yard. There is a paved surface parking lot. Sold in as-is condition, please drive by but do not disturb tenants. Interior inspec-tion possible after offer is accepted. Expenses are estimated. Buyer should review and confi rm projected expenses,and should inspect and confi rm condition and presence of all features of property prior to close of escrow.

COSTA MESA

4 units $950,000Well maintained 4 Plex in one of the best neighborhoods of Eastside Costa Mesa. 100% occupany - never vacant. With the right offer, seller willing to credit buyer between $20,000 - $35,000 to do interior remodel to refresh all units. With a minimum remodel the units will capture between $1,575 - $1675 per month. Our contractor has quoted the remodel and the work can be done upon close of escrow. It isn’t needed but will help command more rent. Units are individually meetered and tenants pay electricity. The units have good size yards for multifamily units. All Units are 2BR/1BA and approx 880 sqft per unit.

FULLERTON

4 units $699,000Great fourplex with an excellent unit mix of all 2 and 3BR units. The units are well maintained and the property is professionaly landscaped. The property also features single and double enclosed garages. The is realistic upside potential in rents.

GARDEN GROVE

4 units $895,000Great oppurtunity for a desirable four unit rental! All units are well main-tained. Unit A is a 3 bedroom 2.5 bath townhouse style, unit B is a 2 bed-room 2 bath on bottom level, unit C is a 2 bedroom 2 bath located upstair and unit D is a 2 bedroom 1.5 bath also upstairs. This rental have a newer roof with 3 double car garage and 2 parking stalls.

ONTARIO

4 units $569,000This is a standard sale. No dealing with banks. Fast response from seller. Make an offer. Can be a great income property. 4 nice townhouse style units. All with 2 car attached garages. Each has there own laundry hook ups in garage. 2- 3bedroom 1.5 bath and 2-2bedroom 1 bath. The 3 bedroom have a private patio area. Unit A has a fi replace. The 2 bedrooms have a balcony. Each kitchen has a dishwasher. Central Air thru out units and the units are fenced. Good size yard area. Fairly new units built in 1985 as per tax assessor. +

ORANGE

4 units $643,000Great location in a very nice neighborhood. Investors dream, 3 fourplexes, next to each other, in the process of shortsale. Please pay attention to the addresses, Each unit has its own address. 1st 4plex: 181, 185 A,B & C Hamlin st. 2nd 4plex: 193 Hamlin st, 4737,4739 & 4741 E. Washington Ave, priced at $688,000.00, 3rd 4plex: 4711 E. Washington Ave, 184,188 & 190 Hamlin St., priced at $660,000.00

POMONA

6 units $475,000The subject property is a six-unit apartment building located at 674 Karesh Avenue in the city of Pomona, also known as The Karesh Apartments. Built in 1960, the property consists of a two-story building with a pitched composition roof and sits on approximately 7,039-square foot parcel. The complex has a unit mix of six one-bedroom/one- bathroom units of approx-imately 640-square feet each. In addition the units are individually metered for electricity and gas. The Karesh Apartments also provide a laundry room and six covered carport parking spaces.

SANTA ANA

6 units $710,000Well-maintained 6-unit apartment complex in the heart of the Civic Center, just north of the Courthouse. The property features a good mix of 1 and 2 bedroom units, plenty of parking behind the building, and a laundry facility with owned machines. This is the fi rst time this property has been on the market in approximately 30 years. Don t miss the opportunity to own in one of Santa Ana s best rental locations. Pro-forma rents are listed below. Actual rents are low. Please call listing agent for details.

WHITTIER

9 units $1,075,000Great opportunity to own eight-units plus one non conforming unit in a great location in Whittier just blocks from the 605 Freeway. Built in 1957 the property has seven two-bedroom units, one-studio and a three-bedroom unit. The two and three bedroom units have a full bath with a tub and a separate enclosed shower. The two and three bedroom units also have hardwood fl oors and the studio has all ceramic tile. Property amenities in-clude onsite laundry facility as well as six assigned covered parking spaces with storage plus three assigned outdoor spaces. All units are individually metered for gas and electric with individual gas water heaters in each unit. Landlord is responsible for water and trash. The property is in an excellent location at the end of a cul-de-sac.

Out Of State ListingsTo advertise your out-of-state property inthe IPU, call Michael Dinsmoor at (562) 236-0117

City: Plano, TX 8% + Cap (actual)New Strip Center. High quality construction, 90% leased. Lo-cated at the Allen/Plano boundary just Northeast of Dallas. Great rooftops and traffi c! Price just reduced by motivated seller.Offered by: Larry Harbour(214) 446-2585Email: commercial@judgefi te.comwww.c21JFcommercial.com

LOCAL / OUT OF STATE LISTINGS

MADE EASY!

Check out the IPU on www.facebook.com

The Investment Property Update is now on the popular Facebook.com. If you would like updated information and posted articles from the IPU on Facebook, become a fan today. It’s easy! Just log into Facebook.com. If you are not already a member, sign up today! Once you are logged in, type in Investment Property Update in the “search field” at the top right of the page. You will find our Fan Page at the top of the list. Click on the link and click on “Become A Fan”. We will post old articles as well unpublished articles on this page, as well as videos of interviews with our vendors. You will find that this is a great tool as well to keep up to date with investment property information.

Kevin’s Ad


InvestmentProperty UpdateBUYING & SELLING

MADE EASY!

PHONE EMAIL MAIL FAX

Call Us Toll Free800.874.0715

James Joseph’sExecutive Assistant [email protected]

James Joseph15210 Leffi ngwellWhittier, CA 90604

Fax Us at562.236.0139

Send in your PVA card today, or contact me using one of the methods above. I want to help you achieve your invest-ment property goals!R.E. Lic. #00819837

5 Steps To Buying & SellingBUYING

1. If you have received or would like to receive a fax, email, or postcard/flyer about a property, call James Joseph’s Executive Assistant Lisa at 800.874.0715.

2. Fill out a NO OBLIGATION Buyer Representation Agreement and fax/email it to Lisa.

3. Along with additional property details, we may have you sign a pre-qualification letter with our lend-er, and Bruce Jones will offer you a Free Tax Analysis.

4. If you decide to purchase the property, we will send you a one-page offer letter to fill out and fax/ email back to us to begin negotiations.

5. Let James Joseph handle the rest.

SELLING1. Either fill out the PVA card and mail it to us, or call, fax, or email Lisa to get a NO OBLIGATION cur-rent market analysis of your property.

2. Lisa will contact you about the particulars of your property, and will schedule an appointment for you with James Joseph to accommodate your schedule.

3. Come in for the appointment to go over your analy-sis, and share your desires or concerns with James Joseph.

4. You can decide when to list your property.

5. Let James Joseph handle the rest.

Fill out the Property Value Analysis (PVA) card that is included in this paper and drop it in the mail. I will review your information, and contact you with a FREE, NO OBLIGATION consultation. If the PVA card is missing from this publication, please contact James Joseph’s assistant Lisa by phone, mail, or fax with the information provided below. I have been listing and selling Investment Properties since 1981. I am confi dent I can help you with your Investment Property needs! James Joseph

Check out the IPU on www.facebook.com


Issue# 908.04





If you recently purchased a first home, or intend to purchase a first home in the

next few months, you may stand to benefit from the first-time homebuyer tax credit provisions included in the re-cently signed American Recovery and Reinvestment Act. When it comes to the first-time homebuyer tax credit, though, there’s quite a bit of confusion. So it’s worth tak-ing a few minutes to make sure you understand how the credit works, and the time period to which it applies. First, the credit isn’t new: Back in July of 2008, the Housing and Economic Recovery Act established a tem-porary refundable first-time homebuyer credit equal to 10% of the purchase price of a principal residence, up to $7,500 ($3,750 if married filing separately). The credit applied to first-time homebuyers who purchased a home on or after April 9, 2008, and before July 1, 2009. Gener-ally, you qualified as a first-time homebuyer if you, and your spouse if you were married, did not own any other principal residence during the 3-year period ending on the date of purchase. The credit was phased out for individu-

als with higher incomes, and had to be paid back over 15 years in equal installments (repayment would be acceler-ated if the home were to be sold during the 15-year period or if the home ceased to be the principal residence of you or your spouse during that time). The new legislation extends the credit to homes pur-chased by qualified first-time homebuyers through No-vember 30, 2009. The new legislation also expands the credit. The credit remains 10% of the purchase price of the home, but the dollar limit has increased to $8,000 (the cap for married individuals filing separate returns is half that amount) for home purchases made after December 31, 2008, and before December 1, 2009. In addition, if you qualify for the credit as the result of a home purchase in 2009, you don’t have to pay it back over time, provided the home remains your principal residence for 36 months. The American Recovery and Reinvestment Act con-tinues to allow you to elect to report a qualifying home purchase made in 2009 as if it occurred on December 31, 2008 (allowing you to claim the credit on your 2008

federal income tax return). Unfortunately for many, the new legislation also continues to eliminate the credit for those with higher incomes. The credit is reduced if your modified adjusted gross income (MAGI) exceeds $75,000 ($150,000 if you’re married and file a joint return) and is completely eliminated if your MAGI reaches $95,000 ($170,000 if you’re married and file a joint return).

Gary Flater is the founder and chairman of MCL Financial Group, Inc. – Member NASD - SIPC in Santa Ana, California. No specific offer to buy or sell any se-curity is herein implied. This is not a complete descrip-tion of the subject. All investments and tax strategies have risks. Past performance is never an assurance of future results. No guarantees and/or promises are herein implied. This article’s sole purpose is initial edu-cation. Additional information is available by contact-ing MCL Financial Group at [email protected] or 800.692.6064 x222.

Understanding the First-Time Homebuyer Tax CreditGARY FLATER Founder & Chairman of MCL Financial Group, Inc.

FINANCES

Summary of rules for qualifying first-time homebuyers, by purchase dateWhen was home purchased? April 9, 2008 through December 31, 2008 January 1, 2009 through November 30, 2009

Maximum credit $7,500 ($3,750 if married filing separately) $8,000 ($4,000 if married filing separately)

Does credit have to be paid back? Yes--generally, over 15 years in No, provided the home remains your principal equal installments residence for 36 months Credit is claimed on tax return for what year? 2008 federal income tax return You can elect to treat the purchase of the home as if it occurred on December 31, 2008, claiming credit on 2008 tax return ($8,000 maximum credit limit still applies even if reported on 2008 return); otherwise, credit is claimed on 2009 tax return.

Credit phased out for higher incomes? Yes Yes



Issue# 908.04

9Investment


Property Update


ruh Civil Rights Act to adopt or enforce a policy that limits or prohibits the use of any language in a business estab-lishment, unless the language is justifi ed by a business ne-cessity. The bill defi nes “business necessity” as meaning “an overriding legitimate business purpose for which all of the following are true:(A) The language restriction is necessary to the safe and effi cient operation of the business.(B) The language restriction effectively fulfi lls the busi-ness purpose it is supposed to serve.(C) An alternative practice to the language restriction that would accomplish the business purpose equally well with a lesser discriminatory impact does not exist.” This measure clarifi es a policy that has been implicit in the state’s antidiscrimination laws and the Fair Employ-ment and Housing Act (FEHA) for years. It was also ap-proved by the Senate Judiciary Committee.

Senate Bill 782 would permit a victim of domestic violence, sexual assault or stalking to remain in a rental unit notwithstanding an owner’s desire to terminate the tenancy. This bill would create an affi rmative defense to an action for possession under the unlawful detainer provi-sions of law if the court determines that (1) the tenant or the tenant’s household member is a victim of an act or acts that constitute domestic violence, sexual assault, or stalk-ing, and (2) the notice to vacate is substantially based upon the act or acts against the tenant or a tenant’s household member that constitute domestic violence, sexual assault, or stalking, including, but not limited to, an action for possession based on complaints of noise, disturbances, or repeated presence of police. The bill would require a land-lord to retain in strictest confi dence all information regard-ing any act or acts of domestic violence, sexual assault, or stalking that is received in confi dence from a tenant or a tenant’s household member who is a victim, except as specifi ed. This bill moves in exactly the opposite direc-tion of legislation enacted last year, Assembly Bill 2052, enacted as an urgency measure effective September 27,

2008, that provided for early voluntary termination of ten-ancies for victims of domestic violence, abuse or stalking. This bill juxtaposes the plight of a victim against the rights of all tenants to the quiet enjoyment of their premises and places an enormous burden on owners to discharge their statutory duty to provide a reasonably safe environment for all persons lawfully on their properties. There are very likely many more amendments to come before this bill is ready for enactment. The bill was reset for hearing in the Senate Judiciary Committee in early May.

Jon Smock is the General Counsel and Legislative Advo-cate for the Apartment Association of Orange County. Mr. Smock serves as a consultant to private and governmen-

tal agencies. He formerly was a Director and Offi cer of several diverse corporations and General Counsel for a state-chartered fi nancial institution. Jon has argued cases before United States Supreme Court, California Supreme Court and other state and federal courts and agencies on behalf of various clients, including courts, judges, legisla-tors and the Legislature. He has served as Assistant Di-rector for the Judicial Council of California and as Coun-sel for the California Law Revision Committee

For questions regarding this article, please call the AAOC at (714) 638-5550.

Venture West Funding is a full-service mortgage brokerage fi rm that specializes in multi-family, commercial and single-family fi nancing.

A privately held company with nearly two de-cades of solid experience, Venture West Fund-ing defi nes the standards for high quality ser-vice, expertise and personalized guidance. A dedication to our clients, as well as a diverse array of real estate fi nancing options has led to our consistent growth – placing us among the foremost mortgage companies in California.

When it comes to real estate fi nancing there is only one name you need to know...Venture West Funding.

• Multi-Family• Commercial• Residential

• Low Fixed Rates

Contact Joe Mercado Today!310-531-8364818-606-5190

www.VentureWestFunding.com

William F. Turner, Esq.(951) 371-2715

WANT A REPLACEMENT PROPERTY WITHLESS MANAGEMENT AND FEWER HEADACHES?

Properties available nationwide including: Offi ces • Apartments • Hotels • Triple Net • Retail • Energy LeasesI have completed over 200 1031 exchanges for investors, much more than most. $200,000+ equity required. Call Chris Miller, MBA for a free consultation.

877-313-18682522 Chambers Rd. Suite 100, Tustin, CA 92780

Senate Billscontinued from page 2


Issue# 908.04





Orange and LA County’s LEADER in thePlumbing, Heating, & Air Conditioning Industry!

Orange & L.A. CountyNorwalk/La Mirada800.238.5558

www.laplumber.com

L.A. CountyDowney

866.204.4068www.downeyplumbing.com

Orange CountyBrea

877.627.5862www.ocplumber.com

CA Lic.# 271767

We serve Commercial and Residential clients with:· Complete Plumbing Service · Heating / Air Conditioning Service· Bathroom Remodels · Copper Repiping· Disposal Replacement · Hyrdo-Jetting Sewer & Drain Lines· Water Heater Replacement · Electronic Leak Detection· Camera / Video Line Inspection · Sewer Cleaning· And So Much More!!!

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We Service Orange & L.A. County!We Service Orange & L.A. County!We Service Orange & L.A. County!CharacterYou Can

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We have been serving Southern California communities since 1975. We are locally owned and operated. Our experienced staff is commit-ted to customer service and your satisfaction is our ultimate priority. Every inspection is performed by a licensed fi eld representative with a minimum of ten years experience. Our repair crewmen are profession-ally trained and skilled craftsman.ally trained and skilled craftsman.

Ask about our IPUDiscount!

Give us a Call Today, and Schedule a FREE Inspection

800.621.0294 Licensed • Insured • BondedEmail: [email protected]

We invite you to visit

St. Stephen’sLutheran Church & School

Our congregation continues to grow, and we would like to personally invite you to attend our worship service on Sunday mornings at 9:00, with Bible

classes immediately following.

Our beautiful church and pre-school is located in the city of Fullerton on Chapman Ave., just west of State College.

Pastor Larry Bogardus714-871-1711

Advertise Today With The IPU...

And Reach Thousands of Potential Clients

Give Michael a call today, and find out how the Investment Property Update can help your business succeed.

Michael DinsmoorAdvertising Director

Phone: 562.236.0117Email: [email protected]

The Investment Property Update reaches thou-sands of readers each month. So what sets us apart from the “bigger” newspapers out there? Well for one is our target market. If you feel that your prod-uct or service would meet the needs of our readers, then you will not find a more targeted form of mar-keting and advertising. You also have the added benefit of writing and including articles next to your ad within the IPU for our readership to enjoy. This is known as advertorial marketing, allowing you another form of advertising to our readers. Along with these two things, you will also be in-cluded in James Joseph exclusive blog. With James Joseph’s blog readership constantly increasing, you will have the added bonus of being seen online. Many of our advertisers also have been interviewed and had those interviews posted online for others to view. All of this adds us to successfully marketing you and your business.



Issue# 908.04

11Investment


Property Update


Advertising/MarketingTrinitas CreativeAd/Marketing - Print & Web562-236-0090www.TrinitasCreative.comsee ad in the IPU

Apartment Lenders Arrow Mortgage(4 units or less)Contact: Vince Mele 562-822-5684see ad in the IPU

Fullerton Community BankMultifamily & Commercial(4 units or more) Contact: Haley Gifford714-578-7540see ad in IPU

Venture West FundingContact: Joe Mercado 310-531-8364www.VentureWestFunding.comsee ad in IPU

Appraisal Pacific AppraisalContact: Randy [email protected] ad in the IPU

Associations/ClubsApartment Association of OCContact: Valerie Teeter714-638-5550see ad in the IPU

Attorney Geoffrey D. ChinAttonery at LawEstate Plan, Trusts, Wills, etc.626-229-9971see ad in the IPU

Real Estate, Trusts,Tax AttorneyWilliam Turner951-371-2715see ad in the IPU

Banks Fullerton Community BankMultifamily & CommercialContact: Haley [email protected] ad in IPU

Bathroom Remodeling Pacific ReglazingContact: Eric800-557-2243www.pacificreglazing.com

Carpet & FlooringDrakes Affordable FloorsContact: Bob562 [email protected]

ChurchesSt. Stephen’s Lutheran Church Contact: Larry (pastor)714-871-17112311 E. Chapman in Fullertonsee ad in the IPU

Cleaning Cinderella’s Cleaning ServicesContact: Judy [email protected]

ConstructionHugo’s Plumbing & ConstructionBathroom Remodels909-935-9691 / [email protected]

Elevators TRE Elevators 818-509-0339

Exchange Companies Downstream ExchangeContact: Anthony800-743-1031see ad in IPU

JRW InvestmentsContact: Dwight Kay626-564-1031 x.119858-395-0932see ad in IPU

Pacific Financial ExchangeContact: Earl Salter562-863-1968see ad in the IPU

Exterminating Western Exterminator Company800-937-8398

Financial ServicesFidelity National Title Company800-488-0320see ad in the IPU

MCL Financial Group, Inc.Contact: Gary Flater800-692-6064www.MCL1031.comsee ad in the IPU

LRM InvestmentsContact: Leon McKittrick702-252-8801

Midpoint Financial ServicesContact: Chris Miller877-313-1868see ad in the IPU

Pacific Financial ExchangeContact: Earl Salter562-863-1968see ad in the IPU

Furniture Pacific Sun Casual Furniture 800-624-4385

Gates & Decking Ivan’s Gates & Decking Co. 800-482-6334

Glass & Mirror North OC Glass & Mirror 714-528-1403

Graphic DesignTrinitas CreativeAd/Marketing - Print & Web562-236-0090www.TrinitasCreative.comsee ad in the IPU

Handyman ServicesChristian Management Consultants Inc.Jobs Under $500 Fixers/Repos714-535-2918 All SoCal

HaulingVic’s Hauling & Cleanup Serv.562-946-1084714 879-7667www.illhaul.com

LandscapingDeLeon Tree Service& LandscapeContact: [email protected]

Laundry Equipment Excel Laundry Equipment 800-334-1824x127

MaintenanceBuffalo Maintenance, Inc.714-956-8371Fax: 714-491-0864www.BuffaloMaintenance.comsee ad in IPU

Mortgage Arrow Mortgage(4 units or less)Contact: Vince Mele 562-822-5684see ad in the IPU

Painting G & G Painting Co. 714-636-4650

Plastering Matthews Patch Plastering 714-840-3236

Plumbing Ace Pelizon PlumbingContact: Paul Young626-331-0701www.AcePelizon.comsee ad in IPU

Norwalk/La Mirada Plumbing, Heating & Air Conditioning800-238-5558www.laplumber.comsee ad in the IPU

Pool Service Mission Pool Service 800-390-7040

Pools & Construction Algorri Pools, Inc.Contact: Brian [email protected]

Property Management CENTURY 21 Ambassador(formerly Grisham-Joseph) Contact: Candy Livesey562-236-0102see ad in the IPU

Real EstateCENTURY 21 Ambassador (formerly Grisham-Joseph) Contact: James Joseph562-236-0088see ad in the IPU

Reglazing Pacific Reglazing 800-557-2243

Repiping Pacific Coast Copper RepipeContact: Pat [email protected] see ad in the IPU Roofing California Roofing 888-684-2626

Solar HeatingSolar Services800-57SOLARSolar Hot Water/Solar Pool Heatingwww.SolarGuy.com

Supplies Orchard Supply Hardware 888-746-7674

Tax Strategy Services MCL Financial Group, Inc.Contact: Gary Flater800-692-6064www.MCL1031.comsee ad in the IPU

Midpoint Financial ServicesContact: Chris Miller877-313-1868see ad in the IPU

Tax Wealth Inc.Contact: Bruce Jones800-300-4723 Ext 14see ad in the IPU

Termite & Pest Control Brothers Termite Company, IncContact: Bob [email protected] ad in the IPU

Water Heater AABCO Water Heaters800-577-6527Commercial-Residential-Tanks/TanklessSales-Service-Installations

Welding TNT Welding 909-735-3757

BUSINESS DIRECTORY

EDITORIAL STAFF

Editor-In-Chief

Managing Editor

Copy Editor

PRODUCTION

Publisher

Creative Director

Director of Circulation

Circulation Supervisor

Circulation Staff

Cartoonist

Crossword Puzzle

ADVERTISING

Advertising Director

Advertising Designer

MAIN OFFICE

Contact & Mailing Info

Corey Bogardus

Michael Dinsmoor

Michael Dinsmoor

James Joseph

Corey Bogardus

Lisa Weeber

Michael Dinsmoor

Chela Arredondo

Heidi Aanderud

Julia Lee

Michael DinsmoorPhn: 562.236.0117

Corey Bogardus

15201 Leffingwell Rd.Whittier, CA 90604Phn: 562.236.0117Fax: 562.236.0139

INVESTMENT PROPERTY UPDATETHE ONE SOURCE FOR ALL OF YOUR INVESTMENT PROPERTY NEEDS

Investment Property Update, established in 1982, is an independent investment property newspa-per published monthly with an audience of Local Apartment Owners, Property Managers and Lo-cal Real Estate Agents.

Viewpoints expressed in the Investment Property Update are those of the respective writers, and are not necessarily held by the publisher.

The Investment Property Update accepts adver-tising from businesses desiring to reach the in-vestment property readership. No endorsement by the publishers is implied or should be inferred in any manner in regard to any specific adver-tiser. The publisher can not accept responsibility for the products or services offered through ad-vertisements. The publisher reserves the right to refuse any advertisement.

If your property is currently listed, please disre-gard this notice as it is not our intention to solicit other broker’s listings.

If you would like to advertise with the IPU, be added to our mailing list, or if you just have ques-tions you need answered, you may reach our Ad-vertising Director Laura Villa at 949.697.0420.

Advertising Information

You can email James Joseph’s assistant [email protected] free to also use the easy steps on page 7

Call James Joseph Today at

800-874-0715James JosephApartment Specialist

R.E. Lic.# 00819837

A Wealth Of Real Estate Information

www.jjipu.blogspot.com

James Joseph is excited about the launch of his online blog. For those who are unfamiliar with blogs, this is a website where Jim posts his thoughts and ideas about the real estate market and the economy. He also has live feeds from other invaluable websites with up to the minute news and reactions to the real estate market, along with polls and an e-newsletter subscription. He is confident you will find this website extremely helpful and you will find yourself visiting it on a daily basis. You also can now visit the Investment Property Update on Facebook.com. Just type in Investment Property Update in the search field, and become a “fan” of the IPU today!

Visit this blog at:www.jjipu.blogspot.com

Investment Property Update, Issue 908.04

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Transcript of Investment Property Update, Issue 908.04