It’s an interesting time to be a landlord. With changes sweeping over California, they could get expensive if you don’t mind your p’s and q’s.
As you may know, the CA Legislature is considering statewide rent stabilization (they call it temporary–and if you believe that, then……). These rental impacting changes are not limited to rent control. What other sort of changes and financial dangers are lurking?
Well, there is Prop 65.
I’d recommend everyone consider posting the requisite yellow warning signs if your property has a garage, a fireplace, asbestos, lead paint or any other of the 900 or so toxins present (fertilizer…got some miracle grow? Better post.). While it doesn’t apply to all properties (yet), give them time. They keep widdling it down and my money is on that it will shortly apply to 100% of rentals.
At a potential $2500 per day per violation, the fees are out of control. And for tenants, they can keep up to 25% of collected fees as a “thank you” from the powers that be. They are like unofficial deputies of the Prop 65 police and they get that as a commission.
It’s becoming the Wild Wild West out here….and there may have never been a more important time to have a good property manager on hand. Call Freedom First Properties today to learn more from our property management experts (714) 941-9669.