This past July brought new challenges with owning an apartment building in Los Angeles. Rent increases are capped, security deposits are limited, and expenses continue to climb.
Many owners feel frustrated that the legacy they built for their families over decades is slowly being eroded by things that are outside of their control. In this article and video, we share practical strategies to protect your investment, your income, and yes, your tenants.
Five Strategies to Protect Your Investment
- Be Proactive: Address tenant concerns promptly and professionally. Staying on top of maintenance requests can prevent issues from escalating into costly legal battles.
- Document Everything: Keep detailed records of all tenant interactions, repairs, and property conditions. Consider investing in property management software like Appfolio or Yardi to streamline this process.
- Leverage Insurance and Guarantees: Protect yourself with comprehensive renter’s insurance and explore options like rent guarantees. There are new companies and services, like The Guarantors, that reward tenants for paying their rent on time.
- Stay Updated on Lease Agreements: Ensure you’re using the latest lease agreement so both you and your tenant are on the same page about responsibilities and repercussions.
- Understand Your Insurance Policy: Review your insurance policy carefully to understand its coverage. Many landlords have been caught off guard by unexpected exclusions. Not sure where to start, reach out to me and I'm happy to share preferred partners in my network.
Building a Strong Foundation for the Future
While the current climate is challenging, it’s essential to remember that knowledge is power. By implementing these strategies and staying informed about industry trends, you can protect your investment and build a strong foundation for the future.
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