Friday, December 27, 2019

A Guide to Landlord-Tenant Responsibilities - Steven Taylor

Steven Taylor Landlord

A Guide to Landlord-Tenant Responsibilities

Many investors decide to become landlords without considering the extensive responsibilities involved. Some even assume those responsibilities will fall on the tenant. Depending on the laws in your area, you will likely be responsible for keeping your building up to standards that will keep your tenants safe and clean. You will have to respond to requests for maintenance in a length of time that is considered reasonable. 
Tenants also have certain responsibilities, which can be determined by the lease contract and also by law.
When deciding to become a landlord, you should first consult an attorney to determine the laws and requirements that affect you and your local area. As a building manager, it will benefit you to discuss how responsibilities are divided with tenants upon move in. This will ensure that expectations are clear.
Note: This article is for educational purposes only. I do not make any guarantees that the responsibilities in this article are compliant with current or local laws. Always consult an attorney in your area.

Responsibilities of the Landlord

In general, a landlord is responsible for keeping their building clean, functioning, and safe. Many areas have codes and laws that specify standards for building construction, standard of living, and maintenance. You can find more specific regulations for your state here.

Ensure habitable conditions

 
As a landlord, you are expected to check maintenance regularly and repair your property upon demand. In some local areas, there are further requirements including:
     Upkeep of common areas
     Providing receptacle for trash disposal
     Correcting any infestations of vermin or bugs. 
     Keeping the property’s structure safe and intact
     All electrical, sanitary, ventilation, plumbing, and other required equipment in order
     Disclosing all history of environmental hazards to tenants

Enforce a quiet environment

Part of your job as a landlord is ensuring that your residents don’t disrupt others. Many include a clause in their lease that requires tenants to maintain a noise level that is reasonable for evening hours with consequences for disturbing other residents.

Provide tenant safety

As a landlord, your responsibility to provide tenants with safety standards can be a legal requirement (depending on the local law). There are many ways you can help ensure your tenant’s safety. Here are a few:
     Screen all prospective tenants. Use an application and background check to screen tenants before move-in. You can also ask for references.
     Always give notice of entry. You must keep units up to standards, but when performing maintenance, you must follow local laws in regards to notice that must be given before entering a unit. Most states have a standard of 24 or 48 hours notice before entering a rental, but requirements can vary in an emergency.
     Maintain building locks. It is important to re-key locks for new tenants, and keep locks on building doors and windows up to date.
     Provide safety equipment. Your building must have functioning smoke and carbon monoxide detectors that are in proper condition.
Please review the landlord responsibility standards for your state and local area for further requirements.

Responsibilities of the Tenant

The tenant is usually responsible for ensuring that their unit stays in good condition. They are also expected to report any issues or damages to the landlord. Here are a few responsibilities that often are required of the tenant:

Maintain unit cleanliness

Typically, tenants are responsible for keeping their rental unit clean and sanitary, including:
     Discarding trash
     Preventing the growth of mold
     Preventing excessive buildup of dirt, rust, scum, and grime on surfaces
     Maintaining appliances

Avoid excessive damages

Tenants should avoid causing damage to their unit. While a certain level of wear and tear is expected, the property should be maintained at the condition level at the time of move-in. Some local laws enforce tenant liability in cases such as:
     Removal of fixtures
     Violation of occupancy rules
     Blocking emergency exits
     Damage caused by fire
     Tampering of smoke or carbon monoxide detectors
     Using premises for unlawful purposes
     Damage from pet violations

Report issues in a timely fashion

Tenants are required to let their building manager know about any required maintenance as soon as possible. If there is an issue that the tenant fails to report to the landlord, they may be liable for further damage.
Landlords should conduct a walk-through with tenants before move-in to acknowledge any issues or necessary repairs, and document current conditions. It is the responsibility of the tenant to maintain a copy of their checklist in order to avoid any liability at the end of their lease term. Many damage charges that fall outside the scope of wear and tear can often be covered by a security deposit. 

Consult laws for your local area for further tenant responsibilities.  - Steven Taylor, Landlord in LA

Saturday, October 19, 2019

Steven Taylor Taylor Equities

 

Steven Taylor Taylor Equities
Steven Taylor Taylor Equities


Though residential real estate may not change quite as dramatically as runway fashions, it nonetheless has cycles and can quickly transform based upon sudden market variations. Navigating these unstable conditions takes knowledge, attention to detail, and not a little intrepidity.

Numerous factors, from overall economic health to population spatial patterns and demographics to available property characteristics, make for a complex mix that any would-be developers must be willing to handle. The rewards can be significant, both personally and financially. However, failures can be equally dramatic.

Some nonetheless plunge into this uncertain environment, like real estate developers and landlords, working to flip as well as refurbish properties for profit. Not all succeed, but those who do find much wealth in this industry. There is no one road that leads to a successful career as a real estate developer and property owner and landlord. Some industry experience or related knowledge is common, but if property development is your passion, this field is open to those willing to work hard and take chances.

Steven Taylor of Taylor Equities, is one of those who has found great success in this volatile field. A successful and experienced property investor and landlord in the Southern California market, Mr. Taylor has been named as one of the region’s “30 under 30” real estate moguls. He has handled more than $500 million in property transactions and is a Principal at NEME Capitol. He also is the founder of Taylor Equities, a family company that purchases multi-dwelling structures such as apartment buildings.

He knows the real estate industry inside and out and stays current on up-to-the-minute conditions and changes. Such work can be all-consuming, but Mr. Taylor has found a way to keep his real estate work growing even as he concentrates on more personal matters and passions closer to home.

We wanted to learn even more about Steven Taylor so we were able to ask him a few questions recently. Please see the great responses below:

What was it that inspired you to become a landlord?

The concept of passive income has always been attractive to me. My goal has been and continues to be to create a sufficient passive income on a monthly basis that will support me and my family. Also, one of the benefits of being a Landlord is that you to develop and reposition assets in emerging markets which is always fun.

You have been redeveloping apartments for a long time, how has your business model changed over the years?

Yes, you need to evolve with the market and demands of your residents, but the fundamentals remain the same. Focus on location, appreciation and deprecation.

What do you find to be the most rewarding portions of your career?

Achieving Stabilization. Once a property hits stabilization, meaning that the business plan has worked and the property is performing and its generating positive returns, there is a great sense of accomplishment.

On the other hand, what has been the most challenging project of your career?

The bureaucratic and red tape of the city permitting and approval processes can be very challenging. The inconsistencies between building inspectors and field inspectors can be frustrating and exasperating. I have personally been in several situations where I obtain a permit from the city but then the field inspector wants something entirely different which can put a project on hold until resolved.  

In your expert opinion, what do you find works best when it comes to keeping an income property turning a profit?

Managing the revenue side. In my opinion, on the expense side, there are a fairly large number of fixed operational expenses which sort of handle themselves, and the variable expenses can be managed with a good budget and a good team. However, the revenue can be tricky because you constantly need to assess your competition, but if high-occupancy is constantly maintained, the property should turn a profit. 

What processes do you have in place that allow you to ensure a redevelopment is running efficiently?

Like most business, real estate ownership and management is all about having the right people in place. We have several systems in place to have real-time intel on property performances, so as weekly and monthly OPEX budgets, weekly and monthly vacancy details, snapshots of expense to income ratios of each property and so on.

I am sure some projects can become stressful quickly, how do you maintain your composure under pressure?

I love what I do. I am constantly thinking about how to improve my business and how to grow my business, but even more so, I believe in work life balance. I think that if you can manage to have balance in your life, then situations that can become stressful quickly can be compartmentalized and handled appropriately.   

When you first inspect a property you are interested in, what are your main point of focus?

Typically, location is a top priority in conjunction with some basic metrics like cost per unit and cost per foot. Then I’ll assess the unit conditions and the conditions of the systems of the building so that I can accurate assess the costs associated with modernizing the building.

When it comes to advertising a property, what do you find to be the most effective method?

We use all the traditional advertising channels, such as online media marketing, banners, signs and flyers. Having a well thought out and easy to use leasing website is key.

As the real estate industry changes, what resources allow you to stay up-to-date on trends?

I live and breathe real estate and feel like I have my finger on the pulse, but I read all the local trades on a daily basis as well as national publications like the Wall Street Journal.

Millions of people, both women and men, seek a successful equilibrium of their work and home lives. Mr. Taylor seems to have found that balance, one that lets him achieve business goals of creating a steady passive income to support himself and his family as well as meet personal aims of working at something he loves and challenging himself daily. Finding such stable poise is not easy in any industry, but certainly in one as potentially risky as property development and ownership.

No single real estate deal is like any other. Each is unique and brings individual challenges. Even veteran developers must continue to learn and grow if they do not want to get left behind. Professionals such as Steven Taylor of Taylor Equities, must stay current on every aspect of property acquisition and development, from the cost of modernizing older structures to patterns of urban growth.

Once properties are found, funded, and in hand, developers must focus on planning and acquire all needed permissions, licenses, and permits to move forward with renovation and construction. Entrepreneurs dealing with real estate cannot overlook important details if they want projects to move forward in a timely way. Every day that schedules are not met means money out of the developer’s pocket.

As complicated as this industry sounds, there are particular ways that professionals handle real estate transactions. The bottom line is that successful landlords and property developers such as Mr. Taylor know the industry basics, quickly learn everything they need for each deal, and take care of all aspects to ensure each project is carried out on schedule. Perhaps the most important thing winning real estate developers with flourishing businesses do is carry over the knowledge they gain from each project into successive ventures. They build on top of the firm foundation they already have to create a new, solid enterprise that will last.

Article originally appeared on https://realtybiznews.com/an-interview-with-steven-taylor/98756200/