Tuesday, April 14, 2020

Steven Taylor, Taylor Equities - Why Invest in Apartments

Steven Taylor Taylor Equities
Property - Steven Taylor Taylor Equities
As an investor, I receive a lot of questions from those who are interested in entering the real-estate industry. One of the most common questions I am asked is: “Why invest in apartments?” Multi-family properties are among my favorite investments, because there are many benefits to investing in apartments. Apartment buildings create consistent cash flow, are always in demand, and have major management advantages. Today, I will break down a few of the reasons I encourage investing in multi-family housing.

Multi-family housing will always be in demand.

While the “American dream” may be to own a home, the reality is that many individuals will never be able to afford their own single-family unit. Whether your tenants are young graduates just entering the workforce, or families who can’t purchase a stand-alone home, there will always be a market of people looking to rent an apartment. As you look at areas to purchase an investment property, consider the demand. Are there new businesses nearby with employees looking for housing? A popular school system? A trendy neighborhood on the rise? A major advantage of investing in apartments is high demand, so be sure to tap into the best area before buying in.

Multiple units under one roof are easier to manage than individual properties.


If you are only investing in single-family homes, you may end up with several properties in different parts of the city, or the country, to look after. With an apartment building, you can own and rent many units all in one convenient location. Keeping all of your units in one building allows for easier management. As a landlord, you can hire a single property manager to manage the entirety of your apartment building, rather than needing to be in several places at once. Having assistance on site is the key to a smooth multi-family building operation. Once you have a great property management company in place, running an apartment building can be smooth sailing.

Monday, March 30, 2020

Steven Taylor Taylor Equities on the Importance of “Family Time” in a Well-Rounded Life


Steven Taylor Taylor Equities
Steven Taylor Taylor Equities

In the last few weeks, my work at Taylor Equities like many American’s typical daily schedule has shifted dramatically. Many parents have been thrust into homeschooling, and some are out of work. With these changes comes a sudden increase in time at home spent with family. These times can be incredibly stressful. But, during quarantine you may also find new and creative ways to enjoy spending time with your kids. Hopefully, some of these habits will carry on when things return to normal. Quality family time comes with many benefits and is an important part of a well-rounded life.
If you are isolated with family, you may be tempted to create detailed quarantine schedules or tackle work projects. While there is always space for productivity, this is time to take advantage of the opportunity for quality family bonding. Here are a few points that support the importance of family time in a well-rounded life:

1. Quality time with parents builds children’s self-esteem

Kids who regularly participate in activities with their parents are able to build their sense of self-worth. It’s as simple as this: by demonstrating that you value spending time with your children, they in turn feel valuable. Quality family time doesn’t need to involve elaborate activities or expensive outings. A walk through the neighborhood, collaborating on a puzzle, watching a movie, or baking together can all be quality activities. It’s not about what you are doing. It’s about being present with each other and listening.

2. Common interests strengthen family bonds

Parents and children who share interests such as hobbies, sports, cuisine, or even movies, can develop strong family bonds. Of course, it isn’t realistic that you will all love the same things. But, finding some common ground with different members of your family can help build emotional ties. By sharing a common experience and developing memories, families grow closer. Take this down time as an opportunity to find new ways to relate to your family members and build common ground.

3. Prioritizing family sets a positive example

Spending quality family time is a way to create fond memories and solidify traditions. Children who have positive experiences with family and have happy memories are more inclined to provide a nurturing environment when they have their own children. Finding the time to routinely make space for family is one of the best examples you can show your kids. Showing your kids love and attention only inspires them to show love to others in return.

4. Time together allows parents to reconnect

Connection is an important part of a well-rounded life. For many career-driven adults, it is easy to lose sight of what is important. It’s possible that while you’ve been focused on providing for your family, you have been missing out on essential shared moments.
Spending quality time with your family allows you to reconnect. It is easier to get kids to open up about their lives while they are doing a fun activity. Take the opportunity to ask them more creative questions than “How was your day?” If you open up to your family, you may find that they are more willing to share their emotions than you thought. Family time has many benefits, but the joy of genuinely connecting with your kids is hard to beat. - Steven Taylor Taylor Equities

Monday, February 3, 2020

Steven Taylor, Taylor Equities - Things to Consider When Renting Commercial Properties

Steven Taylor of Taylor Equities Commercial Property Picture


According to Steven Taylor of Taylor Equities, if you are thinking about renting a commercial property, there are many things to consider before you sign a lease. The commercial real estate landscape comes with many complications and isn’t as straightforward as renting a residential space. To find the right property, you will need to understand the factors that will affect your lease term.

 Here are a few things to consider when renting commercial properties:


  1. Choose the right location


Before deciding to rent a commercial property, it is important to research the neighborhood and understand the market. Is this location a prime area for your business? Pay close attention to street traffic, noise levels, economy changes, and customer behavior in nearby businesses. Does the area have ample parking? Will employees and customers feel safe and secure? Is the building accessible to your manufacturers and suppliers? Taking the time to ask the right questions can save you time and energy in the long run.

  1. Agree on rent and tenure


Once you have chosen a property, you will need to agree on rent and tenure. Many renters don’t realize that a lease is negotiable. Don’t be shy when researching properties - to ensure you get the best deal you will need to discuss and negotiate the lease terms with the landlord.

Locking in a deal that will decrease monthly expenses can be a game-changer. If a property you are interested in is out of your predetermined budget, first see if the landlord will budge on the rental price. If not, look elsewhere. In most cases, it won’t be worth splurging and taking the risk. The same rule applies to tenure. If you are looking for a short-term lease with renewal options, but a building is requiring a long-term lease, it is essential to consider how your business will be affected.

  1. Understand the type of lease you are entering


There are a few different types of commercial leases. Make sure you understand what type of property you are renting and how the payments will be executed.

Percentage Lease


This is the type of lease used most commonly for retail spaces. With a percentage lease, the tenant pays the landlord a base rent as well as a sales percentage. 

Net Lease: 


In a net lease, the tenant must pay the landlord expenses incurred while renting the property, such as maintenance expenses, in addition to their rent.

Gross Lease


In a gross lease, all fees are included in the per square feet price.

  1. Further examine the agreement


Many people sign a lease without thoroughly reading the fine print. Steven Taylor of Taylor Equities believes, this can be a grave mistake. Spend an ample amount of time reading through your lease agreement. If there is anything you don’t understand, consult a real estate professional or lawyer. Otherwise you may end up signing an agreement that greatly favors the landlord. Often, renters don’t realize that their lease is negotiable. Look through the agreement and discuss each clause. A lease agreement should clarify all of the tenant’s rights and obligations.

Do your research, negotiate a deal, and always have an exit plan. The process of renting a commercial property can feel overwhelming, but if you take the time to consider the factors that will affect your business, you could save yourself from a bad business deal and improve your chances of long-term success.


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