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What I Learned in Real Estate Today

There are some great buys on residential income properties in this market. In fact, there are often multiple offers, yes I said multiple offers, for the best ones. I have come in second on the last two residential income offers I wrote. Consequently, my buyers and I are still shopping.

Today I saw another property of interest on the MLS, I previewed it, sent the information to a client and did some research on REAP in Los Angeles. Rent control applies to this property and all LA City residential income buildings built before 1978. However, the listing stated, "In REAP." I had to look that one up! Here's the link that explains REAP in LA! 

http://www.caltenantlaw.com/LARSO.htm
Posted Wednesday Oct 08
( 10/08/08 08:16PM ) — Anthony Stokes-Pereira

Hi Norma;


I learn some things as well, good luck!!!!!!!!!!!!!!!!!!!!!!!!!

( 10/08/08 08:25PM ) — Portsmouth NH Real Estate Agent - Rebecca Skane

I have never heard of a city doing that, great law!  Now I wonder if the tenants were actually using the money to make repairs or not.

( 10/08/08 08:48PM ) — Richard Mielke, REALTOR, Gettysburg Pennsylvania Real Estate

You should learn something new every day in Real Estate. Thanks to Active Rain and bloggers like Norma, I can.

( 10/08/08 10:03PM ) — Patricia Kennedy

Rent control!  Yikes!  In these parts it's sort of a dirty word!

( 10/09/08 08:35AM ) — Norma Toering Rolling Hills & Palos Verdes Property

Anthony - Real estate offers variety and new challenges on a daily basis.  It keeps us on our toes.

( 10/09/08 08:38AM ) — Norma Toering Rolling Hills & Palos Verdes Property

Rebecca - The city takes 50% of the tenant's rent to make the repairs the landlord neglected to make.  It makes being a slumlord less profitable.

( 10/09/08 08:39AM ) — Norma Toering Rolling Hills & Palos Verdes Property

Richard - A career in real estate is a constant continuing education class!

( 10/09/08 08:41AM ) — Norma Toering Rolling Hills & Palos Verdes Property

Patricia - This is LA's attempt to take the profit out of being a slumlord.

( 10/13/08 04:12PM ) — Jean Groesbeck - Jean Groesbeck & Assoc. Broker, e-PRO, ABR, ASP, CRS, IMS

Thanks!  One of the things that I love about real estate is that you learn something new everyday. Thank you for sharing that!  Good luck!

( 10/13/08 10:24PM ) — Lisa Friedman Central New Jersey Real Estate

This is very interesting stuff. Thank you for making us all aware of it.  You never know what you don't know!

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