James Engel KW Beverly Hills

There are many federal laws landlords must be aware of and follow carefully. Most widely encompassing, and most important in legal and ethical terms, is the federal law that prohibits discrimination in the housing and rental markets. The Federal Fair Housing Act of 1968 and the Civil Rights Act make it illegal for a landlord to discriminate due to a person's race, sex, religion, or national origin. If a landlord exhibits any sort of discriminatory behavior, they could be subject to criminal and civil penalties.

Discrimination doesn't only happen on a personal level, meeting prospective tenants or interacting with current renters. There are also laws that prohibit any advertising that could be construed as screening or profiling applicants based on race, color, sex, religion, national origin, handicap or familial status.

Be a smart landlord. Avail yourself of the extensive guides HUD offers to help landlords operate in compliance with the laws. Go to their website at www.HUD.gov. If you have any questions, feel free to ask a reputable property management company such as Golden Estate Management. You can find information about all of our services at www.GoldenEstateMangement.com. It is of utmost importance to us that all of our clients understand and comply with federal laws regarding housing and rentals.

LTV is the acronym for Loan-To-Value ratio. It is a term used in real estate financing that refers to the ratio between the loan on a property and it's total value. For instance, if someone has a $500,000 loan on a million dollar property, that is a 50% Loan-To-Value ratio.

Realtors and lenders will also use the term TLTV, or Total-Loan-To-Value. This term is used when additional debts, such as a second or third mortgage, are secured by the property.

It is always more desirable to have a lower LTV. The higher the equity in a property, the more assured a lender can be that they're investment is protected. Lenders and consumers alike have learned a hard lesson in the recent past with risky lending practices that resulted in very, very high Loan-To-Value ratios.

The simple answer to this question is a resounding NO. Keep the timeliness of rental payments professional and not personal. If you abide by simple, basic rules that you set from the beginning of the lease agreement this will save you many a headache down the road.

Your lease agreement should have terms that state when rent is due, what the grace period is for rent not to be considered late (i.e. within five days of the first of the month), and how much of a late charge the tenant will have to pay if moneys are received after the grace period.

On the eighth day of the month, a landlord should then deliver a quit or pay notice to the tenant. If payment is not received by the fifteenth day you then file an eviction notice with the court. The goal is to never have any tenants more than thirty days behind in their payment of rent.

A property management company, such as Golden Estate Management, can handle all of your payment concerns including rent collection, late notices and fees, and eviction filings and proceedings when necessary. Please visit us at www.GoldenEstateManagement.com to view a comprehensive list of our services.

As a landlord, you are not required to provide any appliances, though most landlords do and for good reason. For one, providing appliances makes your rental property more appealing. If your prospective tenants do not have to provide their own refrigerator, oven and range, or washer and dryer your rental unit will be much more attractive than one that does. Few renters would prefer to go through the expense and hassle of providing their own appliances.

The other reason it's smart for a landlord to provide appliances is that by doing so, you avoid the damage that your unit could possibly incur by the frequent moving and installing of appliances. Appliances are big, bulky and often difficult to handle. They can ding walls, scratch floors, and cause other minor and major damages during the installation or removal process.

Just be sure to include the list of provided appliances on the lease agreement, so there is no question when the agreement is terminated that they stay with the unit. Also remember that you will be responsible for the normal wear-and-tear repair and maintenance as well, making sure all appliances remain in good working order.

No one likes to pay more for what they're already getting. Yet rental increases are expected and often necessary to cover the increased cost of goods and services required to maintain your property. If you are about to renew a tenant's lease agreement and are looking to raise the rent, you may be wondering what the best way is to inform your tenants of the increase.

A properly written letter which sticks to the facts of the increase is your best bet in a getting a favorable reaction and retaining your tenants. Simply state the increase in terms of percentage, and perhaps take it a step further and figure the daily cost of your monthly increase. Most people would choose to remain in their unit for an increase of a dollar or two per day rather than incur the cost, and hassle, of relocation.

Do not be afraid to view this as a sales letter. Remind the tenant of the quality amenities they enjoy, such as laundry in the unit, well-maintained landscaping, or that new dishwasher you installed a few months before. If you fall under the jurisdiction of rent control, you will most likely be required to include the city's legal document which calculates your maximum allowable rent increase, which is often a nominal 3-5% increase.

This service, and all your property management needs, are offered through our company. Please visit www.GoldenEstateManagement.com for a comprehensive review of what we can do for you.