Episode 15: Understanding Landlord & Tenant Law with Guest, Brian Nomi

In this episode, our host Peter McKenzie interviews Micky Lau-Chandani, owner and broker of Undivided Brokerage in New York City, join us as he discusses the unique aspects of the New York City real estate market, particularly in the luxury rental sector. He then explains the prevalence of rental properties in the city, the impact of rent control and rent stabilization, and the motivations of investors in the market.

Takeaways

• New York City has a unique real estate market, particularly in the luxury rental sector, with a high demand for rental properties.
• Rent control and rent stabilization policies have a significant impact on the rental market in New York City, affecting property values and investment opportunities.
• Property management in New York City requires a high level of customer service and attention to detail, catering to the needs of busy, high-net-worth individuals.

Chapters

(00:00:00) Introduction to Micky Lau-Chandani and the New York City Real Estate Market
(00:01:32) Rental Properties in New York City
(00:04:23) Investors in the New York City Rental Market
(00:06:15) Motivations for Buying Investment Real Estate
(00:07:08) Cost of Rental Properties
(00:10:32) Differences in Renting Luxury Properties
(00:11:35) Rent Control and Rent Stabilization
(00:23:57) Current Rental Market
(00:26:35) Short-Term Rentals
(00:29:04) Micky's experience as an Investor

In this episode, Peter McKenzie interviews Stephen Kenney, the Director of Operations at Rincon Property Management, about the difference between normal wear and tear and damage in rental properties. 

Takeaways

• Determining the difference between normal wear and tear and damage can be challenging for landlords and tenants.
• Lease agreements and guidelines can help clarify the responsibilities of landlords and tenants when it comes to property maintenance.
• Navigating small claims court can be time-consuming and may not always result in a favorable outcome for landlords.
• Documenting the condition of the property at move-in and move-out can help resolve disputes over damages.
• Proactive maintenance can limit the risk of extensive damages and financial losses for landlords.

Chapters

(00:00:00) Introduction and Background

(01:25:00) The Difference Between Normal Wear and Tear and Damage

(03:11:00) The Challenges of Determining Normal Wear and Tear

(05:42:00) Disagreements Between Landlords and Tenants

(06:23:00) The Role of Lease Agreements and Guidelines

(09:20:00) Navigating Small Claims Court

(12:20:00) Importance of Move-In and Move-Out Documentation

(16:34:00) Examples of Normal Wear and Tear vs. Damage

(21:40:00) Considering the Big Picture

(25:40:00) Limiting Risk with Proactive Maintenance

(27:27:00) Conclusion

In this episode, Peter McKenzie sits down with Danaus Chang from awning.com to tackle a burning issue in today's real estate market: the soaring costs of home maintenance.

With a mix of personal anecdotes and expert insights, they delve into how the pandemic, supply chain disruptions, and evolving market dynamics have turned property upkeep into a costly affair.

Whether you're an accidental landlord or a seasoned investor, this conversation is packed with strategies to help you navigate this high-cost environment.

If you found this episode helpful and are grappling with the rising property maintenance costs, share it with fellow landlords who could benefit from these insights. For more personalized advice on property management, visit https://www.rinconmanagement.com/

Key Discussion Points:

• Danaus's unique journey from accidental landlord to tech innovator [Starts at 00:10]
• Unpacking the surge in maintenance costs – it's more than inflation [05:33]
• Strategic tips for landlords wrestling with rising expenses [07:50]
• The tech edge: Simplifying property management in a high-cost era [24:52]
• Real stories, real lessons: Danaus shares cost-saving wins and fails [14:24]

Peter McKenzie sits down with Christy Silva from Little Home Builder, diving into the world of Accessory Dwelling Units (ADUs). This engaging conversation sheds light on the rise of ADUs in the housing market, especially in high-demand areas like Ventura.

Whether you're a seasoned landlord or just stepping into property management, this episode is packed with practical advice and current trends in the ADU space.

Loved the insights in this episode? Spread the word and share it! And if you're seeking expert assistance in managing your properties, don't hesitate to start the conversation at https://www.rinconmanagement.com/contact

Timestamps:

Growth and Appeal of ADUs: (00:20 - 02:03)

Costs and Benefits of ADU Construction: (04:01 - 05:45)

Navigating Legal Changes Impacting ADUs: (07:10 - 09:32)

Practical Applications and Property Management of ADUs: (10:43 - 13:08)

Future Trends in ADU Development: (15:39 - 18:59)

Join Peter McKenzie as he dives into the latest twists and turns of the rental market in Q4 2023. This episode is a must-listen for anyone new to the landlord scene, as Peter breaks down what's new and what's working in 2024. Listen in for the latest info on Ventura's rental market and practical strategies for setting rents, attracting tenants, and staying flexible in this ever-changing landscape.

Key Discussion Points:

• Catching up with the latest rental market trends.
• Setting the right rent – balancing what's fair and what's profitable.
• Spotlight on Ventura: What the numbers say about rents and vacancies.
• Smart tips for marketing your property and finding the right tenants.
• Staying adaptable and realistic in your property management game.

Loved the insights in this episode? Spread the word and share the episode! And if you're seeking expert assistance in managing your properties, don't hesitate to start the conversation at https://www.rinconmanagement.com/contact

In this episode, Peter McKenzie discusses the key steps landlords should take to prepare for the upcoming year. He emphasizes the risk of doing nothing and falling behind on rent, laws, and property updates. The top eight things to do at the end of the year are: reviewing fair market value, property maintenance and updates, evaluating rental strategy, improving rental income, reducing expenses, showing appreciation to tenants, staying updated on legal changes, and managing taxes.

Takeaways

• Regularly review the fair market value of your rental property to ensure you are not leaving money on the table.
• Stay on top of property maintenance and updates to avoid costly repairs and keep your property in good condition.
• Evaluate your rental strategy to determine if there are better options available, such as short-term rentals or house hacking.
• Look for opportunities to increase rental income by making improvements to the property or adding desirable features.
• Reduce expenses by getting rid of expensive or hard-to-maintain items, such as large lawns.
• Consider showing appreciation to tenants with a gift or gesture to foster positive relationships and tenant retention.
• Stay updated on legal changes that may impact your rental business to ensure compliance and avoid penalties.
• Keep clean records and work with a tax professional to take advantage of tax benefits associated with owning rental real estate.

Chapters:

(00:00) Introduction and Setting the Context

(01:04) The Risk of Doing Nothing

(03:17)Reviewing Fair Market Value

(04:45) Property Maintenance and Updates

(06:42) Evaluating Rental Strategy

(07:39) Improving Rental Income

(09:03) Reducing Expenses

(10:32) Showing Appreciation to Tenants

(13:27) Staying Updated on Legal Changes

(17:09) Managing Taxes

(19:08) Recap and Conclusion

In this insightful episode of The Accidental Landlord, host Peter McKenzie delves into a critical issue facing many landlords: the impact of emotional attachment on their rental property management. Discover why this emotional involvement can lead to financial losses and learn actionable strategies to maintain a professional, detached approach for better decision-making and profitability.

What You'll Learn:

• How emotional connections to rental properties lead to costly mistakes.

• Real-world examples of emotional decisions resulting in financial losses.

• Tips for adopting a more business-like mindset towards property management.

• Understanding the importance of fair market value and avoiding overpricing.

• Navigating tenant relationships and maintenance issues objectively.

• Best practices for handling security deposits and avoiding legal pitfalls.

Chapters:

(00:00) Introduction to the pitfalls of emotional attachment in property management.

(02:49) Common examples where emotions cloud landlords’ judgment.

(08:01) The impact of emotional bias on rental pricing.

(10:27) Emotional challenges in maintenance and tenant relations.

(17:27) Strategies to emotionally detach from your rental property.

(22:02) Closing thoughts on the importance of a business-like approach in landlording.

If you found this episode enlightening and helpful, please share it with other landlords who could benefit from these insights. And if you're seeking expert assistance in managing your properties, don't hesitate to start the conversation at https://www.rinconmanagement.com/contact

Want your property managed the right way? Book a call with us (https://www.rinconmanagement.com/contact) - we can’t wait to hear from you!

Listen in to today's episode as guest Jay Helms shares his insights on the top warning signs a property management company might be underperforming or may be being dishonest. Jay covers charging too much for repairs, getting tenants to pay rent in ways that can't be tracked (like money orders), late financial reports, differences in what the rent collection reports say and what's actually in the bank, not being strict enough about collecting rent, and more.

Jay also shares his own story about being tricked and scammed by a property management company. This highlights why it's so important to be careful and check everything when picking a property management service

Want to connect with Jay Helms? Reach out to him on LinkedIn: https://www.linkedin.com/in/jayhelms