December 2020, End of the Year Update

Is it 2021 yet?

As we finish this year, we are starting to see some progress towards “back to normal”. Although the state assembly is going to vote on continuing the No Eviction, No Late Fee Moratorium, introduced by San Francisco’s Scott Weiner.

Let’s hope that if they consider extending the moratorium, they address financial help to multi-unit property owners who are impacted.

As I have spoken to multi-unit owners recently, almost all have said that their tenants are all paying full rent. The continuing issue is current vacancies. With the combination of Holiday Season and Covid, most owners are not having any success filling up their vacant units. If you are working on renting a vacant unit, please remember: Don’t lower the rent on the lease, but instead give a few weeks or even a month of reduced rent so that the lease has the new rent at “Market Rents” as we move forward.

I did a presentation on increasing your rental revenue at the East Bay Rental Housing Association in last year. Click Here: Maximizing the Return on your Investment for the highlights.

In the most recent newsletter I mentioned a second option to deferring any Capital Gains taxes, know as a DST, or Delaware Statutory Trust. Click DST Tax Deferral

Please reach out if you are interested in getting more information on the DST option for your exchange.

With the new and updated Shelter In Place rules now in effect, we are still limited to what we can and can’t do regarding our rental properties. Below are the articles that will help you navigate these times.

Here is the new notice with rules for renters during Covid 19 (through January 2021): CA State Rules for Property Owners during Covid

Here is an article that summarizes the California Apartment Association:
CAA advice for rents during SIP:

Please feel free to reach out to me with questions or concerns.

I closed a 4 Plex in Oakland in September, we got an over asking price offer with no inspections. Things are still closing, although it does require some creativity around inspections, appraisals, and one on one showings.

Current Market For Building Sales

For example, if you want to sell your apartment at this time, I can help you with an evaluation and guidance. I have spoken to two of the top lenders for East Bay multi-units and they are working on, and closing transactions at this time. I can forward their contact info if you want to speak with them.

Right now, If buyers have a good down payment they can get a loan and I can navigate you through the process.

If we just work with our tenants and make sure that everyone is safe and healthy, we can build better relationships and get through this.

It is always important to get guidance and advice from experienced multi-unit brokers who will market your property extensively to all potential buyers and brokers. Posting a new building on all websites and sending out emails blasts gives the property visibility to literally tens of thousands of potential qualified buyers.

Looking forward to a Happy Holidays and 2021!