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Landlord Responsibilities: A Checklist of Things You Need To Know

Landlord Responsibilities: A Checklist of Things You Need To Know

Thinking of buying a rental property? You’re in good company; nearly one in five home sales last year was for an investment property. It makes sense — rental properties deliver solid annual returns. But, to paraphrase the old adage, with great returns come great responsibilities. Let’s look at a checklist of things you’ll be responsible for should you choose to become a landlord.

What is an HOA?

What is an HOA?

An acronym that stands for homeowners association, an HOA can come in different forms and perform a variety of functions. But in general, it’s an organization that creates and enforces the rules for collective properties, usually condo buildings, planned communities, and subdivisions. Let’s delve into some of the different aspects of HOAs.

Santa Ana Becomes First Orange County City with Rent Control

Santa Ana Becomes First Orange County City with Rent Control

On October 21, 2021, after a decade-long push from the Santa Ana community to find a solution for housing affordability, Rent Control has officially been implemented into law in the city of Santa Ana. Known as the “Just Cause Eviction and Rent Stabilization Ordinances,” the new rent control law became effective on November 19, 2021. While other jurisdictions in California like Inglewood, Los Angeles County, and Culver City have already passed similar tenant protection ordinances, Santa Ana is the first city in Orange County to implement just cause eviction measures and rent control. The general consensus is that neighboring cities may see similar laws passed in the next couple of years.

Should you Require Your Tenants to Have Renters Insurance?

All property managers and landlords in Southern California should be familiar with renters insurance and have a firm understanding of why it should be required for all your tenants. Unfortunately, not enough landlords require it. Additionally, while it’s smart for tenants to purchase renters’ insurance to cover their personal belonging, many renters still don’t understand the necessity. Notably, the average renter underestimates the value of their personal property, and they don’t realize the true cost involved should their property be damaged in a building fire or other types of disasters.

SB 1157: California’s New Credit-Reporting Law

SB 1157: California’s New Credit-Reporting Law

If you are a landlord, property manager, or otherwise involved in real estate management in the state of California, then you should immediately become familiar with California’s groundbreaking new law, SB 1157, which went into law last month, on July 1, 2021. Notably, this is the first bill of this type in the country.