New Rent Control Laws

[jet496]

Rent control hurts the renter big time. Since we knew it was coming in 2020, we upped the rent on some of ours that were artificially low because we just liked the tenants & wanted them to stay. We literally kept the rent the same for 10 years, but not anymore.

Now I, and majority of others, will simply increase rents annually 5% plus inflation. We have to so we don't get caught with our pants down.

Liberals are so naive & buy into it that these laws are helping them.

 

[brgrcru]

Rent control hurts the renter big time. Since we knew it was coming in 2020, we upped the rent on some of ours that were artificially low because we just liked the tenants & wanted them to stay. We literally kept the rent the same for 10 years, but not anymore.

Now I, and majority of others, will simply increase rents annually 5% plus inflation. We have to so we don't get caught with our pants down.

Liberals are so naive & buy into it that these laws are helping them.

its for the kids , suck it up .
That along with abolishment of prop 13 . On commercial . After it will be residential .

And socialist say we we we .

 

[thetub]

heard everyone in that industry from realtor friends as you said are doing what you said...

its interesting to see what happens to the selling market. alot of the realtors and brokers were very worried...

it can slow down a big industry and cause a domino effect on others...

and the wealth effect like when stocks took a hit... if values go down.. etc

believe it or not it employs alot of people like realtors, inspectors,apraisors,title,repair men or women, lenders etc...

but fu-k them huh Rod greedy antifrugal capitalists ...

 

[RCDave]

Bump rents to market before it goes in effect. That way you can sell for maximum value and reinvest in property outside California.

 

[thetub]

Bump rents to market before it goes in effect. That way you can sell for maximum value and reinvest in property outside California.

its done already and proactive to March of 2019 realtors were saying...

 

[RCDave]

its done already and proactive to March of 2019 realtors were saying...

Sounds illegal but the government exempts themselves from the law.

 

[HNL2LHC]

I was advise by our property manager the following here in Hawaii. Anyone know if that is not the case in CA and AZ?

As the landlord you are able to establish rent at any price with a new tenant. You are only limited with current tenants and the amount that you can increase rents from year to year. Is this correct?

 

[thetub]

I was advise by our property manager the following here in Hawaii. Anyone know if that is not the case in CA and AZ?

As the landlord you are able to establish rent at any price with a new tenant. You are only limited with current tenants and the amount that you can increase rents from year to year. Is this correct?

believe this is the case in LA dont know about AZ.

also this does not apply to single family homes, or if you reside in one of the properties of a duplex and properties that are built 2005 and newer....

 

[jet496]

believe this is the case in LA dont know about AZ.

also this does not apply to single family homes, or if you reside in one of the properties of a duplex and properties that are built 2005 and newer....

This is what we were told, that we were exempt since we are not a corporation & own a couple single family homes that we rent out.

That being said, I can't really understand the verbiage the way it's written. Can anybody explain to a dumbass, 9th grade educated guy?

 

[530RL]

believe this is the case in LA dont know about AZ.

also this does not apply to single family homes, or if you reside in one of the properties of a duplex and properties that are built 2005 and newer....

Unless agreed to by the developer/landlord with a a city as part of development concessions, there is no rent control in Arizona. Landlords are free to charge whatever the market will bear.

 

[pronstar]

This is what we were told, that we were exempt since we are not a corporation & own a couple single family homes that we rent out.

That being said, I can't really understand the verbiage the way it's written. Can anybody explain to a dumbass, 9th grade educated guy?

You’ve got to have your rentals in a legal entity (I hope).


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[HNL2LHC]

What exact type of legal entity are your referring to? LLC bus type, trust or what?

 

[jet496]

You’ve got to have your rentals in a legal entity (I hope).


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Nope. Anybody can buy a house & rent it. I've heard it's not a bad idea to do an LLC for each one but also not necessary. We simply own them & rent them with the proper insurance and contracts.

 

[pronstar]

What exact type of legal entity are your referring to? LLC bus type, trust or what?

I run everything through an LLC for asset protection.

It’s a series LLC, so I can create independent legal entities within it.
And it’s much less effort/cost to create these entities, versus totally new LLC’s.

This way I own nothing but control everything.

An umbrella policy doesn’t relinquish you from liability, it pays when you’re found liable. And if you run out of coverage, you’re on the hook and any asset personally owned is at risk.

If an LLC gets sued and is found liable, so be it. But there’s no personal liability at stake, the only thing at risk is my initial investment.

That’s just how I do it.
YMMV




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[Bobby V]

What exact type of legal entity are your referring to? LLC bus type, trust or what?

I run everything through an LLC for asset protection.

It’s a series LLC, so I can create independent legal entities within it.
And it’s much less effort/cost to create these entities, versus totally new LLC’s.

This way I own nothing but control everything.

An umbrella policy doesn’t relinquish you from liability, it pays when you’re found liable. And if you run out of coverage, you’re on the hook and any asset personally owned is at risk.

If an LLC gets sued and is found liable, so be it. But there’s no personal liability at stake, the only thing at risk is my initial investment.

That’s just how I do it.
YMMV




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My wife is going thru the inheritance process on a condo in Waikiki and a water front home on Diamond Head. Is a series LLC the way to go. The condo is rented and she is cleaning up the house to rent. Haven't really thought of it since we don't have a LLC on the Havasu house. We will have property managers on all 3 properties.

 

[pronstar]

My wife is going thru the inheritance process on a condo in Waikiki and a water front home on Diamond Head. Is a series LLC the way to go. The condo is rented and she is cleaning up the house to rent. Haven't really thought of it since we don't have a LLC on the Havasu house. We will have property managers on all 3 properties.

I’d consult with an attorney and CPA, since you’re in multiple states.

But IMHO that’s always the way to go, to isolate assets from one another liability-wise.


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[thetub]

LLC s are usually the simplest way to go

in Kalifornikstan LLC fees run $800 year.

plus filing of each separately for taxes which costs more. they usually charge per filing.

but its good protection.

plus having plenty of liability insurance...

whats fees in Texas pronny?

 

[HNL2LHC]

My wife is going thru the inheritance process on a condo in Waikiki and a water front home on Diamond Head. Is a series LLC the way to go. The condo is rented and she is cleaning up the house to rent. Haven't really thought of it since we don't have a LLC on the Havasu house. We will have property managers on all 3 properties.

Hey thanks for the info. Also Bobby just so you know the house is in Hawaii Kai and not on Diamond Head. :thumbup:

 

[Bobby V]

Hey thanks for the info. Also Bobby just so you know the house is in Hawaii Kai and not on Diamond Head. :thumbup:

Thanks Tim for the correction. I haven't been there yet. Just know the address. How far away is Diamond Head...

Edit...Hawaii Kai is east of DH.

 

[HNL2LHC]

Thanks Tim for the correction. I haven't been there yet. Just know the address. How far away is Diamond Head...

Edit...Hawaii Kai is east of DH.

Yes, The house is in Hawaii Kai which is about 7 miles from Diamond Head. Big difference. As it sits the value is low millions. If in Diamond Head it would be 2+

 

[pronstar]

whats fees in Texas pronny?

Flat $300 formation/registration fee...and that’s it.

No annual fees.


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