• About Frank

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  • Frank Rizzi manages Bos Commercial in West Covina and has been in real estate since 1988. Since then, he has made millions for his investors over the last decade.

    With his team of experts, he has built a solid reputation as a responsive expert with in-depth market perspective of a local firm coupled with the sophisticated capabilities of a national company.

    BOS Commercial has positioned itself to handle every aspect of your commercial property
    investment whether it be purchases, management, leasing, renovations, or sale of your property.

Online Reputation, more important than you might think>

The following article was published by Buildium
“We all work hard to build our reputations. I was speaking with a potential property management client yesterday, when I asked him if he had any questions about my firm. His reply was simple; “Yes, are you honest?” I chuckled and reminded him that he was a referral from one of our oldest clients. The fact of the matter is that people like to do business with those they know, like, and TRUST. In property management the TRUST part is a big piece – after all the owner of the property is basically saying here is my single biggest asset, you’re in charge; please make me lots of money.

In the old days you would go to a chamber of commerce meeting, or an apartment association meeting, or a similar in-person event (we still do these things). In today’s internet-driven world, clients often first find you online then send you an email or fill out an online prospect form. The consumer will then conduct research online to find out all they can about you and your firm. The hard part is knowing what is said about you online – have you ever given thought to how many websites are out there?

It would be impossible to independently search all of these locations to see if someone has tweeted, posted, liked or criticized you or your firm. Luckily you don’t have to, as there are services on the web like ReputationDefender.com that you can hire to keep an eye on things. These types of services can not only monitor your reputation, but can actively assist in promoting a good reputation and suppressing negative content.”

If your in business, purchase a membership. You do not want to have any bad comments said about you. I even had a competitor make a nasty comment about me. It was nearly impossible to have it removed. Don’t let that happen to you.

Emergency Preparedness

Emergency Preparedness Plans

Reproduced from Buildium

Having property-specific emergency preparedness plans in place will help mitigate damage and protect the safety of your tenants in case of an unexpected event. The American Red Cross has all of the resources necessary to help you formulate your own emergency preparedness program. Following are some items every emergency preparedness plan should cover:

  • Know how 911 is notified in case of emergency – you may well have detection systems (such as fire alarms) that will trigger this but, if not, know who is responsible for contacting 911 and how to best ensure such calls are placed as quickly as possible.
  • Clearly mark all emergency exits and fire-safe stairwells; if your property is large, place diagrams where tenants can clearly find them (such as near elevators).
  • Make sure fire extinguishers are strategically placed throughout the property and are clearly visible. (Also be sure they are checked on at least an annual basis – your local fire department should be able to help with this.)
  • Have explicit, easy-to-read instructions about how a fire extinguisher should be used clearly displayed next to extinguishers. In case of a fire, make sure tenants know to close all doors behind them to stop the fire from spreading and not to use elevators.
  • Consider designating a fire warden on the property to account for all tenants and make sure necessary actions are taken (if a landlord does not live on the premises, these duties can potentially be designated to a responsible tenant).
  • Identify “safe spots” (such as doorways) in case of an earthquake and disseminate this information to tenants.
  • Make sure you are aware of any residents who may have difficulty evacuating, such as the elderly or handicapped.
  • Suggest that residents with pets place decals indicating they have a pet on unit doors or windows so that emergency services know to look for pets should a rescue be necessary. Such stickers can be found at your local SPCA, fire department, alarm company, or online.
  • Make sure all tenants have emergency numbers on-hand to reference. This should include the fire department, police department (a general non-emergency number for cases when 911 is not necessary), poison control, and a property management company number that can be used during off-business hours.

Of course, we all hope that none of these plans will ever have to be put into action. But for your own and your tenants’ best interest, it’s vital to know exactly what to do… just in case.

Timshares Part IV.

This chapter will involve what to do now that you have your timeshare.  The main thing is to plan your vacations well in advance.  I usually do this in the fall.  I get my kids vacation schedule and see when could be the best time to take a trip.  I usually go somewhere in the Spring for a week, and  I’ll do 2 weeks in the summer.  Wait I am getting 3 weeks of vacation for my one week of timeshare I own.  Yes that is right.  You see once your a member of RCI and HSI,( The two largest exchange companies )you get all these travel offers.  Such as trading 1 week for 2.  You may have to pay 2 maintenance fees, but if you will be using the the vacation rental, its well worth it.   Also, you will be offered bonus weeks for 2-5 hundred dollars.

So what do you do if you can’t travel one year.  Rent it out.  Its really not that hard.  I usually advertise on Craigslist and Redweek.com. Do not use one of these agencies.  They usually just take your money and do nothing.   Since I usually exchange 1 week for 2, I have had to rent out my timeshare out a couple of  times.  In both occasions I was able to to cover my advertising costs, exchange fees, and most of  my maintenance fees.  I met one couple who had purchased 8 weeks of a particular timeshare(all resales), was exchanging 2 for 1 weeks, so now they controlled 16 weeks of vacations, and was leasing 12 of the weeks.  With the revenue they were generating, they were able to essentially pay for their entire vacation of 4 weeks,  including air fare, food, car rental, & activities.

Timeshares Part 3

This segment will deal with the type of timeshare you should look for.  There are many types.  One type that RCI Promotes is the Point Program.  RCI is an exchange company.  We will talk about “exchanging” in the next part.  RCI values your timeshare and gives it a point rating.  The better the timeshare, the more the points.  The more the points, the more the maintenance fees.  For instance if you have a Timeshare in Hawaii, the point value may be 20,000.00.  You can use the 20,000 points to exchange for a timeshare with a comparable 20,000 point vacation spot.  If you trade for an 18,000 point unit, you can retain the 2000 points for future vacations, dinners, or car rentals.  If your trade is 22,000.00 then you can buy points to make the difference.  The problem, I have heard, is that the point redemption values change.  For instance if you bought your timeshare 5 years ago, and you were given 20,000 points, today to stay at the timeshare you own, may be 25,000 points.  In other words, you do not have enough points to stay at your own resort, with out having to buy more points.  Also your not guaranteed the week you own.

The other type of timeshare, is you own your week, and you are always guaranteed that week.  You can exchange it, if you wish to travel to other resorts.  This is a traditional type of timeshare, and can be great especially if you own specific weeks that you will always travel on and always want to return to the same location.  For instance if you like to ski, and you own a timeshare in Lake Tahoe  for the fourth week of  December. This is the least flexible plan. Also, if you have a timeshare that is not in high demand, it may be difficult to trade for a resort you like.

The other type of timeshare is a floating week.  In this type of timeshare you can return to your location any time of the year.  They will not always guarantee the week you want to travel, but if you book far enough in advance, you can usually get the dates you want. Also, you will have better trading power with a floating week timeshare.

Look for resorts that is part of a group.  For instance, with the timeshare we own, we can go to 10 different locations without exchange fees, and we get preferred placement. Look for a place that is in high demand,  it will give you better trading power.

Should residential tenants make unit upgrades?

Every now and then, a tenant offers to make repairs to the unit he’s living in. Often, such offers are made in exchange for rent (in other words, the cost of the repairs is deducted from the monthly rental rate). In other instances, the tenant simply wants certain upgrades in his unit (a new paint job, removed carpet, etc.) and offers to do them himself. The argument for this is that the tenant can enjoy a place that “feels like home” and you reap the rewards of these upgrades once the tenant vacates the unit.

Let’s say that one of your long-time tenants wants to repaint his living room from the standard white all of your units are painted in to a more colorful rustic red. You agree that the color would suit the space well and tell your tenant he can deduct the price of paint and labor from his next rent payment.

When the first of the next month rolls around, the tenant presents you with a painting bill that accounts for most of his monthly rent. You ask to check out the living room and find that not only is the paint a much different shade of red than you had anticipated, but also the painting has been shoddily done. It’s uneven, red paint runs over the edges and is splashed on the white ceiling, and has also splattered over the carpet. Clearly, this is not what you bargained for, but your tenant argues that you agreed he could deduct painting costs from rent. You are now faced with either battling over rent money with your tenant or eating the cost to keep the tenant happy. Not only this, but you have lost money because you will have to repaint and re-carpet for the next tenant once this one vacates the unit.

Unfortunately, situations like this occur frequently when tenants take on repairs and upgrades themselves, no matter how good both of your intentions are. While it’s true that some of your tenants may be perfectly capable of taking on repairs and upgrades themselves, this is not a skill you can identify simply by how responsible your tenant is in other areas.

With all of this in mind, even if some tenants are perfectly capable of taking care of upgrades, you are best to make an across-the-board rule to avoid conflicts with all tenants: Repairs and upgrades can only be completed by licensed contractors at your discretion.