• 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.

10 Ways to Make Good Tenants Stay

1. Respond quickly to complaints about noise or reports of criminal activity, such as drug dealing.

Always enforce rules on noise. If you are aware of any crimes taking place at the rental property, take action immediately. Consult an attorney, or consider hiring a property management company that includes evictions in its services.

2. Schedule maintenance and repairs at times convenient for the tenants, and let them know in advance.

Minimize the impact of repairs and maintenance by scheduling them at the times the renters are least likely to be around, typically between 9 and 5, Monday through Friday. Let the tenants know in advance when repair work is being done, and why.

3. Provide designated parking spots and enforce parking rules.

Having a parking spot with a short walking distance to home is very important for many tenants. Assign parking spots and enforce parking rules. Send warning letters to tenants who break the rules and have their cars towed if they ignore your warning. Also, make sure the parking is well-marked and sufficient guest parking.

4. Follow through on repair requests and other commitments.

It’s simple: do what you say you’ll do. Recognize that all tenants want their repairs handled promptly, efficiently, and predictably. Remember that many tenants are “renters by choice“. They prefer to rent rather than own partly because they want someone else to be responsible for repairs. Have a repair and maintenance process that helps to consistently meet or exceed tenant expectations.

5. Give the tenants advance notice of upcoming inconveniences that you’re aware of.

If you’re aware of upcoming road closures or a planned power outage, consider sending out a newsletter, email, or a Facebook update to inform the tenants.

6. Understand that tenants want to feel safe at home.

Make sure that any outdoor areas used by tenants at night, such as a parking areas, paths, and entries, are well-lit. Keep on top of preventative maintenance and repairs.

7. Make sure all tenants follow the House Rules.

Good tenants are good neighbors. In return, they want the same consideration. They will follow reasonable rules for the property, outlined in the lease. All of your tenants should read and sign a copy of your rules when they execute the lease. Let the tenants know that rules will be enforced, and eviction can be used if necessary.

8. If you are allowing pets, make sure owners clean up after them!

Tenant retention has been shown to improve if pets are allowed, and certainly there are some great tenants out there who are also animal lovers. If tenants are allowed to keep pets, make sure the lease outlines that the tenant is responsible for all pet damages and for cleaning up after the pets. It is normal to require an additional pet deposit or additional rent.

9. Be polite, courteous, and professional.

Recognize that being a landlord requires great customer service skills. When the phone rings and the call is from a tenant who is paying thousands of dollars a year, speak politely and be helpful.

10. Create opportunities to appreciate the good tenants.

Take time to say “thank you” or send thank-you cards when appropriate. Gestures such as these go a long way in making your good tenants feel welcome and appreciated.

Good tenants know they are good tenants, and they expect to be treated that way. It’s worth the extra effort to keep them. Especially when the rent is paid on time and the property is well maintained.

6 Ways to Damage Proof Your Rental

When you make the decision to have an investment property, it’s recommended to take the time upfront to make it as damage proof as possible.

That way, you’re not spending thousands of dollars rehabbing the home after every tenant.

REI Liaison Property Management has some great ideas to help investment property owners maximize their return on investment, while minimizing costs:

Get rid of the carpets. Estimates show that carpets last only three years before they need costly and time-consuming steam cleaning. Tile, vinyl, or laminate flooring are easier to clean and show less damage, and they’re not much more expensive than carpet when you take the frequency of replacement and cleaning into account.

Remove luxury, non-essential items and systems. Examples include water softeners, humidity systems, reverse osmosis systems, security systems, and swing sets. These items are often costly to maintain, repair, and replace. Save yourself the hassle!

Keep the landscaping simple and maintainable. Plant native, drought-resistant plants and grasses that require little water and are slow growing.You can also install a simple irrigation system in order to keep the plants watered without having to rely on your tenants.

Paint walls with satin or semi-gloss paint and stick to one or two colors throughout the home.This type of paint is more durable and easier to clean.

Install door stops and closet door bumpers. These will go a long way to reduce dings and dents on the walls.

Create a mudroom or changing area near exits to the outside. Have a space where people can remove and store dirty or wet clothing and shoes before entering the home.

As a rental property owner, you want to maximize your income. Which can mean spending a little more upfront, such as tile or paint, in order to avoid more costly repairs down the road.

3 Proven Reasons You Should Be Prepared to File a Tax Extension This Year

The government finally passed the American Taxpayer Relief Act of 2012 at the last minute. So, we have avoided the Fiscal Cliff… for now.

Now it’s time to file your 2012 tax return. Or is it?

Here are 3 reasons you should be Prepared to file a tax extension this year:

1) The Tax Forms Aren’t Ready

The late passage of this law has put pressure on the IRS. Normally they would have published draft forms in the fall in anticipation of their final forms. That wasn’t the case this year for many forms. The delay in legislation caused the IRS to put much of this activity on hold.

2) Your Tax Preparer Will Be Backed Up

It’s not just the IRS that is backed up. Your tax preparer will be in a similar boat. Tax season can be challenging. The last thing you want is to have your return be prepared under more pressure.

3) You May Be Receiving Amended Tax Forms Later

This has happened in the past. It will happen this year. It will likely continue to happen in the future. Financial institutions that produce 1099′s and other tax documents have a very short time period to produce these documents. The complexity of the various investments and categorization of them is becoming more and more challenging. Leading many financial institutions to file amended returns.

Tax Extension

You can file an extension on Form 4868. It is due before April 15, 2013. The extension extends the time to file the return. It does not extend the time to pay the tax. Any tax that is due needs to be paid with the extension. Failure to pay the tax will result in interest and penalty. If the request is timely and complete an automatic extension will extend the time to file the return until October 15, 2013. Many states also require an extension to be filed if the federal return is on extension. In Connecticut this is done on Form CT-1040-EXT. If the extensions are being mailed it is recommended they be sent certified mail return receipt requested to document the filing.

To Evict or Not to Evict: Exploring Your Options

Sometimes even the most rigorous screening process of checking credit and background reports, along with references, fail to catch a nuisance tenant.

Odds are at some point in a landlord’s career there will be a few less than desirable tenants.

Landlords will be forced to answer the question: evict or not?

First things first, landlords need to know their local laws on eviction. Most state housing statues place tenant interests above the landlords. Before going in and throwing the tenants belongings out and changing the locks, the landlord must give the tenants notice. Most states require that a tenant is given the Notice to Pay Rent or Vacate. This gives the tenant a predetermined time to pay up on their balance or vacate the property. If they do not pay, the landlord may file an Unlawful Detainer. The tenant can choose to fight this or not. If the tenant does not appear in court a default judgement will be given to the landlord. This judgement does not mean the tenant will leave. In most cases a sheriff will issue a writ of restitution, giving the tenant 3 days to vacate. If they do not vacate, the landlord will have the sheriff remove them and their belongings from the property.Then comes the time to collect on the judgement, most landlords choose to have a collection agency or wage garnishment collect the debt.

There are a few alternatives to eviction, that may be less of a headache and less costly.

First, landlords need to remind tenants of their obligations under the lease. A simple letter from an attorney stating the issues and remedy of legal action, usually lights a fire under the tenant to cooperate.

Another alternative is “cash for keys” this is basically paying the tenant to leave by covering the cost of moving expenses or giving one month free rent. Landlords usually ask the tenant to leave the property in a clean and rent ready condition. Having this in writing and conducting a walk through before cash is exchanged is best for this type of agreement.

Lastly, try to work with the tenant to reach a solution. If a tenant has lost a job or has been cut back on hours, then suggest moving them to another unit that has a lower rent. Most tenants would be relieved and landlords would reduce missed rent payments.

As frustrating as having a nuisance, non paying tenant can be, landlords may not threaten tenants, change locks, or remove the tenant’s belongings from the property. The most important thing to remember when dealing with tenants is to keep calm and act in accordance with the law.