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Neil Fjellestad's Blog

RentSenseBlog.com

By Neil Fjellestad | Property Manager in San Diego County, CA
  • FBS Rent Sense RE Investor Alert in Lemon Grove, CA: SD County Apartment Association Reports Lowest Vacancy in 12 yrs

    Posted Under: For Rent in Lemon Grove, Rentals in Lemon Grove, Investment Properties in Lemon Grove  |  June 24, 2014 8:26 AM  |  105 views  |  No comments

    Making headlines this week, the San Diego County Apartment Association's Spring 2014 Vacancy and Rental Rate survey has been featured in local and national news about the region's rental housing market. Commentators noted the recent data indicating that the San Diego region is at near-record levels for low apartment vacancies and consumers agree with many complaining it has rarely seemed more difficult to find a rental unit. The survey joins a local debate about what policymakers can do to avoid a rental housing crisis in San Diego and encourage development of new rental housing stock.  

     

    The Vacancy and Rental Rate survey is made available to SDCAA members in the RentalOwner magazine.

    SDCAA's popular survey was featured in national and local outlets. Check out a few from the collection below.

    Click here to read the Trulia Property Agent's blog on the state of the tight San Diego rental market.

    Click here to see George Chamberlin's take in "Money in the Morning."

    Click here to read analysis from the San Diego Daily Transcript's real estate reporters.

    Click here to read UT San Diego's Jonathan Horn on the difficulties of finding a rental in San Diego today.

    View the Times of San Diego piece on our survey by clicking here.

    10 News San Diego featured the vacancy rate drop as a lead story in this week's newscast.

    Rent Sense: FBS & BBB Warn Against Rise of Rental Scams During Shortage

    To be a successful property management company in the modern economy you must become a respected rental housing provider in your market. Experience is imperative and solid reputation within the industry is important but beyond this you must engage the consumer audiences within your market.

    We maintain ourselves accessible as rental housing experts throughout the 69 zip codes in which we operate rental properties. We do this by writing an informative column for local newspapers, service several large blog audiences and participate in the Better Business Bureau to raise integrity standards. We also provide leadership to the San Diego Apartment Association.

    As a partner of the BBB, we value their continued support and education. The BBB is a trustworthy source to consumers. Read below a recent BBB article!

    http://sandiego.bbb.org/article/hand-over-the-keys-avoiding-apartment-rental-scams-43448

    We have built a healthy San Diego business out of advising independent real estate investors, acquiring and managing rental properties for clients while providing superior housing alternatives for qualified renters. We've accomplished daily for longer than four decades. Our rental vacancies change daily. Take a peek today www.fbs-pm.com/rentals
  • FBS Property Management eNewsletter for Independent Rental Owners & Serious RE Investors in Lemon Grove, CA

    Posted Under: Rental Basics in Lemon Grove, For Rent in Lemon Grove, Investment Properties in Lemon Grove  |  May 30, 2014 6:29 AM  |  435 views  |  No comments
    2013 Property Manager Pricing Survey

    Please shop and compare; not just price but services and expertise. We have built a healthy San Diego business out of advising independent real estate investors, acquiring and managing rental properties for clients while providing superior housing alternatives for qualified renters. We've accomplished all of this daily for longer than four decades and currently operate rental properties (houses, condos and apartments) in 69 zip codes throughout the region. Our rental vacancies change daily. Take a peek today www.fbs-pm.com/rentals

    If you're a qualified renter you deserve to be treated like the preferred customer you are.
    Educate yourself
    www.RentSenseBlog.com

    If you're a local rental owner now you hold a winning ticket if you want a preferred retirement. A preferred retirement includes a personal residence plus rental properties held without debt and managed by professionals. This financial condition allows you some important lifestyle choices where you live and how you live. The ONLY challenge according to Warren Buffet? Comprehensive and constant professional management of your rental business. The solution in San Diego is complete property advisory and management services by FBS.

  • FBS Rent Sense Includes Investor Tax Planning: Improve Now & Add Future Value in Lemon Grove, CA

    Posted Under: Remodel & Renovate in Lemon Grove, Rentals in Lemon Grove, Investment Properties in Lemon Grove  |  May 20, 2014 11:51 AM  |  277 views  |  No comments

    FBS Rent Sense Includes Investor Tax Planning: Improve Now & Add Future Value

    We have built a healthy San Diego business out of advising independent real estate investors, acquiring and managing rental properties for clients while providing superior housing alternatives for qualified renters. We've accomplished all of this daily for longer than four decades and currently operate rental properties (houses, condos and apartments) in 69 zip codes throughout the region. Our rental vacancies change daily. Take a peek today
    www.fbs-pm.com/rentals

    If you're a qualified renter you deserve to be treated like the preferred customer you are.
    Educate yourself
    www.RentSenseBlog.com

    If you're a local rental owner now you hold a winning ticket if you want a preferred retirement. A preferred retirement includes a personal residence plus rental properties held without debt and managed by professionals. This financial condition allows you some important lifestyle choices where you live and how you live. The ONLY challenge according to Warren Buffet? Comprehensive and constant professional management of your rental business. The solution in San Diego is complete property advisory and management services by FBS.

    Rent Sense: Improve To Add Value
    By Neil Fjellestad & Chris De Marco
    FBS Property Management

    Now could be a good time to improve your property in order to preserve its condition overall, enhance its rental value and/or upgrade the appraisal for generating better mortgage terms. If you are looking for additional tax write-off why not re-invest in your rental property?

    Renters that rightfully want to feel value for their largest household expenditure are asking for repairs and improvements. Rental increases go down easier when improvements are apparent. Preferred renters stay longer when improvements are consistent. Items such as landscaping, exterior paint, new roofing, plumbing and electrical upgrades tend to benefit investors more than trendy renovations. Floor plan design items that delight residents and most often add value are kitchen or bathroom renovations and wall changes that create usable space and natural light.

    More rental owners are taking advantage of low interest rates and better loan terms to borrow against their property equity in order to make improvements. Of course, the interest and cost of improvements are additional tax benefits as well.

    Real estate investors need to remember that upgrades to property don't automatically yield an immediate increase in property value that is equal or greater to the costs of the project. Often, the benefits to your property are long-term. Savvy property owners always keep an objective eye toward the surrounding neighborhood and changing home ownership trends so they don't over-improve their real estate and/or pick the wrong improvements

  • FBS Apartments, Condos & Homes For Rent in 69 zip codes including Lemon Grove, CA

    Posted Under: Agent2Agent in Lemon Grove, For Rent in Lemon Grove, Rentals in Lemon Grove  |  December 14, 2013 8:37 AM  |  623 views  |  No comments
    FBS Apartments, Condos & Homes For Rent in 69 zip codes

    FBS operates Rental Properties for Independent Owners in 69 zip codes throughout the region. We do so utilizing Industry Best Practices which has direct benefits to our renters. We have provided superior housing alternatives for more than 4 decades. Our available rental inventory changes daily. www.fbs-pm.com/rentals 
     
    Rent Sense: Pet-Friendly Requires Ownership
    By Neil Fjellestad & Chris De Marco
    FBS Property Management

    Q. I have an apartment community that is “pet friendly”. My problem is this. The pet owners on the 2nd floor are letting their dog urinate and defecate on the balcony. It falls on the neighbor’s patio below. What is the best way to proceed?

    A. Considering that 60-70% of renters have pets we understand the decision to be “pet friendly”. However, this marketing decision requires strict enforcement of lease and pet addendum policies that ensure quality living for all residents. First, review your existing documents then write a letter asking your residents on the second floor to conform to what the documentation requires of pet owners. Make specific references if your lease spells it out and include a copy of those references. If the language is more general and/or vague you will still be specific in your enforcement. Let there be no mistake, this pet is infringing on the lifestyle of the resident below and that cannot nor should not be allowed to continue. Furthermore, if this should happen again the pet can be removed from the property. As a policy consideration going forward you might restrict pets to the first floor only or designate certain apartments, floors and/or buildings as “pet-friendly”.

    Let’s get back to your residents on the second floor. If they don’t want to or can’t comply they will need to look for a new home. If their situation can be resolved by transferring within the community to a first floor apartment this might be another option depending on your availability and length of their residency. The cost should be their responsibility and could be a less expensive option than moving to a new community. We’re pet lovers and respect others that are not. In an apartment community and in a neighborhood responsible pet ownership is the absolute standard if a “pet-friendly” policy is to be maintained while respecting the rights of others.

  • Fjellestad of FBS Property Management in Lemon Grove, CA Interviewed on San Diego television.

    Posted Under: Remodel & Renovate in Lemon Grove, Rental Basics in Lemon Grove, Investment Properties in Lemon Grove  |  November 29, 2013 10:27 AM  |  533 views  |  No comments
    Fjellestad of FBS Property Management Interviewed on San Diego television.
    http://www.youtube.com/watch?feature=player_embedded&v=Dm9tfbSxpDs
  • FBS Rent Sense in Lemon Grove, CA: Manage Roommates

    Posted Under: Agent2Agent in Lemon Grove, Rentals in Lemon Grove, Investment Properties in Lemon Grove  |  November 15, 2013 11:22 AM  |  581 views  |  No comments

    Rent Sense: Manage Roommates
    By Neil Fjellestad and Chris De Marco
    FBS Property Management

    You and two friends decide to lease an apartment together. Things are going well until one or these friends loses their job and moves out because he/she can no longer afford the rent. What if a roommate damages the property or has a pet that damages the property and after move-out you get the bill for the excess damages? Who pays? Who is liable? The answer is that ALL of you are liable for the damages or lost rent even if it’s not your fault. This is because most rental contracts contain the language that the tenants “will be held joint and severally liable”; all tenants are each responsible for the full execution of all the lease terms.
    So, if your roommate doesn’t pay their share of the rent on time, you are in violation of the lease and subject to late charges and eviction. Your credit may be negatively affected for a very long time due to your roommate’s bad behavior and/or poor judgment.

    Here are a few things you can do to protect yourself:

    • Every roommate should be able to demonstrate good credit, responsible past performance as a roommate and provide a guarantor if needed. Don’t be bashful about asking for details and be willing to share your own circumstances.

    • Make sure that all roommates have an application on file and have signed the current lease. Don’t move roommates in and out without proper written notice. Promptly attend to updating documents. You want roommates that are legally bound just like you are.

    • Make sure that everyone adheres to all the terms of the lease. Examples: pets, guests, noise, parking, etc. Insist that you and your roommates sit down with the owner’s representative and thoroughly review the leasing documents together. Ask questions and present “what if” scenarios so everyone starts with the same understanding.

    • Make sure that everyone holds up his/her end of the arrangement: rent payments, other charges, utility bills, etc. All roommates should acknowledge condition at move-in and requirements at move-out.

    We have built a healthy San Diego business out of advising independent real estate investors, acquiring and managing rental properties for clients while providing superior housing alternatives for qualified renters. We've accomplished all of this daily for longer than four decades and currently operate rental properties (houses, condos and apartments) in 69 zip codes throughout the region. Our rental vacancies change daily. Take a peek today www.fbs-pm.com/rentals

    If you're a qualified renter you deserve to be treated like the preferred customer you are.
    Educate yourself www.RentSenseBlog.com

    If you’re a local rental owner now you hold a winning ticket if you want a preferred retirement. A preferred retirement includes a personal residence plus rental properties held without debt and managed by professionals. This financial condition allows you some important lifestyle choices – where you live and how you live. The ONLY challenge according to Warren Buffet? Comprehensive and constant professional management of your rental business by FBS.

  • Rent Sense in Lemon Grove, CA: Should we sell or rent our current home?

    Posted Under: Rental Basics in Lemon Grove, Investment Properties in Lemon Grove, Home Ownership in Lemon Grove  |  November 3, 2013 6:15 PM  |  621 views  |  No comments

    Rent Sense: Should we sell or rent our current home?
    By Neil Fjellestad & Chris De Marco
    FBS Property Management

    We get asked this a lot. The answer you settle on can literally make the difference between whether or not you have the kind of retirement you want for yourself including something to pass along to your next generation. So please take a moment to follow this example that came in from a local homeowner. Though our expertise is definitive for the San Diego region our advice should be considered elsewhere as well.

    Question – “I have roughly 200K as equity in my current home in north San Diego. We are going to close escrow on a new home in a week’s time in the same area. I don’t need to sell my current home to buy the new home. Since I’m not sure about being a landlord and sales prices have gone up should we consider selling our home instead of renting it?”

    Answer – You should definitely hold your current home as a rental if you do not need to sell. It might surprise you to find that many local independent rental owners got their start the same way. Of course this is a long-term proposition and you need to surround yourself with professionals that will provide consistent property management and constant real estate investment advice. Someone should talk you through your investment objectives and financial resources. This can prepare you with a long-term strategy for your real estate decisions. The first property management priority is to choose professionals to establish a competitive rent rate, get your vacancy filled with a qualified renter that wants to be treated like the preferred customer they are.

    You should also know that if your estimated 200k equity does not represent at least 30% of current value then you need to start paying down existing loan balances though refinance or savings. You are going to be in the rental business for a long time and need to stay safely capitalized. Forget those books and infomercials that preach you can buy with no money and flip for scads of cash. Did we mention you’ll be rich and retired by the end of the year? Remember, if it sounds too good to be true, it is. There’s a reason these exaggerations about real estate get started. It has history as the foundation of smart wealth and San Diego rental property captures the most advantages of this wealth strategy. There are correct methods that cannot be ignored.

    We have built a healthy San Diego business out of advising independent real estate investors, acquiring and managing rental properties for clients while providing superior housing alternatives for qualified renters. We've accomplished all of this daily for longer than four decades and currently operate rental properties (houses, condos and apartments) in 69 zip codes throughout the region. Our rental vacancies change daily. Take a peek today www.fbs-pm.com/rentals

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