Owning and Renting Real Estate in Los Angeles Is Equal Parts Fulfilling and Challenging. To Ensure Your Landlord Experience Is a Successful One, Look to These Five Resources for Help.
Being a landlord is a rewarding proposition. You earn income while providing others a safe, comfortable place to call home. Overseeing where someone lives, however, does come with its share of obstacles. After all, even if someone is renting, it remains the individual's single most significant investment, and small issues can quickly become major concerns.
To get the most from your time as a landlord and provide your residents with an equally rewarding experience, a little help never hurts. Here are five of the best resources for managing your investments and navigating the landlord-tenant relationship in Los Angeles.
Don't let the name fool you—the nation's largest such organization for rental units doesn't just serve apartments, but also those who own, invest, develop, or manage rental homes of any kind. From online forms and education to a deep knowledge base and resident screening, the CAA offers a wealth of information to keep you up-to-date in the ever-changing rental landscape.
Long-time landlords and newly minted investors will find plenty of helpful resources at the Los Angeles Housing and Community Investment Department (HCIDLA) website. The department is responsible for regulatory and code compliance, facilitating financing and development of housing projects, and record-keeping for property activity and foreclosure lists. Their easy to navigate website features an entire section dedicated to property owners.
3. Rent Stabilization Ordinance
Los Angeles residential real estate, like in many cities in California, is subject to a Rent Stabilization Ordinance (RSO). By no means does this preclude someone from successfully owning and renting their properties, but it is a critical component of the Los Angeles housing scene. And yes, in many instances, the ordinance applies to various forms of luxury rental property and L.A.'s many unincorporated areas (though exemptions are available for both). Understanding the RSO's impact on your investments (and how to manage it) is essential for a successful rental business.
In a perfect world, every tenant is a model citizen. They pay their rent and do so on time and in full. They respect their neighbors, whether it's through a shared wall or over a shared fence. They treat the property they rent as if it were their own.
Of course, that level of perfection in your renters is not always possible. For help with the finer points of eviction law, look to the state's help center. Or, for a guide covering local eviction nuances, reference the Los Angeles County Superior Court website. The CAA is also helpful in this regard, or with any other landlord-tenant disputes.
As a landlord, it's vital to understand fair housing—who you can and cannot reject as a potential tenant and the reasons why. The Housing Rights Center, which serves the city and county of Los Angeles, is a crucial resource in knowing the law and ensuring you treat all applicants and renters fairly.
Are you interested in more helpful advice on owning and renting out Los Angeles real estate? Or do you want to explore future investment opportunities? Allow The Passman Group
to be your guide to Los Angeles luxury real estate.