Rental Property Investor · LOS ANGELES, CA · Member since 2016 · 56 posts · 3 votes
Hello,
I own a rental single-family house in Los Angeles which owns by my land trust name. The beneficially of land trust is my CA single member LLC.
Single-family homes and condominiums are only exempt from AB 1482 if BOTH of the following conditions apply: The property is not owned by one of the following: a real estate trust, a corporation, or an LLC with at least one corporate member.
Investor · Member since 2023 · 118 posts · 61 votes
2y
AB1482 says: “This property is not subject to the rent limits imposed by Section 1947.12 of the Civil Code and is not subject to the just cause requirements of Section 1946.2 of the Civil Code. This property meets the requirements of Sections 1947.12 (d)(5) and 1946.2 (e)(8) of the Civil Code and the owner is not any of the following: (1) a real estate investment trust, as defined by Section 856 of the Internal Revenue Code; (2) a corporation; or (3) a limited liability company in which at least one member is a corporation.”
I'm not a trust expert but I'm pretty sure a land trust is not a real estate investment trust (REIT), and I'm assuming your LLC is not owned by a corporation ... therefore it's exempt.
