All Forum Posts by: Erin O'Connor Smith

Our HOA is voting on whether to smooth coat and paint our 70's spanish lace stucco 22-unit building on the beach in Santa Monica, or to simply paint over the heavy spanish lace for a few grand less per unit. Wondering if anyone can help determine value of smooth coating, which would to bring it up to the aesthetic standards of our surrounds?

Being at the beach, the stucco gets dirty and dingy and is already crumbly at many decades old. We all believe our property value would increase, but no realtors will venture a solid estimate or percentage.

Any educated guesses out there? For example, this 1 bedroom 1 bath just sold for $975k. What could the price have been with smooth stucco? Estimate is a shared cost of $6 - 8k per unit.

https://www.redfin.com/CA/Santa-Monica/2221-Ocean-Ave-90405/unit-105/home/6779797

Thanks!!

Erin

@Jonathan R McLaughlin mainly liability. If something happens to them or one of their guests on my property that requires a payout, their policy kicks in. It’s stronger than just the language in the lease, it’s actual back up.

@Bjorn Ahlblad @James Mc Ree thanks for your comments, validations and new ideas. Very much appreciated. Serving 3 days to perform or quit today.

So far so good with LVP, the Lifeproof Home Depot brand in two houses now. Looks great over subfloor. Hard to get the stair noses so order in advance.

Reasoning this out with fellow landlords please! 

My renters are refusing to comply with our signed lease agreement's stipulation to produce proof of renter's insurance of $300k liability per person, which is standard in all my rentals. I gave them within 30 days of move-in to do so, it's been 60 with multiple reminders, and they argue now that that amount is unreasonable. They have also violated other lease items in those two months, like piling up trash in their driveway and parking too many cars, etc etc.

They have paid rent on time so far.

They have indicated they will involve lawyers if I escalate this, and remind me that since they pay rent on time I "have a good thing going" with them as tenants. 

Next steps will be either to serve a 3 day notice to perform or quit, and move through the necessary steps.

My other option is to ride out the discomfort and try the 30 days notice to quit before their one-year lease expires in June. This is a house in LA built in 1990, so not a rent-controlled...I'm verifying that.

At this point, it's not as much about the insurance itself but making sure I have tenants who comply. If I let them win this little battle, I fear I will be losing many more of bigger sizes in the future. My gut says to cut my losses and start over, I can handle the financials and there were many other interested applicants... but I wonder if with COVID an eviction case will ever be heard. At least I could get it started though, right? I welcome all feedback to get me out of my head and into some kind of decision. Thanks.

p.s.... Leases I've written since have required proof of insurance BEFORE key turnover! 

@Jonathan R McLaughlin I hear your point about choosing battles. I want to make sure everyone has liability insurance, first and foremost. I do as well of course. It’s a big hillside triplex of sfhomes. There is no signage or parking lines on the concrete like an apt complex would have . It’s a bit precarious and on an incline. They have multiple guests coming and going, many parking on site. One of them hit my motorized driveway gate and they didn’t tell me, and brought in their own unauthorized repairman. They lied about it damaging her car even with shattered taillights on the ground, My tone has been cordial and cool - I don’t want to ignore this. I’m glad that I have put this parking clarification in writing with visuals. I will continue stating the rules, just the facts, without emotion. Soon I’ll be off-site when next door’s reno is over, and they can work it out with the new residents. I’ll only get involved if needed. Feedback welcome.

I’ve tried being nice. These tenants are proving to be the “rules don’t apply” type. They’ve also started parking outside of their area and questioning me when I asked them to move their car.  Tonight I wrote them an email allowing them a one-week extension for each resident to get renters insurance since they followed up with a copy of the quote-not an actual certificate - for just one of the three roommates. I also literally marked up a photo of their parking spaces as well as photos of them parking in the neighbors area to show where not to park. I suppose I could always start charging them a fee for parking? Allowing the neighbors to park in their space?

My lease with my new tenants states they need to provide proof of renters insurance within 30 days of moving in. I sent a gentle reminder that this was past due. I received a reply stating that it was buried in the lease and that he needed more time, and if it had been so important why haven’t I mentioned it in our several other conversations? Let’s just say it had a snarky tone. I have not responded but want to now that a few days have passed and I had a chance to pause. What do I say to regain control of this situation? I am on site virtually every day this month overseeing the renovation of the house next-door and would like to maintain a firm but cordial relationship. 

@Jake Arnold raise your price if you have 100+ inquiries 😉