“Art is never finished, only abandoned. ..” Leonardo Da Vinci

Art is not the only thing that is abandoned. Have you ever had a tenant move out and leave their belongings with no way to reach them? It only happened to me once, and it was a long time ago. If this happens to you, know that there is a legal way to dispose of the items and get your unit rented again.

COMPLYING WITH THE LAW According to Personal Property Law, (Civil code 1980-1991 Chapter 5) personal property value is $700. This means if the abandoned belonging are valued at $700. or more, we landlords have to follow the legal procedure in order to avoid potential lawsuit.

NOTICES The first notice that is required is an 18 day notice of abandonment which can be obtained online or through your apartment owners association. During that time, the property should be secured and not moved, in case the owner shows up. Another thing that will be needed is an appraisal of value. If the value is below $700. you can get a “Certificate de Minimus” which is a certificate showing the value of the property is under $700.

THE EASY SOLUTION There are companies, such as the AUCTIONARIUM which will handle the process for you. From the estimate of value to the posting of legal notices all the way to the certificate of completion. They even offer a free book explaining the process. In my opinion, since this is something we rarely deal with, it is best to let professionals handle the process. This way, when a tenant from 5 years ago shows up demanding the rare works of art that they left in their storage unit, we have the answer. Life has enough complications. Who needs another one?

“Progress is mans ability to complicate simplicity.” Thor Heyerdahl

What we at PRS PROPERTIES CAN DO. We are always available to chat. We can give you referrals for professionals, such as contractors, and engineers, so that you can decide who you feel best with. We can supply you with rent and sale comparables in the area of your properties. It is important that you know the true value of your rental units, so that you can get them rented right away at market value, or at least as much as possible with rent control restrictions. We can look at potential purchases that you may be interested in to make the property more desirable, and maybe look at potential issues that an insurer might require you to repair.

If you should decide to sell your building, we can help you exchange into a larger or smaller properties. We can even help you move into something with less management responsibilities. We can also help with getting the paperwork together for a refinance if that is your desire. We can also recommend experienced licensed contractors who can perform any repairs or installations you may need prior to selling. We can also look at your building for other easy and inexpensive changes that might allow you to get a higher value. We can help you to get the maximum value for your property, should you decide to sell, or the maximum return if you are planning to keep your building.

We always have many investors who are looking for “as-is” properties and are willing to purchase with low rents, deferred maintenance or even with a problem tenant in place. We have put together numerous transactions over the years which involve properties that are not listed for sale. Many investors are currently in 1031 exchanges and need to identify a replacement property before their 45 day identification period runs out.

Should you decide to put your property on the market, we will put together an aggressive, targeted and professional campaign to get your property sold fast. We have been doing this for over 40 years, and we will use all the tools available to bring you the most dollars at closing. If you are thinking of selling or are just curious about the value of your property, don’t hesitate to give us a call.