“Effort only releases its reward after a person refuses to quit.” Napoleon Hill

Relocation fees are often paid to a tenant as a result of a “no-fault” eviction. These fees vary from city to city and county to county, so it is good to know the costs involved with tenant relocation for your building.

CITY OF LOS ANGELES. This includes parts of the city like Van Nuys and Wilmington and San Pedro. Los Angeles is a large city and there are several areas which appear to be individual cities but are actually a part of L.A. The City of Los Angeles has fees that can get as high as $26,500. The determination is based on the tenant’s years in the unit, age, any disability, children and their ages along with household income.

OTHER CITIES IN LOS ANGELES COUNTY. Cities like Whittier and Downey require one months rent. BEVERLY HILLS has a fee that tops out at $15,996. and is based on bedroom count. WEST HOLLYWOOD has a fee that goes up to $20,000. Rules vary from city to city, so check with your city to see the current fees and criteria, because they can be quite different.

ORANGE COUNTY AND INLAND EMPIRE. Cities like COSTA MESA require a relocation fee of one months rent and SANTA ANA requires three. Most of the rest of Orange County and the IE have voucher programs for tenants after a “no fault” eviction to help with moving costs and other costs like security deposits.

BEST IDEA. Be sure and check with your city to make sure that you are not in an unincorporated area. In that case check with your county to verify exact amounts you would need to pay if you do a “no-fault” eviction. Also remember that many areas such as Costa Mesa, require “fair market rent”. This means that if the tenant’s rent is below market when you are paying 2 or 3 times the rent as a relocation fee, you must make up the difference. The best idea, of course, is to check with your real estate attorney before you move forward with your no-fault eviction. I am not an attorney and with all the new and ever changing regulations, you need to make sure your are staying within the law.

“If you’re a competitive person, that stays with you. You don’t stop.You always look over your shoulder.” Magic Johnson

What we at PRS PROPERTIES CAN DO. We can give you a good idea of the current value of your building. We can suggest changes you might want to make before sale to give you an idea what type of building you would be able to exchange into. You may decide to stay in the rental business or you may want to move into a more passive real estate investment, such as a triple net or a DSL.. We are always available to chat. We can give you referrals for professionals, such as lenders, contractors, and engineers, so that you can decide who you feel best with. We can supply you with rent and sale comparable in the area of your properties, so that you know what rental values are in your area. 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 are currently looking for “as-is” properties and are willing to purchase with low rents, deferred maintenance or even with a problem tenant in place. We can offer a 7 day escrow and all cash at closing. Give us a call. We have also 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 45 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.