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Los Angeles Mayor Karen Bass’ homelessness team is looking to purchase a 15-story hotel in the city’s Westlake neighborhood, the latest big expenditure planned as part of her “Inside Safe” program.

In a memo sent to the council’s Budget, Finance and Innovation Committee, Bass and her team acknowledged they are seeking to acquire the 294-room Mayfair Hotel, which served for two years as interim homeless housing before closing its doors last summer. The building has been listed for nearly $70 million in recent months.

Bass and her team declined to say how much the city has offered, saying the price will be revealed when the transaction goes before the city’s municipal facilities committee next month. They said the hotel would serve as a critical tool in the city’s fight against homelessness, helping to reduce the leasing costs associated with Inside Safe, which has moved about 1,200 people off the street and into hotels, motels and other facilities.

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If the city finalizes the purchase, the Mayfair would be a key part of the city’s effort to create “permanent interim housing” — city-owned residential buildings where homeless people can live for up to a year before finding their own apartments.

Under the proposal, the city would provide an array of services on the Mayfair’s ground floor — substance abuse counselors, mental health clinicians and public health workers, Bass said.

“There’s no shortcut to do this. You can warehouse people in a shelter if you want, and they’ll stay there for a couple of days and they’ll be right back out on the street,” Bass said. “We have to think outside of the box, and maybe a little bit outside of the boundaries of what the city is normally doing.”

A broker representing the Mayfair referred questions to Alex Moradi, an executive with the ICO Group of Companies. Moradi did not respond to several requests for comment.

However, Bass’ homelessness team confirmed that the city signed a nonbinding letter of intent with Mayfair Lofts, the hotel’s owner, three weeks ago. That company is affiliated with ICO, according to information provided by the county assessor’s office.

Bass has asked the council to allocate $250 million for Inside Safe, which has targeted encampments in Hollywood, Venice, South Los Angeles and other parts of the city, in next year’s budget. That figure does not include any money that would be needed to purchase the Mayfair. If the sale goes through, the cost of Inside Safe could exceed $300 million for the coming budget year.

A bicyclist rides past the Mayfair Hotel, a 15-story hotel in L.A.'s Westlake neighborhood.

A bicyclist rides past the Mayfair Hotel, a 15-story hotel in L.A.’s Westlake neighborhood.

(Jason Armond / Los Angeles Times)

Councilmember Katy Yaroslavsky, who serves on the council’s budget committee, endorsed the idea of purchasing hotels and motels, saying the city will need “thousands and thousands of units” to address its crisis.

Yaroslavsky said her office has tried repeatedly without success to lease hotels and motels in her affluent Westside district. But paying rent to motel owners is also “not a good long-term strategy,” she said.

“The logistics of trying to negotiate one-off [agreements] with hundreds of motel owners puts us in a bad bargaining position,” she said. “When we go one by one, we’re not optimizing our buying power.”

On Wednesday, Bass and Yaroslavsky went to the mayor’s 16th Inside Safe operation, located along a stretch of San Vicente Boulevard in L.A.’s Beverly Grove neighborhood, which is part of Yaroslavsky’s district. Nearly two dozen tents had taken hold on San Vicente’s median strips and other rights of way.

Jeremy Mosley, who had been living on one of those medians, said Wednesday he was ready to make the move. But he sounded unsure about relocating to a motel in South Los Angeles, more than a dozen miles away.

“I want to see what it’s like. Because this does look bad. I know it does,” he said, gesturing to the furniture, tarps and other possessions that occupied the median.

The mayor’s proposed homelessness budget for the coming year lists four separate line items for the acquisition of interim housing, which add up to $73 million. Bass’ team declined to say whether all or a portion of those funds would go toward the Mayfair.

Those funds are not included in the $250 million being requested for Inside Safe.

The Mayfair was the site of a $37-million renovation in 2018 and 2019, according to the property’s real estate listing. In 2020, it became one of several hotels across the city to participate in Project Roomkey, a federally funded program that moved homeless Angelenos off the streets as part of the nation’s response to the outbreak of COVID-19.

City leaders voted to end the Project Roomkey program last year. But several of the locations that participated in the program continue to serve as temporary housing for L.A.’s homeless population.

Last fall, the council voted to keep the Highland Gardens Hotel operating as temporary homeless housing at least through June 30. That facility, located in the Hollywood Hills, offers 72 rooms, or up to 143 beds.

The city is in talks to purchase the Mayfair Hotel, a 15-story hotel in Westlake.

The Mayfair Hotel, a 15-story hotel in the Westlake/MacArthur Park neighborhood of Los Angeles. Mayor Karen Bass’ team is in talks to purchase the building to use as interim homeless housing.

(Jason Armond / Los Angeles Times)

City Administrative Officer Matt Szabo said the hotel will probably remain as interim homeless housing through 2025, at a cost of about $6 million per year. At that facility, leasing costs are about $4,550 per room per month, according to a report to the council. Once social services offered by PATH, or People Assisting The Homeless, are included, the monthly room cost exceeds $7,000.

Councilmember Nithya Raman, who represents the Hollywood Hills, worked to secure Highland Gardens before Bass took office. Bass, for her part, was closely involved in the effort to retain another Project Roomkey hotel, the L.A. Grand in downtown Los Angeles.

The L.A. Grand was originally slated to close as temporary homeless housing on Jan. 31. Bass’ team succeeded in leasing 481 rooms at that facility for an additional year. The monthly cost of a room, which includes not just lodging but also meals, is $154 per night, or nearly $4,700 per month, according to a memo provided to the council last month.

The council would need to sign off on a purchase of the Mayfair. Meanwhile, at least one former Mayfair resident is objecting to the proposed acquisition.

Cynthia “Mama Cat” Trahan, 62, who lived in the Mayfair for about four months, said Project Roomkey staff treated the hotel’s temporary guests with “very little respect,” searching them when they entered the building and sometimes going into their rooms without permission, she said.

Buying the hotel is “just not a good idea,” said Trahan, who now lives in an apartment in Glendale.

“We should be investing in putting people in apartments, not hotel rooms,” she said.

Watch L.A. Times Today at 7 p.m. on Spectrum News 1 on Channel 1 or live stream on the Spectrum News App. Palos Verdes Peninsula and Orange County viewers can watch on Cox Systems on channel 99.

Source: latimes.com

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Get yourself a place in the nation’s capital with the perfect outdoor spot.

There are so many great things to see in Washington, D.C., from the majesty of the monuments to the unique architecture of the everyday buildings, D.C. is filled with opportunities to soak up the sun and enjoy the great outdoors.

To ensure your search for a Washington, D.C. apartment delivers the best results, make sure you check out any and all outdoor spaces before signing your lease. A quality on-site garden or courtyard can take your time in D.C. to the next level and truly make your apartment feel like home.

To help you feel inspired, the 10 amazing apartments featured below have been hand-selected as having some of the best courtyards and gardens in the D.C. area. Find your favorite and fill out an application today.

Fresh herbs in an on-site garden at Gables Dupont Circle

Source: Rent. / Gables Dupont Circle

While the full outdoor space at Gables Dupont Circle is big and beautiful, this little garden-esque spot is a real hidden treasure. Fresh herbs creep up the stone flower bed, while other greenery surrounds the space. Nearby seating, under stringed lighting, gives this space a special ambiance as well.

Set in the quieter Northwest Washington neighborhood, this area boasts spectacular views while also being super walkable. It’s just steps away from great galleries and museums as well as some of the city’s best restaurants, delis, cafes and coffee shops. To keep that outdoor vibe going, there’s no shortage of parks nearby either.

Classically beautiful courtyard at The Lansburgh in Washington DC

Source: Rent. / The Lansburgh

An absolutely stunning courtyard awaits at The Lansburgh. This space has everything, including an eagle statue. Vibrant greenery rings the multi-tiered space with a combination of trees and bushes. At the far end, a decorative pergola also offers some shade. You’ll find a lovely fountain and plenty of seating throughout this amazing area as well.

Living within walking distance of four Metro stations makes it easy to access all D.C. has to offer from this central location. Within the Downtown – Penn Quarter – Chinatown neighborhood itself, you’re also close to just about everything, from entertainment to restaurants to historic monuments.

Outdoor ping pong at Ava NoMa in DC

Source: Rent. / AVA NoMa

The courtyard is a busy place at AVA NoMa, but each section has its own special flair. For those who love outdoor games, this area features two ping-pong tables. For those who want to chill, there’s also a nice outdoor lounge with a fire pit. There’s even a small dog park for you and your furry friend to check out. Modern, metallic touches mix with hardscaping and slender trees to create a nice look and good vibes.

Providing you with easy access to downtown, finding a home in H Street-NoMa must mean food is on your mind. This is thanks to the neighborhood’s Union Market, which is within walking distance from AVA NoMA. Here, over 40 local vendors show off their culinary creativity to satisfy any palate.

Capitol View on 14th zen fountain

Source: Rent. / Capitol View on 14th

Even if it’s not huge, most people can use a Zen garden in their lives, especially one with a trickling fountain. At Capitol View on 14th, this little pocket of relaxation comes with shaped greenery, nice seating and a multi-tiered fountain trickling down into a tranquil pool. The sound will instantly relax you and let you transition from your busy day to a chill evening.

The rest of the amenities in this Northwest Washington community don’t disappoint either. First, there are the views. You can see the Capitol building as well as other monuments from the rooftop, which is also where you’ll find the pool. There’s a great open-air kitchen up there as well and a year-round fireplace. Between these two areas, it may be hard to find a reason to come inside when the weather is nice.

Yellow umbrellas in the green courtyard at Camden South Capitol

Source: Rent. / Camden South Capitol

Bright yellow umbrellas add a happy pop of color to the courtyard at Camden South Capitol. They also ensure you’ll always have a shady spot to hang out in if you need it. Underneath one umbrella is a great lounge space with ample seating. The other shades the outdoor dining area, should you want to dine al fresco. This partially grassy area is also nicely landscaped.

For sports fans, living in Southwest – Waterfront has the added benefit of keeping you close to the action. You can easily head to Nationals Park for some baseball and Audi Field for some soccer. If you’re already out and exploring, make sure you head down to the waterfront for some excellent views of the Potomac River as well.

Aerial view of the lush courtyard at Camden Noma in D.C.

Source: Rent. / Camden Noma

Looking down onto the courtyard at Camden Noma is the best way to see just how impressive it really is. Altogether, this is a huge space, with sectioned-off areas for chilling, playing, food prepping and relaxing. A close-clipped lawn meets bushy patches of robust trees to create an inviting space whether you’re playing table tennis or grabbing a lounge chair to curl up with a good book.

You’ll find Camden Noma in the H Street – NoMa neighborhood. It’s a stress-free, luxurious community that uses modern elements to help residents feel right at home. Living here puts you near the highway, a number of parks, shops and so much more, making it an ideal spot for young professionals.

Funky chairs in the garden at The Flats at Dupont Circle

Source: Rent. / The Flats at Dupont Circle

With green space and a brick walkway both contained in the courtyard, The Flats at Dupont Circle has ideal hangout areas for everyone. For those who want to grab a lounge chair or slide into a hammock, stick to the manicured green space. For friends who want to gather and socialize, grab a cushy seat on the fringes. This is also where you’ll find the grill and outdoor eating space.

Another Northwest Washington community, living here means the luxury extends far beyond the courtyard to include an outdoor pool with sundeck and a state-of-the-art fitness center. There are even personal TV’s at each exercise machine and a separate pilates/yoga studio. The clubroom takes the fun from the courtyard indoors with its TV and kitchen to keep things popping.

Sprawling on-site garden at Waterside Towers in Washington D.C.

Source: Rent. / Waterside Towers

For the perfect garden to walk through, make a date to explore Waterside Towers. The winding green space is full of grassy spots and excellent landscaping. Trees, bushes and small plants come together to make this whole space pop, giving you an outlet for a relaxing stroll whenever you need it. Benches throughout give you the opportunity to sit and absorb the natural beauty all around as well.

This Southwest-Waterfront community also has an impressive pond right nearby, complete with sprouting fountains, mature, bushy trees and an easy path to walk on. Living here also puts you close to all the waterfront fun beside the Potomac River where there are great restaurants and shopping right at The Wharf.

Fire pit under string lights at the Ava H Street courtyard

Source: Rent. / AVA H Street

A roaring fire draws the eye into the courtyard at AVA H Street. Covered to keep the flames contained, this funky and modern fire pit will keep anyone warm on a cold D.C. night. Part of the area’s lounge space, the courtyard is also where you’ll find a dual grilling station with a built-in bar and eating space. Additional groupings of seats enable a variety of large groups to gather here and enjoy themselves simultaneously.

A busy area, full of great bars and cool places to eat, Near Northeast is a neighborhood that combines culture and history with lots of shopping and fun. Living here, you’re close to the Smithsonian’s National Postal Museum, the Atlas Performing Arts Center and plenty of shopping. It’s also worthwhile to swing by the famous fountain in Columbus Circle for a photo op.

Alban Towers courtyard on a sunny day

Source: Rent. / Alban Towers

A classic building with access to a wonderful green space, living at Alban Towers mixes old and new together in just the right way. The park-like garden features a rectangular strip of grass surrounded by a pebbled hardscape. Mature and lush trees line up around the edges to create a calming and isolated space for a little meditation. Additional landscaping keeps the area green and happy.

Keeping with the green theme of moving out into the Northwest Washington neighborhood, this community is close to Rock Creek Park. Another great outdoor space to explore, this 1,7540-acre city park provides a peaceful refuge as well with more beautiful trees, recreational activities and even a little wildlife. You’ll also find varying historical remnants from Civil War fortifications to colonial houses.

Grab an apartment with one of the best gardens in D.C.

There are so many special facts locals know to be true about Washington, D.C., one of which is knowing how to pick the right place to live. You need the right combination of amenities and location, and that should always include a usable outdoor space. No matter where you live in Washington, D.C., you can count on a sweet courtyard or garden if you pick an apartment from this list.

Featured Image Source: Rent. / The Flats at Dupont Circle

Source: rent.com

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Landlords in Los Angeles can resume evicting tenants for unpaid rent and other reasons come Feb. 1, the City Council confirmed in a vote last week.

The decision will end some of the longest-lasting tenant protections in the nation, first passed in March 2020 as part of the emergency response to the COVID-19 pandemic. Since then, landlords have not been allowed to evict their tenants for most reasons, including if the owners wanted to move into their own homes.

The emergency rules have also prohibited landlords from raising the rent in more than 650,000 rent-controlled units in the city, nearly three-quarters of L.A.’s apartment stock. Rent increases in such units will continue to be barred until February 2024.

The city’s emergency protections started amid fears that the deep job loss at the beginning of the pandemic could lead to a tsunami of evictions and worsen the spread of COVID-19. Federal, state and other local political leaders put into place similar anti-eviction rules and offered billions of dollars in financial assistance for those behind on rent.

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But as the pandemic wore on, the eviction protections passed elsewhere expired, leaving those in the city among the last of any major metropolitan area. L.A. County’s similar eviction prohibitions will end Dec. 31.

The local tenant protections have persisted as leaders worried that lifting them, especially as waves of coronavirus infection have continued, would exacerbate the region’s underlying homelessness and overcrowding problems.

“We already have 40,000 people living in the street and we don’t want it to be 40,001,” Councilmember Heather Hutt said at a rally for tenant protections this week, referencing the city’s homeless population.

In October, the council first voted to set Feb. 1 as the expiration date for the COVID anti-eviction rules, while also advancing measures that would expand renter protections in general. Most notably, landlords would no longer be allowed to evict tenants in any rental property, including single-family homes, unless there was unpaid rent, documented lease violations, owner move-ins or other specific reasons. Currently, only tenants living in rent-controlled apartments have this protection.

Then-Council President Nury Martinez brokered the deal to move the policies forward together. But less than a week after the October council vote, City Hall was rocked by the leak of an audio tape in which Martinez made a series of racist remarks in a 2021 conversation with Councilmembers Kevin de León and Gil Cedillo and Los Angeles County Federation of Labor President Ron Herrera. Martinez resigned and De León and Cedillo stopped showing up at council meetings amid protests over their behavior.

The chaos made it impossible to garner enough support to advance the original plan all at the same time, said Councilmember Nithya Raman, who now leads the council’s housing committee. Instead, last week’s council vote just set the end of the COVID rules, allowing evictions to resume Feb. 1.

Still, Raman and others believe it remains necessary to pass the further protections before the end of next month. Also under consideration are measures to block evictions until February 2024 for tenants who have unauthorized pets or who added residents who aren’t listed on leases and for tenants who are a month or less behind in rent.

“We made a commitment as a council that we would not move out of this period of emergency protections during COVID without a new set of protections for tenants in place,” Raman said. “It is absolutely essential that we keep that promise to the people of Los Angeles.”

The council won’t have much time. Its meeting Tuesday was the last before it recessed for the year. Council meetings resume Jan. 10.

Some of the proposed new protections have more support than others.

John Lee has been among the council members most consistently advocating to end the COVID anti-eviction rules, saying they’re unduly hurting small landlords. Lee said he backs expanding protections against evictions without lease violations, but not the proposal making it harder to evict people for unpaid rent.

“I’m not willing to create any situation where we’re discouraging investment in the city and won’t support anything that will reduce our housing stock,” Lee said.

Despite the rules barring most evictions during the pandemic, the process has been uneven and hard to follow. At various points, tenants have had to pay a portion of rent owed and provide written declarations to their landlord that they’ve been affected by COVID-19. Tenants who remain behind on their rent still owe it.

The level of eviction protection will depend on how long the back rent has been owed and whether tenants followed the notification requirements. In some cases, renters will be permanently barred from eviction for those old debts, though landlords can try to recover the money in small claims court. In other cases, tenants who are now behind will have at least until August before they can be evicted.

The confusion is probably already contributing to a surge in eviction cases even before the protections expire. The number of eviction filings countywide this June eclipsed the amount in February 2020, the last full month before the COVID rules went into place, according to L.A. County Superior Court records compiled by Kyle Nelson, a postdoctoral researcher at UCLA who has tracked them during the pandemic. Since then, filings have continued at pre-pandemic rates.

Nevertheless, many landlords have long been eager for the temporary protections to end.

Reid Rose’s mother-in-law died after a long battle with Alzheimer’s disease shortly before the pandemic began. Rents from her Silver Lake duplex had helped pay for her healthcare, and the plan always had been to sell the property and distribute the proceeds to the heirs after her death. But the eviction protections scared away would-be buyers who were uninterested if they couldn’t remove the tenants, Rose said.

Unwilling to sell at well below the property’s value, Rose said his family has been forced to remain landlords. The eviction rules have also prevented them from being able to move in relatives who were looking for housing in Los Angeles.

“We’re just being held in a state of limbo without being able to make any decisions that affect a substantial number of family members,” said Rose, 68. “We do not want to be landlords. The City Council is basically compelling us to be landlords.”

The first day the protections end, Rose said, the family plans to begin evicting their tenants.

Source: latimes.com

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Rent control apartments in DC provide an opportunity for tenants to enjoy stability and predictable rent increases. Let’s delve into the details of rent control and explore how you can find these sought-after apartments in the city.

What is Rent Control in DC?

Rent control in DC applies to all rental housing, with a specific focus on apartments built before 1975. Apartments constructed after this year are exempt from rent control regulations. For pre-1975 apartments, rent control limits the annual rent increase that landlords can impose.

Qualifying for a Rent Control Apartment

The great news is that rent-controlled apartments are available to everyone, regardless of income. You won’t need to go through any additional steps during the application process to qualify. However, during lease signing, you may be required to sign a few extra documents or disclosures.

How Does Rent Control Work in DC?

Rent control in DC ensures that your annual rent increase doesn’t exceed a limit set by the city government. Considering that market rents in the District can rise by 10%-20% depending on demand, having a cap on your rent increase is highly advantageous.

In reality, the actual rent increase under rent control is often significantly lower than what you would face in a market-rate apartment. The annual adjustment is determined by combining the Consumer Price Index (CPI) with a percentage increase ranging from 2% to 10% of your current rent. However, the total increase, including CPI and the additional percentage, can never surpass 10%.

For example, suppose your rent in 2023 was $1000. On your lease renewal in that year, your rent could have increased by a maximum of $89 (considering a CPI of 6.9% and an additional 2% allowed by the city).

It’s common for tenants to remain in rent-controlled apartments for extended periods. Just think of Monica and Rachel’s apartment in Friends! However, it’s important to note that these apartments tend to be older and may lack many amenities found in newer luxury buildings. Be prepared for a more basic living experience, such as window air conditioner units and the absence of garbage disposals or dishwashers.

Finding Rent Control Apartments

To find the best deals on rent control apartments in DC, consider the following options:

  1. Check out our recommended apartments Check out this article to find a few.
  2. Hit the streets and explore neighborhoods that interest you. Areas like Adams Morgan, Cleveland Park, Van Ness, and Glover Park have a significant inventory of rent control units.
  3. For more information on affordable apartments, consult our comprehensive Guide To Washington, DC Affordable Housing Options.

By understanding the benefits of rent control and being proactive in your search, you can secure a budget-friendly apartment in DC while enjoying the stability it offers. Keep in mind that these units may be scarce, but with patience, persistence, and diligent searching, you can still find great deals.

Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates. Rental providers will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.

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Source: blog.apartminty.com

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What happens when a great opportunity comes along, but you don’t quite have the resources to take advantage of it? That’s what Greg wants to know. He and his wife have found their Dream House. They think they can buy the place — but only if they’re willing to take on some short-term debt in addition to the mortgage. Greg wants to know if this is a smart move. Here’s his story:

My wife and I are in our late twenties, no kids (yet), both safely employed and living very comfortably with a combined monthly income of around $5,000 after taxes. We currently have about $28,000 in student loans, and plan to pay them all off within the year. The original amount was $37,000 six months ago, so we’ve been making quick progress with them. One loan is in deferment while my wife is in school, another requires $80 a month for the payments, and the one we are aggressively paying off has no monthly payment due until 2014 because of our extra payments. Basically, we only need $80 a month to satisfy our loans for the next two years. We have no car payments, credit card debt, or anything other than the student loans.

Everything was going as planned until two weeks ago we found a house we absolutely loved. We’ve checked it out, and aside from minor cosmetic things, its move-in ready. It’s a foreclosure with an asking price around $136,000 (houses are cheap in the Houston area!). We’d plan to stay in the area a minimum of ten years, if not longer.

Given our situation, is it wise to scramble to get the minimum amount necessary to buy this house? We hadn’t planned to begin saving up for a house for another six months. Last week, my dad offered us a monetary gift to cover the down payment. We have the ability to pay for inspections, closing costs, insurance and everything else (about $7,000 total, assuming the seller won’t cover some of these costs), but it might mean wiping out our small savings and taking on some short-term debt. We’d also have to pay about $1,600 to break our apartment lease, but at least that can be spread out over three months.

Moving so quickly without any heavy financial preparation was not how we envisioned buying a house, but we don’t want to risk losing what amounts to our Dream House. Since it only recently came on the market, we don’t know if it will be something we can wait on or not.

Being the committed debt-haters that we are, the minor (non-mortgage) debts we’d have to incur to buy the house hopefully wouldn’t last very long anyway. Worst case scenario puts our monthly house/tax/insurance payments well within the range of affordability for us too. Our current loans would go on hold for maybe six months while the minor debt is paid off, then proceed at a slower pace due to the $1200 a month we’d be paying for housing instead of the the $600 we currently pay.

If you were in my position, what would you do? Jump on the chance for a Dream House? Or take a more financially conservative approach and risk losing out on it? Any and all opinions would be much appreciated!

This is a tough call. Folks like Dave Ramsey would say, “Don’t do it.” Ramsey would argue that Greg and his wife should first repay all of their student loan debt and then save enough for a substantial down payment. (Or even enough to pay for the house in cash.)

I’m not nearly that prescriptive. Absolutely, the prudent financial choice is to wait. Dream Homes are problematic — dreams change, and Dream Homes are often more common than buyers believe. Plus, when you have to scrape money together to buy a house, you leave yourself vulnerable to unexpected disasters. By exercising deferred gratification, Greg and his wife could reduce their debt and/or build enough savings to make a substantial down payment.

That said, personal finance is as much about emotions as it is about money. And heaven knows, Kris and I have made a pair of impulse home-buying decisions:

  • In 1994, we bought our first home. We didn’t really have a reason for buying a house; it just seemed like the adult thing to do. A mortgage broker crunched the numbers, told us what we could afford, and we started shopping. We didn’t shop for long. Within a week, we’d found a house we liked. Two days later, we’d made an offer and had it accepted. Looking back, we rushed things, but it turned out okay because we bought less home than we could afford.
  • In 2004, Kris and I bought our Dream House. We hadn’t intended to move, but when one of Kris’ co-workers brought in a sale flyer for an old farmhouse, we acted quickly. Within 48 hours, we’d made an offer (and had it accepted). In retrospect, this was a poor financial decision. On paper, we could afford the place, but in reality, my debt-load made things tough. If I could give my younger self advice, I’d say, “Don’t do it!” Things have worked out for us, but they could easily have turned sour.

If Greg and his wife are willing to unwilling to pass up this opportunity, they should at least take steps to mitigate the possibility that things will go wrong.

  • Take out a small mortgage with a low interest rate. Banks will grant mortgages with housing-expense ratios of 33%. That is, they’ll let borrowers spend up to 33% of their gross (pre-tax) income on housing, including taxes and insurance. But what’s good for the bank isn’t necessarily good for you. Greg and his wife can make things easier by trying to keep their monthly expenses below 25% of their gross income.
  • Make debt reduction a priority. If they buy this house, Greg and his wife have to be willing to make some short-term sacrifices: cheap vacations, a reduced restaurant budget, and so on. They have to give up a lot of the little everyday pleasures in order to attack their non-mortgage debt. All purchases require trade-offs, and big purchases require big trade-offs.
  • Build a big emergency fund — ASAP. Speaking from experience, owning a home is expensive. One rule of thumb is that it costs 1% of the home’s value every year for maintenance and repair. This seems accurate to me. Greg and his wife should work hard to create a home repair fund, one that’s separate from their everyday emergency fund.

What do you think? Should Greg and his wife jump at the chance to buy their Dream Home? Even if doing so means carrying more debt than they’d planned for a few years? Or should they wait until they know they’re financially prepared? Share your personal experience so Greg and his wife can make an informed decision!

Note: Upon reading this post, Kris made an interesting observation. “You’re missing an important point,” she said. “Are they looking at a one-of-a-kind home? That makes a difference. Maybe their Dream House is a converted fire station or an old farmhouse in a sea of cookie-cutter homes. If that’s the case, they should take it. But if it’s similar to a lot of other homes, they should wait.”

Update: This has been a great discussion. Thanks for contributing. Here’s a response from Greg, answering many common questions. (And here’s another.)

Source: getrichslowly.org

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These are the best apartment gyms in Sacramento. Which one matches up with your workout style?

Known as the “City of Trees,” there’s no doubt that Sacramento is a beautiful place to call home. Because the city is peppered with parks and full of fun options to fill your days with outdoor activities, it’s important to stay in shape if you want to experience the full scope of everything Sacramento has to offer.

Whether you’re a CrossFit junkie, dedicated treadmill runner or committed to curls, there’s an apartment gym on this list that will look like it was built just for you. Find the Sacramento gym that best fits your exercise style and start the process toward signing that lease today.

Row machines and more at The Press Apartments

Source: Rent. / The Press Apartments

The Press Apartments is a modern complex designed to help residents maximize every aspect of their daily lives. From the private office spaces and 24-hour hangout area to the hound lounge to, of course, the pristine fitness center. Equipped with everything you’d expect to find in a community with more than a few things you seldom see outside of the most expensive monthly membership gyms, this gym sets the bar in Sacramento.

Providing residents with a yoga studio, multiple rowing machines and even a boxing machine, this gym has what you’re looking for regardless of how you like to get your heart rate up. Located in Sacramento’s highly sought-after Richmond Grove, life is good when you’re lucky enough to call The Press Apartments home.

Beautiful loft-style gym at Capitol Towers

Source: Rent. / Capitol Towers

The amenities at Capitol Towers are extensive. These downright beautiful apartments are located in Downtown Sacramento and it’s safe to say they boast one of the best apartment gyms in Sactown.

Featuring a loft-style fitness center with leg machines, a lat pulldown machine and enough free weights for all to enjoy a workout without any wait time, this fitness center doesn’t leave any room for complaints. The wellness amenities don’t stop at the expansive gym either. There are also two dry saunas, a spa/hot tub area and a large, rectangular pool that’s perfect for swimming laps.

The serene spin room at Vasari

Source: Rent. / Vasari

Situated south of Sacramento in Elk Grove, the Vasari apartment complex is complete with a fitness center that just might put your current gym to shame. With a dedicated spin area and yoga studio alongside a large gym equipped with an array of upper and lower body machines, heavy ropes and treadmills with pool views, it’s easy to see why residents often fall in love with this fitness center soon after signing the lease.

Whether you’re an early-morning lifter or more of an after-work elliptical person, you’re never short on options at this apartment gym. Not to mention the fact that you can work out hard with the comfort of knowing there’s a hot tub waiting for you to soak the soreness away.

View of the entire gym at Miramonte and Trovas

Source: Rent. / Miramonte and Trovas

Lit up by large windows and a lime green accent wall, the fitness center at Miramonte and Trovas is more than meets the eye. With everything you’d expect in a well-equipped gym, like a Smith machine for safe reps without a spotter, large free weight racks and plenty of benches to help you get a full workout with ease, this gym clearly covers all the essentials.

Where this North Natomas complex really separates itself from the rest is its offering of fitness on-demand. The gym TVs have fitness on-demand, a system that allows residents to learn more about working out and fitness from the comfort of their home gym. No personal trainer is required, this fitness center has it all and then some.

one of the best apartment gyms in Sacramento

Source: Rent. / The Mansion

With a name like “The Mansion” you better have some high-end amenities to match. Needless to say, the beautiful fitness center at this beautiful Boulevard Park apartment complex does not disappoint.

With strength and conditioning equipment as far as the eye can see, mirrored walls, flat-screen TVs and plenty of natural light, this gym sets up its residents for success and supports the journey toward accomplishing even the loftiest of personal fitness goals. Enjoy full-circuit workouts with top-tier equipment in this fine fitness center.

Natural light pouring through the large windows at the fitness center Kensington in Sacramento

Source: Rent. / Kensington

Stationary bikes, Hoist machinery and Matrix treadmills are just a few of the stellar pieces of equipment you can expect to find at the Kensington fitness center. With vaulted ceilings letting in all the natural light you could ever want and, most importantly, enough space to stretch out and get your sweat on without being disturbed by others, this gym was built with residents’ comfort in mind every step of the way.

This Arden-Arcade apartment complex also boasts three pools and a relaxing spa. That means you can start your day swimming laps and then cap it off by soaking away the pains of the day.

Cardio area in the brick-walled fitness center at Academy65

Source: Rent. / Academy65

Known for its youthful resident population, proximity to Sacramento State and impressive list of amenities, Academy65 is a great place for active people to call home. Boasting a 24-hour fitness center complete with a StairMaster, multiple treadmills under flat-screen TVs, and a mountain of medicine balls, this fitness center is equipped to handle all types of exercise styles.

Not just catering to the heavy lifters, the fitness center at this College Town complex is also equipped with a yoga studio and spin area. Whether you’re looking to pedal away your problems or just improve your flexibility a little bit, there’s a space for you at the fitness center at Academy65.

Exposed beams in the light-filled gym at The Woodlands

Source: Rent. / The Woodlands

The Woodlands is a magnificent Metro Center apartment complex with, as you may have guessed from the name, an appealing cabin feel. With more than one StairMaster, a lat pulldown machine and a squat rack all at your disposal, among many other pieces of top-tier equipment, there’s no questioning the Woodlands fitness center’s place on this list.

The opportunities for recreation don’t end at the fitness center either. This complex also provides residents with a cornhole court, three pools and two hot tubs. Regardless of what you’re feeling, there’s always something to do at The Woodlands.

Daytime view of the Irongate apartments gym

Source: Rent. / Irongate

Located in North Natomas, Sacramento, the fitness center at Irongate isn’t just spacious, it’s also equipped with everything you need to not just achieve but to exceed your fitness goals. Whether you are looking to up your cardio, tack on some mass, drop a few pounds or anything in between, you have more than a few options thanks to the exercise amenities at this North Natomas fitness center.

Adorned with upper and lower-body machines, lots of free weights and flat-screen TVs for when you need a mental break from your treadmill running or leg pressing, exercise options are never an issue. Thanks to white walls, a high ceiling and plenty of natural light, this fitness center feels large and always has enough space for residents to work out, even during the busier hours.

one of the best apartment gyms in Sacramento

Source: Rent. / The Fremont

Easily recognizable by its unique Mediterranean architecture, The Fremont is one of the more desirable buildings in Midtown to call home. With sizable windows to let in natural light, large free-weight racks, stacks of stationary balls and a couple of shelves of complimentary towels, this fitness center is fully stocked and ideal for fitness-minded folks from all walks of life.

Also boasting a professional-grade stationary bike alongside a state-of-the-art elliptical machine and treadmill, The Fremont’s fantastic fitness center supports your cardio goals.

Get your sweat on in Sacramento

Whether you’re a daily runner, a weekly weightlifter or someone just looking to improve flexibility the slightest bit, Sacramento is full of apartment gyms that are capable of supporting you through even the most ambitious fitness goals.

See yourself getting your sweat on in one of these next-level fitness centers? Fill out an application today and reignite your passion for personal fitness in your new apartment gym.

Featured image source: Rent. / The Press Apartments

Source: rent.com

Apache is functioning normally

One thing I love about Millennials and Zoomers is how freely we share advice.

Case in point, there are now countless wealth coaches and personal finance gurus on TikTok recording their best tips on saving, investing, and achieving financial freedom faster.

And we’re hungry for their advice. According to CNN, the hashtag “#personalfinance” alone has a total of four billion views, with “#financialliteracy” and “#financetiktok” not far behind.

However, while the intent is always sound, the tips themselves aren’t. There are some misguided and potentially devastating personal finance myths being perpetuated on TikTok these days, so I am here to address them head-on.

Let’s debunk seven of the most common TikTok money myths before you make a potentially dangerous financial move.

What’s Ahead:

1. “You can (and should) get rich quick”

Debunked: 7 TikTok Money Myths - "You can (and should) get rich quick"

The implication

“Get rich quickly and easily by following my personal finance advice.”

Here’s how to instantly spot a personal finance influencer who abides by a “get rich quick” philosophy: just look for the lime green Lamborghini in the background.

Once they’ve given you a few seconds to lust after their six-figure Italian whip, they’ll start telling you how they “turned $5,000 into $723,000” by following “three simple rules of investing” or some such promise. Sounds appealing.

The reality

Multiplying money on that scale, in that little time, always involves a staggering amount of risk, luck, or both. This is assuming, of course, that the influencer is even being 100% truthful – and that background Lambo isn’t a rental.

It’s entirely possible that this person really has gotten extremely lucky on some clandestine investing opportunity, but lottery winners aren’t financial advisors.

Actual financial advisors, and their very rich clients, will give you this advice: 

“Get rich slowly.”

If you wouldn’t spend your life savings on lottery tickets, you shouldn’t get your financial advice from TikTok influencers who got lucky, either. The key is to get rich without the risk, and here’s exactly how to do it, step-by-step.

2. “Day trading is easier than you think”

The implication

Historically, only the rich and well-connected could make money on the stock market. But now that we have apps like Robinhood and Webull, everyday investors like you and me can buy, sell, and trade stocks ourselves, getting rich in the process just like day traders on Wall Street.

The reality

97% of day traders lose money.

That’s according to a large-scale study of day traders, where the researchers concluded:

“We show that it is virtually impossible for individuals to day trade for a living, contrary to what course providers claim.”

By contrast, “only” 70% or so of gamblers in Vegas lose money, according to the Wall Street Journal. So your money is safer on the roulette table than taking a TikTokers’ investing advice (but still, don’t gamble).

3. “Rich people look rich”

Debunked: 7 TikTok Money Myths - "Rich people look rich"

The implication

Earn big, spend big. As your income level rises and you start to feel “rich,” it’s time to start acting like it. Get a luxury apartment, lease a Mercedes, and don’t hesitate to buy that $2,000 purse.

Besides, what’s the point of working hard if you’re not playing hard?

This one is definitely more of an implication than a direct piece of advice. I don’t know of any TikTokers who are outright saying “spend all of your money” – but there are certainly plenty who are leading by example.

The reality

Rich people become rich precisely because they don’t spend money – they invest it. There’s a saying by famous-yet-frugal YouTuber Scotty Kilmer that I think about all the time:

“Broke people buy BMWs, and rich people buy Toyotas.”

Rich (or soon-to-be-rich) people know that if they buy a Toyota instead of a BMW at age 30, and invest the $30,000 difference at 10% APY, they’ll have:

  • $77,812 when they’re 40.
  • $201,825 when they’re 50.
  • $843,073 when they retire at 65.

The point of this anecdote isn’t to throw shade at Bimmer, but rather, to highlight how rich people think differently before making a purchase. They don’t think:

“How much can I afford?”

But rather:

“How much can I save and invest?”

In short, rich people don’t lead extravagant lifestyles – they lead frugal, yet comfortable lifestyles now so they can live however they want later.

4. “Live on a shoestring budget”

The implication

On the complete other side of the spectrum, there are TikTokers who advocate a shoestring lifestyle, where rigorous budgeting and extremely limited pleasure spending are the only viable pathways to financial freedom.

The reality

It’s totally OK to buy nice things and treat yourself.

In the previous example, yes, a BMW costs $30,000 more than a Toyota – and if you invest that money instead of buying a fancier car, you’ll have a fortune waiting for you by retirement.

That being said, if the BMW brings you joy and makes you happy (and you can afford it), buy it.

The key to achieving financial mindfulness isn’t to spend less – it’s to spend more mindfully on the things that truly matter to you. There are influencers out there who say you should stop going out to eat cold turkey because a restaurant meal for two can easily exceed $60 or even $100.

But financial mindfulness says that if that meal helps you build a relationship with someone, it’s worth it.

Draconian saving can be just as misguided as wanton spending. The key, then, is to determine how much you can safely spend each month, and then to spend that money on the people and things that bring you the most joy.

5. “Cryptocurrency will make you rich”

Debunked: 7 TikTok Money Myths - "Cryptocurrency will make you rich"

The implication

This one’s pretty straightforward, and I have heard it straight from countless TikTokers’ mouths: crypto will make you rich.

Forget the corrupt, manipulated stock market – Bitcoin, Ethereum, and Dogecoin will bring prosperity and financial salvation to Millennials and Zoomers.

I mean, what other investment vehicle has provided anything even close to the 750,000,000% ROI that Bitcoin has since 2011?

I got rich off crypto and you will, too – hop aboard before it’s too late.

The reality

Cryptocurrency is like a fast-moving, rickety roller coaster at the county fair. The foundation hasn’t completely crumbled, but the wooden boards and screws holding it up are falling off with each passing car.

Hop aboard the crypto train at your own peril.

It’s true that Bitcoin has had a miracle run since 2011, rising from $0.008 to a peak of around $65,000 in April 2021 and making a lot of people very, very rich. But even diehard crypto fans have acknowledged that a “Bitcoin winter” is coming – that is, if it hasn’t already.

The Bitcoin winter is just one of the many huge risks to a crypto investment. The others (like China’s clampdown on mining) are fast approaching the roller coaster’s foundation with a sledgehammer.

Can Bitcoin still make you rich? Maybe, but there are plenty of safer rides at the carnival.

6. “Just copy the investments of rich people”

The implication

You can’t copy athletes to win gold medals, nor can you copy New York Times Best Sellers to sell more books.

However, you can totally copy the investing strategy of rich people to get rich.

In fact, they want you to copy them – either because your investment makes their investment more valuable, or simply out of the goodness of their heart. Warren Buffet famously shares his trades with the public so they can borrow and benefit from his wisdom.

So why spend 14 hours a day researching good trades when you can just copy someone else’s homework – especially when they ask you to?

The reality

Rich people can afford to make extremely risky investments and lose money that you and I can’t afford. For that reason, they shouldn’t always be followed into battle.

Warren Buffet is also famous for admitting when he’s made a mistake. In 2014, he confessed that he’d held onto shares of Tesco for way too long, costing him and his investors $444 million. Berkshire Hathaway’s investors may have been able to shrug off the loss, but any outsiders emulating Buffet’s moves may have been screwed.

Copying the investments of rich people may be a viable strategy if their investments fit within your financial goals and risk tolerance. For help determining whether that’s the case, you want to talk to a wealth advisor.

7. “You don’t need a wealth advisor”

Debunked: 7 TikTok Money Myths - "You don't need a wealth advisor"

The implication

Thanks to zero-commission trading platforms, you no longer need to buy and trade stocks through a sweaty stockbroker in some Manhattan office.

By that same logic, the emergence of robo-advisors and the fountains of free financial advice on TikTok have eliminated the need for old-fashioned wealth advisors. After all, why give someone 2% of your hard-earned gains when it’s never been easier to invest your money yourself?

The reality

The recent trifecta of online brokers, robo-advisors, and personal finance gurus on social media has done wonders empowering Millennials and Zoomers to handle our money better. The TikTok DIYers certainly have one thing right: it’s never been easier to make your own trades.

However, despite birthing a renaissance in financial literacy, nothing on TikTok can replace the tailored, one-on-one advice you’d get from a professional wealth advisor.

Robo-advisors can personalize your investing strategy to an extent, but they can’t play a direct role in helping you navigate the markets and make good decisions. 

Summary

There’s plenty of sound personal finance advice on TikTok, but it only takes one bad tip to cost you money.

For that reason, it literally pays to separate the wheat from the chaff. Not everyone who’s made money is a skilled investor – some are just lucky.

Read more:

Source: moneyunder30.com

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Berkeley Property Management: Understanding General Wear and Tear in Rental Properties + Precautions Landlords Should Take (2023)

picture-of-rental-property-understanding-wear-and-tear-as-a-landlord

picture-of-rental-property-understanding-wear-and-tear-as-a-landlord

The third quarter of the 2021 Market Medians Report indicates a significant rise in new tenancies in Berkeley, with a 104% increase (1863 new tenancies) compared to the same period in 2020 (913). If you own a residential property in Berkeley and are hesitant about finding a new tenant due to concerns about general wear and tear, it may be worthwhile to reconsider your decision.

As a landlord, finding reliable tenants for your Berkeley property management is crucial. It is essential to comprehend the natural deterioration in rental properties and the precautions landlords should take.

Did you know? 

The total average rent ceiling in Berkeley for the year 2021 stood at $2,137.60.

The concept of ‘wear and tear’ usually refers to the expected deterioration of a residence and its fixtures due to regular and foreseeable usage over a period of time. It is common to encounter damages in any residential property due to regular, everyday usage. Examples include faded wall color or cracks in corners or on the floor. Such deterioration takes place throughout a tenant’s occupancy of the property.

It is typical for your property to experience wear and tear as a result of tenant usage, so you should anticipate the following damages.

  1. Faded or cracking paint is a common occurrence in residential properties that are in use.
  2. As part of your Berkeley property management responsibilities, it is important to address any damages or cracks in the flooring that you may encounter and ensure they are repaired.
  3. The doors or door frames may suffer damage due to humidity.
  4. It is common to discover cracked window panes in the house, which can be attributed to various reasons.
  5. Over time, the color of the carpet may diminish due to cleaning and exposure to light or chemicals.
  6. Regular usage can damage bathroom tiles, bathtubs, and other similar fixtures.

It is essential to be aware of significant damages that can be categorized as losses to your property. Furthermore, the tenants may have purposely caused the following damages:

  1. Carelessness can lead to the breakage of windows or doors.
  2. Unwanted stains on the wall or wallpaper may be present, which were not approved.
  3. Mishandling can result in a broken sink or bathtub.

Habitability and Maintenance

As a Berkeley property owner, you must understand the concept of habitability and repairs. It is mandated by regulations that rental units must be in a condition suitable for living, meeting the habitable standard. A rental unit is deemed habitable when it meets the standards outlined by state and local building and health codes, ensuring its suitability for human occupancy and prioritizing the well-being and safety of tenants.

Did you know?

California law assigns different repair responsibilities to landlords and tenants. However, landlords ultimately bear the legal obligation to ensure the habitability of their rental units.

Maintenance Duties of the Tenant

Your Berkeley property management task won’t seem difficult if you are planning to find tenants if you are aware of the maintenance rules of the tenants. According to the law, tenants are responsible for maintaining the rental units in good condition. It includes keeping the areas clean and free from damage. Tenants are also accountable for repairing any damages caused by their neglect and addressing damages caused by individuals under their responsibility, such as family members and pets.

Did you know?

According to law, when a rental unit is uninhabitable, the landlord may not have a legal obligation to make repairs if the tenant has failed to fulfill their responsibilities.

house-for-rent-sign

house-for-rent-sign

Precautions That Landlords Must Take

Making Withdrawals from Security Deposits:

 If you clearly understand the concept of general ‘wear and tear,’ you would know that it is a normal occurrence. If you come across any damages caused by tenants’ negligence, you can deduct the necessary amount from their security deposit. The leading providers of property management services always suggest that it is important to familiarize yourself with local laws before taking any action in this regard.

Have Before and After Images: 

Prior to the tenant’s occupancy, it is essential to capture photographs of every area within the rental unit. Remember to share these pictures with the tenants when handing over the keys. Similarly, when the tenants vacate, take photographs of the previously documented areas and compare them. This will enable a discussion on any damages that may have occurred and facilitate finding a resolution.

Tenant’s Background Check:

Among your Berkeley property management responsibilities, you must perform comprehensive background checks to ensure that responsible tenants occupy your property. Additionally, you can review all prospective tenants’ complete eviction history report before making a decision.

Endnote

As a landlord, it is wise to make informed decisions regardless of who you choose to lease your residential property to. It is advisable to familiarize yourself with state and local laws for tenants and landlords. Furthermore, finding responsible tenants is of utmost importance, so it is recommended not to rush into decisions. If you encounter difficulties reaching satisfactory resolutions even after discussions, seeking assistance from legal experts is highly recommended.

Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates. Rental providers will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.

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Source: blog.apartminty.com