Monthly Archives: January 2012

Off-Market Buyers' Criteria

Friends & Colleagues,

Contrary to popular practice, we spend just as much time finding quality investment opportunities for our buy-side clients as we do marketing assets for sale for our sellers. Once we’ve qualified our buyers, we exhaust every resource and method available to dig up the deals that make sense for them.

Here are just a few of the things we’re currently looking for on behalf of our clients:

– Medical Office Building for sale in Santa Monica (90404) up to $2m.

– Apartments in Glendale, CA (6-14 units, above Glenoaks preferred but not required).

– Apartments in North Hollywood, 10-20 units, value-add opportunities, South of Magnolia.

– NNN Fast Food anywhere in the LA area.

Buyers are qualified and ready to move ASAP.

If you or your client have something that might be of interest, please send a quick outline to george@verdugoproperties.com .

Thanks!

Note: This post will be updated with every new development.

The Trustworthiness Of Prospective Tenants

A few days ago I stumbled upon this article in the NY Times and it got me thinking about the different ways some of my clients (and myself) pick the best possible tenants to rent apartments to in the Glendale area.

The article obviously talks about how credit reporting agencies are essentially changing the substance of their reports to better identify low-risk and trustworthy consumers. Now, a person’s rent payments, bounced checks, broken leases and such will have an impact on their credit score.

Why should an apartment owner care?

With the onslaught of foreclosures and bankruptcies that took place over the last couple of years, many former homeowners are left with damaged credit. Most of them were forced to rent somewhere, but had to get “creative” with signing a lease because most landlords won’t accept someone with the amount of debt they have. The changes being made to credit reports now will help landlords identify the good tenants from the bad tenants without wasting much time.

For example, a young lady I recently showed an apartment unit of ours to in Glendale, CA had absolutely terrible credit stacked with delinquent accounts, huge debt and so on. She also mentioned that she’d be breaking out of her lease to rent the unit because her job simply wouldn’t cover her rent there. On the flip side, I had an older gentlemen who had just been foreclosed on and suffered through a tough divorce from his wife of 30 years. His credit score was also butchered, but it was because of his foreclosure and bankruptcy. He had the same decent job for the last 10 years and was making more than enough to cover rent. So, who’s the obvious winner?

We’re going to be dealing with “bad credit tenants” for years to come because of the financial situation. That just means we’ll have to find the honest and trustworthy ones to work with in order to keep our investments in the green.

What other leasing challenges have you faced as an apartment owner/manager?

Verdrugo Properties can Guide you through Apartment Short Sales in Glendale CA

Apartment short sales in Glendale CA can present a challenge to those inexperienced with the process. Given the typical short sale situation, it is a good idea to consult with an experienced real estate team to make sure that the best deal possible is achieved. Verdugo Properties has the experience and expertise to help you navigate short sale complexities, helping to ensure that everything goes as smoothly as possible. After all, they deal with short sales regularly and are more than familiar with procedures and requirements.

Glendale is a bustling place, conveniently located between the San Gabriel and the San Fernando valleys. With the wealth of regional businesses and industries in the area providing numerous employment opportunities, and a well organized public transportation system, Glendale is an attractive residential option for a broad range of people, including those seeking specifically to deal in the apartment short sales market. That helps keep activity in the real estate market moving, despite the difficulties still being experienced in other parts of the state and the nation as a whole.

There are excellent opportunities for both buyer and seller in the specialized market for apartment short sales in Glendale CA. Buyer advantages, aside from local employment opportunities and commuting options, include excellent schools, comfortable climate, regional cultural entertainments, and a host of other quality of life enhancing pleasures and conveniences. And, for sellers, those qualities that draw so many to the area mean interest and activity in the real estate market, which translate into sales potentials. Because homes are in demand, short sales have the opportunity to be not quite as short as they would be other places.

With all the positive potentials of the short sale market in Glendale, there are still pitfalls for those unfamiliar with the short sale market or its processes. Buyers and sellers can both benefit from the experience and expertise offered by local real estate professionals. The Verdrugo Properties real estate team is committed to ensuring that you have access to the best short sale opportunities in the area and that the complexities that sometimes arise in these types of sales are managed as quickly and smoothly as possible.