Dingbat Property Solutions
Contact Nick Fichera with Figure 8 Real Estate for all your dingbat needs: (630) 460-0820 email@example.com
Earthquake Retrofit Notice to Landlords:
In February 2016, you will be REQUIRED to retrofit your dingbat property. Are you ready?
A dingbat is a two or three story wood-frame apartment building with overhangs sheltering street front parking. The elevation view is “half parking structure, half dumb box.” Popular in the 1960s and 1970s, there are 13,500 dingbats in Los Angeles today.
What you need to know:
Be informed and take action today! In October 2015, the city of L.A. passed an ordinance REQUIRING THE EARTHQUAKE RETROFIT OF ALL DINGBATS. In February 2016, the city will begin issuing notices to owners of dingbat buildings.
The notice will state:
- You must properly inform all tenants that the building is a soft-story building
- You will have 1 year to have a structural engineer complete retrofit plans
- You will have 1 more year to obtain a building permit
How This Affects You:
Estimated retrofit cost per building is $60k to $130k. City Council is working on a way to help owners finance but there is currently no such financing in place. Most likely, landlords will be able to pass through up to 50% of the cost to tenants through rental increases but it will be limited to $75 per month or less. THE CITY IS SERIOUS! Non-complying landlords will be GUILTY OF A Misdemeanor.
Solutions For Your Dingbat Property:
- Consult with a structural engineer: Receive a FREE QUOTE from our structural engineer affiliate and receive 10% Figure 8 Discount on the work. If you personally manage the retrofit and tenant issues, Figure 8 and our dingbat property solutions department is always available for free advice or consultation.
- Let Figure 8 manage: We can manage the entire retrofit process, ensuring you so not miss out on available tax credits, pass-through tenant costs, or favorable financing. Our goal is to reduce stress and protect your bottom line. Once the process is complete, you can resume managing your property or keep us on as property managers.
- Sell your property now: Don’t have the cash or don’t want to deal with the retrofitting? We can handle the disposition of your property. We are eastside property experts and will ensure you get the best price. We even have investors standing by if quick sale is preferred.
- Purchase more: Have cash to invest or 1031 exchange funds? We are in direct contact with all Los Angles dingbat owners and have a pipeline of dingbat properties, on and off market. We are able to skillfully re-position properties to generate above market returns. Our track record speaks for itself.