Tag: Landlord

Posted on

The Vibrant Tapestry of Los Angeles: A Local’s Perspective from Steven Taylor

Steven Taylor LA

For Steven Taylor, Living in Los Angeles, California, is an experience unlike any other, blending the glamour of Hollywood, the buzz of a global cultural melting pot, and the natural beauty of Southern California. As a local, the city offers a vibrant tapestry of experiences, challenges, and opportunities that make it unique.

Diversity and Culture

One of the most striking aspects of life in LA is its incredible diversity. The city is a mosaic of cultures, languages, and traditions, making it a global crossroads. Here, you can find authentic cuisines from almost every corner of the world, attend cultural festivals celebrating various traditions, and meet people from all walks of life. This diversity not only enriches the social fabric of the city but also contributes to its dynamic arts and entertainment scene.

Entertainment Capital

Los Angeles is synonymous with the entertainment industry. Living here, you’re in the heart of Hollywood, where the world’s most iconic films and television shows are made. This proximity to the entertainment world offers unique opportunities, whether it’s spotting celebrities at local cafes, attending movie premieres, or working in the industry. The city buzzes with creative energy, with countless aspiring actors, musicians, writers, and artists striving to make their mark.

Outdoor Lifestyle

The city’s geography, flanked by the Pacific Ocean and mountains, offers endless opportunities for outdoor enthusiasts. You can surf in the morning at Venice Beach, hike in the Santa Monica Mountains in the afternoon, and ski in the nearby San Gabriel Mountains during winter. The mild, sunny climate makes outdoor activities a year-round possibility, a perk that deeply influences the lifestyle here.

Traffic and Transportation

However, life in LA is not without its challenges. The city is infamous for its traffic congestion. Navigating the sprawling metropolis can be frustrating, with long commute times being a common complaint among residents. Public transportation is improving, but the city still heavily relies on cars. This aspect of LA life requires patience and planning.

Cost of Living

The cost of living in Los Angeles is another significant consideration. It’s one of the more expensive cities in the United States, with high housing costs being a primary factor. While there are more affordable neighborhoods, living in trendier areas like West Hollywood or Santa Monica can be prohibitively expensive for many.

Neighborhoods and Their Unique Flavors

Los Angeles is a city of neighborhoods, each with its own character and charm. From the laid-back beach communities of Malibu and Venice to the upscale glamour of Beverly Hills, from the artistic enclaves of Silver Lake and Echo Park to the bustling downtown LA, there’s a neighborhood for every lifestyle. Each area offers different living experiences, dining options, and cultural activities.

The Arts Scene

The city’s arts scene is as diverse as its population. The Los Angeles County Museum of Art, The Getty Center, and the Broad are just a few of the world-class museums here. In addition, the city’s street art and smaller galleries showcase a vibrant contemporary art scene, reflecting the diverse voices and talents of its residents.

Food Paradise

LA’s culinary scene is as varied as its cultural makeup. From street food to high-end restaurants, the city offers an array of dining experiences. Food trucks serving everything from Korean tacos to gourmet burgers are a staple here. Additionally, the city’s health-conscious culture has spurred a variety of vegetarian and vegan eateries.

Economic Opportunities

Economically, Los Angeles is a powerhouse, with industries ranging from entertainment and technology to manufacturing and international trade. This diversity offers a wealth of job opportunities, though competition can be fierce in certain sectors. The city’s role as a Pacific Rim hub also makes it a dynamic place for international business.

Community and Lifestyle

Despite its vast size, many parts of LA still maintain a sense of community. Local farmers’ markets, street fairs, and community events are common, fostering a sense of belonging. The lifestyle here can be fast-paced, but there’s also a laid-back, almost bohemian ethos that permeates the city, particularly in coastal areas.

Education and Research

Los Angeles is home to renowned universities like UCLA and USC, contributing to its status as a center for research and higher education. This academic presence adds a vibrant, youthful energy to the city and fuels innovation in various fields.

Final Thoughts

Living in Los Angeles is an experience characterized by contrasts — the glitz and the gritty, the natural beauty and the urban sprawl, the diverse cultures and the shared dreams. It’s a place where every day can feel like an adventure, offering a lifestyle that’s as varied and dynamic as its residents. While it presents its set of challenges, from traffic woes to high living costs, the city’s energy, opportunities, and unique culture make it an endlessly fascinating place to call home. — Steven Taylor, LA

Originally published at https://steventaylorlandlord.blogspot.com.

Posted on

Navigating the Commercial Real Estate Market in Los Angeles: A Comprehensive Guide — Steven Taylor

Steven Taylor Los Angeles Real Estate
Steven Taylor Los Angeles Real Estate

Los Angeles, a thriving hub for commerce, innovation, and cultural diversity, presents a myriad of enticing opportunities for commercial real estate investors. Commercial real estate in Los Angeles is as multifaceted as the city itself, ranging from retail spaces and office buildings to industrial properties and multifamily apartments. However, investing in this high-potential market requires careful strategizing and in-depth knowledge. This article offers comprehensive insights into purchasing commercial real estate in Los Angeles.

Understanding the Los Angeles Commercial Real Estate Market

Investing in the Los Angeles commercial real estate market means becoming a part of one of the world’s largest and most dynamic economies. Los Angeles is home to numerous Fortune 500 companies and budding startups, making it a prime location for office spaces. In addition, the city’s vibrant tourism industry bolsters demand for retail and hospitality properties. Finally, Los Angeles’s vast population and continuous growth make multifamily properties a promising investment.

However, the L.A. market also presents unique challenges. The city is known for its high property prices and competition, as well as complex zoning laws. Understanding the market dynamics and legal landscape is crucial for investors planning to venture into Los Angeles’s commercial real estate scene.

Strategizing Your Investment

Firstly, investors must define their investment strategy. This involves deciding on the property type – office, retail, industrial, multifamily, or a mix. Each type has unique risks, rewards, and management requirements. For instance, multifamily properties often offer a more stable income but may require more hands-on management compared to office buildings.

Next, location is key. Los Angeles is composed of numerous distinct neighborhoods, each with its own economic characteristics and market trends. Downtown L.A., for example, is a bustling business hub with high demand for office spaces. On the other hand, neighborhoods like Hollywood and Beverly Hills offer lucrative opportunities for retail and hospitality investments due to high tourist traffic.

Investors should also consider the potential for property appreciation. Some areas of Los Angeles, such as the Silicon Beach region, are experiencing rapid growth and gentrification, which could lead to significant property value increases.

Understanding Legal and Financial Considerations

Before buying commercial real estate in Los Angeles, investors need to familiarize themselves with local zoning laws and building regulations. Los Angeles’s zoning code dictates what types of businesses can operate in different areas of the city and impacts property value. Consulting with a real estate attorney can help navigate these complex regulations.

Furthermore, financing is a critical component of commercial real estate investment. Most investors rely on commercial real estate loans, which differ significantly from residential mortgages. These loans typically have shorter terms, higher interest rates, and require a substantial down payment.

In Los Angeles, property taxes are also a significant consideration. The tax rate is applied to the assessed value of the property, which may increase annually based on inflation and improvements. Understanding these costs is crucial in calculating the potential return on investment.

Working with Real Estate Professionals

Engaging with experienced real estate professionals can be highly beneficial in the L.A. commercial real estate market. Brokers and agents with local expertise can provide invaluable insights into market trends and identify promising investment opportunities.

Similarly, property managers can handle the day-to-day operations of the property, including rent collection, maintenance, and tenant relations. Their services can be particularly valuable for out-of-town investors or those with multiple properties.

The Importance of Due Diligence

Due diligence is a critical phase in any commercial real estate transaction. It entails thoroughly investigating a property before the final purchase to uncover any potential issues or liabilities that could impact its value or profitability. In Los Angeles, the due diligence process may involve:

  1. Property Inspection: This includes a physical inspection of the building to identify any structural issues or needed repairs. It should also involve an assessment of key systems like plumbing, electrical, HVAC, etc.
  2. Environmental Assessment: Given California’s strict environmental regulations, a Phase I Environmental Site Assessment (ESA) is generally recommended. This assessment identifies potential or existing environmental contamination liabilities.
  3. Title Search: This ensures the property is free from liens or encumbrances that could affect ownership. In Los Angeles, title issues can be particularly complex due to the city’s age and rapid development.
  4. Lease Analysis: If the property is already leased, carefully review the lease agreements to understand the terms and any obligations that will transfer to you as the new property owner. For instance, some leases may require the property owner to undertake certain property improvements or maintenance duties.

Post-Purchase Management and Growth

After purchasing a commercial property in Los Angeles, implementing effective property management strategies is crucial to maximize your returns. This can involve finding and retaining reliable tenants, maintaining the property to a high standard, and promptly addressing any issues or disputes that arise.

In addition, consider strategies for growth. This may involve making improvements to the property to increase its value, or raising rents in line with market trends. With the dynamic nature of the Los Angeles market, opportunities for growth are abundant if you keep a keen eye on market trends and tenant demands.

Commercial real estate can also provide tax advantages, including depreciation deductions and potential for capital gains tax reduction or deferral through mechanisms like the 1031 exchange.

Wrapping Up

Investing in commercial real estate in Los Angeles is not a decision to be taken lightly, but the potential rewards are significant. With its diverse economy, vibrant tourism industry, and continuous population growth, Los Angeles offers a variety of opportunities for the savvy investor.

However, succeeding in the L.A. commercial real estate market requires an in-depth understanding of the local market, clear investment strategy, comprehensive due diligence, and effective post-purchase management. By applying these strategies and leveraging the expertise of real estate professionals, investors can unlock the true potential of the Los Angeles commercial real estate market.

Remember, real estate is a long-term investment, and patience often yields the most rewarding results.

Originally published here.

Posted on

Expert Steven Taylor of LA on How to Market Yourself as a Real Estate Agent

Expert Steven Taylor of LA on How to Market Yourself as a Real Estate Agent

In all my years as a real estate agent, probably the most important skill that you need to pick up is the ability to sell yourself as a real estate agent.  

It’s what separates the men from the boys, so to speak. You are ever only recognized as a professional real estate agent if people know you as someone who sells properties. As if selling real estate properties is easy in the first place! 

How to Market Yourself 

Marketing yourself to other people may sound intimidating, but I swear, it’s not as nerve-wracking as it once was. 

Back in the day, real estate marketers had to work on several different skills in order to get people to take notice of them. You have communication skills, negotiation skills, building contracts, and the works. You also need to know several people, such as contractors and the property owner who is commissioning you to sell their property. Today, most of those individuals are still important in building up your reputation, but thanks to technology, the ability to contact these people is now easier. 

I’m talking about social media and mobile phone technology. Nowadays, it’s easier to talk to people when you need to; all you need is their mobile number and you can make a call and get in touch with them. For social media, people have Facebook and Twitter accounts. The same can also be said with contractors and property owners, so if you’re unsure about a fact or information about a property you’re selling, you can easily get in touch with them. 

The Unique Ways to Market your Skills 

Marketing yourself can be easy if you know exactly what you are and where you’re good at. 

So for example, if you’re very good at presenting the property while in the property site itself, then you should take that advantage to use. People have different skillsets and your first job in order to market yourself properly is to determine what those skills are. 

Once you’re able to determine your skill set, then it’s time to get to work: 

  • Create unusual partnerships with local businesses – Local partnerships can actually do wonders for your real estate business. This type of partnership is perfect for getting prospective clients and for marketing your skills out in the open. While building local partnerships is one thing, getting partnerships with businesses that are not always approached by real estate agents could be a huge advantage for you. Why not take the time to approach these companies and ask them for a partnership? 
  • Holding a Contest – One of the best and easy ways to get people to know you is to hold or sponsor a contest. I know I did with the community in Los Angeles. After a contest or two, everyone in the community already knows my name. And the same can happen to you too if you take advantage of it. And it doesn’t have to be a big event; it can be anything, from a simple bingo night in the community or a local dinner in your community’s favorite restaurant. The possibilities are endless! 
  • Becoming a Storyteller – It may seem like a boring subject, but telling your story to an endless audience online is also something that you can consider in selling off your skills as a real estate agent. Simply create a blog post online and you can start writing about the things you did and the things that you’re going to achieve. Sure, you and your blog may not gain as much attention at first, but with a little perseverance and some luck, people should recognize you and your story! 

Continue on Improving Yourself 

The road to success is long and full of sacrifices and surprises. But don’t give up! Keep on dreaming and improving until you’ve reached your goals. If you need to improve as a real estate agent first, then you can join seminars and meetings. If you want to learn more on how to market yourself, then take your time and learn from the best.  

I surely didn’t become a successful real estate agent in just one night. I also had to work hard for whatever success I am enjoying right now. My advice for all aspiring real estate agents out there is to treat your successes and failures with respect. Learn from your mistakes and celebrate your victories, one at a time. But most importantly, be confident when talking about yourself and the property that you’re trying to sell. Only then will your buyer treat you with the same amount of respect that you are giving him. Steven Taylor, LA 

Posted on

COVID-19 Impact on Los Angeles Real Estate

Steven Taylor Los Angeles Skyline at night
Steven Taylor Los Angeles Skyline at night

Los Angeles, known as the land of opportunities, is a paradise for real estate investors. As it is the second-largest city in the country that takes pride in its warm weather, diverse culture, and dynamic economy, it comes as no surprise that a number of people have included it in their list of best cities to move into. It remains eye-catching for prospective tenants who are searching for practicality in the so-called land of the rich and famous. With all of these in mind, the competition for real estate investments is certainly high—having a strategy that is aligned with the current pandemic situation is the key to making the right investment that can generate a great long-term return.

Like many other sectors that the COVID-19 pandemic has made an impact on, the real estate market in Los Angeles has also encountered various challenges that continue to exist today. Despite the continuous progress and developments in the business conditions for commercial real estate in Los Angeles over the years, it was not exempted from the domino effect of the pandemic. Delays and shortages in terms of project developments in the sales operation, costs estimates, and values and rates of return of existing real estate were those that had the greatest impact.

The recent survey conducted by NAIOP found that 86.6% of developers faced delays or shortages in construction supplies while some types of deal activities have doubled for office and retail properties over the last year. A decline in the leasing for existing development projects has already dropped by more than half while shortages of both construction supplies and workers were more severe than last year. Considering that the country is slowly adjusting to the post-pandemic era, they reported that all of these have remained unchanged since June 2020.

On the other hand, the recent real estate forecast in Los Angeles has shown signs that it is ready to bounce back in the market. Mastroeni (2021) reported that rental vacancies have increased by 2.5% which meant that rental rates are also down—but only by 0.4%. This may come as good news for real estate investors given the awareness that it may likely be a short-term impact. Given the remote working environment, rental vacancies were expected to rise but as L.A continues to be one of the fastest-growing cities, investors know that this will eventually decrease post-pandemic.

The Los Angeles metro area also stated that they are running on 2.2 months worth of housing inventory but it is important to point out that this is higher than the national average of 1.6 months. This simply means that despite the delays and declines in project developments, L.A can still thrive on its existing value chain while catching up on further investments. On top of that, the increase in the number of both single and multi-family housing permits can also reduce the inventory shortage in the future.

As unemployment rates are still high in Los Angeles—9.9% as of February 2021 and higher than the national average of 6.2%, investors should consider how this affects the longer rental vacancies in the area. However, it should still be noted that L.A always has its reopening plan one way or another which means that more jobs will eventually become available. It would be ideal for investors to have a strategy on how they would approach this as of the moment and in the near future.

Investors should also be aware that unemployment is still relatively high in Los Angeles, which could lead to longer vacancies. As of February 2021, the unemployment rate is 9.9%, a figure that is up 5.6% since the same time last year and is significantly higher than the national average of just 6.2%. Still, as LA prepares to enter the next phase of its reopening plan, odds are that many more jobs will become available and the rate should begin to drop.

With that in mind and the fact that L.A real estate market is not the most affordable in the country, investors should concentrate on the fact that there’s still an abundance of investment opportunities for those who can afford the median price of over 700K. It is also worth noting that some neighborhoods in L.A are much cheaper and completion between buyers is lesser. Flipping houses may come to a halt but this should not prevent real estate investors from focusing their investments on rental properties instead. – Steven Taylor

Posted on

Communication Lessons for the Landlord Tenant Relationship

Steven Taylor Landlord Tenant Relationship

Whether you are renting out your home, running a small duplex, or are the landlord of a large multi-family investment, one thing remains the same – your property is your business. As with any business, your success is reliant on customers. In this case, your customers just happen to be tenants. If your tenants don’t feel respected, you may lose them, and when you lose tenants, your business can fail.

Communication, respect, and clear expectations can keep tenants happy and in place. This can save you from spending time and energy dealing with a high-rate of tenant turnover. Less turnover means more profits. As a landlord, it is essential that you take time to foster a relationship with tenants that is built on consideration and effective communication.

This clear communication and respect must carry through the entire timeline of the landlord tenant relationship, from application to move-out. It can be difficult to continue to function from this point of view during moments of frustration or conflict. It is vital to consider potential tenants ability to communicate in this way before move in. Will they show you the same respect in return? Adding this question to your mental checklist before accepting a new tenant will make your life as a landlord easier.

I believe that with strong communication and mutual respect, a landlord can choose tenants that will happily stay under their roof for long durations of time. These tips can help you develop healthy landlord tenant relationships and consequently improve your business.

Communicate with Transparency

A landlord tenant relationship must be built on transparency. Both parties must communicate honestly in order to avoid conflict and misunderstandings. You can not expect your tenants to meet your expectations if you have not first made them clear. On the other hand, tenants cannot expect you to take action if they do not make their needs known. Explain your expectations to your tenants from the beginning. Answer any of their questions up front to the best of your ability. By maintaining effective communication, you can properly handle problems as they arise, before they become a major conflict.

Hold up Your End of the Bargain

Regardless of the dynamic, relationships are built on trust. The landlord tenant relationship is no different. If you make a promise, keep your word. If you have a policy in place, follow through. You can’t always control the actions of your tenants, but you can control your own. Be available, be responsive, and communicate. If you expect your tenants to hold up their end of the deal, you must also hold up yours. When you follow through on your responsibilities, you set an example and a standard for your tenants. In moments of conflict, it can be hard to “be the bigger person” – as a landlord, it is your job.

Understand Boundaries

Checking on tenants can be part of a landlord’s responsibility. But while you may have valid reasons or good intentions, a surprise drop-in is not only rude, but often illegal. Most states have laws that require due notice before entering a unit. Regardless of the regulations, a landlord should understand basic boundaries. Many matters can be handled by phone or email instead of in person. While you want to have a strong landlord tenant relationship, it should always stay more professional than friendly. When it comes to boundaries, the same rule applies as in most relationships – when you respect them, they will respect you. – Steven Taylor

Posted on

What Makes Rental Properties a Good Investment

Rental Properties are good investments for landlords

If you’re looking at investment opportunities, you have a lot of options. You’re probably looking for an investment that will provide you with return as well as security. Real estate is one of the oldest and most popular classes of assets. Most people know that real estate can create passive income and be a great long-term investment when the value increases. But there are many other less commonly considered factors that make rental properties a solid investment.

1. You can shop around for a great deal.

If you’re similar to me, and love a good deal, you will likely enjoy property investing. As a buyer, you can shop around, you can haggle, and you can wait for the right moment to purchase below market value. Not only does finding a property that you can attain below value set you up for a good investment, it is also exciting. Getting a great deal can mean building wealth and building it quickly.

2.  You can purchase rental properties with leverage.

One bonus to buying a rental property is that you can borrow from the bank, or someone else, for the purchase. You therefore increase your potential for return. This principle is often referred to as leverage. Basically, even if you don’t have the entire purchase price for the property at your disposal, you may still be able to buy it. In comparison to stocks or other investments, you can purchase a larger investment for much less cash up front.

3. You can manage your rental property investment personally.

If you like to be in control and have a hands-on approach with your investments, you’ll enjoy running a rental property. As a property owner, you can be directly responsible for the success of your investment. If you are dedicated, and do your research properly, you can personally analyze before buying, ensure good renting conditions, and keep the place running efficiently. There will always be some risk, but unlike other investment types, you can manage everything hands on with less external conflicts and outside opinions. Unless you want those opinions – again, it’s your call.

4. It’s a business that isn’t going anywhere.

While the real estate market in general has its ups and downs, rental properties will always be in demand. People will always need to live somewhere, and there will always be individuals and families that choose to rent instead of own. As the economy changes and mortgages become increasingly difficult to qualify for, the demand for rentals will only increase., so being a landlord is something that will always be needed.

5. Knowledge is power.

In many industries “insider trading” or using secret information to know when to make a deal, is looked down upon or downright illegal. But when you invest in rental properties, you can leverage any insider information to your advantage, and not only is it legal, it’s considered strategy. Do your research, always pay attention to what’s happening in your region, and listen closely to the market. Is better transportation improving in an area? Is there a new school opening up? Businesses shutting down? In the rental property industry, you can take matters into your own hands. Not only can you buy at a good time, you can choose to exit in the face of a market decline – if you know early enough.

Posted on

What a First Time Landlord Needs to Know

What a First Time Landlord Needs to Know - Steven Taylor

Being a landlord can be a profitable and rewarding experience. As a landlord, you can build your wealth, utilize second properties you may already own, and run your own business. But, managing a property also requires extensive time and effort. Regardless if you are just leasing an extra property to a friend or family member, or running an entire apartment complex on your own, you need to be prepared. If you’re a first time landlord, take the time to thoroughly research the industry and you will be set up for success.

Here are five tips that first time landlords should keep in mind before renting out a property.

1. Examine your rental price range.

If you’re like most first time landlords, you’ve likely invested substantially into your property. You are also likely going to be dependent on the income the rent generates monthly in order to keep up with the mortgage. While your instinct may be to raise rents to increase your profits, you must first consider the rental market of your region. If you live in a popular area, you may be facing strong competition. As a first time landlord, you’ll want to ensure that your building is enticing to potential renters, while also keeping your expenses in mind.

2. Set clear expectations with tenants.

This may sound obvious, but you must make collecting rent on time a priority. Your property is your business, and without your primary source of revenue – rent – it will fail.  Be clear about your expectations when your tenants move in so there isn’t any confusion on policy. Let your residents know the rental due date, as well as how many days the grace period is for payments that are late. If rent is paid beyond the grace period, it is important to enforce penalty payments. Be sure to screen all potential tenants before they move in. By checking their rental history, asking for references from past landlords, and running their credit, you can help ensure that you rent your units to responsible residents.

3. Prepare yourself for vacancies.

If you have loss-of-income insurance, you may be protected from vacancies during a disaster or other external damage to your property.  But if you have vacant units simply due to low demand or high rents, you’ll be out of luck. Always have money saved that can be used to pay the mortgage on your property during times without tenants. If this is a frequent issue, it may be time to consider lowering the rent.

4. Become a master at record-keeping.

Owning a rental property can be helpful when tax season comes around. But to enjoy the tax benefits that come with being a landlord, you will need to have detailed expense records in order to defend your write-offs. These records will benefit you in other arenas as well – when you know where your money is going, you can accurately assess how your business is doing. Keeping detailed records of the conditions of your property, including damages, alterations, and other changing wear and tear, will help you in the long run. The key is to create good record-keeping systems, whether you track expenses and notes on your own, or use and online tracking program.

5. As a First Time Landlord, get help when you need it.

If you are overwhelmed by the work required to be a landlord, you may want to consider hiring a property manager. A property manager can take many responsibilities off your plate. Many first time landlords hire a property manager as they grow their portfolio and begin renting multiple properties. You should consider the cut to your profits, but also consider the time and energy you will save. If you can afford a property manager, you may be able to focus your time on other streams of income or expanding. – Steven Taylor, Landlord in Los Angeles

Posted on

Having a Work Life Balance Increases Productivity

Steven-Taylor-landlord-with-his-family-at-the-walk-to-end-alzheimers

Importance of Work-Life Balance

In modern western society, driven individuals wear productivity as a badge of honor. Have you ever caught yourself humbly bragging about how little you’ve slept, how many hours you’ve worked, or how packed your calendars is? As the value we put on performance continues to rise, employees are spending increasing amounts of time in the office. While you may think you are plunging toward your goals, studies show that overworked employees are less efficient. Longer working hours reflect increased stress levels and distractions. Neglecting to nurture a healthy work-life balance can actually be detrimental to your success.

Most of us equate ambition and hard work with productivity. Many entrepreneurs feel shame for taking time off to rest. But one of the key components to a productive mindset is allowing the body to refuel. You achieve more during work hours when you take effective time off to connect with family, relax the mind, and handle personal matters away from the office.

Stop Always Being Available

Somewhere along the line, entrepreneurs became associated with always being on the clock. This expectation that we must always be available is counteracting genuine productivity. It is necessary to explore methods and create schedules that allow us to have focused time during business hours, and truly disconnect from the job when we leave the office. As someone who runs your own business, it can feel impossible. But finding solutions that balance our lives at home and at work can pay back in dividends. 

“People who feel they have good work-life balance work 21% harder than those who don’t,” according to a survey from the Corporate Executive Board, representing 80% of Fortune 500 companies. So how do you create a schedule that increases your happiness, and therefore your productivity?

Clock Out When You Clock Out

Most of us no longer function on a typical 9-5 schedule. Nearly half of full-time American workers log more than 50 hours per week, and 20% work more than 60 hours, according to a Gallup poll. While you may not have an actual time clock, it is essential to set boundaries and specify working hours.

When we don’t create a separation between our working and personal lives, we multitask. When we multitask, our work is never truly getting our undivided attention, and our personal lives aren’t either. If you don’t give yourselves hours off the clock to handle personal matters, those tasks ultimately will need to be completed when you should be focused on work.

Create Space for Personal Matters

According to 2017 Office Pulse study, professionals are increasingly conducting personal activities at the office. “88% go online for personal needs, 78% go shopping, 72% run errands, and 57% of Americans use part of their workday to plan their next vacation.” Yet most of those people are still answering emails and taking work calls at home. Make a conscious effort to disconnect from work at a specific time of day. This will allow you to handle personal errands tasks, spend time with family, and maintain a social life, without hindering the productivity of your business.

If you’re like me, the amount of quality time I spend with my family is congruent to my happiness. Studies show that happier employees are more productive. If we want to live lives that are equally fulfilled as they are efficient, we must put as much focus on keeping personal and family time sacred as we put on achieving our next goal.

Posted on

3 Uncertain Conditions that Impact a Landlord and Apartment Building Investments

Landlord Steven Taylor, Taylor Equities Apartment Photo
Landlord Steven Taylor, Taylor Equities Apartment Photo

Multi-family properties can be a great investment. But, if you’re considering being a landlord and investing in an apartment building, it is essential to first evaluate the local market. Some influences are fixed, but multi-family real estate is affected by many changing circumstances. These factors can evolve over time. Responsible investors need to be aware of the changing conditions that can impact their properties. Before buying an apartment building, build and understanding of the uncertain factors that can affect your investments.

Shifting Demographics

A changing population can significantly affect your investment. If you are a landlord, depending on income from renters, an increase or decrease in a population can easily influence your success. Age, income level, race, and gender can all be relevant factors to the profit of your investment. If an area is growing, the demand will grow as well and you are likely to see higher occupancy rates. If a circumstance or trend causes the population to migrate away from your building’s area, your property could sit vacantly. It is notably important to consider the factors that affect an area’s demographics before investing in a property.

Fluctuating Job Markets

The economic conditions of an area play a large role in decision making for multifamily investing. The health of the economy in an area will impact the demand for rental properties. If new jobs are created in a region, people will consequentially move to the area to fill those positions. Many new employees would often rather rent from a convenient and local multi-family property than buy their own home and commute to work.

A downturn in the economy can also affect a landlord’s apartment housing investment. When unemployment rises, homeowners often look for more affordable places to live, and many switch to renting an apartment. When the job market fluctuates, your investment could as well.

Landlord Changes in Access

It may seem obvious, but it is essential to pay close attention to the geographic location of your investment. In an era of climate change, our world is ever-changing, and the physical location is playing a more significant role than ever in housing choices. Renters want to live in a location with good weather, safe conditions, and access to the things they need. Before becoming a landlord and investing, look at the history of properties in the area. Have they been affected by any natural disasters? Do they experience an influx of population during certain seasons? Is the area becoming more or less convenient? Locations all have their strengths and weaknesses that will affect your real estate investment. Don’t skimp on the research. When purchasing a multi-family building, consider all the factors to make sure you are in the right place.

Steven Taylor, Taylor Equities properties

Follow my blog with Bloglovin

Posted on

How to Balance Business and Family Time as an Entrepreneur

LA Landlord Steven Taylor enjoying quality time with his family

As an entrepreneur, your business is your livelihood, and all responsibility ultimately falls on you. Entrepreneurs like Steven Taylor, share a lot of qualities, but the traits that stand above them all are drive and work ethic. When you’re your own boss, or landlord, there is no clear clock out time at 5 pm. When there is a crisis, or a deal on the line, any time can become work-mode. As a result, finding a work-life balance can be challenging for many business owners.

This dynamic is even more challenging for entrepreneurs who are married or have a family. I love my work, but my family always comes first. Finding a way to balance both and prioritize each of them at the right moment is a practice that takes time. It is important to create the space to have quality time with family, while running a business, and also taking care of your mental, physical, and emotional well-being. To successfully handle all of these aspects of life, you may need to adjust your daily routine and habits.

Here are 3 tips for balancing business and family as an entrepreneur:

1. Wake up early.

Get up early. I suggest getting up and starting your day before anyone else is awake. This will give you time for a morning routine, and let you set your intentions and priorities for the day. Beginning the day with exercise, journaling, praying or meditation, and any other activities that contribute to you mental well-being will get you in a healthy mindset. This mindset will prepare you to divide or focus your attention throughout the day when needed.

2. Family time doesn’t get rescheduled.

Whether it is a family dinner, weekend hike, or evening bedtime stories, it is essential to set routine family time that is a part of your schedule. It is important to me that I spend the weekends being active with my wife and kids so that I can stay closely connected to them, no matter how busy I get. That time is in the calendar, and it does not get cancelled or rescheduled.

It is equally important to be present during these times. It’s one thing to be physically with your family, but remind yourself to really be in the moment, and listen. When your business is growing and you are under a lot of pressure, it can be difficult not to let your mind wander towards work mode. Accept the challenge to give your family your undivided attention when you make the choice to spend your time with them.

3. Delegate.

Founders often struggle to develop a balance between business and family because they are either afraid or too stubborn to give up control of their business.

To truly be able to give your family your undivided attention when you switch into “home-mode” you’ll need to let others take on some responsibility. While you should certainly be selective of who you work with, don’t let the fear of passing off tasks to someone else hold you back from living your life. You ultimately need to be able to teach someone else to handle part of the workload to run a scalable business. Otherwise, you’ll be struggling to find balance for the rest of your life.

Wise entrepreneurs are always looking for opportunities to delegate to those around them so that they can focus on the bigger picture – in their business, and in their family life.