Renovation Romance: Corbin Bernsen and Amanda Pays On House Flipping and Family

It’s hard to say what’s rarer: a Hollywood marriage that’s lasted almost three decades or one that’s survived a renovation. But when you’re talking about the husband-and-wife pair of Corbin Bernsen and Amanda Pays, who celebrated their 30th anniversary this year, renovations are woven into the fabric of their union.

The pair is well known, not just for their acting and other Hollywood-related efforts, but also for their prowess in real estate circles. Together, they have renovated 23 houses, mostly in and around Los Angeles. After selling their last project house in Sherman Oaks, the pair may soon be taking on the East Coast or possibly France, where they own a farmhouse and where a “Flipping France” TV show is in the works. Geographically unencumbered, now that their four boys are “off to college and making their way in the world,” says Bernsen, anything is possible.

In between mulling their next move and preparing to publish Pays’ coffee table book with Gibbs-Smith, “OPEN HOUSE — Reinventing Space for Simple Living,” the pair talked to us about what it takes to execute a successful flip, their evolution of style and what they’ve learned along the way.  READ MORE

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What are you waiting for?

CB InsideOut

As Ms. Stefani once famously sang, “What You Waiting For?”

Tucked behind a guard gated entry in the exclusive community “The Summit” and with a second gate leading to a 250-foot private driveway, this bold architectural boasts an enviable location on a ridge overlooking Beverly Hills and Studio City. It’s also the reported home of Gwen Stefani, which was recently listed for sale at $35 million, according to ForbesMansion Global and other news outlets. The listing is held by Jade Mills of Coldwell Banker Residential Brokerage in Beverly Hills and Stephen Shapiro of Westside Estate Agency Inc.

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(Read More from CB INSIDEOUT)

Cindy Crawford and Rande Gerber seek $60 million for model Malibu compound

Hot Property | Cindy Crawford & Rande Gerber

Supermodel Cindy Crawford and her husband, businessman Rande Gerber, appear to have the model down for home-flipping.

A year ago they more than doubled their investment on a traditional-style home in Malibu. Now the couple is looking for a big score, listing a compound in the Encinal Bluffs area for $60 million — $8.5 million more than what they paid for it a year ago.

Set on a bluff of roughly 3.2 acres, the gated estate has a tennis court, park like grounds and a footpath to the beach below.

The Mediterranean-style main house, built in 1944 and newly renovated, is designed for indoor-outdoor living and has walls of glass that open to ocean-facing, wrap-around decks.

Living and dining rooms, a media room and a chef’s kitchen with a large island and a breakfast bar are within nearly 5,300 square feet of living space. The ocean-view master suite has a fireplace, a separate sitting area and his and her’s bathrooms for a total of four bedrooms and 5.5 bathrooms.

A swimming pool and spa, an outdoor pavilion, lawns and mature landscaping complete the coastal setting.

Christopher Cortazzo of Coldwell Banker and Kurt Rappaport of Westside Estate Agency hold the listing.

The 50-year-old Crawford took to modeling in her teenage years and has appeared on hundreds of magazine covers. Her life story, “Becoming,” was released last year.

Gerber, 54, is a former model and a nightlife industry businessman. He co-founded the tequila brand Casamigos with actor George Clooney.

neal.leitereg@latimes.com

Twitter: @NJLeitereg

What are the benefits of using a Property Manager?

A competent property manager can add significant value to your investment, which is why many seasoned real estate investors will tell you that a good management company is worth their weight in gold.  Here are a few ways that a good property manager earns their keep:

Property manager holding a house

Higher Quality Tenants

Think of tenant screening as the moat and draw bridge around your castle. It is certainly possible to get a bad tenant out of your home once they are in, but it’s a real hassle and you are so much better off never accepting them in the first place. A thorough screening process results in reliable tenants that:

  • Pay on time
  • Rent longer
  • Put less wear and tear on the unit
  • Generally cause less problems

An experienced property manager has seen thousands of applications and knows how to quickly dig for the real facts about candidates and analyze that information for warning signs. By allowing a management company to handle the screening, you will also be shielding yourself from rental scams directed at owners, and discrimination lawsuits resulting from an inconsistent screening process. This kind of experience takes time, and insomuch as it means avoiding bad tenants, scams and lawsuits it is arguably one of the most significant benefits a property management company will provide.

Fewer costly and time consuming legal problems

Veteran landlords know it only takes one troublesome tenant to cause significant legal and financial headaches. A good property manager is armed with the knowledge of the latest landlord-tenant laws and will ensure that you are not leaving yourself vulnerable to a potential law suit. Each state and municipality have their own laws, these plus federal law cover a number of areas including but not limited to:

  • Tenant screening
  • Safety and property conditions of the property
  • Evictions
  • Inspections
  • Lease addendums
  • Terminating leases
  • Handling security deposits
  • Rent collection

Avoiding a single law suit can more than pay for the property management fees, and spare you time and anguish.

Shorter vacancy cycles

A property manager will help you perform three critical tasks that affect how long it takes to fill your vacancies:

  • Improve and prepare the property for rent – A property manager will suggest and oversee cosmetic improvements that maximize revenue.
  • Determine the best rent rate – Too high and you are stuck waiting, to low and you’re losing money every month the tenant is in the unit. Determining the optimal price requires knowledge of the local market, data on recently sold comparables, and access to rental rate tools.
  • Effectively market your property – An experienced property management company has written hundreds of ads and understands what to say and where advertise in order to get a larger pool of candidates in a shorter period of time. Additionally because of their volume they can usually negotiate cheaper advertising rates both online and offline. Lastly, they are familiar with sales and know how to close when they field calls from prospects and take them on showings.

Better tenant retention

While its easy to see the effects of lost rent, there are other equally serious problems with a high tenant turnover rate. The turnover process involves a thorough cleaning, changing the locks, painting the walls and possibly new carpet or small repairs, not to mention all the effort associated with marketing, showing , screening and settling in a new tenant. This is a time-consuming and expensive process that can often be averted by keeping tenants happy and well cared for.

A good property management company will have a time-tested tenant retention policy that ensures happy tenants with lengthy stays in your properties. These kinds of programs require a consistent, systematic approach, which is where a good property management company will shine.

Tighter rent collection process

The way you handle rent collection and late payments can be the difference between success and failure as a landlord. Collecting rent on time every month is the only way to maintain consistent cash-flow, and your tenants need to understand this is not negotiable. By hiring a property manager, you put a buffer between yourself and the tenant, and allow them to be the bad guy who has to listen to excuses, chase down rent, and when necessary, evict the person living in your property.

If you let them, your tenants will walk all over you. They have to be trained to follow every part of the lease or deal with the consequences. Property managers have an advantage because tenants realize that they, unlike the owner, are only doing their job and are obligated to enforce the lease terms. Many property managers will tell you that it is considerably easier to manage other people’s units rather than their own for this reason.

Regarding evictions, there are strict laws concerning the eviction process, and doing it wrong, or trying to evict a “professional tennant” can be a MAJOR fiasco. A good property management firm knows the law and has a good process for obtaining the best possible outcome given the circumstances. Never having to handle another eviction can be a compelling reason to consider hiring a property management company.

Assistance with taxes

A property management company can help you understand which deductions you can claim, as well as organize the necessary forms and documentation to make those claims. Additionally, the property management fees themselves are also tax deductible.

Lower maintenance and repair costs

Good maintenance and repairs keep tenants happy and preserve the value of your investment which make them a very important part of land-lording. By hiring a management firm you gain access to both their in-house maintenance staff, as well as their network of licensed, bonded and insured contractors who have already been vetted for good pricing and quality work. This can translate into significant savings compared to going through the yellow pages and hiring a handyman yourself. Not only is the firm able to get volume discounts on the work, they also know the contractors and understand maintenance issues such that they are capable of intelligently supervising the work.

Increase the value of the investment

Preventative maintenance is achieved through putting systems in place that catch and deal with maintenance and repair issues early on, before they grow into larger more costly problems. This requires a written maintenance check program, detailed maintenance documentation and regular maintenance visits. The management firm can also offer you suggestions and feedback on upgrades and modifications, both how they will affect the rent you can charge, as well as their impact on maintenance and insurance.

Personal benefits for owners

  • Less stress – Avoid having to deal with middle of the night emergencies, chasing down rent, evicting people from your property, tenants who wreck your property, rental scams, lousy vendors, piles of paperwork.
  • More freedom – Live and invest wherever you want with the constraint of needing to be near your properties. Additionally you can live and travel without the requirement of always being available in the event that your tenants have a need you have to tend to. Once you have found a good management company, it doesn’t matter if you live in the same state. Some landlords live in other countries and simply collect their check every month without ever seeing the property.
  • Free up more of your time – Time is money, and for many investors, their time can be more profitably spent in areas other than servicing their properties. When you focus on asset management you’re working ON your business, when you manage your own properties you work IN it. Additionally you have more time to spend with family or friends doing things you enjoy.

If you’re in need of an excellent property manager in the greater Los Angeles area, please feel free to call me.  Denise Gieser 310-418-9266

 

Malibu 3 bedroom estate with gorgeous views now available for lease! $15,500/month

Welcome to one of the most spectacular view estates in all of Malibu. This West Indies style Michael Lee designed home features 4 bedroom, 3.5 bath plus office with high vaulted ceilings throughout. This open floor plan with chef’s kitchen including high end appliances, formal dining , media room and stunning red oak distressed flooring is both warm and inviting . The spacious master suite offers a beautiful sitting area, two walk-in closets, fireplace and a master bath with dual vanities and a seamless glass shower. This private estate boasts terraced gardens ideal for relaxation and expansive patios for dinning and entertaining. A romantic getaway that will make you feel like you are on vacation!  Click photo for more details or call  310) 418-9266.

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http://www.californiamoves.com/property/details/4099592/MLS-14-813431/20542-Seaboard-Rd-Malibu-CA-90265.aspx?SearchID=41067045&RowNum=1&StateID=9&RegionID=4&IsRegularPS=True&IsSold=False&IsBranded=1&AgentID=17376

Just Reduced! Gorgeous Malibu views on over 1 private acre behind gates.

Did I mention that this estate comes with a private beach club key? Check it out and please call me with any questions.  -Denise Gieser 310-418-9266 | Providing Expertise with Integrity

http://www.californiamoves.com/property/details/3936761/MLS-14-786827/3286-Sumac-Ridge-Rd-Malibu-CA-90265.aspx?SearchID=40493669&RowNum=1&StateID=9&RegionID=4&IsRegularPS=True&IsSold=False&IsBranded=1&AgentID=17376

 

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