Mills Act

Nothing is certain except death and taxes. So it’s no wonder that these amazing lofts with property tax benefits consistently top the charts for LA Loft Blog readers. #millsact

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While some have never have heard of the Mills Act, it offers some financial advantages for LA loft owners. It can save a bundle of money on taxes while giving an amazing urban abode with truly gratifying character. #millsact #la   |   SOLD

MillsActLA.com  –  Benefits of a Mills Act Loft

To aid in preserving the historic structures of L.A., a significant tax incentive has been brought into existence by California state and local governments called the Mills Act. The unique legislation is in effect offering home owners of qualifying historic properties as much as 66% or more cut from their property tax bills. Owners of lofts in a historic building can potentially save thousands of dollars each year. That money can be used to help furnish the loft home, put more money down at purchase to reduce monthly mortgage payments, trade up to a larger loft or even spent on anything. But, buyers should also be prepared by saving some of the money for potential special assessments in the future should building need major restoration.  The Higgins Building loft owners endured a special assessment in 2017 of around $15,000 to $45,000 per unit for repairs to its crumbling old facade.

Sometimes listing agents (especially out-of-area agents) make mistakes and incorrectly report that a specific loft building is Mills Act approved.  For example, the SB Grand at 312 W 5th St has a current listing that is incorrect.  That building is NOT Mills Act approved unfortunately.

The Mills Act offers a substantial reduction in property taxes for owners of qualified historical properties provided that they agree to preserve, restore, rehabilitate, and maintain the historical and architectural character of their properties. Many owners report that they save about 2/3 off of their property taxes.  The formula is complex, and may vary, so prospective Mills Act home buyers should check with the city, county and a tax professional to determine what the real savings may be.   |   MILLS ACT LOFTS FOR SALE   |   MILLS ACT RECENTLY SOLD

Mills Act participants may realize very fruitful property tax savings each year for recently improved or purchased old properties because the valuation of a Mills Act property is determined by the Income Approach to Value rather and not by the common Market approach to calculating appraised value. The Income Approach, divided by a capitalization rate, gives the assessed value of the property. Generally, the income potential for an owner-occupied residential property is calculated by looking at rental rates for comparable nearby properties, while the income from a commercial property is based on actual rent received. Because rental values vary greatly, the actual Mills Act historic property tax savings may vary.

Mills Act LA Property Tax Los Angeles

MILLS ACT PROPERTIES FOR SALE  |  DOWNTOWN LOFTS FOR SALE

Historic CoreMillsActLA.com  —  Want to save a bundle on your property taxes while helping to maintain the authentic integrity of an historic California building? The Mills Act is a California law allowing cities to enter into contracts with the owners of historic buildings. The City of Los Angeles has such contracts, as do many other cities in Southern California.

Mills Act Historical Property Contract Program

How does it work?  A written agreement, generally known as a Mills Act or Historical Property Contract, is executed between the City of Los Angeles and property owners for a revolving ten-year term. The developer or HOA homeowners association takes care of the details. Contracts may automatically renew each year so that the term of the contract normally extends for 10 years. Builders and homeowners agree to restore, maintain and protect the property in accordance with specific historic preservation standards and conditions identified in the agreement. Periodic inspections by LA City and County officials ensure proper maintenance of the property. The City may impose penalties for breach of contract or failure to protect the historic property. The contract is transferred to new owners if the property is sold, and is binding to all successive owners.  MILLS ACT DETAILS  >> MORE

The list of Downtown L.A. Mills Act properties changes. Here are some recent examples:

108 W 2ND ST — Higgins Building
1850 INDUSTRIAL ST — Biscuit Company
215 W 7TH ST — Bartlett Building
257 S SPRING ST — Douglas Building
315 E 8TH ST — Textile Building
416 S SPRING ST — El Dorado Building
420 S SAN PEDRO ST — Little Tokyo Lofts
460 S SPRING ST — Rowan Building
738 S LOS ANGELES ST —  Eckardt Building
746 S LOS ANGELES ST — Cornell Building
849 S BROADWAY — Eastern Columbia
>> MORE

MILLS ACT PROPERTIES FOR SALE  |  DOWNTOWN LOFTS FOR SALE

More info on Mills Act Properties is available at https://www.laloftblog.com/?s=mills+act

Get Mills Act updated list of buildings and properties for sale. To receive this free info, fill out the online form:

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com  Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

Best Deals in L.A. Unlisted Lofts, Pocket Listings, Off-Market Properties, Nationwide Investments Under 100K

Prospective home buyers today are looking for more amazing condos at lower prices. #dtla #pocketlisting #forsale

Luxury high-rise with skyline views worth $895,000 Listed at $795,000
High-rise 2-bed 2-bath corner unit skyline views worth $895,000  Asking $795,000

The best deals go quickly, and the very best bargains are often never listed on the internet, and when they are, they are often gone within a few days.  These good deals may not be listed on the agents MLS multiple listing service, and they might not be advertised.  So how do buyers find out about them?  The fact is that most never do.  And sometimes, the best properties are already sold before they are listed. That’s why they are called “pocket listings” because they are in the pocket of just one real estate agent, and the agent only tells a few clients about the pocket listings.  The good news is that the readers of the L.A. Loft Blog have better access to pocket listings than just about anyone else.  Also in this article are rental income homes and nationwide investments under $100,000.

Over the past 10 years, there have been periods where as many as 50% of the most amazing lofts were not listed to the general public when they were sold.  One of the best examples is Beacon Lofts, industrial live/work lofts in the Arts District, where more than 25% of the best lofts and best deals were purchased before the public heard about them. Even most Downtown loft specialist real estate professionals were not aware of them until much later.

Home buyers bought them for around $200,000 to $300,000 — for these amazing Arts District lofts.  The good news is that low prices are coming back, and pocket listings can offer the best opportunity to get a better deal than what most home buyers can find today.

Get a free list of pocket listings and unlisted lofts in Downtown Los Angeles.  Fill out my online form:

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Rental Income Homes and Investment Properties Across the USA Under $100,000

PASSIVE INVESTMENT OPPORTUNITY IN SANTA BARBARA 8% RETURN
SANTA BARBARA PASSIVE INCOME OPPORTUNITY 8% FIXED

Current Private Capital Opportunity to invest in a Santa Barbara, CA rehab that is 70% finished, and have a secure 2nd position on title with a low Loan To Value.  There is a lot of equity in this deal and it comes with a personally guaranteed 8% annual return. Equity investment requirement $100k.

Corey Chambers
www.RentalIncomeHomes.com
213-880-9910

Congrats to our investors!!  Here is our video release on the 74 unit repositioning / rebranding!!

As many of you know we have been investing in Multi-Family in the Tulsa Oklahoma market for over 12 years.  The city is well rounded in terms of industry (Education, Health, Natural Gas, Oil, Banking, and more), and it is as stable as cities come, with great opportunities for cash flow.

We are celebrating our investors continued success releasing a video of our progress at a 74 unit Multi-Family building that we  raised rents and re-branded the building.

The Complete Rebrand has included:

  • Highlighting the Mid-Century Style of the building
  • Added gates and security so that it is now a fully gated community
  • Added on site maintenance and management
  • New Name, Logo, Social Media, Website and Complete Branding Package

This opportunity is currently closed to new investors, but will may have opportunities coming up.   Contact us to be on the waiting list.

Thank you –

Corey Chambers
www.RentalIncomeHomes.com
213-880-9910

Unlisted lofts for sale Los Angeles

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. We do not represent buyers or sellers for Santa Barbara, Tulsa or other states nationwide. For more information, contact (213) 880-9910 or visit LAcondoInfo.com  Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.