From 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, your property is one of 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 ordinance 183983 REQUIRING THE EARTHQUAKE RETROFIT OF ALL DINGBATS. In February 2016, the city began issuing notices to owners of dingbat buildings.
If you’ve received a notice it states that:
- 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
Solutions for Your Dingbat Property:
- Sell your property now: Maybe it’s time to see a return on your initial investment. Don’t have the cash or don’t want to deal with the retrofitting? We can handle the sale of your income property. We specialize in selling income properties with tenants in situ. We are also experts who can help you command the most from the sale of your property. 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 Angeles dingbat owners and have a pipeline of dingbat properties just like yours, on and off market. We are able to skillfully re-position properties to generate above market returns.
Click Link for ordinance: