Happy About Apartment Management: 30 Years of Expert Tips and Advice on Multifamily Property Management

REAL ESTATE can be a smart, lucrative investment, because it shelters property appreciation from taxes while allowing owners to deduct interest and depreciation. In addition, unlike financial investments, tax-deferred exchanges are common real estate trans-actions. However, many investors ignore real estate because it requires daily management. Still others invest in real estate and attempt to manage their properties themselves to save on management fees.

Most of us have seen infomercials about achieving financial independence by investing in real estate. During my years in property management, I have seen many people build wealth by investing in real estate. I have also seen time forgive some very poor real-estate investments, because fortunately, most bad real estate decisions are forgiven as property values appreciate. So, from my perspective, the key attribute to successful real estate investing is longevity-surviving the period between purchase and sale, while the property works to pay its way.

During the appreciation years, many real estate investors realize how poorly prepared they are to manage property. They experience the enormous stress from evictions because they have not developed appropriate credit-screening techniques that identify potential deadbeats. They are sued for discrimination because they do not understand fair housing regulations. They fall victim to downward economic spirals because they do not understand the relationship between curb appeal, occupancy rates, and rent. Worst of all, they often don't realize that their properties are under-performing by thousands of dollars each month.

Westlake Realty Group, has successfully managed real estate for over 30 years. They've dealt with a number of issues discussed above and can help you avoid them. You'll find this book a helpful and informative introduction to the fundamentals-and complexities-of property management.

Robert W. Klag, CPA, Chief Executive Officer
Robert Klag brings more than 25 years of management experience and strong operational leadership to Westlake. Prior to joining the company in 2003, he headed financial operations at PrimeSight, a national healthcare provider, and led a team that successfully enrolled 200,000 subscribers in two years. Mr. Klag has also been senior vice president of finance and treasurer at National Insurance Group where he helped build the company into a national provider of specialized risk management and outsourced service products.

Earlier in his career, he was with KPMG LLP and General Electric. As Administration Manager for General Electric's Canadian Mineral Operations, he managed real property holdings, reducing fixed operating costs by more than $1 million per year.

Mr. Klag holds a B.S. in economics at the University of California Riverside and an M.B.A. from the University of California Berkeley. Mr. Klag is a certified public accountant, and a certified management accountant. He is a member of the California Association of Certified Public Accountants, the American Institute of Certified Management Accountants.

Gemma G. Lim, Director of Business Development
Gemma Lim joined Westlake in 2002. She brings more than 12 years of experience in advertising, branding, market research, and marketing strategy to Westlake's corporate marketing and business development activities. Prior to Westlake, Ms. Lim was an account manager at an international HR consulting firm and generated 45% of the firm's revenues. She also managed marketing projects at Unilever Bestfoods and DuPont Inc. where she successfully developed and implemented high impact, low budget marketing promotions.

Earlier in her career, Ms. Lim was a treasury manager for J.G Summit Holdings Inc, a $2.4 billion global conglomerate with major real estate holdings. In this role, she established treasury systems in two key cities in China, approved all financial transaction, and monitored land values for the company's commercial property investments.

Ms. Lim holds a B.S. in management from Ateneo de Manila University and an M.B.A from Fordham University in New York. A CRE license candidate, she is fluent in 3 languages. She is a member of Building Owners and Managers Association (BOMA), The International Council of Shopping Centers (ICSC), and various Chambers of Commerce.

Steven M. McDonald, CPM®, Vice President & General Manager, Residential Properties
Since joining Westlake in 2004, Steven McDonald has developed and implemented policy and procedure improvements, increasing occupancy rates as well as maximizing top-line revenues and net operating income. Prior to joining Westlake, Mr. McDonald had more than 20 years of experience directing federal and state subsidized housing programs and in managing conventional market-driven rental properties. Mr. McDonald has been involved with a number of California non-pro? t organizations including First Community Housing, Housing for Independent People (HIP), Community Housing Developers (CHD), Soledad Local Development Co. (SLDC), and Catholic Charities.

Mr. McDonald holds Housing Credit Certified Professional (HCCP), Certified Occupancy Specialist (COS), and National Compliance Professional (NCP) certifications. He is a graduate of San Jose State University, has a California real estate license, and is a Certified Property Manager (CPM®) through the Institute of Real Estate Management. Mr. McDonald serves on the Board of IREM-SF as vice president of membership.

M. Gary Wong President, Westlake Development Partners and Westlake Realty Advisors
Mr. Wong joined Westlake in 2002 and has served as CFO, COO, and president of the Chang Family Office. His current responsibilities include overseeing Westlake's real estate portfolio and developing the company's land holding. Mr. Wong has extensive experience in finance and the capital markets, serving as senior vice president for corporate finance at Wedbush Morgan Securities for 15 years and as a vice president at the Bank of America for six years.

Mr. Wong is a member of the Policy Advisory Board for the Fisher Center for Real Estate and Urban Economics, the Urban Land Institute, Building Owners and Managers Association (BOMA), and the International Council of Shopping Centers. He has served on the corporate board and as treasurer of the United Way of Los Angeles and is a Block Leader for the City of Cupertino. He holds a B.A. and an M.B.A. from the University of California, Berkeley.