Property Management with Realty Experts
What does a property manager do?
The manager of your income property will take care of the property according to your wishes, these are completely detailed in a Management Contract. The contracts we use are created by a team of Attorneys hired by the California Association of Realtors. They spell out for you, the agreement, how we are paid and the services we perform. Some of which are listed below:
- We relieve you from the day to day worry of managing your property with the knowledge and experience of Experts.
- We find and qualify tenants. Using applications for verification, run and check credit reports, and attain confirmation of listed references.
- We present a lease contract for your approval, according to your instructions, once we have picked a tenant.
- We generate and complete all paperwork needed to lease and manage the property including a move in and move out inspection, proper insurance forms, and disclosures required by law. We make sure you are aware of and comply with all laws regarding landlord tenant relations.
- We maintain the property and repair all items needing repaired according to law and your instructions.
- We respond to emergencies as they come up including sending repair personnel immediately to protect the property.
- We keep you informed throughout the entire process.
- We provide you with monthly statements of income and expense and disburse the net check to you or as agreed.
- We prepare and send you a 1099 and full income and expense report, along with proof of paid bills for your tax preparer each year.
- We follow all laws that apply to landlord, tenant and manager relations.
- We reduce your risk of loss by requiring tenant insurance and landlord liability insurance.
- When work on the property needs done which is more than normal upkeep and repair we can, with your approval, oversee that work. There is a reasonable additional fee for this.
- Other service options at minimal fees can include things like, direct deposits of your net checks into your bank branch locally.
- We do recommend you establish a single bank account for all of your banking need that deal with your property. Your accountant will love it and you will be better able to identify the income and expenses attributed to your investment.
1031 and You Building Wealth:
Since you are still selling one property and buying another the process looks identical to a normal transaction, but it is done in accordance with the IRS rules.
Anyone planning to sell, and then buy another higher priced investment property should consider an exchange. As long as the properties in question are of "like kind" you could be eligible. Otherwise you are looking at the capital gain taxes, state and federal, that apply in your area.
By deferring those taxes you have the advantage of using the amount you would have paid in taxes as additional equity. This contributes to your investment from one property to the next. It is a government incentive to retain and build your investments in Real Estate. By using "tax dollars" as leverage you can build your estate more rapidly.
If you sell a property for $500,000 that you purchased for $100,000, your capital gains tax would have been 15% of the gain, or $60,000. With a 1031 you can exchange for a property worth $60,000 more than if you had paid those taxes. You can exchange up to higher value properties over time and have income from those properties for retirement, or any other plans you may have.
The basic rule is:
The Total purchase price of the replacement "like kind" property must be equal to or greater than the total net sales price of the relinquished real estate, property. All the equity received from the sale of the relinquished real estate property must be used to acquire the replacement property. To the extent you receive value from the exchange other than equity you have received "boot" which is taxable. There are many, many other reasons to do a 1031 exchange but they all defer taxes due on a sale or transfer of "like kind" properties.
Obviously, you need an Expert 1031 Realtor and your own tax advisors to help you. We can help you find out if an exchange is useful to you, and assist you along the way.
We are here to help you find a tenant for the property you are looking to lease. We will find, qualify, and prepare all documents for signature according to your instructions. This service is the least expensive provided you are able to manage the property yourself according to the lease for the term of the lease. We cannot guarantee the perfect tenant but with our help your chances of experiencing satisfactory landlord / tenant relations is improved greatly.
We find and qualify tenants for your property with: applications, which we verify, with credit reports, and confirmation of references.
We present a lease contract for your approval, according to your instructions, once we have picked a qualified tenant.
We generate and complete all paperwork needed for you to lease and manage the property including a move in and move out inspection, proper insurance forms, and disclosures required by law. We make sure you comply with all laws regarding landlord tenant relations in the lease. The State of California Landlord Tenant Booklet is a good resource on this subject.
For more information and personal consultation please fill out our Information Form.
Available Residential Rentals:
If you are interested in renting one of these residences please contact the agent listed and/or fill out our information form below. Please insert the address in the comment section.
If at this time we have rented all of our properties or you do not find what you are looking for:
If you wish to be notified when one comes available please fill out our form and indicate what you are looking for, where, size, location, and when. We want to serve you. In the meantime we suggest you keep your eye on your ability to buy.
Under our residential section you will find a Rent vs Buy analysis and some basic information on qualification.
Check out this link for information on San Diego Country's Section 8 Rental Assistance Programs.