WHAT DOCUMENTS SHOULD SAN FRANCISCO REAL ESTATE INVESTORS HAVE ON HAND? San Francisco Property Management Help
Appfolio Websites • April 15, 2022
Paperwork isn’t fun, and it’s usually not the reason people get into real estate investing.
But, documentation is critical in this line of work. Whether you’re working in digital formats and storing everything in the cloud or you still have paper files safely tucked away in a filing cabinet, there are several important documents that you’ll need to keep close as a real estate investor. Let’s take a look at what some of those are.
DO YOU KNOW YOUR SAN FRANCISCO INVESTMENT GOALS?
You’ve heard us say it before, and we’ll say it again: you need a specific set of goals before you start or continue
investing in San Francisco real estate. Simply showing up to buy something isn’t going to cut it. Take the time to write down your goals, and make sure they’re specific and achievable. This is an important part of the process. Your first must-have document is a map that shows the course you plan to take with your investments.
1. TAXES. KEEP YOUR 1099s CLOSE AND YOUR BACK-UP DOCUMENTS CLOSER
As a real estate investor, you will have all of your income organized on a 1099 form. No taxes are paid when you
collect rent, so you’ll have to declare all the income you earn over $600.
No one wants to think about an audit. But if it does happen, you’ll need to have all the documentation that supports your 1099 form and your tax filings, including:
Receipts for rent that was paid.- Receipts for maintenance work that was done.
- Invoices for property management fees and other professional services you’ll write off.
If you’re selling a rental property, you’ll also need to submit a form 1099-S. Unless you are taking advantage of a 1031 exchange, you’ll have to pay capital gains tax when you file your taxes in the following year.
2. INSURANCE POLICIES FOR YOUR PROPERTY AND YOUR TENANTS
Insurance is a big part of protecting your
real estate investments. And while no one likes to think about the worst-case-scenario, it’s always a good idea to plan for it. There could be an earthquake or a fire or a flood - there could be a lawsuit.
Check in with your insurance agent annually to make sure the coverage amount matches your property’s current value. You’ll want to discuss liability as well, and whether there are any insurance products available that you haven’t considered yet.
Keep your policy in a place where it’s easily accessible. Make sure you have the policy numbers available to you as well as the necessary phone numbers and email addresses in case you need to file a claim.
You should have a copy of your tenant’s rental insurance policy as well. We recommend being added as an additional insured.
3. ACCOUNTING REPORTS AND FINANCIAL STATEMENTS
As an investor, you likely don’t want or need to be involved in the day-to-day operations of your
rental properties. That’s why you partner with a San Francisco property manager.
But, you do want to have your financial information within reach. Online access to financial reports and statements is critical. You need to know when rent is paid by the tenants and when that deposit makes its way to your account. You also need to know when maintenance invoices are paid, and you want to keep track of ongoing expenses such as pest control charges, landscaping costs, and other payments.
Online access is important. Make sure you can easily get to the financial information you need.
Property management contract
Don’t forget to review your property management contract every year as well. You’ll want to have this filed in a safe place so you can refer to it if you need clarification about scope of service or you want to make a change.
SAN FRANCISCO PROPERTY MANAGEMENT DOCUMENTATION
We take documentation pretty seriously, and we’ve invested heavily in the type of technology that makes it easy to track. At BanCal Property Management, we’ve been effectively keeping our owners and investors organized since 1987. We can make sure you have everything you need to succeed.
To hear more about our leasing and management services as well as our investment assistance, please
contact us. We also welcome your comments, questions, and suggestions for topics you want to learn about, so please share those too. We’d love to address a question you have in one of our future blogs.
As an investor, you need to know the laws or partner with a professional San Francisco property manager who can keep you above board.
Welcome back to understanding your options for rehab loans. In Part 1 , we explored the benefits and various types of rehab loans available to help you finance your property. We also discussed the key qualifications and terms to consider when applying for a rehab loan. In this second half, we will explore the practical aspects of securing a rehab loan and finding the right lender for your needs, helping you navigate the options, and identifying the best fit for your investment strategy. Additionally, we will dive into the rehab loan application process, providing you with a clear understanding of the steps involved and what you can expect along the way. Whether you're a seasoned investor or just starting, these practical tips and strategies will help you unlock the full potential of rehab loans. So, let's continue our journey toward financial empowerment and dive into the essential steps for securing and utilizing rehab loans effectively.
Are you a real estate investor looking to take your business to the next level? Understanding your financing options is crucial in empowering your success. One popular financing solution for real estate investors is rehab loans. Whether you're a seasoned investor looking to flip properties or a first-time investor wanting to renovate and rent out a property, rehab loans can provide the necessary funds to complete your projects. We will explore the various options available to real estate investors when it comes to rehab loans. From traditional banks to private lenders, we will break down the pros and cons of each option, helping you make an informed decision about which financing avenue best suits your needs. By delving into the world of rehab loans, you will gain insight into the different types of loans available, the eligibility requirements, and how to maximize your chances of obtaining the necessary funding. Unlock the power of rehab loans and take control of your real estate investment endeavors today. So, whether you're a novice or an experienced investor, this is the ultimate guide to understanding your options for rehab loans. Let's get started on your journey to financial empowerment.
Our CEO, Tammy McNaught , was recently interviewed by ideamensch , where she shared insights into her remarkable journey and vision for BanCal Properties. As a real estate pioneer with a sincere passion for making a difference, Tammy built a 25-year career in both retail and property management. Her journey began in the retail world, where she worked her way up from an entry-level position to running multiple categories and managing operations in North and South America, the UK, and Ireland. Driven by a desire to bring her visions to life and work independently, Tammy transitioned to the dynamic and ever-evolving field of property management. As the owner of a woman-owned business, she’s dedicated to tearing down barriers and adding value to every project, distinguishing BanCal Properties from the competition with measurable benefits to investors who partner with her in the competitive Bay Area market. Tammy lives and works in San Francisco. She has a natural ability to inspire and empower others to work toward a common goal, achieving remarkable outcomes both individually and for the company. When she isn’t leading her superstar team at BanCal, Tammy enjoys an active lifestyle, traveling, and exploring the world. Check out her interview below:
Emergencies can strike at any time, and as a property owner or manager in the Bay Area, being prepared is crucial to safeguarding your rental units and ensuring the safety of your tenants. From natural disasters like earthquakes and wildfires to human-made crises such as power outages and security threats, having a comprehensive emergency preparedness plan is essential. Here’s how to create a robust crisis management plan tailored to the unique challenges of the Bay Area.
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The impact of tech companies on the San Francisco rental market has been profound, reshaping the city's real estate landscape in multiple ways. With the rise of technology giants establishing headquarters and attracting a high concentration of top talent, the demand for housing has surged, leading to significant challenges and opportunities for renters, landlords, and real estate professionals in the city.
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In the bustling cityscape of San Francisco, a fascinating trend is quietly reshaping the traditional fabric of living spaces—welcome to the era of co-living. As the cost of living continues to skyrocket, residents are seeking innovative solutions to meet their housing needs. Enter co-living spaces – a concept that is rapidly gaining popularity and transforming the housing landscape. Picture a place where shared quarters and amenities redefine how individuals approach housing in the Bay Area. It's all about embracing the spirit of togetherness and community, offering an innovative solution to the ever-growing demand for affordable and sociable living arrangements.
The leasing world can be a complex environment, influenced by many factors that ultimately determine rental rates. As a property owner, landlord, or real estate professional, it is crucial to understand the leasing market's drivers deeply. Each factor plays a significant role in shaping the leasing market dynamics, from the location of a property and market demand to economic conditions and property features. Here are some factors that play a significant role in shaping the leasing market dynamics.
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Managing seasonal trends in San Francisco's rental market is essential for landlords and tenants alike. The city's rental landscape experiences significant changes during the summer and winter seasons. By being aware of these trends and implementing effective strategies, landlords can maximize their rental income while tenants can secure the best deals. Follow along to explore San Francisco's summer and winter rental market dynamics.
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When it comes to managing properties in San Francisco, it goes beyond the task of maintaining brick and mortar. At BanCal Properties, our commitment lies in creating vibrant communities that enhance the well-being of residents. With unwavering dedication to exceptional service, we possess a deep understanding of the local market. Collaborating closely with property owners and tenants, we strive to cultivate environments that foster connection, engagement, and a higher quality of life. Our comprehensive range of services encompasses everything from tenant screening to property maintenance, ensuring that properties are well-maintained and visually appealing. However, our approach extends beyond the realm of physical property management. We place importance on nurturing a sense of community, facilitating seamless communication, and supporting local businesses. Through our organization of social events, implementation of sustainable initiatives, and active involvement in supporting local charities, we are more than just property managers - we are dedicated community builders in the heart of San Francisco.
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We are thrilled to share some incredible news that fills us with pride and gratitude. BanCal Property Management has been selected as a finalist for the prestigious 2023 IREM REME Awards in the 'Excellence Award - Corporate' category. This recognition stands as a testament to our commitment to delivering unparalleled value to our clients and our unwavering dedication to the field of property management.
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Take a look at why technology is so important to how we lease, manage, and maintain homes, and why investing in it is such a good idea.
Rental inspections are an important part of protecting the condition and value of your San Francisco investment.
Remote work is more popular than ever, and your San Francisco rental property needs to be attractive to tenants who work from home.
While remote working doesn’t always benefit San Francisco rental property owners, there are still opportunities to be found when attracting remote workers to your rental unit.
We’re talking about all the San Francisco rules regarding mold and mildew in a rental property and some of the things California’s state laws require you to disclose to your tenants.
Here’s our list of 10 amenities that will increase the value of your San Francisco rental property. These things will help you in the short term (think higher rents and better tenants) and the long term (when you sell, you’ll sell for more).
Tenants will insist that everything is wear and tear and landlords will want to believe that anything they need to repair or replace is due to tenant damage.
Every investor has a different definition of success, and as you’re working towards achieving your own goals, make sure you have all the resources you need to become a successful real estate investor.
Here are some best practices in handling those difficult San Francisco tenants.
Onsite managers at your San Francisco building can offer several advantages, but they also come with some unique challenges and difficulties.
We’re here to help. Here’s what you need to know about rent control when you own San Francisco rental properties.
The 1031 exchange allows investors to defer taxes when they reinvest the earnings from one sale into another purchase.
Tenants are subletting their homes without owner approval, or they’re renting out their properties nightly to transient visitors who come and go.
Technology has improved what investors can do and how they do it. If you’re interested in virtual real estate investments in San Francisco, we can help.
The increased rental value is great, but with some of this smart home technology, you’re also attracting benefits like better security, lower turnover expenses, and higher tenant retention.
There are several important documents that you’ll need to keep close as a real estate investor. Let’s take a look at what some of those are.
If you’re trying to build a San Francisco-centric real estate portfolio, you should acquire as many properties as you can. Here are some pros and cons to consider when you’re thinking about what to buy and what not to buy.
We’ve got a brief investment guide, which will help new investors and experienced pros when it’s time to buy a new investment property.
The Americans with Disabilities Act (ADA) requires rental property owners and their property managers to eliminate any risk of discrimination against tenants or applicants who have an intellectual, emotional, or physical disability.
Happy tenants are an important element of a successful rental experience. In San Francisco, tenants have a lot of rights. There are vast tenant protections in place that cover everything from rent control to eviction to security deposits and background checks during the screening process.
We have a few cost-effective ideas that can spare you the expense of a full renovation but also help you reap the rewards of improving your San Francisco rental.
The first responsibility any San Francisco tenant has is to pay rent on time every month. It seems like rent collection should be fairly simple and straightforward. You tell the tenant how much rent is due, and they pay it. The same thing presumably happens month after month.
We’ve found that the owners we work with are usually surprised by three unexpected costs: Vacancy, emergency repairs, and unpaid rent. Here’s how to plan for them.
Multi-family rental properties in San Francisco come with a unique set of challenges for landlords. Keeping up with maintenance and on-time rent collection is something that every property owner knows to anticipate. Noisy neighbors and nuisance complaints, however, and usually unique to apartments.
If you dread tenant turnovers, that’s understandable. They’re often expensive and time-consuming, and while you want to give every detail the attention it needs, you’re also working hard to get new tenants into place quickly.
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