Taxes, Turnovers, Time Management
Taxes - due Nov 10th and Feb 10th but most pay in Dec and April before the deadline. April taxes are tough because personal taxes are due as well. The most important thing to remember with taxes is to make sure to build up the reserve monthly. When property values drop as we have seen over the past few years you can go to your county assessors office and have your home revalued and if the value has dropped significantly you can get your taxes lowered.
Turnovers – keep in mind that documentation and photos are your friend. You want to document the vacancy so you can accurately determine the deposit to be returned and to have new photos and notes in place for the new tenant. Again have your system in place and this will make turnovers a lot easier.
Time Management – the saying goes, Time is Money, and that is no more true than with real estate and property management. Your time is valuable so plan it well. Do your rental accounting monthly, put it on the calendar. Do your showings with groups of people at one time. Plan maintenance checks to do a couple things at one time. Have all your files organized so you don’t spend time looking for things. Tax time will be a breeze if you are organized about your rentals saving you tons of time and stress.
Please check out my website at www.PortolaRentals.com if you are interested in properties in Santa Cruz or have rentals in Santa Cruz, CA.
Kathleen Richards
