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Why is my property manager sending me a 1099?

January 15, 2020

Why is my property manager sending me a 1099 form? This is a question we get from time to time and while not everyone agrees on the same answer it is, in fact, a necessary evil. At least for now.

 

Rental income reporting.

We know that no one really likes “tax time” and certainly not having to claim more income than they have to because it means owing the IRS more at times. Even so, it is income that must be reported somehow, to someone right? Oh, we wish it was that simple too but in the years spanning from 2010 and 2012, the verbiage used by Congress has made this issue even more controversial. Owning a rental property is considered a business in the eyes of the IRS. Or is it? This is the line that has yet to 100% be defined by Congress.

What is a 1099 MISC form?

To report rental income we provide our clients with a 1099 MISC form provided by the IRS. The purpose of this form is to report any rental income in excess of $600 in a year. However, it is still up for debate whether owning a rental is considered a “business” because owning a business implies that you are doing something for profit. What if this has no profit just yet? Well, there lays the gray line. Forbes published a great article written by a nationally recognized tax professional that explains in-depth the confusion behind the argument about reporting rental income. You can read the full article here.

In the end, we, as a business are required to report the rental income we collect on a client’s behalf.  We recommend talking with your accountant about how this form is used.

Have questions about our services or want to learn more about how to own an investment with LESS HASSLE. MORE HAPPY? Visit our website at www.RentWisePM.com or give us a call at 208-949-3083.

Filed Under: Financial, Investment Property, Legislation, Property Investment, Property Management, Rental Properties Tagged With: boise, caldwell, communication, eagle, hiring, home, homes, investing, investment, investment management, investments, kuna, management, meridian, middleton, nampa, property investment, property managment, protect, real estate, real estate trends, rental, rents, rentwise, rentwisepm, tenants, treasure valley, vacancies, vacancy

What is a Reasonable Accommodation Request

January 8, 2020

What is a reasonable accommodation request? By definition, under the Fair Housing Act, the housing provider is responsible for the costs associated with a reasonable accommodation unless it is an undue financial and administrative burden, while the tenant or someone acting on the tenant’s behalf, is responsible for costs associated with a reasonable modification.

What does this mean for you as an investor?

It means that to be in compliance with ADA we must consider any and all requests for modifications or accommodations to a premises that a tenant makes either before or during their tenancy. Such as a ramp, safety bars, change in administrative accommodations or other physical modifications to a property.

Who pays for the modification?

This depends on the request. Typically a homeowner would pay for a physical modification UNLESS it would be deemed an undue financial burden. For example: A disabled applicant in a wheelchair wants to rent a particular home due to it’s location to his medical providers, he will need ramps installed at least one doorway for access to the home. The owner of the property would be responsible for that cost. Another example, a current tenant had a medical issue during tenancy that requires additional support rails installed in the bathroom.

What do you do if you receive a request for a reasonable accommodation or modification?

This answer is not just black or white. There are several factors to be considered and each request needs to be reviewed carefully. Our recommendation is to speak with either your attorney or your property manager. You can review more information and guidelines on this by clicking here.

If you are interested in learning more about our services. Please visit our website at www.RentWisePM.com. Ready to start living with LESS HASSLE? MORE HAPPY! give us a call today 208-949-3083

Filed Under: Financial, Investment Property, Legislation, Pets, Property Investment, Property Management, Rental Properties Tagged With: boise, caldwell, communication, eagle, hiring, home, homes, investing, investment, investment management, investments, kuna, management, meridian, middleton, nampa, property investment, property managment, protect, real estate, real estate trends, rental, rents, rentwise, rentwisepm, tenants, treasure valley, vacancies, vacancy

A Happy New Year and a Wonderful Christmas is upon us….

December 25, 2019

We want to wish you a very Merry Christmas and the Happiest New Year yet. As we reflect on how lucky we are to do what we do we wanted to share our immense gratitude for your business and your trust. We believe that integrity, honesty, and respect are the core values in any relationship and we strive to meet those expectations at every opportunity we get. We know that when it comes to property management you have choices. We appreciate you choosing us to serve you which allows us in turn to serve our community. We hope this holiday season is filled with laughter and love and we are excited about what’s to come in 2020!

Want to learn more about our services and how owning an investment property can be LESS HASSLE and MORE HAPPY? www.RentWisepm.comhttp://www.rentwisepm.com

Filed Under: Gifts, Holidays, Investment Property, Property Investment, Property Management, Rental Properties Tagged With: boise, caldwell, communication, eagle, hiring, home, homes, investment, investment management, investment property, management, National Association of Property Management, property managment, protect, real estate, rental, rentwise, rentwisepm, treasure valley

Holiday shopping that gives back, yes please!

December 11, 2019

I don’t know about you but holiday shopping always kind of sneaks up on me and then it’s time to either jump online for some amazon prime shopping or head to the dreaded storefronts for that perfect gift. But what if holiday shopping had an extra bonus of giving back! I mean why not? You are most likely going to give gifts, what if they had an even bigger purpose? That seems like a win-win to me!

I have a very big family so it can be a little overwhelming to try to find something for each member so this year I did something a little different. I decided to gift everyone something that would hopefully not only bring a smile to their face but potentially a whole lot more faces.

Holiday gifts that actually give back!

I’m sure there are a ton of great non-profits out there but I found a few really amazing companies that I thought deserved mentioning as their missions align with my core values as a person and as a company. As we all know, every little bit counts and I encourage you to check these companies out year-round and not just at holiday time.

The first company is called Ten Thousand Villages – you can read more about their mission here. In part, they are asking that we as a population, “shop with intention”. I could not love that any more than I already do! Their products are handmade and specifically designed for unique gift-giving. I purchased little handmade terracotta “good luck pigs” that are handmade in Chili by a mother and daughter. When they arrived I unwrapped them to find each one every so slightly different in design. If you want to purchase these as well, click here.  There are a plethora of options to choose from so you just can’t go wrong.

The second company I stumbled upon is called Project 7 – more about their mission and purpose can be found here. They focus on 7 basic needs worldside. Hunger, environment, homelessness, clean water, education, health and peace and they literally put money were their mouth is by selling gourmet chewing gum! I always put a little candy or gum in my stockings so this was perfect! I bought a variety pack so I could sample some of them and it is awesome! It also comes in adorable packages that are easy to transport.

The third company I purchased products from is called Happy Day Brands and was in part started in an effort to feed the hungry. More about their good works can be found here. I was so extra excited about this one because it was founded right here in Boise, Idaho so those profits truly go back into my community and that makes me very happy. They sell coffee, superfood mixes, chocolate, oatmeal and more. I purchased the oatmeal and while I haven’t personally tried it I have a feeling that it will be delicious after I read the list of organic ingredients they use.

I plan to place all these items in a cute little dollar store gift box and BAM – a holiday gift worth giving (back)!

If you are ever in need of a gift-giving idea or you have questions about the services we provide please reach out! We would love to get to know you and show you how owning an investment property can be LESS HASSLE, MORE HAPPY! RentWise Property Management. 

Filed Under: Financial, Gifts, Holidays, Investment Property, Property Investment, Property Management, Rental Properties Tagged With: boise, caldwell, communication, eagle, home, inspection, investing, investment, investment management, investor, management, meridian, professional, property managment, real estate, real estate trends, rentwisepm, tenants, treasure valley, vacancies

Q3 Vacancy Report – NARPM Southwest Idaho

December 4, 2019

The NARPM Southwest Idaho Chapter conducts a vacancy survey each quarter by collecting data from local property management companies throughout the Treasure Valley including Ada and Canyon County. The data collected reveals the trends and current state of the local rental market so you can make an educated decision about your investments!

Wondering whether Idaho is the best place to purchase an investment property?

This report shows the vacancy data for nearly 9000 “doors” in the Treasure Valley. Our valley is one of the most desirable places to not only live but INVEST in! In the almost 8 years that RentWise has been managing investment properties, the Q3 data is the lowest we have seen! What does that mean to you? It means owning a rental property in Idaho is ideal for any investor. We have a large need for affordable and available housing at an ROI that fits most pocketbooks. You can read the full report by clicking here. Q3 2019 Vacancy Report

Unit Managed Number of Vacancies Vacancy Rate
Ada 6335 97 1.53%
Multiple 4352 53 1.22%
Single 1983 44 2.22%
Canyon 2508 50 1.99%
Multiple 1939 39 2.01%
Single 569 11 1.93%
Grand Total 8843 147 1.66%

 

What is NARPM?

The National Association of Residential Property Managers (NARPM®) is an association of real estate professionals who know first-hand the unique problems and challenges of managing single-family and small residential properties. They provide members with the education, classes, information, support, networks, and growth they need to succeed in the property management industry.

Whether you choose to self manage or hire a professional property manager like RentWise, we recommend you either join yourself or hire a member of the NARPM. We would love the opportunity to discuss how we can help when it comes to managing your investment with the highest possible return.

Ready to start living with LESS HASSLE. MORE HAPPY? Reach out to us today, RentWise Property Management.

Filed Under: Financial, Investment Property, Property Management Tagged With: caldwell, investing, investment, investor, management, meridian, National Association of Property Management, owner, professional, property investment, property managment, protect, quarterly report, real estate, real estate trends, rental, rents, rentwise, rentwisepm, technology, tenants, treasure valley, vacancies, vacancy

Knowing the Financials of your Rental Property

November 27, 2019

Are your financial statements for your rental property giving you what you need? One of our first questions to new potential clients is “what are your current pain points with your property manager?” One of the answers is always in regard to their monthly financial statements.

Do you have a clear picture of your property’s financials?

Knowing your properties financial health can seem overwhelming and tedious. Having the right KPI’s and property manager can help. From income to expenses, monthly, annual, balance sheets and 1099’s. There is a lot to track when it comes to owning an investment property.

It is important that they are easy to read, consistent and that you have a property manager available to discuss and answer any questions you might have.

How can your property manager customize your monthly statement so that it fits in line with your tracking system?

Maybe you want to track profit between properties? Or how much the market rent has increased? There are several monthly reports we can provide, such as:

  • Account Totals
  • Balance Sheet
  • Balance Sheet – Comparative
  • Balance Sheet – Property Comparison
  • Bank Account Activity
  • Bank Account Association
  • Cash Flow
  • Cash Flow – 12 Month
  • Cash Flow – Property Comparison
  • Cash Flow Detail
  • Chart of Accounts
  • Expense Distribution
  • General Ledger
  • Income Statement
  • Income Statement – 12 Month
  • Income Statement – Comparative
  • Income Statement – Property Comparison
  • Trial Balance
  • Trust Account Balance
  • Trust Account Detail

Monthly statements should be the snapshot of how your investment property is doing, how your money is being spent and how profitable the rental property is.

If you would like more information on how we can help or learn about our property management services just go to our website or call us at 208-949-3083. Less Hassle. More Happy.

Filed Under: Financial, Investment Property, Property Management Tagged With: boise, caldwell, eagle, hiring, home, homes, investment, investment management, investment property, investments, investor, kuna, management, meridian, middleton, nampa, narpm, National Association of Property Management, professional, property managment, quarterly report, real estate, real estate trends, rental, rents, rentwise, rentwisepm, star, tenants, treasure valley, vacancies, vacancy

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