North County Property Group’s New Office Location in Del Mar, CA in “The Timbers”
June 6, 2016
North County Property Group has moved! Our new Del Mar, CA corporate office is located in the iconic Timbers building, visible and recognizable from Interstate 5 between Via de la Valle and Lomas Santa Fe. NCPG made the move to the new location to be more central to our portfolio properties in both directions along the North County I-5 Coastal Corrridor between Hwy 56 and 78.
Tenant in Possession (TIP) Sales are Possible if Managed Properly by Your Broker/Agent
May 8, 2016
Have you ever thought about selling your home that is currently being leased by a long term rental tenant? Maybe you have thought about it but dismissed the idea because you think it can’t be done while the home is being rented. Selling a home in this scenario is not only allowed in the State of California but North County Property Group is an expert in selling homes with “Tenant in Possession”. On average, NCPG lists and sells one property per month from our rental portfolio under these conditions.
Does selling a home/condo with a tenant in possession require knowledge of CA Real Estate law?
Yes! There are specific steps required in the process that are required by the State of California Bureau of Real Estate.
Does the typical Real Estate Agent have knowledge of tenant in possession laws and process?
No! We have found that most listing agents do no understand the specific steps necessary or the “bedside manner” required to handle such a transaction. NCPG has become an expert in this type of listing and is capable of handling the tenant interface, disclosures to potential buyers, and handling the details of the transaction with the buyer’s agent and escrow. (more…)
Spring is in the air, the days are getting longer, and weather is glorious in North County San Diego! It is also a good time to do some seasonal maintenance on your property. As a property management company, North County Property Group helps our owners address any Spring cleaning, landscaping, or maintenance to be completed at their property. Here is a brief list of items to consider as the warmer months begin:
Roof, Gutters, Windows, Power Washing
As we exit Winter, falling leaves and flowers and an accumulation of moisture may be clogging roof drains and gutters. It is a very good time of year to have these parts of the homes inspected and cleaned in the event of any Spring showers. It is also a great time of year to consider professional window washing and power washing of patios and walk ways.
HVAC Service and Inspection (A/C Systems)
For those properties with A/C installed, having a professional HVAC technician service and check the system before the Summer heat will save money and time. After the scorching summer last year, many owners are installing A/C for 2016. Finding available service technicians during the peak of Summer is sometimes challenging and their fees may be at a premium. While you’re at it, it’s also a good time for a semiannual check of the smoke and carbon detectors. (more…)
It’s tax time again and April 15th will be here soon. North County Property Group is preparing tax documentation for our homeowners and thought other rental homeowners might be curious about our process, timing, and forms our clients will be receiving. These processes may only be applicable to California and research should be done to find out the regulations for your particular location.
Tax Implications for Renting Out a Property
We advise all of our property owners to consult with their tax accountant regarding the reporting and handling of rent income on their annual tax return.
North County Property Group reports the gross rental income collected on a 1099 form to the IRS and State of California. Since the amount reported is “gross” rents, the amount on the 1099 will be different from what has been paid to the owners through their distributions.
In addition to your 1099, NCPG will be providing owners with a year end annual statement indicating what has been included in the amount reported on the 1099. Your accountant can also use a statement like this to subtract your expenses on your return to determine your actual taxable income.