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.

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