Q & A
- I wish to rent out their property. What do you need?
- What is your plan for leasing real estate?
- What else should I know?
I wish to rent out their property. What do you need?
First of all you need to hire a manager to manage the property to save your precious time and get good results. For reference, if the property owner does not live in Hawaii, according to state law, he is obliged to use the services of the real estate company that is physically located in Hawaii. I offer you my services as an employee of Sun Pacific Group LLC, providing a full range of property management services on Oahu. I will show your property to prospective tenants and take care of all procedures associated with the lease and the signing of agreements.
What is your plan for leasing real estate?
Here are the main points of my plan for the leasing of real estate:
- I will need to assess its rental rate in accordance with market rates.
- Agreement signed with property management for one year, which is extended on the basis of month-to-month thereafter.
- Advertisement will be placed in the lease special online catalogs that specialise in this area.
- Your property will be available for prospective tenants at any time.
- After communication with potential tenants who wish to rent out your property, I have to find out the following information to ensure its ability to pay:
- Get a credit report tenant (Credit Rental Check). Cost $ 20 for the tenant.
- Get information about the tenant from previous landlords who rented his property
- Get information about it from the current employer from the employer for confirmation of income
- Certainty that the lessee will pay the rent, and it is confirmed by relevant documents, I’ll make the lease and sign it, and then collect a deposit of one month rent (Security Deposit). Owner of the property is given a copy of the agreement.
- Before removing the lease is bypassing the room and recorded the condition of the leased premises in a special form (Property Condition Form). A copy of the initial inventory is signed by the tenant and me. When checking out, the tenant is an inventory and check the condition of the premises. If discrepancies arise because of the tenant, then calculated the money from the deposit to cover cleaning or repair facilities.
- If the property is in need of repair, I use only the services of reliable workers, plumbers, electricians and other professionals registered on my list.
- I collect the rent the tenant. In the case of late payment, binds to the tenant.
- If the tenant refuses to pay – I have to evict him. Case filed with the court. If necessary, I represent the interests of the property owner in court.
- Every month I prepare reports on revenues and expenditures. Copies of receipts for repairs, if it was made in the leased premises are applied.
- When the tenant is going to vacate the premises, I check the state of the premises and prepare the return minus the amount of collateral for unpaid rent, late fee and damages.
What else should I know?
Reference: The owner of the property in Honolulu (and throughout Oahu) is obliged to pay 4.5% tax in the State of Hawaii on the income of the lease. Also, the property owner must have a local license, on which taxes are paid. It costs $ 20 and you can get it online. Called Hawaii GE License. Or by purchasing it in person at the Honolulu office at 830 Punchbowl Street. In addition, I have helped the owner with an annual report on income and expenditure. This facilitates the preparation of owner income tax return. I also prepare IRS Form 1099 and send a copy to the tax office in Honolulu.
Interested in buying / selling a home or renting property? Contact me to get Professional advice. Let me know what you are looking for. Mahalo! – Phone 808-381-5030