For your convenience, we have detailed below common questions we’ve heard from owners. Feel free to contact us with any further questions or to get started earning income on your property.
1. What Locations Do You Cover?
De Miranda Management operates under the premise that the best fertilizer for the farm is the farmer’s footsteps. This means that the only way to successfully operate a building is to be able to see it frequently. For this reason, our policy is that the building must be located within a one hour drive (without traffic) from our offices in Gardena. This makes our service area all of Los Angeles and Orange Counties.
2. How Much Will You Rent My Units For?
This is a very complex question and the answer will differ for each property and unit. When we look at leasing an apartment many factors are weighed to calculate the asking rent. Among the factors we weigh are the condition of the property, the size of the unit, any included parking, the demand in the area, and a myriad of other factors. We compare these factors to units in the area to come up with an asking rent which we present to our owner.
3. Do You Ever Rent to Government Assistance Programs?
De Miranda Management has extensive experience with the Section 8 Program. In many areas opening up the property to Section 8 voucher holders will drastically increase the applicant pool and possibly push up the market rents at the building. This choice is not without consequence as the Section 8 Program has strict guidelines as far as the initial inspection, as well as annual inspections. These inspections are handled by De Miranda Management and we have been through the process thousands of times. If you would like to find out more about our experience with Section 8 and if we feel that it could benefit your property, please contact us.
4. What Happens if there is an Eviction?
One of the problems with owning a property is “What do you do when the tenant can’t or won’t pay the rent?” First of all, our goal is to prevent the eviction from ever taking place by thoroughly qualifying tenants before we lease them your rental unit. Tenants pay to qualify themselves by paying for the application fee so our owners’ accounts are not charged. From there we check their credit history and verify their income. Additionally, our tough but fair rental collection procedures help to prevent evictions by not allowing tenants to slip far behind. But ultimately, if you own property, you will likely find yourself in an Unlawful Detainer action. As part of our routine management service, at no additional charge, our asset manager will prepare and post the legal notices for a standard eviction. We have also established favorable rates from our eviction attorneys from our years of business. We will manage the process throughout.
5. What Experience Do You Have with REAP and Other Government Code Enforcement Programs?
De Miranda Management has years of experience in responding to REAP and compliance orders from local building departments and code enforcement agencies; assisting owners to:
- Recognize and repair cited violations, including any other violations, cited or not at the property.
- Work with governmental administrators.
- Ready the property, and be present, for all site visits from any governmental administrators connected with the code enforcement process
- Successfully navigate through the entire code enforcement process.
6. What Kind of Financial Paperwork Do I Receive?
Each month our owners are furnished with everything they need to understand the operations of the building. Every owner received a check register listing every check written from the property’s account, the backup for ever payment made – E.G. the original invoice itself marked paid, a deposit register listing all of the deposits made, the deposit slips from the bank showing the deposit, a rent roll showing all of the tenants with any outstanding items explained, and year to date financials. At the end of the December, the full year can be passed right along to your accountant.
7. What Items Will You Need at Takeover?
- Rent Roll with Phone Numbers, Balances Due, Rent Amount, Deposit, and Last Increase Date
- Bills That You Would Like Paid (Utilities, Gardener, Insurance, Etc.)
- Business Licenses
- Keys and Remotes
- Tenant Files and Leases (with Last Increase Notice)
- Tenant Ledgers
- Insurance Files
- Service Contracts
- Maintenance Issues Outstanding
- RSO Certificate