OPERATE

UNFORTUNATELY WHAT IS BUILT MUST BE MAINTAINED.

SUBJECT |INDEX
|DATABASE |TASK
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SUBTOPIC
CONTACTS |SUPPLIES |ACCOUNTING
🔑| ACCOUNTS

PAGE USE.
• This page provides income + expense categories for US + Spain taxes.

PAGE CONTENT.
• List of income + expense accounts used for US + Spain tax reporting.

USA.

UNIFORM NUMBER: TAX AUTHORITY NUMBER + NAME.
Description.

#1: 03 RENTS RECEIVED.
1.Includes - Money received for rent, utilities, community (HOA) fees, application fees, late fees, move in rent.


#2: 07 CLEANING & MAINTENANCE.
1. Includes - Money paid for shared expenses in an apartment building community, also called the ‘Home Owner’s Association or HOA’ in the US.


#3: 09 HOME INSURANCE.
1. Includes - Money paid for home insurance.

#4: 10 LEGAL AND OTHET PROFESSIONAL FEES.
1. Incluye - Dinero pagado por cualquier servicio profesional o cargo gubernamental que no esté relacionado con la reparación de un edificio o la administración regular de alquiler.
2. NO incluye - Dinero pagado por servicios profesionales por trabajos relacionados con la edificación física como reparaciones o mantenimiento.

#5: 11 MANAGEMENT FEES, 05 ADVERTISING, 06 AUTO & TRAVEL.
1. Includes - Money paid for property management services and associated expenses that are charged to owner for advertising, transportation, shipping and printing.

#6: 12 MORTGAGE INTEREST PAID TO BANKS.
1. Includes - Money paid to banks for home purchase loan interest and related fees.
2 . Does NOT include - Money paid towards capital.

#7: 14 REPAIRS.
1. Includes - Money paid for professional services, fees or supplies for work related to physical building repairs.
2. Does NOT include - Supplies related to property management.


#8: 15 SUPPLIES. /148 Fiscalmente:
1. Includes - Money paid for physical supplies related to property management services but not building repairs.


#9: 16 TAXES. / 115 Tributos:
1. Includes - Money paid to government for yearly property taxes.


#10: 17 UTILITIES.
1. Includes - Money paid for property utilities.

#11: 18 DEPRECIATION EXPENSE OR DEPLETION.
1. Includes - Estimated loss of value of the building improvements during the year due to wear and tear or obsolescence.

SPAIN.

UNIFORM NUMBER: NÚMERO DE AUTORIDAD FISCAL + NOMBRE. Descripción.

#1: 102 INGRESOS.
1. Incluye: dinero recibido por alquiler, servicios públicos, tarifas de comunidad (HOA), tarifas de solicitud, cargos por pago atrasado, alquiler por mudanza.

#2: 109 COMMUNIDAD.
1. Incluye: dinero pagado por gastos compartidos en una comunidad de edificios de apartamentos, también llamada "Asociación de propietarios de viviendas o HOA" en los EE. UU.

#3: 114 SEGURIDAD.
1. Incluye - Dinero pagado por seguro de hogar.

#4: 111 DEFENSA.
1. Incluye - Dinero pagado por cualquier servicio profesional o cargo gubernamental que no esté relacionado con la reparación de un edificio.
2. NO incluye - Dinero pagado por servicios profesionales por trabajos relacionados con la edificación física como reparaciones o mantenimiento.


#5: 112 TERCEROS.
1. Incluye - Dinero pagado por los servicios de administración de la propiedad y los gastos asociados que se cargan al propietario por publicidad, transporte, envío e impresión.

#6: 105 INTERESES.
1. Incluye - Dinero pagado a bancos por intereses de préstamos para compra de vivienda y cargos relacionados.
2 . NO incluye - Dinero pagado a capital.

#7: 106 REPARACION.
1. Incluye - Dinero pagado por servicios profesionales, honorarios o suministros por trabajos relacionados con la reparación física de edificios.
2. NO incluye - Suministros relacionados con la administración de la propiedad.

#8: 148 FISCALMENTE.
1. Incluye: dinero pagado por suministros físicos relacionados con los servicios de administración de propiedades, pero no por reparaciones de edificios.

#9: 115 TRIBUTOS.
1. Incluye - Dinero pagado al gobierno por impuestos anuales sobre la propiedad.

#10: 113 SERVICIOS.
1. Incluye - Dinero pagado por servicios públicos de la propiedad.

#11: 131 AMORTIZACION.
1. Incluye - Pérdida estimada de valor de las mejoras edilicias durante el año por desgaste u obsolescencia.

Rent and keys.

1. Receiving rent or other payments from tenants.
__ Typically owner.*
__ Typically helper.
__ Could be either.

2. Determining rent increases.
__ Typically owner.*
__ Typically helper.
__ Could be either.

3. Notifying tenants of rent increases.
__ Typically owner.*
__ Typically helper.
__ Could be either.*

4. Holding spare copies of keys.
__ Typically owner.
__ Typically helper.*
__ Could be either.

5. Transferring keys between outgoing and incoming tenants.
__ Typically owner.
__ Typically helper.*
__ Could be either.

Emergency, repair, notice, rent and other issues.

1. Emergency contact person.
__ Typically owner.*
__ Typically helper.*
__ Could be either.*

2. 1st contact for repair, notice or other issues.
__ Typically owner.*
__ Typically helper.
__ Could be either.*

3. Determining responsibility for maintenance.
__ Typically owner.*
__ Typically helper.
__ Could be either.*

4. Determining responsibility of repairs.
__ Typically owner.*
__ Typically helper.
__ Could be either.*

5. Determining upgrades to make.
__ Typically owner.*
__ Typically helper.
__ Could be either.

Maintenance, repairs and upgrades.

1. Sourcing vendors for work.
__ Typically owner.*
__ Typically helper.
__ Could be either.*

2. Contacting vendors for work proposals.
__ Typically owner.*
__ Typically helper.
__ Could be either.*

3. Reviewing work proposals, selecting vendors, and hiring vendors.
__ Typically owner.*
__ Typically helper.
__ Could be either.*

4. Meeting vendors to provide access to property.
__ Typically owner.
__ Typically helper.*
__ Could be either.

5. Visiting property to verify quality of work and document with photos.
__ Typically owner.
__ Typically helper.*
__ Could be either.

6. Receiving and approving vendor bills.
__ Typically owner.*
__ Typically helper.
__ Could be either.*

7. Paying vendor bills.
__ Typically owner.*
__ Typically helper.
__ Could be either.

Task related to vacancies…
Outgoing tenants.

1. Confirming move out notice from tenants by email.
__ Typically owner. *
__ Typically helper.
__ Could be either.

2. Negotiating concessions to keep current tenants.
__ Typically owner. *
__ Typically helper.
__ Could be either.

3. Notifying outgoing tenant of move out procedures.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

4. Notifying neighboring tenants of move out.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

5. Scheduling preliminary move out inspection and photos.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

6. Completing and uploading preliminary move out inspection and photos.
__ Typically owner.
__ Typically helper. *
__ Could be either.

7. Notifying outgoing tenants of actions needed before move out.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

8. Scheduling final move out inspection and photos.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

9. Completing and uploading final move out inspection and photos.
__ Typically owner.
__ Typically helper. *
__ Could be either.

10. Determining security deposit deductions.
__ Typically owner. *
__ Typically helper.
__ Could be either.

11. Emailing outgoing tenants summary of security deposit.
__ Typically owner. *
__ Typically helper.
__ Could be either.

12. Transferring security deposit refund to outgoing tenants.
__ Typically owner. *
__ Typically helper.
__ Could be either.

Task related to vacancies…
Advertising, touring and application.

1. Producing content for property ad description and photos.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

2. Posting advertisements to fill vacancy.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

3. 1st contact for response to vacancy ads.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

4. Recording and tracking tenant leads.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

5. Emailing application to tenant leads.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

6. Initial phone interview with tenant leads.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

7. Scheduling property tours.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

8. Completing property tours.
__ Typically owner.
__ Typically helper. *
__ Could be either.

9. Receiving applications, documents and fees.
__ Typically owner. *
__ Typically helper.
__ Could be either.

Task related to vacancies…
Screening applicants, lease and move in.

1. Secondary interviewing applicants.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

2. Checking references.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

3. Preparing lease.
__ Typically owner. *
__ Typically helper.
__ Could be either.

4. Offering lease to applicants.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

5. Receiving security deposit and other money.
__ Typically owner. *
__ Typically helper.
__ Could be either.

6. Scheduling move in inspection and photos.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

7. Completing and uploading move in inspection and photos.
__ Typically owner.
__ Typically helper. *
__ Could be either.

8. Notifying utility and regular service providers of new tenants.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

9. Notifying neighboring tenants of move in.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

Tasks related to new property acquisitions…
Property search and purchase contract.

1. Online search.
__ Typically owner. *
__ Typically helper.
__ Could be either.

Tasks related to new property acquisitions…
Soliciting loans.

1. Sourcing lenders.
__ Typically owner. *
__ Typically helper.
__ Could be either.

Tasks related to new property acquisitions…
Completing loan.

1. Collecting and emailing documents.
__ Typically owner. *
__ Typically helper.
__ Could be either.

Documentation, communication and tracking.

1. Weekly email to track open issues.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

2. Weekly phone call to review open issues.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

3. Taking property landscape photos.
__ Typically owner.
__ Typically helper. *
__ Could be either.

4. Monthly summary of personal hours and expense per property.
__ Typically owner.
__ Typically helper. *
__ Could be either.

Hiring help.

1. Producing content for advertisement to hire help.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

2. Posting advertisement to hire help.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

3. 1st contact for response to hiring advertisements.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

4. Recording and tracking hiring leads.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

5. Initial phone interview with hiring leads.
__ Typically owner. *
__ Typically helper.
__ Could be either.

Standards and website.

1. Producing standard office and business operating procedures.
__ Typically owner. *
__ Typically helper.
__ Could be either.

2. Updating website.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

Contacts.

1. Keeping contacts list.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

2. Keeping rent roll.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

Supplies.

1. Keeping supplies list.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

2. Ordering supplies.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

Accounts.

1. Keeping accounts and passwords list.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

2. Setting up email accounts.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

3. Setting up other online accounts.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

Property expenses.

1. Paying irregular property expenses.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

2. Accounting for irregular property expenses.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

3. Paying reoccurring property expenses.
__ Typically owner. *
__ Typically helper.
__ Could be either.

4. Accounting for reoccurring property expenses.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

Office expenses.

1. Paying irregular office expenses.
__ Typically owner. *
__ Typically helper.
__ Could be either.

2. Accounting for irregular office expenses.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

3. Paying reoccurring office expenses.
__ Typically owner. *
__ Typically helper.
__ Could be either.

4. Accounting for reoccurring office expenses.
__ Typically owner. *
__ Typically helper.
__ Could be either. *

Yearly income tax filing.

1. Selecting tax preparer for US and Spain.
__ Typically owner. *
__ Typically helper.
__ Could be either.

2. Overseeing tax preparer for US and Spain.
__ Typically owner. *
__ Typically helper.
__ Could be either.

OPERATIONS > TASKS > OFFICE TASKS > ADVERTISE FOR HELP

OPERATIONS > TASKS > OFFICE > WEEKLY CALL

Purpose of this document…

- Provide instructions and format to be used for emailing weekly updates.

Templates provided…

- The last part of this document is an example of how the weekly update email should look, it may be easier to look at that first for understanding the format, as the following description may be more confusing without having reviewed the example.

General Instructions...

When to compose/send:

- Weekly update email should generally be sent between Friday and Monday so that they cover the previous week and can be reviewed by the owner and useful for the weekly call on Tuesday.

Email chain:

- Weekly update emails should have a separate email chain for each month.

- Throughout the month reply to the original email chain until the month is over.

- During the ongoing month always cut and paste the email that you received into the response email and remove any unusual formatting.

- Delete the auto formatted text that Gmail automatically inserts at the bottom of response emails.

Starting new email chain:

- When the update email is being composed during the first week of a new month then a new email chain should be started with a new subject specifying the year and month.

- When starting a new month carry over any relevant notes but not the full history.

Email subject:

- Subject should be per the template email provided and have the correct month inserted in the subject.

Email body:

- List properties in typical order, 4967 HOUSE, 4967 GARAGE, 7560 CONDO, 2112 BACK, 2114 FRONT.

- Record the month, day and weekday, followed by the initials of the person commenting.

- List brief summary of any activities on that property in bullet point style.

- Do not provide detailed information here, each activity should likely have it's own email chain devoted to that activity.

- When possible reference the email subject name that pertains to that specific activity.

Owner response:

- The owner may or may not respond in writing.

- The email may be used as an agenda during the weekly call.

- The email may just serve as a written record.

Template / Example Email…

- Here is an example of how the weekly update email might look two weeks into a month when the owner has responded.

Email Subject:

Weekly Update 2021 January

Email Body:

Hi August,

Here is this week's update for the LA properties.

4967 HOUSE

Jan-01-Fri, PM

- Ads: posted to all platforms, links email subject '4967 House Ad Links 2021 January'

- Monthly photos: landscape photos taken, email subject '4967 House Landscape 2020 December 29'

Jan-04-Mon, AH

- Ads: price was listed incorrectly on the Zillow ad, please correct to match the others.

- Monthly photos: received thanks.

Jan-08-Fri, PM

- Ads: Price on Zillow ad was updated on Monday morning.

4967 GARAGE

Jan-01-Fri, PM

- Faucet leak: waiting for plumber or tenant to confirm distance on hot and cold.

Jan-04-Mon, AH

- Faucet leak: please order the faucet I specified as soon as the distance is confirmed to match.

Jan-08-Fri, PM

- Faucet leak: tenant confirmed size, faucet ordered, receipt email subject '4967 Garage Faucet Receipt from Lowe's'

7560 CONDO

- No Update.

2112 BACK

- No Update.

2114 FRONT

- No Update.

GENERAL

- No Update.

Regards,

(Assistant PM’s Email Signature)

Assistant Instructions & Template for Monthly Expense Reporting

This email is to provide you the format to be used for emailing me monthly expenses.

- You should email me the record of your monthly expenses as soon as possible after the last day of the month and no later than within the first 7 days of the month. On occasion I may ask you to provide billing for half month periods in case I need the information for returning security deposits.
- I will consider your expense email as your invoice for the hours listed and I will pay you for those hours based on the email.
- All other expenses such as cash reimbursements, third party, and credit card charges should be listed in this email for information purposes, however the receipts, invoices and information necessary for record keeping and accounting purposes should already have been emailed to me separately within 24 hours of when the expense was incurred, and most likely it should have already been paid.
- The last part of this email is an example of how your expense email should look, it may be easier to look at that first for understanding the format, as the following description may be more confusing without having reviewed the example.
- You should save this example as a template to be re-used each month. I would recommend starting a draft email at the beginning of each month and keeping notes of your hours directly in the draft email throughout the month. This way at the end of the month the information is already in the email and format needed and can be sent with just a little clean up and making calculations, but without needing to transfer the information. Though you are free to keep record of the expenses how it works best for you, I just need to receive the info in this format for my tax reporting purposes.

Expenses should be separated by property and unit:
4967 House
4967 Garage
7560 Condo
2112 Back
2114 Front
*hours spent on general things such as weekly update email/call and billing can be listed under the property that seemed to require the most work during that week or month.

Expenses should be separated in the following categories:
1. Hours - That you worked.
2. Reimbursements - Things paid with your own money that should have been reimbursed already.
3. Third Party - Expenses you are aware of that I need to pay or may have already paid.
4. Credit Card - Charges or returns that you made on the owners card.

Use the following formats for each group of hours or other expense:

For listing hours:
Mnth-Day, Weekdy Hr-Hr +/-15min., Descrip. email/call/meet w/ re: (drive+hrs.+drive), Hours.

For listing reimbursements:
Mnth-Day, Weekdy, $ value, Vendor name, Description of what was paid for.

For listing third party expenses:
Mnth-Day work completed, $ value, Vendor name, Description of work.

For listing credit card charges:
Mnth-Day, $ value, Vendor name as shown on receipt, Description what was purchased.

At the end of each properties hours section you should list the total hours and calculate the total $ value such as:
Total Hours This Property: hours x $ = $

At the end of the email you should list the total hours spent on all properties and calculate the total $ value owed for the month such as:
Total Hours All Properties: hours x $ = $

Here is an example of how your emailed record of monthly expenses should look:

Email template for assistant.

Subject:

January 2022 Monthly Expenses

Body:

Hi August,

Here is the past month's expenses for the LA properties.

///HOURS///
4967 HOUSE.
Jan-01, Fri. 08:00-08:30, call with August re: hiring, .5
Jan-01, Fri. 09:00-11:00, setting up listings, reading materials, responding to inquiries, 2
Jan-01, Fri. 13:30:00-14:30, responding to inquiries, coordinating with tenant L&S, 1
Jan-01, Fri. 18:30-20:30, showing & preliminary move out inspection (.5+1+.5), 2
Jan-02, Sat. 10:00-10:30, responding to inquiries, .5
Jan-02, Sat. 11:15-12:15, same, 1
Jan-02, Sat. 13:30-15:15, showing (.25+1+.5), 1.75
Jan-03, Sun. 11:00-11:30, responding to inquiries, .5
Jan-03, Sun. 14:00-14:30, same, .5
Jan-03, Sun. 18:30-20:45, showing (.5+1+.45), 2.25
TOTAL THIS PROPERTY: 12 X $25.00 = $300.00
4967 GARAGE.
Jan-04, Mon. 09:00-09:15, Call from Tenant Clay re: leaking faucet, .25
TOTAL THIS PROPERTY: .25 X $25.00 = $6.25
7560 CONDO.
None.
TOTAL THIS PROPERTY: 0 X $25.00 = $0.00
2112 BACK.
None.
TOTAL THIS PROPERTY: 0 X $25.00 = $0.00
HOURS - 2114 FRONT.
None.
TOTAL THIS PROPERTY: 0 X $25.00 = $0.00

TOTAL ALL PROPERTIES: 12.25 X $25.00 = $306.25

///REIMBURSEMENT///
4967 HOUSE.
Jan-16, Fri. $100.00 Maria Zapata house cleaner.
4967 GARAGE.
None.
7560 CONDO.
None.
2112 BACK.
None.
2114 FRONT
None.

///THIRD PARTY///
4967 HOUSE.
None.
4967 GARAGE.
Jan-05, Tue. $150.00 Ralph's Plumbing faucet replacement.
7560 CONDO.
None.
2112 BACK.
None.
2114 FRONT.
None.

///CREDIT CARD///
4967 HOUSE.
Jan-15, $31.17, Target, cleaning supplies.
Jan-15, $43.54, Lowe's, paint and caulk.
4967 GARAGE.
None.
7560 CONDO.
None.
2112 BACK.
None.
2114 FRONT.
None.