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Mosaic Property Management has several services that stand alone or can be added to our management service. Here is more information on each service that is offered and how it can help you.
Mosaic Property Management is offering a preventative maintenance program to all of our clients. Enjoy peace of mind that your home is getting the basic necessities, whether occupied or vacant, and we will have a representative INSIDE your home frequently and will report any areas of concern.
Mosaic Property Management will provide Owner with a completed inspection checklist and photos of areas of concern following each inspection. Beginning 3 months from tenant occupancy, Mosaic Property Management will visit the home every 3 months and complete the following:
First billing begins at tenant occupancy. The plan will automatically renew at tenant renewal or new lease start unless 30 days prior written notice is provided by Owner.
An eviction can be very expensive, very tedious, and can carry huge liability when dealing with legal issues. Mosaic Property Management has extensive experience in “rescuing” landlords from tenants who aren’t paying their rent and/or maintaining your property.
This includes all time and travel costs incurred by Mosaic Property Management. After a management agreement is signed, we will initiate Landlord Rescue and pursue collections from a non-paying tenant, or start the eviction process.
The total cost to process an eviction through the courts averages $300 – $800. For under $100 annually or $8 per month, you can protect yourself from unforeseen costs.
Despite our best efforts to screen and approve quality tenants, legal action sometimes becomes the only choice available to enforce the terms of the lease agreement. Evictions are most often the result of nonpayment of rent, though they are also initiated for other violations of the lease or Landlord Tenant Act – unauthorized occupants or pets, criminal acts, use, manufacture or sale of illegal drugs, nuisance violations and other material breach of lease. When legal eviction becomes necessary, state law requires an attorney (or the owner) to appear in court.
Under the Eviction Protection Plan (EPP), Broker will pay the cost of all copy charges, filing fees, process server fees, attorney fees, court costs, the costs of Broker or Broker’s representative to appear in court if requested in connection with any “Special Detainer Action” or “Forcible Entry and Detainer” case filed to enforce tenant compliance with their obligations under the lease agreement. If a Writ of Restitution is required to enforce the legal order for possession; the court and attorney fees for such are also covered under this agreement.
Owner understands that this agreement does not cover the cost of a jury trial or appeal (an extremely rare occurrence), lost rent, damages to property, owner time or expense reimbursement or costs associated with a Writ “lock out” and to move or store belongings if necessary. Tenants not placed by Broker are excluded from coverage. If Owner enters into a lease agreement with a Tenant and Broker advised against such, that tenancy is excluded from coverage. Any monies recovered from tenant shall first be applied to amounts due Broker, after which any remaining shall be applied to expenses of Owner under this agreement.
This plan is billed annually based on lease start date. The plan will automatically renew at tenant renewal or new lease start, unless 30 days prior written notice is provided by Owner.
Mosaic Property Management rents major brand washers and dryers to customers throughout the valley. With our low rates and free maintenance, renting appliances is a great option. Mosaic Property Management will install and maintain a washer or dryer in your rental property throughout the term of your lease. If it breaks down, one call gets your appliance repaired at no cost to you.
Despite our best efforts to screen and approve quality tenants, legal action sometimes becomes the only choice available to enforce the terms of the lease agreement. Evictions are most often the result of nonpayment of rent, though they are also initiated for other violations of the lease or Landlord Tenant Act – unauthorized occupants or pets, criminal acts, use, manufacture or sale of illegal drugs, nuisance violations and other material breach of lease. The eviction of the tenant means a loss in rent to you as well as additional costs to process the eviction itself.
Under the Eviction Rent Loss Plan (ERLP), Broker will pay to Owner the base rent amount as defined in the lease agreement for a period not to exceed 60 days. Payment is only made to Owner if tenant is legally evicted under a “Special Detainer” or “Forcible Entry and Detainer” and judgment is received. No coverage other than loss of rents is provided under this plan. Initial payment for rent loss will be made at time tenant has vacated the home through the legal process. Should a new tenant take occupancy prior to the end of the payout period (either 30 or 60 days), Broker will be relieved of payment obligation. Tenants not placed by Broker are excluded from coverage. If Owner enters into a lease agreement with a Tenant and Broker advised against such, that tenancy is excluded from coverage. Any monies recovered from tenant shall first be applied to amounts due Broker, after which remaining shall be applied to expenses of Owner.
This plan is billed annually based on lease start date. The plan will automatically renew at tenant renewal or new lease start unless 30 days prior written notice is provided by Owner.
Do you live out of state, out of the country, or going on an extended trip? Worried about your house while you’re gone? This service is for you.
Inspection Includes
In addition to the routine monthly accounting done for your property we offer two additional services for your convenience. Let us handle everything and receive one statement that includes all the details for your property including Utilities, HOA, Mortgage, Taxes, etc.
Utility Management – $50 Per Year
Mosaic Property Management will turn on and off necessary utilities during vacancies to ensure proper cleaning, repair and showing of your property. We will pay the utility bills out of your owner account and maintain all financial records associated with these accounts. Owner understands and agrees that they must always have full amount of requested bill payments in their account to cover cost of bills 31 days prior to bill due date or they will not be paid until funds are made available to Mosaic Property Management.
Bill Payment – $5 per Bill per Payment
Mosaic Property Management will manage your mortgage, HOA, property tax and other property payments monthly to allow for a better cost accounting at the end of the year. We can take these funds directly from rental proceeds and disburse the rest to you. Owner understands they must always have full amount of requested bill payments above in their account to cover cost of bills 31 days prior to bill due date or they will not be paid until funds are made available to Mosaic Property Management.
W8, W9, 1099, 1042S…..we have connections with the right professionals to make sure you are setup correctly to invest in the United States.
All foreign investors owning U.S property are responsible for paying taxes on any and all rental income they earn in the United States regardless of any tax treaties that may exist.
The IRS holds your property manager responsible for withholding 30% of your gross rents to ensure that you will file a tax return. Your property manager must begin this withholding immediately. This is obviously very costly to you and also cumbersome to your property manager to administer. However, there is an alternative that will exempt you from the 30% gross tax.
You must obtain an individual taxpayer identification number (ITIN) and submit a form W-8ECI to your property manager. The W-8ECI exempts you from the 30% tax as it notifies the property manager (and the IRS) that you will be submitting an annual tax return.
Two most common options:
To determine what setup works best for your individual situation, we recommend you talk to a professional experienced in foreign ownership and the tax returns that go along with it. We have worked with several CPA’s with expertise in this field and can refer you to them.