Owner FAQs

Yes, It is against fair housing laws to discriminate.

Yes, we are a licensed brokerage DRE: 02205420

We have an after hours emergency line to contact us after hours for emergencies. Otherwise we will return your call the next business day. You are also welcome to text us on our main line and we will get back to you as soon as we are available.

We prefer to dispuse owners payments either via ACH payment or Check.

Yes, you will be given a copy of the lease to sign along with a completed signed lease for your records.

No, we are a dedicated property management company. If you do choose to sell your property we would gladly refer you to a local agent in your area.

Our preferred method of payment is ACH payment or check. We distribute payments on the 5th of each month as long as the funds have cleared. Paying our owners in a timely manner is very important to us we value your investment as if it was our own.

We collect rent through our tenant portal via electronic payment, or by check if a tenant is unable to access our payment portal. We encourage all our tenants to pay via payment portal as it is the fastest payment process from them as well as our owners.

In most cases we sign a 1 year lease agreement.

Our security deposit is equal to 2 months rent, some properties may vary based on local legislation.

Our goal is to make your onboarding process as seamless as possible. We can start managing it as soon as our documentation is complete (typically 1-2 business days).

We manage single family residences and multifamily units.

Each month we send out monthly owners reports, cash flow, owners statements and receipts of all expenses paid. Other reports can be added as needed to meet your accounting needs.

Ventura Property Group will hold the tenants' security deposit in a security trust account.

Beginning January 1, 2010, California law requires, with some exceptions, anyone who lives outside of California and who owns rental property in this state to pay a withholding credit on any rents collected.

As your contracted property management company, we are mandated by law to withhold seven percent (7%) of the rents collected on your behalf (less any management fees) and to send those funds to the Franchise Tax Board each quarter.

The specific dates are as follows:

January 1 to March 31    Due: April 15
April 1 to May 31     Due: June 15
 June 1 to August 31    Due: September 15
 Sept. 1 to Dec. 31     Due: January 15

The required withholding funds are taken out of monthly Rent Proceeds/Owners Distributions.

The law may not apply to you, and in that case, we are required to keep on file a Franchise Tax Board form that demonstrates your exemption.  Alternatively, you may be eligible for a reduced withholding or a waiver altogether.   To see if you qualify, read and follow these instructions:

Step 1 - About Exemptions
This law does not apply to you if you are a,
-  California resident;
-  Corporations, Partnerships, LLC's qualified with the Secretary of State to do business in California or that have a permanent place of business in California;
-  Estates where the deceased was a California resident at the time of death;
-  Tax-exempt organizations;
-  Insurance Companies, IRA's, Qualified Pension and Profit Sharing Plans; or
-  California non-grantor trusts

If you meet any of these requirements above, please complete Form 590 in order to certify your status as exempt and return it to our office. No need to do anything further.

Step 2 - About Waivers
If you are not exempt, you may still be eligible to receive a waiver from the tax withholding if,
-  You have California tax returns on file for the past two taxable years in which there were a filing requirement and you are considered current on any outstanding FTB tax obligations; or
-  If you have no tax filing history but are making estimated tax payments for the current year and are current on any outstanding FTB tax obligations.

If you wish to receive a waiver from the withholding requirements, please complete an FTB Form 588 and attach any pertinent information.

A Note on Waivers:  They are available to domestic nonresident owners only.  Waivers are generally granted for fixed periods.  The Franchise Tax Board generally responds to a waiver request within 21 working days.

Step 3 - About Reduced Withholding
If you don't qualify for an exemption or a waiver, you may still be eligible for a reduced withholding.  The reduced withholding credit is based upon the expenses paid out each month related to your property.  please complete an FTB Form 589 - Nonresident Reduced Withholding Request.  Please review this form, sign it if appropriate, and send it to the State of California.

Step 4 - Annual Filings
We will provide you an annual written withholding statement - FTB Form 592-B -Resident and Nonresident Withholding Tax Statement - by January 31 (following the end of the calendar year).  It will summarize the rents we have sent to you and the amounts withheld and forwarded to the FTB.

You must file a California tax return to claim your withholding credit at the end of the year.  When you file your return, attach the withholding tax statement (FTB Form 592-B) that we send to you as proof of the credit withheld.

We highly recommend you consult a tax professional on this topic. Ventura Property Group Inc is not licensed to give tax advice.  We have included a link to the State of California Franchise Tax Board Withholding Guidelines.

Source: https://www.ftb.ca.gov/forms/misc/1017.html