One of the essential principles to successful real estate investment is learning about it before jumping on board. You don’t dive into a pool without knowing the water depth. Neither should you dive into the rental property market without seeking expert advice. There are, of course, multiple sources, but one that we highly recommend is the book Building Wealth One House at … Read More
When someone owns a business, they typically say their customers are their boss, and 5-star customer service is the key to company growth. The same principle applies when you are a landlord. The best way to engage and then retain great tenants, thereby keeping your investment producing cash flow, is to deliver top-notch customer service to your tenants. In … Read More
Building a portfolio of rental properties is a step toward financial security. However, it is not as simple as just buying one property, and then another, and another . . . A well-developed portfolio begins with a specific financial goal and an organized plan to achieve it. For example, Zach has three children. The oldest one … Read More
The issue at hand– You have a chunk of money (perhaps you received an inheritance, an annuity matured, you sold an asset, etc.), or you have a monthly increase (a raise, a debt paid, a rental property mortgage paid off). The question– Should I pay down/off my home mortgage, pay off a current rental property mortgage, or invest in … Read More
In previous articles, we discussed tax deductions for landlords and repairs vs. improvements. Today we‘ll offer insight into ‘safe harbors.‘ The IRS offers three variations, which can help landlords sidestep the “Is this a repair or an improvement issue.“ Safe harbor for small taxpayers Safe harbor for routine maintenance De Minimis safe harbor Safe Harbor for Small Taxpayers (SHST) The SHST permits … Read More
Maintaining your rental property is a given. From minor repairs to major renovations, these repairs and improvements can be deducted from your taxable income. The key is knowing the difference between a repair and an improvement. Repairs can be fully deducted in the year you experienced it. Improvements, however, must be depreciated over multiple years. … Read More
The many benefits of owning rental properties are well known. Unlike other investments, real estate has various avenues for profitability such as: monthly cash flow, property appreciation, equity growth from mortgage paydown, and the ability to use depreciation to reduce tax expenses. ALL GOOD THINGS! Of course, it’s important to properly report income, expenses and … Read More
To say 2021 will be a year of massive shifts and innovations in the property management industry is an understatement. Successful businesses are beginning to think on their feet and out of the box, using innovative technology is one of 2021s biggest survival trends. Property management businesses that traditionally rely solely on in-person communication are shifting gears –working with tenants, … Read More
Ultimately, regular inspections aim to protect, and if possible, improve the value of a landlord‘s property. In Part 1, we discussed the What, Why, and When of inspections. Today, we’ll talk about how to accomplish it. Property inspections correctly carried out, will ensure this tool benefits rather than hinders the landlord-tenant relationship and positively impacts tenant retention. The HOW of rental property inspections: Establish A Set of … Read More
Inspections are a crucial tool in the property management business. In fact, they rank as one of the very best ways to protect your income-earning rental property. Do you want your property to grow in value? Do you want to guard the earning potential for this property? Do you want to maintain a healthy cash flow? Of course, the answer to all … Read More
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