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LANDLORDS & PROPERTY MANAGEMENT
What It's Like Being a Landlord
You don’t hear the phrase “I want to be a landlord when I grow up” very often. Yet all manner of people find their way into landlording, often via an indirect route. Maybe they’ve invested in real estate, inherited a property, or moved from their own home but decided to rent it out because it’s hard to sell. If you’re thinking of becoming a landlord for the first time, there's much more to consider than how much rent you can charge. Let’s look at some of the pluses and minuses to owning and managing rental property.
Appreciation and wealth building.
Income.
Diversification of income.
Low-risk investment.
Investment diversification.
Leverage.
Short-term tax advantages.
Long-term tax advantages.
Part-time commitment.
Professional development.
Problem tenants.
Difficulty renting.
Legal risks.
Costs.
Want to Learn More?
There’s a lot you can do to make sure you enjoy the best parts of being a landlord without being burdened by the worst. CALL OUR TOLL FREE NUMBER
Top Ten Tax Deductions for Landlords
Every year, millions of landlords pay more taxes on their rental income than they have to. Why? Because they fail to take advantage of all the tax deductions available for owners of rental property.
The cost of repairs to rental property (provided the repairs are ordinary, necessary, and reasonable in amount) are fully deductible in the year in which they are incurred. Good examples of deductible repairs include repainting, fixing gutters or floors, fixing leaks, plastering, and replacing broken windows.
To be held responsible for an injury on the premises, the landlord or property manager must have been negligent in maintaining the property, and that negligence must have caused the injury.
Screen tenants
Get it in writing
Handle security deposits properly
Make repairs.
Provide secure premises.
Provide notice before entering.
Disclose environmental hazards.
Oversee managers.
Obtain insurance.
Resolve disputes
