Aug. 16, 2019
As a rental property owner, you will likely hold all the decision-making power unless you've been at this for a while and retain a staff which operates as a well-oiled machine. What you may or may not have experienced by now is the element of "decision fatigue". You find yourself falling into one of two categories: you spend too much time making a decision or you neglect to expend the appropriate amount of time in your decision making opportunities. Let's assume you fall under the "too much energy expended on making decisions" category for the sake of this post.
Aug. 8, 2019
Just because you are organized and have filed your business receipts alphabetically does not mean that you should do your own taxes. Your methods might not be as "valued" by the IRS as they are by your checkbook and that which started out as a cost-saving measure in the beginning could cost you big bucks in the end. At the end of the day, you cannot bring your accounting skills under your own legal protection the way that a CPA can and the IRS is pretty serious about ensuring their stringent rules are followed.
July 31, 2019
As Warren Buffett stated, "Never depend on a single income. Make investment a second source." Mr. Buffett did not make his fortune overnight, however he did commit to hardcore research and determined to be successful.
The prospect of real estate investing is not solely relegated to the wealthy. In fact, it is open to anyone willing to make a commitment to a new business venture. The selection process for obtaining profitable rental properties is well within grasp when avoiding three specific mistakes:
July 26, 2019
Most rental property owning landlords consider selling from time-to-time for various reasons. However, there is a trade-off for every decision in life and it is crucial to understand helpful options while being mindful of future finances.
July 18, 2019
Central air is a basic expectation for most clients choosing to reside in warmer parts of the country. In Florida, one simply cannot survive without central air. Such a luxury is often taken for granted until something goes awry and this beloved commodity fails. As a landlord, you will likely face the possibility of eventually replacing an AC unit in one of your rentals.
July 12, 2019
LLCs are all the rage and, if you've been in the property rental business for a while, you are likely familiar with the term "LLC". For newbies, Limited Liability Companies (LLCs) are the least complicated way to structure a business so as to protect personal assets in the event of a lawsuit. LLCs can be owned by multiple members or they can exist in a single member format, a.k.a. just you!
July 4, 2019
Independence Day is a day for great celebration which can be clouded with injury when rules and regulations go unheeded. In fact, as a rental property owner, the thought of holiday explosives being utilized by your tenant on your property probably never occurred to you. While experienced property managers would generally build a fireworks or explosives clause into your lease agreement, there is still time for you to graciously side-step any potential mishaps.
June 28, 2019
Every property management company has specialized areas of expertise. In many cases, it is difficult to determine what makes a company tick without working with them first. IPS is heavily focused on five major areas of the property management business and suggests seek out such qualifications in looking for a company best suited to meet their needs:
June 21, 2019
Tenant turnover is a financial liability for rental property owners. However, there will always be that one tenant who wants out of a lease before it expires. Such desire could stem from a wide range of possibilities: job loss a reduction in work hours, illness and sometimes a tenant no longer enjoys living in a particular zip code. Whatever the reason, IPS suggests that there are five legitimate circumstances in which landlords would be prudent to allow the lease to be "broken".
June 12, 2019
Unfortunately, squatting does occur and often results in very sticky situations for property owners. Navigating such uncomfortable territory is a bit tricky and can be unsafe when not handled appropriately.