Part of my goals as an "always learning landlord" is to become as efficient as possible while providing the highest level of service to my tenants and on the tenant application. I get a lot of replies to ads but they are typically the "standard" Zillow or postlets responses. Hi, I found this listing on Trulia and would like to learn more about 6786 Tustle Dr, Summerville, SC 29485. Thank you." 3 Problems Regarding Responses to a Tenant … [Read more...]
Friends: Do They Make Good or Bad Tenants?
As Landlords our biggest "key" to success is our ability to find great tenants who pay on time and keep our home in great condition. So what would be better than having friends be tenants, right? You know, someone that you know and trust. They must be the PERFECT tenant... or are they? Friends as Tenants: Good or Bad? My Definition of Friend Friends are the one who get us through the tough times. You know the ones you can walk into their … [Read more...]
Why You Need to Think About Taxes During Moving Time
Taxes ??? So it's PCS season for us military and moving time for the rest the world. You know summer time- the time when school is out, the weather is good, and people try to plan their transfers whenever possible! This is the time where people plan their move, sell their house and are looking to rent or buy another house. I am sure that this is the time everyone is LEAST interested about their taxes. You know the things that we have … [Read more...]
How Landlords Can use Moving Season to Their Advantage
What is every landlord's worst nightmare? Vacancy, right? You know where you are stuck paying for your roof and the empty one you call a rental? As we discussed here, there are lots of way to prevent a vacancy including lowering the price. Growing up I used to hear the saying, "An ounce of prevention equals a pound of cure." Honestly, that is beyond true in real estate! Yes, there are many ways to "cure" vacancy, but one of the easiest ways … [Read more...]
The 7 Building Blocks of a Great Investment
I see the question a lot and have even been asked "What are you "investment requirements?" What the question really means is "What do you look for in a house that allows it to be a fantastic investment?" Honestly that is a TRULY loaded question. It is almost like asking someone what are they looking for in a mate. I say that because this question should be directly revolving around your goals. As we described; our goal is early … [Read more...]
Break the Myth: Price Your Rental with Whole Numbers
Prices Matter, Right? If you house is priced right, then it will rent? That's the comment you hear often! As a landlord, that's very true. If you price your rental according to its competition it will rent. Okay so the next question I get is: HOW? How to Price Your Rental: How do you price your rental? As I wrote here, establishing a rental price is determined by the competition! I look at the comparable houses and what they are renting … [Read more...]
Ways Taxes Can Affect Your Home-Turned-Rental
You now know the effect of owning a rental AND a personal home. Now lets talk about the effect of going from owning a home to owning a rental and how it affects your taxes. You decide to you want to rent out your current home and you decide to rent, not buy, at the next duty station. Here's the number's recap: (Personal Home) Tax Deduction was - $21,752 Tax Savings - $2,338 (Rental) Rent- $2,700 Yearly Income - … [Read more...]
How Owning a Rental Affects Your Taxes
To start, ask yourself these two questions about owning a rental: Are you thinking about going from living in your own house as an owner to a landlord and a renter? Is your current house value above, at, or close to 280k? How Does Owning a Rental Affect Your Taxes? If you answered yes to these two questions and depending on your family status you could get a very interesting surprise on next year's taxes. Background: For home … [Read more...]
Amazing Tax Benefits You Get for Owning a Home
Homeowners have AMAZING benefits that some realize and others don't. The effect on your taxes can be large even though the credit is often little given ;) ESPECIALLY as military members Two Food for Thought Questions Are you Married or Single? Do you itemize or take the standard deductions? If your answer was Itemize for the second question its most likely that you own a house. For MOST people the largest reason they itemize is due … [Read more...]
3 Choices an Allergic Landlord has Regarding Pets
So you have decided to rent... Go Team Rental! But there is one large Elephant in the room. You are an allergic landlord with SEVERE allergies to pets! So now you are trying to figure out what to do, right? In my mind you have 3 choices: Sell the House Rent to Tenants: No Animals Allow Animals and Prepare for the Consequences Choices of an Allergic Landlord: 1. Sell Your House This is easy! You change your mind; it's not worth … [Read more...]