Summer is coming soon, and the heat is rising in the Southwest. Preparing now will save you much landlord stress later. Of course, high on the list is ensuring your AC is ready to beat the heat waves. Have your ductwork professionally cleaned. It not only improves airflow, which cuts down on utility costs, but …
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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 …
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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 …
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 …
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 …
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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 …
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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. …
What is Transaction Privilege Tax? Transaction Privilege Tax (TPT) is a tax imposed by many cities in Arizona for the privilege of doing business. The tax is charged based upon gross revenue and is collected by the Arizona Department of Revenue on behalf of the cities. This tax also applies to Residential Rentals and is …
1. Not Properly Screening Tenants: Screening all occupants that are 18 or older helps ensure you find high-quality tenants that will care for your home. Screening should include credit, criminal history, eviction history and employment verification. It’s important to set minimum criteria for each to determine a qualified applicant. 2. Not Performing Routine Inspections: Inspections are important …
