When choosing a rental property, don’t forget to buy the neighborhood!

When you set out looking for a rental property, you probably have a good idea what you're looking for. Let's say that you've decided to target families, hoping for a long-term rental/low turnover. You'll narrow down your search by looking for an area with good schools and parks (location! location! location!). You'll look for houses … Continue reading When choosing a rental property, don’t forget to buy the neighborhood!

The most important part of developing your rental business: Build your team

Photo by rawpixel.com on Pexels.com Even if you plan on being a one-person business (as I consider myself), you still need a team.  There are for things that you either can't do on your own, or shouldn't!  Mistakes can be costly and time consuming.   Having a list of professionals will provide a more solid foundation … Continue reading The most important part of developing your rental business: Build your team

Starting and running your rental business: another insurance mistake to avoid

I have an acquaintance that I'll call "George".  George was relocated and decided to rent out his property rather than sell.   He diligently called his insurance company and purchased renters insurance, signed the paperwork, paid every year, and didn't give it another thought. About now alarm bells should be going off in your head.  Why? … Continue reading Starting and running your rental business: another insurance mistake to avoid

Starting your rental business: Know the difference between active and passive income

Of course you're becoming a landlord to make money, but part of your business's success comes at tax time.  How you're taxed -- as active or passive income -- makes a difference to your bottom line.  In future blogs, I'll discuss how to determine if you qualify for active/material participation, and the advantages of either … Continue reading Starting your rental business: Know the difference between active and passive income

Running your rental business: Should you set up a separate property management company?

Maybe!  Having your properties and management duties separated into different companies can have many advantages. The main advantage of creating a management company is that you can easily deduct office expenses (even if that's a home office), vehicle expenses, and employee costs.   You can arrange healthcare for your employees, and set up retirement programs.  A … Continue reading Running your rental business: Should you set up a separate property management company?

Starting your rental business: Should you buy a fixer-upper for your property?

    You may be considering buying a "fixer-upper", dated property, or property in distress to fix-up and use as your rental property.  Before you jump in, there are many things that you need to consider! First, what kind of market are you in?  Are you in a market where hardly any properties are available, … Continue reading Starting your rental business: Should you buy a fixer-upper for your property?

Starting your rental business: The importance of a home inspection

You know the saying "buyer beware."  This is true, not only when you buy your personal residence, but is equally important when you buy an investment property!   There are several reasons to make a home inspection part of your home buying experience: identifying issues evaluation of the seriousness of issues possibility of negotiating the price … Continue reading Starting your rental business: The importance of a home inspection