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Property Management Blog

Top 10 Tax Deductions for Small Rental Business Owners

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Millions of rental property owners pay more state and federal taxes on their rental income than they should. Why? Many fail to take advantage of ALL of the tax deductions available to them because they do not know and can not get good counsel on this issue. Millions of rental property owners fail to take advantage of all the tax deductions available to them and they miss one of the JOY$ of owning rental property. Often, these benefits make the difference between losing money and earning a profit on a rental property.

Getting To Know About Houses For Rent

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Literally houses for rent means those houses that have been taken on the basis of lease. It means tenants live in the house and it is not invalidated by the owner. The system is getting popular day by day because modern system does not permit you to stay in the same place for long. You are on a constant move either for education or for the job. So it is much easier to hir

Learn How To Manage Property

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Those who have some real property must know that managing property is no easy job. Most of the people who have such property often depend on the professional managers to take care of them. The real professionals do not fail and you can gain from appointing them. But you might not be so lucky as to get a good manager. Thus you need to know at least the basics of managing your property. It will not only help you to know what you should expect from your manager but also make his task easy when he explains his actions to you.

The Role Of Homeowner Associations

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If you decide to purchase a condominium, a town home or a single family residential home in a planned community, you may suddenly find yourself obligated to pay monthly fees or dues, called assessments, as a mandatory member of the association that represents the community. This association is governed by a Board of Directors who are typically elected by the members of the committee, and this Board makes final decisions in regards to just about everything.

Origins of the Landlord

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If someone does not own their own home, chances are good that they have a written, contractually binding lease agreement with an individual or a company, whereby they pay a certain amount of money each month for the duration of the agreed upon lease in return for the right to live in a dwelling that is owned by someone else. In todays modern world, this relationship is purely professional. Tenants exchange a monthly fee for a clean and well maintained place to live. The owner of the dwelling assumes ultimate liability for insurance and major repairs, while the tenant assumes responsibility of basic upkeep of the place. Above and beyon

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Landlord Knowledge Base

If you’ve ever considered investing in a few rental properties in Philadelphia or Bucks County, PA now might be a good time. Prices are still low in Philadelphia, but have been on the upswing. According to the National Association of Realtors, the median price of an existing home in a US metropolitan area grew 13.7% between July 2012 and July 2013, the latest in a 17-month streak of year-over-year price increases. 

New landlords can choose from properties that are likely to appreciate and a large pool of potential renters.Licensed realtor Pat Mueller cites a few reasons for this trend: “Many families have lost their homes to foreclosure and are entering the rentals market for the first time in years. Mortgages are also harder to get now, so fewer people are qualifying for a new one.”The more skills you bring to the table to get into Houses for Rent in Philadelphia Philadelphia or Bucks County, PA and the more time you have to devote to your properties, the faster you can make a return on your investment. 

But investing in rentals can also be disastrous (or too stressful to be worthwhile) without expertise. Here are three professionals you may consult about your new rental properties, and what you can do to mitigate how much they cost you:Handyman:  You may need to hire a specialist for some work on your rental. If you need new outlets or new pipes, for example, hire an electrician, plumber or licensed contractor. Handymen usually tackle smaller, more manageable tasks, like:

  • Painting and paint removal
  • Drywall repair
  • Minor appliance repairs (fixing a leaky toilet or faucet, among others)
  • Installing tiling or flooring, moldings, windows, doors
  • Refinishing decks, cabinets and other wood items

When You Could Skip It: You could do any (or all) of these projects yourself if you have the time and interest in learning. Of course, this only works if you live relatively close to your rentals and are flexible enough to service them on short notice. And if you’re willing to respond to the occasional 5 AM basement flooding.

Average Savings: Any base rates or costs-per-hour vary from location to location in Philadelphia or Bucks County, PA , but nationally, you can expect to spend an average of $60 to $85 per hour for repair costs. It general costs less to hire an individual handyman than a handyman employed by a company. Expect an additional charge if your job requires a trip to the store for materials.

Resident Property Manager As the owner of a handful of rental properties, you may be able to manage them yourself, but if you want help, a single resident manager would probably be more cost efficient than a property management company. Resident managers may:

  • Serve as a handyman
  • Advertise vacancies in your units
  • Show apartments to prospective tenants
  • Review rental applications
  • Collect rents

When You Could Skip It: Again, the closer you live to your properties and the more spare time you have, the less likely you are to need a manager. The obligations of being a boss will also cut into the time you save on maintenance.

Average Savings: The national median wage for residential managers is just over $25 per hour. Research the wages in your community and adjust according to how much responsibility your manager will take on. 

Real Estate Agent: Once you’ve gotten your financials in order and done your own research on the neighborhood(s) you’re considering, you might contact a realtor to show you potential properties. You can also arrange for a realtor in Philadelphia or Bucks County, PA to show rentals once they’re ready to rent.

When You Could Skip It: It depends. Even if you’re a local, or have thoroughly researched the neighborhood(s) you’re considering, a realtor is a great resource for a first-time rental buyer. Realtors have access to data and statistics not necessarily available to the general public and first-time buyers may not know all the right questions to ask. Using a realtor to fill your Houses for Rent vacancies is less of a no-brainer, depending on your other time commitments or whether you plan to hire a resident manager who could do the same thing.

Average Savings: As a buyer of rental properties, as when buying your own home, sellers typically pay most, if not all, of the buyer’s realtor fees. In this case, Mueller points out there’s little reason not to work with a realtor. For help in filling your units in Philadelphia or Bucks County, PA, the services of a realtor would set you back between 10-20% of the unit’s rent per month.  Mueller recommends interviewing with several brokers before making your final decision to invest into Houses for Rent .

The Bottom Line: As a new landlord, you can’t necessarily control the flexibility of your schedule or the amount (and cost) of unexpected repairs to your properties. Rentals are a long-term investment. However, to maximize profits from your Houses for Rent, new rentals, you can buy close to home and start small. It is best to begin with just one or two properties. This will allow you to maximize the time you spend on your properties’ needs, and minimize the amount you’ll have to pay anyone else.

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