Know the Tax Rules for Vacation Rental Owners
If you own a house that you use as a vacation rental but also use the property yourself at times, you should know some important federal income tax rules. Here’s our guide. The number of days is key. The IRS treats situations differently depending on the number of days spent renting and using the property […]
Should You Furnish Your Rental Property?
Will it improve your marketability and profit to furnish your rental property? The scenarios vary depending on how the property is used. Let’s see when it makes sense and when it doesn’t. Basics are expected No matter what your target market, it is commonplace for rental properties to come furnished with appliances such as a […]
Buying Rental Property With Existing Tenants
If you’re buying rental property with existing tenants, whether they occupy the entire space or only a basement or garage apartment, you are probably focused on the property’s income-generating potential. But you’re also taking on important legal obligations. Here’s what you need to know before you buy. The lease abides The most important thing to […]
Is a Mountain Retreat In Your Future?
While the stunning views and clean air of mountain living are certainly appealing, be sure to weigh the challenges of mountain life before making a move. Here’s a checklist of things to consider. Positives. Living in the mountains is probably rivaled only by living near a beach for tranquility. The majestic scenery and vacation-like settings […]
Be Certain the Law is On Your Side When Evicting a Tenant
Evicting a tenant from a rental property is one of the most unpleasant tasks a landlord faces. Consult the laws in your state carefully, then proceed professionally and courteously. Here is a brief summary from the landlord’s perspective. Three types of termination. Most states recognize three types of termination notices to tenants. Pay Rent or […]
What You Need to Know About the Fair Housing Act
If you are a new landlord, it’s crucial to learn about the Fair Housing Act. Though it was established as part of the Civil Rights Act of 1968, it’s as relevant today as it was nearly 50 years ago. Established to eliminate discrimination against certain protected classes of people in the sale and rental of […]
Making Money on a Vacation Rental
One of the greatest benefits of owning a rental property is its wealth-building capabilities — other people are paying for your equity in the property. With the right location, your earning potential is great. Earning higher rents. Owning a rental house or condo in a high-demand area likely will command excellent rental fees in peak […]