New terms enter the industry every few years, and you may start to feel like you’re falling behind. That’s how many landlords think when they hear discussions about rental arbitrage. Rental arbitrage is a term that emerged to talk about renting leased spaces on short-term stay sites like Airbnb and VRBO. Many landlords who have…Read More
Apartment parking plays a significant role in the comfort, safety, and satisfaction of residents, as well as the overall attractiveness and compliance of the property. It’s an essential amenity that contributes to the quality of life in apartment communities. Sure, parking depends on factors such as location, size of the complex, and amenities offered. Whether…Read More
Embarking on the landlord journey can be exhilarating, but the lease agreement—your legal safety net—can become a source of headaches if not wielded wisely. Ideally, the lease protects your rental property and your investment, along with the rights of the tenant to use that property. Getting the lease agreement right is important because if issues…Read More
It’s true, a landlord’s responsibilities often require the property owner to wear many different hats. In this guide, we will assess all the landlord responsibilities you should be aware of before investing in self-managed rental properties. By understanding your basic obligations it will allow you to avoid unnecessary issues with tenants and the governing bodies….Read More
Landlords must distinguish between tenants, who sign leases and bear financial responsibilities, and occupants, who reside without these obligations. This understanding is crucial for effective property management and avoiding legal complications. Key Takeaways: Tenants are lease signatories with financial obligations and rights, while occupants reside in the leased space without these responsibilities. Tenants handle rent…Read More
As landlords expand their rental property portfolios, many opt to transfer property to a Limited Liability Company (LLC), creating a clear distinction between personal and rental income. If you choose to go this route, moving to a single-member LLC won’t impact your overall tax liability, as you’ll still file through your personal tax return. However,…Read More
Updated February 2024 Navigating the complexities of reporting rental income and claiming deductions can be overwhelming. But you’ve come to the right place. Our comprehensive guide is crafted to empower landlords like you with essential insights and help unlock the full potential of your rental income, a significant part of your taxable earnings. Accurate record-keeping…Read More
As a landlord, you may receive a request from a tenant to provide a rental reference letter to help them secure a new rental property. Writing a landlord reference letter or tenant reference letter is a quick and easy process. Still, it’s important to know what to include to provide the necessary information on prospective…Read More
As landlords grow their rental businesses, many choose to set up LLCs to create a divide between business and personal matters and shield personal assets from potential business liabilities. While this strategy boasts numerous advantages, it comes with its own set of drawbacks. This article will focus on the disadvantages of using an LLC to…Read More
Do you have to tell the IRS about income from a rental property? Yes! Even if you only have one property or only do short-term rentals? Yes! The IRS considers income from renting a property as part of your total taxable income. If you don’t report it and they catch on, the financial consequences can…Read More
