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tenant vs occupant

Understanding Tenant vs. Occupant Roles: Key Strategies for Effective Landlord Management

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

Tax consequences of transferring property to LLC

What Are The Tax Consequences Of Transferring A Property To An LLC?

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

how rental income is taxed

How Rental Income Is Taxed: Landlord’s Guide

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

write rental reference letter

How To Write A Rental Reference Letter

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

Disadvantage of LLC for Rental Property

What Are The Disadvantages Of An LLC For Rental Property?

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

Rent Manager Software

7 Best Rent Manager Software Packages For Landlords

In today’s dynamic real estate landscape, gone are the days of juggling rental properties through Excel sheets and email contacts alone. The industry has evolved, demanding more efficiency and responsiveness from landlords. Whether you’re managing a handful of residential properties or a substantial portfolio of commercial units, embracing modern solutions is not just a choice;…Read More

How does the IRS know if I have rental income

How Does The IRS Know About My Rental Income?

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

Commercial Real Estate Software

Landlord Tools: Real Estate Software For Managing Commercial Properties

If you’re managing commercial property, whether office spaces, retail units, or multi-family units, you probably have multiple properties, multiple tenants, and a huge pile of paperwork to track. It can feel overwhelming. Effective real estate management software designed for commercial properties can be a game changer when it comes to streamlining, optimizing, and growing your…Read More

notice to vacate vs eviction

What’s The Difference Between A Notice To Vacate vs. Eviction?

There are many reasons to remove a tenant from your rental property, from nonpayment of rent to property damage. When these situations arise, you need a legally sound way to address the issue and remove the tenant from the property. Should you issue a notice to vacate or an eviction letter? These are both legal…Read More

Best Rent Reporting Service

Best Rent Reporting Services & Why Landlords Should Encourage Rent Reporting

Tenants who always pay their rent on time deserve a boost to their credit score, right? Unfortunately, this doesn’t happen on its own. Although rent makes up a large portion of most tenants’ monthly expenses, only credit-related payments are automatically reported and included in credit score calculations. But this does not include rent. Rent reporting…Read More