Paletz Law’s Post

Keeping track of your capital improvements becomes even more important if the gain in your home exceeds the maximum exclusion amount allowed for homeowners by IRS. #robinnelson406realtor #robinnelson406

Keeping track of your capital improvements becomes even more important if the gain in your home exceeds the maximum exclusion amount allowed for homeowners by IRS. #PalmBeachGardensHomes #PalmBeachGardensRealEstate

Keeping track of your capital improvements becomes even more important if the gain in your home exceeds the maximum exclusion amount allowed for homeowners by IRS. #SantaClaraCountyHomes #MSantaClaraCountyRealEstate

Keeping track of your capital improvements becomes even more important if the gain in your home exceeds the maximum exclusion amount allowed for homeowners by IRS. #hafnerrealestate #tnrealestate

Keeping track of your capital improvements becomes even more important if the gain in your home exceeds the maximum exclusion amount allowed for homeowners by IRS. #paigearnoldrealtor #ilovememphis #midtownmemphisforever #memphisrealestate

Want to turn your primary residence into a rental property? Here’s how in 6 easy steps: 1. Check local regulations. First, verify that your local zoning laws, HOA rules, or condo bylaws permit renting your property. 2. Update your insurance. If they do, inform your insurance company about the change in your property's use. You will have to switch from a homeowner’s insurance policy to a landlord insurance policy which covers rental specific risks. 3. Let your lender know. Notify your mortgage lender about the change if required by your loan agreement. 4. Get a cost seg study done. Once you convert your primary residence into a rental, you can get a new cost seg study done and take bonus depreciation to offset the new rental income. 5. Market your property and get tenants. This could be through flyers, direct mail, rental marketplaces, newspaper ads, or on social media etc. 6. Hire a property manager. If you choose to self-manage, be prepared to handle tenant comms, maintenance requests, and rent collection. Otherwise you can hire a property manager to do all of that for you. Reminder to always keep a record of all rental income and expenses for tax purposes. And that’s pretty much it. If you are in the process of doing this and need a cost seg done, we’d be happy to help. Just fill out the form on our site and we’ll send you a free proposal shortly: https://lnkd.in/gaxvX8GQ

Want to turn your primary residence into a rental property? Here’s how in 6 easy steps: 1. Check local regulations. First, verify that your local zoning laws, HOA rules, or condo bylaws permit renting your property. 2. Update your insurance. If they do, inform your insurance company about the change in your property's use. You will have to switch from a homeowner’s insurance policy to a landlord insurance policy which covers rental specific risks. 3. Let your lender know. Notify your mortgage lender about the change if required by your loan agreement. 4. Get a cost seg study done. Once you convert your primary residence into a rental, you can get a new cost seg study done and take bonus depreciation to offset the new rental income. 5. Market your property and get tenants. This could be through flyers, direct mail, rental marketplaces, newspaper ads, or on social media etc. 6. Hire a property manager. If you choose to self-manage, be prepared to handle tenant comms, maintenance requests, and rent collection. Otherwise you can hire a property manager to do all of that for you. Reminder to always keep a record of all rental income and expenses for tax purposes. And that’s pretty much it. If you are in the process of doing this and need a cost seg done, we’d be happy to help. Just fill out the form on our site and we’ll send you a free proposal shortly: https://lnkd.in/gaxvX8GQ

Keeping track of your capital improvements becomes even more important if the gain in your home exceeds the maximum exclusion amount allowed for homeowners by IRS. #BethanyBeachHomes #BethanyBeachRealEstate

What us the key to a profitable income property; Check these numbers One of my clients called me to this home because they needed help getting the basement done. I got involved and saved this client $1000's of dollars in repairs. The property also needed new flooring and paint which we handled with our rehab crews. The key to a profitable income property is to not spend money that is not needed. That is exactly what we did for this client and they are making money now. They also had an issue with the property management not getting their rent collected and into their accounts. So they asked me to lease it and Avalon Group Realty to Manage this property. So let's look at the Approx results Leased in 2022 Rent $1500 Tax $254 Insurance $60 PM $125 Net $1,121 or $13,452 Leased in 2023 Rent $1550 Tax $254 Insurance $60 PM $125 Net $1,171 or $14,052 Need real income real estate that pays you not the property management? Call me (Brett) 216-703-5740 Fathom Realty or WhatsApp me #realestate #investmentrealestate #investinginrealestate #fathomrealty #clevelandohio #clevelandrealestate #propertymanagement

Keeping track of your capital improvements becomes even more important if the gain in your home exceeds the maximum exclusion amount allowed for homeowners by IRS. #kearnyNJ #Kearnrealestate #NorthArlingtonHomes #NorthArlingtonRealEstate