Rental property can be easier than owning a home, but it requires its own special set of circumstances. Whether you’re the renter or the landlord, look at the articles, columns, blog posts, radio shows and videos for more information about rental property.
Condominium Building Should Limit Rentals
A condominium association can permit any owner to rent out their unit, or place restrictions on renting a home. An owner would like to have this rule changed to cap rentals. Once you change the condominium declaration or the rules and regulations, you'll have to let everyone know about the new rule and then whether to grandfather in existing rental units or make people move when the lease ends. Ilyce explains the 70/30 rule for owner occupancy and why limiting rentals is good for the building.
Property Transfer To Family: Inheritance Or Gift Best Way?
Should a person give a family member property or let the person inherit it? Ilyce tells the reader that inheriting property is better than receiving it as a gift because of the taxes involved. Putting the property in trust and bequeathing it to a family member upon the person's death helps the receiver avoid gift taxes.
Refinancing Rental Property Mortgage Means Higher Interest Loan
If you are self-employed trying to refinance a piece of rental property may require a higher interst loan. If you are self-employed, and want to refinance property, refinancing your primary residence is a better option. If you must refinance the mortgage on rental property, you may want to try working with community banks.
Buy Insurance To Protect Rental Property
When you own multiple rental properties you may begin to worry about tenant lawsuits. Is creating an LLC a way to avoid lawsuits when you own rental property? Buying an umbrella liability insurance policy may be a better idea.
How To Find A Tenant
A buyer has made her first purchase of investment property and is wondering how to go about renting it. The most important thing you can do to make investment property successful is to find good quality tenants. You'll also want to follow any local rules or regulations with your investment property.
How To Find A Real Estate Advisor
A buyer reader is purchasing investment property and looking for a professional to help. If you want help with your investment property purchase, start by contacting someone local who really knows the specifics of real estate law. Referrals are also a great way to find a professional that will help you with your investment property purchase.
Sell Investment Property At Loss, Claim Tax Deduction
When you sell an investment property for less than what you bought it for you're selling it for a loss. You may be able to claim the investment property loss on your taxes as a tax deduction when you file your income tax but it depends on whether you work in real estate. To fully understand what kind of tax deduction you can take when you sell an investment property at a loss consult an accountant.
How To Find Good Tenants
A landlord owns a couple of rental properties and would like to purchase more but is concerned about finding good tenants. One good tip is to underprice your rental property to bring in more prospective tenants to choose from. The key is to bring in enough interest so that you can choose the best tenant for your rental property.