Help! I Just Inherited an Investment Property, I am Now a "Landlord" What Should I do? 7 Golden Rules to KnowAntonio & Alexia Cardenas "The Realtors In Motion" (Alameda County - San Leandro, CA.)
This cry for help came in from one of my clients via a voice mail message. Owning a rental property provides great tax breaks and potentially good financial returns, but also exposes the individual to major legal liabilities. This individual was in a lot of trouble and needed to take a quick lesson in Landlord 101. Based on my experience, I put together the following list of 7 basic aspects for my new investor-client to study, and to help him become a good law-abiding landlord and a savvy investor.
A rental property pays back at least in 3 different ways: Appreciation: in a healthy real estate market, properties go up in price. Depreciation: When you own a rental property you can deduct the improvement (the value of the building) one 27th of its value every year for 27 years. And finally, Income: the rent paid by the tenant, minus expenses. Keep your tenants happy and they in turn will respect your property, pay you good rents and stay in place longer.
Antonio & Alexia Cardenas
"The Realtors In Motion"
CRS, GRI, E-Pro Certified. SFR (Short Sales, Forclosure Resource) Serving the east shores of the San Francisco Bay, Alameda county: specially the following cities: Castro Valley, San Leandro, San Lorenzo, Hayward, Oakland, Pleasanton & Dublin.
Visit us on line at:
www.listedbyantonio.com or call (510) 326-4263
Call us, We'll come and TANGO with you!