HOMM Real Estate Services Blog

Being a landlord doesn't have to be taxing

January 30th, 2019 11:01 AM by Marie Negron, Owner

From the initial down payment to finding reliable tenants to keeping up building maintenance, owning a rental property can be both an exciting investment and a daunting task. There are several pros and cons to becoming a landlord, as well as changes in the way you do your taxes.  If you’re just venturing out into the world of being a part-time landlord or you own several rental investments, HOMM Real Estate Services specializes in property management. We are here to help take care of the daunting so you can focus on the exciting.

The Good

Owning real estate property is called an investment opportunity for a reason. There is plenty of potential to make a good amount of passive income. That means, no matter what you’re doing whether its vacationing in the Keys or playing a round of golf, you’re earning a good amount of income. Not to mention, if run well, you should be able to reap the benefits of being an owner without having to do any of the heavy lifting.

The Bad

Being a landlord can seem daunting at times and you want to make sure your rental property doesn’t become a money pit – or is neglected by the tenants to the point of disrepair. We agree with Trulia in their article about becoming a landlord that you can’t be a stellar landlord by trial and error. In the article, they outline the importance of living near your rental property, knowing landlord-tenant law, needing rent on time, customizing the lease, screening tenants, and inspecting the property.  We bet by now you’re thinking that doesn’t sound like passive income. When can you hit the green? That’s where HOMM Real Estate Services comes in.

The Solution

HOMM Real Estate Services has the experience, knowledge, and personal service of property management to handle all of your landlord services. We’ll analyze rental rates, market your building/unit/home, screen tenants, administer the lease, and make sure maintenance is running smoothly so you can travel the world (or just put your feet up and relax), without having to worry about something going wrong in your rental investment.

The Taxes

We’d be remiss without mentioning that becoming a landlord brings on a whole new set of tax implications, ones that might seem scary at times. But don’t worry, Trulia has an in-depth article for that too. Biggest takeaways? You have to report the passive income (rent) you receive as income but you also qualify for more deductibles. Think of your rental property as a business, most business expenses can be written off; the same applies to property upkeep and upgrades. Another takeaway? We always recommend you seek the advice of a tax profession for the latest tax update, but bear in mind, we are able to provide you with all the accounting information your tax professional needs to hit all those deductibles. Now, that’s not too taxing, is it?

As you continue your journey either as a landlord or landlord in training, HOMM Real Estate Services is there for the good, the bad, and the not-too-taxing solutions. Our goal is that you remain passive in making your passive income. We can minimize the risks, so you can maximize the benefits.

HOMM Real Estate Services, located in the Brandon, Florida area of Tampa-Bay focused to Hillsborough, Pasco, and Polk Counties. As a full-service general real estate company, we specialize in general real estate, home buyers, home sellers, new home construction, rentals, tenants and landlords, and property management.

Learn more about Marie Negron, her team and HOMM Real Estate Services. Call 813-684-5954 or email info.hommsales@gmail.com to get started.



My Favorite Blogs:

Sites That Link to This Blog: