The Landlord's Financial Tool Kit by Michael C. Thomsett

By Michael C. Thomsett

The Landlord's monetary instrument package will express readers how you can actually maximize the revenue on their actual property investments. that includes dozens of ready-to-use varieties, worksheets, tables, and checklists, the publication is helping readers:* decide homes with monetary concerns in brain* comprehend recommendations equivalent to funds movement and depreciation* organize powerful bookkeeping and record-management platforms* keep away from universal errors in source of revenue reporting* preserve source of revenue and decrease source of revenue taxes* conform to tax legislation and rules* make the most of write-offs and loopholesPacked with valuable, functional details on tax ideas and growing funds stream, The Landlord's monetary instrument package simplifies every thing there's to understand approximately coping with genuine property and being a winning landlord.

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Figure 2-1 summarizes the growth rates since 1989. Note that these are averages. There is no guarantee that prices are going to go up everywhere or at the same rate. But if we assume that a) you research the market before you buy, b) you conclude that the market is strong and growing, and c) you select properties carefully, then you have a Figure 2-1. Average sales prices, new homes. SOURCE: National Association of Realtors 04LL-Ch02-03 38 7/21/04 3:01 PM Page 38 THE LANDLORD’S FINANCIAL TOOL KIT promising start.

But this could be interpreted as making a false claim on your loan application. It is safer and wiser to move into the new home and convert your current primary residence to a rental as a bona fide change of status, even if only for a few months. The decision to treat a specific property as a rental or as your primary residence should be based on practical considerations. If you ask your family to move to a property that is poorly located, too small for your needs, or too uncomfortable, then you are risking personal dissatisfaction and conflict at home.

Students prefer to be close to their college or university. Elderly or low-income families prefer housing close to public facilities and local 04LL-Ch02-03 28 7/21/04 3:01 PM Page 28 THE LANDLORD’S FINANCIAL TOOL KIT assistance offices. Consequently, properties in more remote areas of town may experience greater vacancies than those closer to the conveniences that the mix of tenants finds desirable. The Many Aspects of Location Location is not limited to the city or town alone; it may also vary by proximity within a city or even within a fairly small town.

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