Is investment property tax deductible?

Is investment property tax deductible?

I’m a landlord, so I can vouch that there are certain tax advantages to investment property. But it can be a bit complicated. Here’s one question that isn’t as straightforward as it sounds: Is investment property tax deductible?

You can’t write off the purchase price of your property on next year’s taxes. What you can do is depreciate the costs of the property over a span of 27.5 years, so that’s why I say the question of whether investment property is tax deductible isn’t a simple yes/no question.

Read more

Questions landlords ask

Questions landlords ask

Applying to rent can feel like a job interview sometimes. And like a job interview, it helps to prep for it, so you’re not caught off guard. And if you’re a landlord, it helps to ask certain questions so you know if you found the right candidate. Here are some common questions landlords ask, and why.

Read more

Are home warranty plans worth it?

Are home warranty plans worth it?

Are home warranty plans worth it? Do you need a home warranty? As a longtime home owner and landlord, I have experience with home warranties. Here’s when I’ve found they’re worth it, and how I decide when to go without.

Offering a home warranty certainly makes your home more marketable when you’re selling. But when it comes to buying one myself, I don’t bother anymore. Here’s why.

Read more

Is buying a house an investment?

Is buying a house an investment?

While investing in real estate is a common path to wealth, is buying a house an investment? Here’s what you have to consider. It’s not a simple yes or no answer.

By default, buying a house is not an investment, at least not without explicitly planning to make it one. That doesn’t necessarily mean buying a house is a bad idea, however.

Read more

Would you rent to someone with bad credit?

Would you rent to someone with bad credit?

A fellow landlord called me up the other day to ask about a prospective tenant. It led to a few different questions. The one that prompted the longest-winded answer from me was this: Would you rent to someone with bad credit?

Maybe. I’m not the type who lets credit be the deciding factor, necessarily. But if there are other red flags, bad credit certainly doesn’t help. I’ve given advice to would-be renters with bad credit, after all.

Read more

What is satin finish?

What is satin finish?

What is satin finish? Satin can be a very versatile finish for renovating a home, whether you’re talking paint, polyurethane, or hardwood floors. It has some disadvantages but also has notable advantages in most cases. Let’s take a look at what satin finish has to offer.

And sometimes when people talk about satin finish, they’re talking about the screens on mobile devices or computer monitors. I’ll cover that too.

Read more

How much rent should I charge?

How much rent should I charge?

Today let’s tackle the most fundamental question a new landlord might ask. Ideally, it would be one of the first questions to ask: How much rent should I charge?

The math is surprisingly easy. So I’ll tell you the math first, then I’ll tell you the reason.

Read more

Why my house didn’t pass inspection

Why my house didn’t pass inspection

While getting a rental house ready for a new tenant, we had to get it reinspected. It failed, on several minor issues. Most failures are due to minor issues. Here’s why our house didn’t pass inspection, and what we did to fix it.

None of these issues ought to be showstoppers. If you’re not comfortable fixing it yourself, a competent handyman can fix these types of issues, and it probably won’t take more than a couple of hours.

Read more

Best brand of paint for rental property

Best brand of paint for rental property

The best brand of paint for rental property depends on a couple of things. But you definitely can make your life easier by choosing the right paint, primer, and supplies. Here’s my experience with painting rental property.

I actually care a lot more about the brand of primer and the grade of supplies. Here’s why.

Read more

Rent a house with bad credit

Rent a house with bad credit

If you need to know how to rent a house with bad credit, it’s possible. You have an uphill climb, but renting a home with bad credit isn’t a completely hopeless cause. Here are some tips from a landlord.

How do I know it’s an uphill climb? Other landlords ask me if I’d rent to someone with bad credit. But what I’d tell you is probably more valuable to you than what I tell them.

Read more