Smoky Mountain Cabin Rental

Smoky Mountain Cabin Rental Information

Sailing on a Budget: Moneywise Tips and Deals on Boat Purchases, Rental, Dockage, Destinations, and More

Sailing on a Budget: Moneywise Tips and Deals on Boat Purchases, Rental, Dockage, Destinations, and More

How to Find, Buy and Turnaround Small, Mismanaged Rental Properties for Maximum Profit

How to Find, Buy and Turnaround Small, Mismanaged Rental Properties for Maximum Profit In How To Find, Buy And Turnaround Small Mismanaged Rental Properties For Maximum Profit, you get a heavy dose of practical, no-nonsense advice on how to avoid the common mistakes that many investors make when buying and turning small, mismanaged rental properties around. In this one-of-a-kind 92 page special report, Tom Lucier has applied the time-tested real estate investment strategy of buying low and selling higher known as the BLASH Principle, and refined it into the following four steps: Step#1: Buy small class "C" and "D" mismanaged rental properties in stable areas for at least twenty percent below market value on buyer-friendly terms with seller financed mortgage loans.
Step# 2: Implement aggressive property management techniques during the turnaround that raise rental rates, reduce vacancies, cut operating expenses and increase the property's net income.
Step#3: Apply an industrial strength cleaning and cosmetic facelift during the turnaround that maximizes the property's curb appeal and resale value.
Step#4: Package, market and resell small rental properties as turnkey operations for maximum profit after the turnaround is completed. How To Find, Buy And Turnaround Small, Mismanaged Rental Properties For Maximum Profit is a complete step-by-step guide that has detailed information on exactly how to: 1. Buy small mismanaged rental properties at below market purchase prices on buyer-friendly terms.
2. Perform due diligence on small mismanaged rental properties.
3. Estimate the current market value of a small mismanaged rental property.
4. Quickly turn small mismanaged rental properties around for maximum profit and resale value.
5. Properly prepare your purchase agreement and protect your interests as buyer during the transaction.
6. Fix-up small mismanaged rental properties for maximum curb appeal and resale value.
7. Package, market and resell small rental properties for maximum profit.
8. Run a profitable residential rental housing business. The real estate investment strategy that Thomas J. Lucier has outlined in How To Find, Buy And Turnaround Small, Mismanaged Rental Properties For Maximum Profit will work in any residential rental market nationwide. That's because every rental market has more than its fair share of incompetent small rental property owners who are experts at property mismanagement. As a result, there are ample opportunities for knowledgeable investors to profit from small, mismanaged rental properties in any rental housing market nationwide. How To Find, Buy And Turnaround Small, Mismanaged Rental Properties For Maximum Profit comes complete with the following ready-to-use worksheets, letters, checklists and agreements: 1. Letter To Small, Mismanaged Rental Property Owners. 2. HUD Multifamily Unit Inspection Form. 3. Monthly Income And Expense Worksheet. 4. Property Repair Cost Estimate Worksheet. 5. Small Mismanaged Rental Property Current Market Value Worksheet. 7. Purchase Agreement. 8. Phase One Environmental Audit Checklist. 9. Phase Two Environmental Audit Checklist. 10. Assignment Of Rental Agreements. 11. Tenant Estoppel Letter. 12. Walk-Around Property Inspection Checklist. 13. Buyer's Closing Checklist. 14. Change Of Ownership Notification Letter. 15. Mortgage Estoppel Letter.

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Rental Property Tax Deductions

When you think about Rental Property Tax Deductions, what do you think of first? Which aspects of Rental Property Tax Deductions are important, which are essential, and which ones can you take or leave? You be the judge.

Own residential rental properties? This article discusses how income from those properties impacts your taxes.

What Constitutes Revenue?

Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is included in that revenue. Many owners are surprised to learn revenue also includes rent advancements, expenses paid by a tenant and any security deposits not returned to the tenant. In fact, revenue can also include amounts paid to cancel a lease, even if you had to sue the defendant to get it.

Yeah, Yeah, But What Can I Deduct?

Tax deductions associated with rental properties are strikingly similar to those found in any business. Technically, you can deduct any expense reasonably necessary to “manage, conserve or maintain” the property. Obvious deductions include mortgage payments, cleaning expenses, insurance premiums, service payments such as landscape maintenance, repairs, maintenance, etc. Overlooked rental property deductions include:

1. Expenses incurred in finding tenants,

Think about what you've read so far. Does it reinforce what you already know about Rental Property Tax Deductions? Or was there something completely new? What about the remaining paragraphs?

2. Commissions paid to third parties that arrange for tenants,

3. Paying your accountant and/or lawyer,

4. Mileage for driving to and from the property [I said, “No more parties!”]

5. Depreciation of the property,

6. Depreciation of items in the property such as washing machines, furniture, etc.

Imaginary Rent Deduction

A few creative property owners have suggested that they should be able to deduct their customary and standard monthly rent if the property is empty. The argument goes, “If the property is empty, I am not making revenue and should be able to deduct the $1,500 that I am missing out on.” At first glance, this almost makes sense. Sadly, it doesn’t fly from the perspective of the IRS. Since you are not receiving revenues, your total revenues for the year will be reduced by the loss rent. You can’t double dip by deducting the $1,500 from the already reduced yearly revenues. The only things you can deduct are the expenses you incur during this period, and only for so long as you are actively trying to rent the place.

That's how things stand right now. Keep in mind that any subject can change over time, so be sure you keep up with the latest news.


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