Are Property Management Fees and Expenses Tax Deductible?

Real estate is one of the best-paying investments. It offers several advantages including:

  • property appreciates in value over time along with rental incomeproperty management
  • it can be a good source of passive income because daily or hands-on property management is not consistently required
  • overhead expenses are low compared to returns
  • housing is always in demand regardless of the state of the economy
  • it is an investment that can be inherited by beneficiaries who can keep earning income

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How to Collect Delinquent Condo Association Fees

Condo association fees help pay for the upkeep of community spaces and siding/roofing. The condo associationlist of services can vary widely and include everything from the doorman’s salary to pool maintenance, security and landscaping. With everyone’s money pooled together, the condo association can effectively maintain the property.

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Is my Homeowners Association Non-Profit?

There are many questions regarding a homeowners association (HOA) when it comes to taxes. homeowners associationHow does it file taxes? Does it need to pay taxes at all? Can the association file as a non-profit organization? With some research into federal tax rules for a homeowners association, the answers become clear.

Does my homeowners association have non-profit status?

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homeowners association

Tips for solving pet problems in your homeowners association

When a pet owner is a tenant or owner in a property run by a homeowners association, there homeowners associationare often rules governing pets so that they don’t infringe on the rights of  other owners and tenants. A homeowners association is responsible to handle pet problems within the homeowners association as quickly and efficiently as possible. The goal should be for everyone to get along rather than forcing the pet owner to give up their pet, whenever possible.

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Residential Property Management – What is a Chart of Accounts?

In today’s technology-driven era, there is software available that can make residential property chart of accountsmanagement so much simpler. However, the person in charge of using the software needs to understand the basic accounting concepts used in the software.

Chart of accounts for residential property management 

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Cost Savings of Residential Property Management

Residential property management offers several key cost savings to property owners. While the Residential Property Managementproperty owner gives up direct control of day to day management, in exchange, he or she can benefit from time savings, reduced repair, security and landscaping costs. Additionally, property owners will benefit from increased or maintained property values as the property is kept in good repair and appearance.

Cost savings of residential property management

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What Is an Estoppel Letter From a Homeowners Association?

An Estoppel letter from a homeowners association is a document placed into file when a home Contractor condominium is in escrow. The document states the seller’s annual fees for the homeowners association and indicates if the seller has paid in full or has fees due at the time of sale.

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Do-It-Yourself Landlords May Be Working Below Their Pay Grade in role of Property Manager

Real Estate is a lucrative investment opportunity. Rental properties in particular, can offer a property managerhigh rate of return to investors. Does an investor who chooses to manage his rental property have the knowledge, experience, time and resources to manage it effectively? Can an investor, who is also the property manager, provide quality service to every tenant, while maximizing the greatest profit potential on his/her investment? Put bluntly, is taking on the role of property manager worth their time?

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Common Rental Property Management Application Questions

A rental application is used by a rental property management company to screen prospective Rental Property Managementtenants. Questions about income and employment status, credit and past rental history, along with general personal character may be asked on the rental application. Financial information is obtained and verified through authorized account verification services, commonly a local consumer credit agency. A rental property management company manager that does his or her due diligence before entering into a rental agreement with a tenant can save literally thousands of dollars in lost rents, damages and legal fees for the landlord.A standard credit check will be run along with verification of pay-stubs and past rental history. Character is typically verified through references and cross-checked by a criminal record check through the courts, also usually conducted by a local credit agency and funded by the application fee charged to the tenant at the outset of the application process.

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Rental Property Manager Job Description

When hiring a rental property manager, it is beneficial to understand the job description. He or rental property managershe could be responsible for everything from marketing and screening tenants to setting the rental price to handling all the maintenance required on the property.

Rental Property Manager Job Description

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