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Tax Advantages
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This also assumes you have a good steady job and good income. The problem came for me when the company I worked for retrenched half the working staff including myself. This set the financial nightmare in place as I did not see it coming, in fact I had no warning signs at all! |
| At the time I had little reserves to cover the shortfall in rent and also my normal cost of living, and of course Murphy's number one Law then kicked in “If something can go wrong, it will” well yes it did ! |
The tenant in one of my properties left the property without notice and behind in rent as well. Yes that sucked all the cash from my financial reserves in no time at all. The good news is that I found that missing repayments, was not the end of the world and I have some options. |
I did have to get over the fear factor, even though I found it stressful and embarrassing, I rang the bank and told them why I had to miss a few mortgage repayments. I quickly learnt that getting into financial difficulty is something that could happen to anyone, and by taking action quickly meant I stopped a small problem from becoming a big one. |
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It did take a while to catch up the 'arrears' but the bank were keen to help, so I avoided a nightmare turning into a financial blood bath with some simple common sense. |
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My Tips and common sense on :Rental Properties
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If you have your own home, your property may have equity built up, that you can use on an investment property, check the current valuation, to see if you have money tied up that you can use for wealth creation.
Before you sell, check with your accountant to see the best way to be tax efficient.
A lot of tenants use false letters, false rental references, and false incomes to get a rental property – before you give the property to your chosen tenant confirm the documentation with a few simple calls. |
Verify employment or income. |
Create a web page for your rental availability. Unlike most ads, a web page you control will give you unlimited space to describe the property, and (generally) the capability to post photos without limits in a number or file size. You could, of course, buy a domain name for the property (about $10 per year) and build your own site, but a quick-and-dirty page on Google's Blogger.com, using one of Blogger's default design templates, does quite nicely. |
Finding great tenants takes some work, but when you think about the damage a bad tenant could do to your property, you will probably find it's worth the time investment. |
Tenants gain many rights as soon as they take possession of the property. Evictions are slow and costly; most can be avoided by doing the work before the lease gets signed. |
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