NEW!! Landlord Discussion Forum at ManageRentalProperty.com
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Face it, being a landlord is not often an easy task. For one, you’re outnumbered. One landlord usually has many tenants and has to deal with multiple contractors, several township/city officials and multi-tasks seemingly endless groups of projects– day-in and day-out. Maintenance, repairs, accounting, taxes, legal issues, tenants, inspections… where do you go to get your questions answered? How can we help each other out?
Well, hopefully I can provide a solution for many of those questions that pop-up. I’ve created a discussion forum exclusively for rental property owners and property managers. Over time, I hope it will be of great help to landlords across the United States. It’s located at www.ManageRentalProperty.com. Now before you go and try to sign up (which you can’t until I activate registration), I need your help…
Here is a link to the Landlord Discussion Forum BETA site, which I plan on taking live next month (April 2010). Please take a look and tell me what you think. You can suggest forums(dark blue headings) or sub-forums(light blue headings). ANY constructive comments are welcome. This board is for you, the landlord and property manager, and since you have an opportunity to help make suggestions from “ground up” it will hopefully have a great start once things get underway!
So, here’s the link again- Landlord Discussion Forum BETA. Let me know what you think! I look forward to providing you with a valuable service to help your rental property business be more effective and efficient…
Regards,
Steven A. Boorstein
Landlord & Author
Landlord Business Insider
Real Estate Success Coaching: Don’t Fear Failure
- Image by thinkpanama via Flickr
The following article is a guest contribution to the Landlord Business Insider by David Gorham:
Why do we put off starting so many things we want to experience? Perhaps because we are afraid of failure. We tend to shy away from anything that is uncertain or risky. Yet, if we never begin something we want to do, have we failed by not starting at all?
The fear of failure seems to be ingrained in everyone. A good point to keep in mind is this: if you try something and fail early, you generally gain knowledge to be more successful at the next project you try. So instead of never starting anything new, give it a try and if it doesn’t work out, learn from it and move forward.
Its best we start early in our attempts to succeed. We often see our jobs as permanent and think that once we have found a career path, we will stay on it. Be open to new jobs and experiences, take chances and if you fail, get back up and get on a new path. We often worry about failing because it can be embarrassing or we fear we may not be able to recover. We can learn so much from our failures. Instead of looking at our failures as a negative, we need to turn them into learning experiences and use them to adapt. If you are afraid of a large failure, start small and try your new attempt in pieces. That way if you fail at one part, you can perfect it or move on to something else without feeling the pressure of a complete loss.
When you suffer a setback, get up and try again. Accept that life comes with failures. How we handle them determines our future success and the risks we will take. Make every new project and its successes and failures an outlet for learning. This will help set you up for future success.
Here’s to being the BEST you can be,
Dave Gorham, Mindset Coach 609-221-1098
Dave is always happy to talk about his experiences with Frame of Mind
Coaching. You can reach Dave at dave@FrameOfMindCoaching.com
“How would your life be different if you began each day with the belief that you would succeed? ” Find out at Frame of Mind Coaching: http://www.frameofmindcoaching.com/default.aspx?r=1645532282 and Assess your Frame of Mind – This assessment will provide an indication of your current frame of mind and give you an idea of what you need to strengthen and develop in order to draw the results you are looking for:
http://www.frameofmindcoaching.com/assessment.aspx?ID=5
Landlording Income & Expenses: track them like you run a business!!
The longer I own rental properties (about 8 years now), the more fellow landlords I have the pleasure to meet and converse with on the pains (many) and pleasures (few) of this great, wonderful and often frustrating business. One area that seems to separate successful landlords from unsuccessful ones is in their ability to get a handle on how profitable (or not) their business is running.
Tracking the income and expenses of your various rental properties, both separately as well as in aggregate, is a very important part of landlording. Many landlords I know simply use the “box” method and accumulate rent receipts and property expenses all year long and then sort things out around tax time. Unfortunately, if you have several units or more, how do you easily track which tenants pay, which are late and how your expenses may be eating into your profits? Looking at the financial aspect of your business only once a year just isn’t sufficient.
So, what is the best method to track the profitability and cash flow of your business? We’ll if you have only only one or two units, you may just want to create a basic spreadsheet. You can easily do this by setting up a simple one that tracks rents and other income in and property related expenses (mortgage, taxes, insurance, repairs, maintenance, etc.) going out. Add up the columns at the end, include a section for “notes” and there you have a simple, but effective method to track you rental properties all year long. I have created a VERY simple spreadsheet that you might find useful. You could easily create something like this on your own… however, since I still have people asking me if they are missing anything, I have made this one available for under $8. You can use it over and over, year after year, and modify it to meet your needs:
However, if you are looking for the next level, you have several units, or you want to look at your rental property business finances from several different angles, then you need something more sophisticated. My personal choice for the past couple of years has been QuickBooks Pro. Once you get past the small learning curve, it is an excellent way to enter and track income and expenses. It also allows you to automate some of the tasks that you do, like automatically emailing or printing rental and contractor invoices, financial and accounting statements and a whole hose of other reports.
If you decide to go the QuickBooks Pro route, there are several books out there tailored to showing landlords how to set it up specifically to track rental properties. If there is enough interest, I can do future posts on these books, as well as, property management software that interfaces with QuickBooks. Also, you can search the Landlord Business Insider for past posts on accounting and QuickBooks topics.
Whether you choose to utilize a spreadsheet, QuickBooks, or any other program, the important thing is that you treat landlording like a business and keep track of your business carefully. Once you own properties, quickly realize that it is not a game of monopoly… it is a small business that can help make or break your financial future!
-Steve Boorstein
Author/Landlord
LandlordBusinessInsider.com
HowToBuyRentalProperty.com
ManageRentalProperty.com
Landlord Attorney Corner: Using LLCs and SubS Corps
- Image by origamidon via Flickr
“Many people today are complaining about the bad economy. However, there are always opportunities for the astute investor. For instance, depressed real estate prices have placed many attractive properties on the market that might not have been there, but for the current economic circumstances.
Some people are afraid to get involved in real estate investment. “What would happen if someone sues me?” they might say. “I don’t want to lose my home!” Creation of a Subchapter S Corporation or a Limited Liability Company is essential to guard against these possibilities.
These are business entities that can be created by an individual to own and operate the investment property. There are substantial financial advantages to owning property in this manner and it protects your individual assets, if that “worst case scenario” occurs. Because the Internal Revenue Code allows for the pass-through of the profits, losses and expenses, the tax consequences are no different than that which would have occurred had the property been owned by the individual. On the other hand, the individual owners of the Sub-S Corporation or the LLC cannot be held individually liable for the debts or obligations, unless they have personally guaranteed same.
As with any major challenge, it is always important to consult with your legal and accounting expert. This is an area that has intricacies that require advice. However, with a little bit of knowledge, you can gain substantial benefits and financial security.”
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The above general information has been provided by Robert A. Gleaner, Esquire, an attorney licensed to practice in New Jersey and Pennsylvania. However, no one can rely on advice from an attorney who has not been retained. In order to be able to rely upon any advice, you need to meet with and retain an attorney, who will be able to give you advice after a full and comprehensive interview. Before you do anything, you should contact an attorney for a full consultation. Feel free to contact Rob at http://www.ragpc.com/.
(Editors note: Business structures such as an LLC or SubS Corp can provide significant protection for real estate investors, but only if used correctly. It is important to retain an attorney to understand the proper way of utilizing an LLC or SubS Corp. If not used correctly, they may not be providing the protection you expect. Also, it is important to consult a qualified accountant or tax attorney on the tax consequences of LLCs and SubS Corps. For example, multiple member LLCs may require a separate tax return and/or K-1, while individual member LLCs may not. Tax laws vary by state and we strongly suggest that proper qualified professionals be consulted when making complex and strategic decisions, such as asset protection. Landlord Business Insider does not provide tax or legal advice!)
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