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As a rental property owner, you’re obliged to declare your rental income on your tax return. Under the IRS definition, rental income is the payment given to property owners for the use of their rental home. This includes: ● Regular rent payment ● Advance rent payment ● Security deposits ● Tenant payment for lease cancellation ● Expenses paid by the tenant ● Property or services received in lieu of money as rental payment Whether you’re a new or experienced property owner, taxes can be daunting. If you make a tax mistake, it might ha…

Staying near your rental property may be challenging for several reasons. Staying close makes things easier, but long-distance landlording can be successful if you’re ready for its challenges. Investors can use advanced technologies and services to buy property everywhere and get the most out of their investments. If you own properties located far away, you must understand how to effectively manage them to meet your financial objectives. Let's look at how to become a successful long-distance landlord. Hire a Local Property Management Company On…

Investors globally have turned to real estate when making long-term investments that promise returns. It’s one of the most reliable investments you can make. However, it’s not as simple as just purchasing a property. As an upcoming real estate investor, you need to be familiar with the industry’s jargon and have solid knowledge to back it. To help you with this, below are twenty-five terms all real estate investors should know! Rental Property This is a property that generates the proprietor/investor a monthly income by renting it out for resi…

Marketing a rental property isn't just about writing great ad copy, its about the visuals too. But you don’t need a massive budget to shoot a tour of your rental. All you need is your smartphone and some advice from a specialist in the property industry. From our years in the industry, the team at McKenna & Vane Property Management has put together a few tips that would help landlords in this endeavor. Use Landscape Mode Most people tend to take videos use portrait mode as that is the natural way people hold their phones. But these video…

Investing in a rental property can deliver plenty of benefits. You earn a steady income and can grow your property’s portfolio over time, and attracting long-term tenants is the best way to do it. After some time, you might feel that you need to increase your rent rate. This requires a thorough analysis. If you decide to hike up your rent, your tenants may not renew their leases. To counter this possibility, landlords can apply strategic ideas to increasing their income without resorting to an increase in rent. Here are some income-generating t…