Property Management
Retirement looms before us all, and some of us have longer to wait than others. We all know we are supposed to be saving for retirement, but sometimes that seems difficult amidst current bills. If you think what you have saved for retirement is insufficient, property management in Denver or Aurora can help.
Saving for retirement is difficult no matter your age. If you’re in your 20’s you may find putting money aside for a house more pressing. Often in your 30’s or 40’s you have to deal with the expense of growing children, and eventually college expenses. Or, perhaps you are nearing retirement age, had worked very hard to put some money aside, and watched it disappear in the recession. No matter what stage of life you’re in, it’s hard to know exactly how much money you will need to live the way you would like in your golden years, so it’s always a good idea to save more if possible.
The best way to increase your retirement savings is to increase income, and set that money aside. We’ve found that one of the most effective ways to do that is investing in residential real estate. Making a wise purchase and renting it out will generate monthly income that can grow when placed in a retirement savings account. It will also give you the opportunity to gain equity in a property that can be put to use later on in life.
Legacy Properties-PM in the Denver, Aurora, Highlands Ranch, Littleton, Parker & more, specialize in helping people build their own legacies through real estate investment. We can help you find a property that is ideal for purchasing, and do just about all the work for you, from taking care of finding quality tenants, to collecting rent and handling maintenance issues. Because we can handle just about all the details, you don’t even have to live locally to invest in our very profitable rental market.
If you’re concerned about retirement savings, or the financial legacy you will eventually leave your children someday, investing in real estate can take your situation from concerning to confident. To find out more information on how we can help please call 720.989.1996, or contact us.
Property Management
April 15th may still seem like a long way off, but it will arrive before you know it. Filing income tax returns can be complex for someone who works one job and files the easy form, so if you own investment properties and find it daunting, you’re not alone.
The first challenge is knowing what is tax-deductible. You’ll need to get specific guidelines for your state, but in general, the following items are deductible:
- Interest paid
- Insurance
- Legal services
- Property management fees
- Losses due to theft or casualty
- Repairs
- Depreciation
- Some travel expenses, both local or long-distance
- Some home office or workshop expenses
The next issue is keeping track of all of these expenses. If you’re like many income property owners, you might have a shoebox somewhere that may or may not have receipts from the year. You may have started out strong and organized, but as time goes by, they get stuffed in a pocket, your car, or even thrown out.
While a property management company will not do your taxes for you, having them on your team will help you when tax season arrives. They keep track of your rent income as well as any expenses directly involving them, including maintenance and management fees. Plus, because those property management costs are deductible, it makes even more sense to use their service.
Every deduction you can claim makes your investment property more profitable. If you find it difficult to keep track of income and expenses, let us help you with your property in the Denver area, including the Centennial & Aurora areas, as well as, Parker & more. For more information on how Legacy Properties-PM can help you with keeping records as well as the day-to-day operation of your investment, please call 720.989.1996 or contact us.
Property Management
Those who own investment properties know things come in waves. Sometimes all is quiet and you think this is the easiest gig ever, and other times you just want to throw your phone off the nearest bridge because it won’t stop ringing. Unfortunately it comes with the territory, and landlords may relate to a day like this:
The property owner woke up on a cold winter morning to a text message informing him that the heat wasn’t working in the downstairs unit. This 2-unit apartment has a double boiler system, and unfortunately, that one was at the end of its life. Knowing the time was approaching, the landlord had already purchased a boiler and had it in the basement and it was just a matter of installing it. So, after a call to a plumber, the landlord went off to his regular job, satisfied that the problem would be taken care of, even if the tenant still calls every hour to complain.
Mid-morning he gets a call from the upstairs tenant complaining about the downstairs tenant. It’s not about something important, such as an aggressive dog, or suspicion of drug activity. He’s complaining that she talks too loud when she’s on the phone and it’s interrupting his sleep. At 10AM. And this guy doesn’t work the night shift. After telling the guy to work it out himself, and a reminder that he will be stopping by at 5:00 for the rent that is past due, the landlord gets back to work.
5:00 arrives and the property owner leaves his regular job to stop at the apartment. The first task is to collect the late rent from the upstairs tenant who assured him he would have it ready. But despite a lot of knocking and phone calls, Mr. Upstairs is conveniently not home. Then, he heads to the basement to see the progress on the boiler job. He’s thankful to find out the plumber is just finishing up, but has a hefty bill for him due to the pricey materials needed to hook up the new system. As he shows him the work he has done they hear the shower turn on in the downstairs apartment and water starts to drain through the pipes. The landlord starts to write the plumber a check and as he’s signing it they hear an odd noise, turn to investigate and at that moment, the valve from the shower drain gives way, covering them both with dirty, soapy water.
If there was anything good from the situation, the plumber was already there and willing to fix it immediately. At that time, the landlord got a text message from the upstairs tenant saying his car broke down, and that is, of course, the reason he wasn’t there to pay the rent. The landlord heads home without the rent, another plumbing bill to pay, and the saga continues the next day.
This is a true story, of a landlord with just one 2-unit property. If this landlord had taken advantage of property management services, he wouldn’t have had to deal with any of this. Maintenance calls, rent collection, and finding better tenants to begin with are just a few of the perks that a property management company provides. If you own investment property in Denver, Aurora, Centennial, Parker, Littleton or Highlands Ranch area, don’t be like this landlord. To avoid hassles like this, please call Legacy Properties-PM @ 720.989.1996 or contact us.
Property Management
Investing in real estate in the Denver or Aurora area can surpass other financial strategies for supplementing your income whether you are starting out or retired. With tax time just around the corner, it’s time to consider the tax advantages of using reputable property management in Denver. Not only are the real estate services provided by a property manager tax-deductible, but your property manager can keep your records better organized. According to an article by the Houston Chronicle, people who own rental properties can’t usually take time away from their occupations to manage and maintain their properties. In addition to allowing you to continue working in a full-time career or enjoying retirement, hiring a property management company in gives you tax advantages.
According to the Houston Chronicle, you can deduct professional services such as property management. Typically, you can deduct the expenses of hiring a tax preparer as well. Using a property manager should lower your tax bill or increase your refund. Keep your invoices and statements for your tax preparer.
Some people have a shoe-box organization system, which means they bring a shoebox full of receipts to their tax preparer. By using a good property manager, you will likely have a well-organized record of the income you made from tenants as well as the expenses that went out to pay for maintenance and repairs. You won’t miss any tax deductions if bookkeeping is not your strong suit. Most property managers keep an electronic copy of records.
- Qualifying for depreciation
Owning a rental property also qualifies you for rental property depreciation. A publication by the IRS points out you can recover the cost of your rental property that generates you income by “depreciating the property.” To depreciate your property you have to own the property, use it as a rental property and expect the property to last for more than one year and have a useful life. When you make major improvements to your rental property, it often counts under depreciation whereas maintenance is a deduction. Your tax adviser can help you with any complicated figures to determine the correct amount.
At Legacy Properties-PM, we are members of the NARPM, the National Association of Residential Property Managers. For more information on the tax advantages of using property management in Denver, please call 720.989.1996 or contact us.
Free Property Assessment
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Property Management
From the time children are very little, parents are told to start saving for college. It’s true that the cost of higher education continues to rise, and financial aid isn’t as generous as it once was, so it is important to plan ahead. To avoid suffocating amounts of student loans, saving is essential. Unfortunately, even with the best intentions, many families don’t have anything left over after paying monthly bills to start a nest egg for education. This is where an investment property can make a big difference.
A wise investment in residential property will provide you with some extra funds that will grow if put in a college savings account. It’s true that even a little bit every month will add up, so if you jump into real estate while your kids are young, you’ll be able to really watch your investment grow. Even if your children are teenagers, you still have the potential to realize some significant savings before they graduate.
With the right property and healthy management, you will probably see your savings grow from month-to-month profit, but you’ll also gain equity in the property. After many years, you could even sell the property and use that money towards college bills, or possibly take out a home equity loan if needed.
In the Denver & Aurora area, Legacy Properties-PM knows the importance of family. We’re a successful third generation family business that exists because of the wisdom our grandfather saw in investing in real estate. Now we want to help other families build their legacies and realize financial stability by using the things we’ve learned.
Our property management services can help you find a property to invest in, as well as take care of a lot of the responsibilities along the way, so it won’t be a burden on you. We screen tenants, take care of leasing and licensing paperwork, collect rent, deal with maintenance problems and even evict tenants if necessary.
If you’re concerned because you haven’t been able to start saving for your children’s college education, you’re not alone. You may need additional income to set aside for the future. To find out more about doing that through investing in real estate, please call 720 989 1996 or contact us.
Property Management
The numbers are really indisputable. Wise investors know that putting some money into real estate will bring a return on investment that’s better than any bank account, and, in many cases, better than traditional CD’s or mutual funds. Maybe you have the money to invest, but you’re not sure if you have what it takes to be a landlord. There are situations when you can’t be nice. Business requires a certain level of assertiveness and if that’s holding you back, a residential property management service such as Legacy Properties-PM can help.
A property management company can help owners in several areas, but if being tough is one of your weaknesses, consider what you would do in any of these situations:
- You’re trying to find a quality renter, but need more information to make the best decision. Would you ask prospective tenants for social security numbers to do background and credit checks? Will you call previous landlords and employers to verify their information?
- A tenant hasn’t paid the rent on time, and keeps asking for extensions or won’t answer calls.
- You discover there has been damage to the property that goes beyond normal wear and tear.
- Tenants are keeping pets that are not permitted according to the lease.
- It appears that the tenant’s extended family came for a visit and has decided to move in permanently.
- You need to evict a tenant.
The last situation, evictions, can be especially tricky. For a property owner who is too nice, a bad situation usually goes on way too long before eviction is considered, leaving the owner with loss of income and other problems. Eviction also requires legal knowledge of policy and procedure which must be followed closely for a successful decision in favor of the property owner.
If you’d like to invest in residential property, but feel like some of these situations would be hard for you to handle due to your kind and forgiving nature, let us be the bad guy. Our experience in dealing with tenants who don’t follow the rules will serve you well when unpleasant circumstances arise. For more information on property management services, look to Legacy Properties-PM in the Denver or Aurora area, call 720 989 1996 or contact us.
Free Property Assessment
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