When looking at your investment portfolio, it is definitely worth considering residential real estate. The benefits of owning investment property, for purposes other than your own personal residence, are numerous. Whether you want to build your nest egg for retirement or offset mortgage costs, owning a rental home can be quite profitable.
For example, rental property owners can benefit from various tax deductions. Some of these deductions may include those for interest, depreciation, home office use, insurance, and legal and professional services.
You may also be able to deduct your travel expenses, including mileage, when traveling to and from your rental home, as well as any repairs made to the property.
Of course, the whole idea behind owning income property is to profit financially. When shopping for rental homes, you will want to factor in the cost of the home, what repairs and upgrades might be needed, and how much you can get each month for rent. The ideal situation is to ensure that the rental income can not only supplement your monthly mortgage rate, but exceed it so you will experience a profit every month.
Knowing that your rental property is adding to your monthly income can bring great peace of mind. This is especially true when you have great tenants who pay their rent on time and take good care of your property. Of course, finding such tenants isn’t always easy. This is one reason why hiring a reputable property management firm is a good idea.
At Shield Property Management, we can take the burden off of you in so many ways. Our primary focus is to make your life easier while you simply reap the benefits of income property ownership. In addition to finding great tenants, we also collect rent, oversee regular property maintenance and repairs, and troubleshoot unexpected issues. Our job is to take care of the day-to-day management so you can rest easy and make money on your income property.
If you would like to learn more about how Shield Property Management can help you find and manage a rental property, contact us here.Contact us