Being a Landlord is More than Putting a “For Rent” Sign in the Yard

March 19, 2013

Renting can lead to secure creditWhen it comes to turning your home over for rent, it is like an investment of any other – you should be prepared for risk and also for reward. This means having plans and funds in reserve, and being ready to use them if you have to so you can protect your investment. “

Preparing to Rent Your Home,” is a new article on the Equifax Finance Blog all about getting everything squared away to rent your home.

It is important to have capital reserves as a landlord, including for regular maintenance, repairs as they are needed and for emergency repairs that you may have to perform when there is a problem that could risk the structure itself. You can get landlord’s insurance (swapping from homeowner’s insurance) to help protect against these sudden costs. You may also want to consider liability insurance to keep yourself protected in the event something happens in the home that you may be responsible for.

In addition, there are a number of tax issues that come from renting, both in additional costs and write-offs. Firstly, the rent counts as taxable income, but any repairs made to the property can be written off. In addition, as a homeowner-turned-landlord, if you sell more than three years from now, any profit you make may be subject to taxes.

Learn more about real estate,

secure credit, retirement and more on the Equifax Finance Blog.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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