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How to be a Successful Landlord: Do You Think You Have What It Takes?

Rental properties can be a fantastic way to create wealth with passive income. However, taking on the role of landlord has its complexities. It can be time-consuming and stressful at times, like any other business, and will occasionally require you to deal with unexpected challenges, such as uncooperative tenants.  As with any new business venture, it’s important to be prepared before you get started with renting out your space. Here’s some ideas on how to be a successful landlord. Do you think you have what it takes?

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Posted by: Myrick CPA Posted on: Mar 09 2023

Is This a Good Year to Invest in Real Estate? Some Key Things to Know

The purchase of real estate has long been a complicated matter that can frustrate even the most experienced investors. If you have been wondering if this is a good year to invest in real estate, here are some key things to know.

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Posted by: Myrick CPA Posted on: Dec 29 2022

New Landlord 101 - Learning the Basics of Rental Property Management

Recent years have seen a noticeable increase in homeowners investing in rental properties and converting existing real estate into rental property income. The appeal of the short-term home rental market has increased partly due to the COVID-19 pandemic amid safety concerns and has been further fueled by the skyrocketing prices of traditional apartment rentals, fluctuations in mortgage interest rates, and the slowdown of new home construction. If you’ve decided to enter this arena, you’ll want to take a moment to review the details of something we’ll refer to as New Landlord 101 - Learning the basics of rental property management. 

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Posted by: Charles P Myrick CPA Posted on: Jul 08 2021

Profit From Your Real Estate Renovation

If you’re buying a new property as an investment or renovating one that you already own, make sure you understand how to profit from your real estate renovation. Stay focused on property improvements that make a profit rather than just make the building seem “better.” It’s easy to get off track with a muddled vision, and getting off track can needlessly cost you money down the line.

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Posted by: Charles P Myrick CPA Posted on: Dec 20 2019

How to Reduce the Tax Burden for Your Rental Property

Are you a landlord or real estate investor who pays too much in taxes? Most rental property owners already have experience owning their own homes or other business. They might be surprised by how many tax deductions and other actions they can take to reduce the tax burden for investment property like rental property.

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Posted by: Charles P Myrick CPA Posted on: Nov 21 2019

How to Manage the Finances of Your Rental Properties

I talk with clients who want to invest in real estate. Some might be starting as a part-time landlord doing much of the maintenance and work. For others, it's a significant investment, and they are running a large operation with employees and many tenants. I advise all of them how important it is to do a good job of managing finances.

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Posted by: Charles P Myrick CPA Posted on: Jun 18 2019

The Security Value of Investing in Real Estate

Lately I have been talking with my clients about the value of having multiple streams of income. It's a way to protect yourself from the financial damage of job loss. As a small business owner you can't be fired or retired from your source of income. Moreover, adding additional income to your budget is an effective way to boost your wealth building and security in uncertain times.  

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Posted by: Charles P Myrick CPA Posted on: Apr 09 2019

How to Make Money in Real Estate

Some of my clients have been successful in real estate investing. As landlords and property owners they are using assets to build wealth. Do I think real estate investing is a sound way to make money? Yes, for those who understand the fundamental factors of economics and risk, real estate can be a solid investment.

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Posted by: Charles P Myrick CPA Posted on: Mar 05 2019

Why Real Estate Is A Reliable Way for Building Wealth

The clients that I see who are investing in real estate - landlords, property owners, and investors - are building future wealth with assets. Your real estate is a business for tax purposes and may allow you to take advantage of a lot of the tax deductions available to businesses. Investing in real estate is a solid way to build wealth as long as you have a clear business plan and an efficient tax strategy. 

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Posted by: Charles P Myrick CPA Posted on: Jan 29 2019

Why Schedule E is So Important for Landlords

If you are investing in rental properties, then you’ll become well-acquainted with the Schedule E tax form. The Schedule E is where you’ll report all of your expenses and income for the year, and take advantage of any deductions you may want to claim.

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