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Tip Sheet: Four Preventative Measures for a Tenancy

Posted on August 03, 2017 by James Florence

While part of preparing a rental property for market is getting the physical space move-in ready, the other part is addressing non-physical details such as tenant screening. Due to the potential consequences of oversights or poor decisions in this area, it’s important to take a meticulous, preventative approach. To learn a few critical steps, read the following tip sheet by Diamond Certified Expert Contributor Sam LaPlaca of CM Property Management Inc.:

1. Verify income. Accepting a tenant who can’t afford the rent is a mistake that can cost you a lot of time, money and frustration. That’s why, in addition to asking for pay stubs and bank statements, Read more

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How to Prepare a Rental Property for Market

Posted on August 01, 2017 by James Florence

If you own a rental property that has recently been vacated, you’ll need to prepare it for going back on the market. While this primarily consists of cleaning and basic maintenance, a vacancy also provides an opportunity to increase the property’s value and maximize your investment. Here are some steps to consider:

Address maintenance needs. Four to six weeks before your intended market date, make a list of maintenance items that need to be addressed. This should include standard maintenance measures like cleaning the carpets as well as deferred tasks such as fixing a roof leak or broken window blind. It’s also a good idea to have preventative HVAC, plumbing and pest inspections performed during this time. Read more

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Preparing for Next Year’s Taxes

Posted on January 18, 2017 by Suzanne Carroll

While the beautiful days of winter may be a tax season perk, the real prize comes once you’ve successfully prepared and submitted your tax return. If you’re going to receive a refund this year, congratulations! Now, let’s think about not only how to spend it, but how to spend it to maximize your refund next year. And if you’re not going to receive a refund this year, you may want to consider making some deductible expenditures.
Here are a few ideas:

  • Do you own a rental property? Any maintenance you spend on that property can be deducted. Is it time to re-paint or install new floors? Does it need a new water heater or a retaining wall?
  • Read more

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