writer’s tone and amusing (though often, if you think about it carefully, very
depressing) anecdotes make this book fun to read, even for a reader who has no
interest in owning rental properties.
favorite parts of the book are the pieces of practical advice I wouldn’t have
thought of myself (such as driving by a potential rental property at night and
not buying property more than 10 miles away from where you live yourself),
along with the stories of terrible tenants and common mistakes.
wondering how many renters really like the idea of the landlord visiting
monthly to replace the air-conditioning filters, and whether this is really a
common practice among landlords.
writer is very frank throughout most of the book; a place where I would suggest
more frankness is on just what the potential landlord should have going for him
or her before getting into the business. How much cash money does the
potential landlord really need? How much in the way of skills?
example, the writer says he was able to repaint a whole house in two-and-a-half
days and then re-carpet it in just a few more. This suggests a great deal
of skill on his part.
it worth it for a new landlord to get into the business at all if he or she is
not prepared to do those things? ***** Click here to get your copy.
If a repair cannot be made and an item
must be replaced for safety reasons, does that still count as an improvement?
The item in question is a set of
concrete steps that have broken away from the foundation and cannot be
repaired. The steps are dangerous and need to be replaced before we can rent
the house out.
With the tax code,
much depends on how you interpret it.
Here’s what it says
“You can deduct the
cost of repairs that you make to your rental property. A repair keeps your
property in good operating condition and does not materially add value to the
property. Examples are painting, fixing leaks and replacing broken doors or
other parts of the rental property.”