Episode 58: The Hidden Costs of Owning and Operating Rental Properties
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So, the one thing that everyone needs to realize is that how we own and operate OUR rental property business may differ from YOUR way of doing things. I know, crazy, right?
The thing is that the kind of rental that you prefer, be it single family home or large multifamily complexes and the location of those, be it out of state or right in your backyard, and the condition of those, be it run down with a ton of added value or with everything in place so all you have to do is step in and run it…all makes a huge difference on what your expenses will be.
HOWEVER, there are a bunch of expenses that some landlords, us included, might forget to consider when evaluating a new property or maybe even when making a change to an existing one.
Those hidden expenses are what this episode is all about. Give it a listen to learn what you might have to prepare for.
LINKS
👉 Episode 20: Part 1: The Nuts and Bolts of Residential Rental Property Insurance
👉 Episode 21: Rental Property Insurance Part 2, Interview with Ryan Bravo
👉 Episode 28: The Cash Reserves Blueprint: Protecting & Expanding Your Portfolio
👉 Episode 39: 50+ Must Ask Questions When Hiring a Property Manager, Part 1
👉 Episode 40: 50+ Must Ask Questions When Hiring a Property Manager, Part 2
👉 Purchase our 14-page Property Management Questionnaire to use when interviewing or vetting a new property manager.
👉 Your Landlord Resource: All of our Free Downloads (Email Templates, Guides, PDF’s)
👉 NOLO Legal Forms: Make your business an LLC
Structuring your business as an LLC can bring important advantages: It lets you limit your personal liability for business debts and simplify your taxes. Here, you’ll find the key legal forms you need to create a single-member or multi-member LLC in your state, including:
• LLC articles of organization
• operating agreement for member-managed LLC
• operating agreement for manager-managed LLC
• LLC reservation of name letter, and
• minutes of meeting form.
Form Your Own Limited Liability Company has easy-to-understand instructions, including how to create an operating agreement that covers how profits and losses are divided and major business decisions are made. You’ll also learn how to choose a unique LLC name that meets state legal requirements and how to take care of ongoing legal and tax paperwork.
Launch Your LLC Today!
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