Tips for Getting Started
Are you looking to get into the real estate market as a landlord? If so, knowing the right steps to take and contacting a company that provides tenant screening services and rental management in Atlanta will be important for your success. You can find out more by watching this video clip.
In this video, you’ll hear the answers to some common questions about how to responsibly invest money. One of the issues that is addressed is whether or not it is a good idea to invest in a duplex as a rental property. The experts in the video clip— a financial analyst and a money coach—use their expertise to offer sound financial advice to potential landlords.
In difficult times, it can be hard to know the best solution for overcoming financial turmoil. If you are behind on mortgage payments for your Atlanta home or real estate investment, a short sale might be the right option. A property management company in Atlanta can help you decide whether or not this is the best step. Your short sale real estate agent can also guide you through the process of compiling the necessary documents for a short sale package, listing the house, and securing a buyer.
Put an End to Mortgage Payments
There are many reasons that mortgage payments can become unwieldy. Maybe you already tried to refinance or alter your mortgage. Perhaps you owe more than your house is worth. It is also possible that you have tried unsuccessfully to sell your home at a value that would cover your mortgage. If any of these situations sound familiar, a short sale may be your best bet.
When someone fails to make payments or defaults on their mortgage, the mortgage company might eventually decide to repossess the property, a process otherwise known as foreclosure. This eventuality can have a serious effect on your credit score, and it may not even prevent you from owing the deficient balance on your mortgage. It is actually beneficial to both the mortgage company and the homeowner to avoid this costly and time-consuming process. A short sale may not seem ideal, but it is often a better option than foreclosure.
Get Out of Debt
When you have a short sale realtor from a property management company facilitate a short sale on your behalf, there are some benefits. You will be able to reduce or even eliminate the debt you owe on your mortgage. It is also possible to begin work to improve your credit score more quickly than if you had foreclosed on your property. If you are interested in purchasing a home in the future, this route may help you qualify for a mortgage sooner than if you had gone through with a foreclosure.
Tips for Choosing a Real Estate Agent
Choosing a real estate agent is an important step when selling or buying a home. You will work closely with your realtor during the preparation, sale, and closing process. Selecting an Atlanta real estate agent with whom you feel comfortable will ensure your experience is a positive one.
Check Licenses and Awards
Before selecting a real estate agent or company, check to ensure they hold a valid license. You can also check with a local regulating service to view any recent complaints or actions filed against the company. Additionally, check to see if potential real estate agencies have won any recent awards—particularly those awarded by a branch of the National Association of Realtors. These peer-based awards can point you in the direction of an outstanding realty company.
Choose Based on Specialty
Real estate agents often specialize in certain areas of their field. Some focus on regular home sales and purchases, while others are primarily short sale realtors. Still others specialize in rentals and property management. Once you’ve found your desired real estate agency, look within that agency to find a realtor with the credentials most relevant to your needs. Choosing a real estate agent with knowledge and expertise in your desired field will ensure you’re getting the best advice and guidance for your sale, purchase, or rental agreement.
Meet In Person
Keep in mind that you will be working closely with your real estate agent throughout your transaction. Each realtor has a unique personality and business sense, so it’s important that you feel comfortable and confident working with your agent. Meeting in person and getting answers to your questions can give you a good idea of whether your personalities will mesh so you can create a positive working relationship. Whether you want to buy, sell, rent, or lease a home, the right real estate agent is waiting to provide the help you need.
What Are the Tax Benefits of Being a Landlord?
Are you a landlord who is considering residential property management in Atlanta ? There are many benefits of owning rental properties, one of which is the tax benefit. Tenants rarely get any tax benefit from paying rent, but the tax systems in almost every state greatly favor landlords. In fact, real estate has more tax benefits available than many other types of investments.
Mortgage interest and real estate taxes will likely be your biggest deductible expenses, but there are plenty more that you can take advantage of. You can also deduct all operating expenses related to your rental properties and your rental company, from maintenance costs and utilities to travel expenses, employee salaries, and office supplies. You are also able to deduct the cost of your insurance premiums and legal services. You can also get back the expense of your real estate investment through depreciation, or making a tax deduction for part of the cost of the property over several years.
If you end up selling a property that you have owned for at least a year, the federal tax rate of the sale cannot exceed 20%. The appreciation of your rental property will not be taxed until you sell, and you can access a tax-free portion of the appreciation prior to selling by refinancing the property or taking out a second mortgage on it.
Even tax losses result in deductions for landlords. If your property produces a tax loss that is offset by passive income, you can deduct for that loss. Additionally, there are greater tax benefits for owners of rental properties who are considered active managers. If you vet your tenants via tenant screening practices like background checks and credit checks, you may qualify as an active manager. Active managers can deduct up to $25,000 in losses.
Top Reasons to Work With Realty 1st
When you need to sell or rent a property in Atlanta, an experienced real estate company can help ensure your experience is a positive one. Realty 1st of Atlanta has the expertise and experience you need; we aren’t just real estate agents—we are realtors who can provide many real estate services. We represent a range of clients throughout our many departments: sellers, buyers, landlords, tenants, and investors. Our real estate agents can help you price, list, and show your home or lot. Realty 1st’s short sale realtors can also help you successfully navigate the short sale process. Furthermore, we offer Atlanta-area rental property management of homes and condos, as well as rent-to-own purchase options. We will take care of tenant screenings, eviction management, and property preservation management so you can enjoy the benefits of renting your property without the hassle.
Realty 1st is proud to be a real estate company serving the Atlanta area. If you have questions about home sales, property management, or investment and acquisitions, contact your local Atlanta real estate agent today.
Get the Facts about Mortgage Short Sales
If you are a landlord who is facing foreclosure on a real estate investment, you may want to find a short sale real estate company in Atlanta and discuss a mortgage short sale as an alternative. In a mortgage short sale, a lender may discount the remaining amount due on a defaulted loan. This can be far more advantageous to the borrower than a foreclosure.
You may be eligible for a short sale if you are unable to refinance your mortgage, if you are experiencing extreme hardship, if your remaining loan amount is more than the home is worth, or if you have been unable to sell the home. Watch this video to learn more about short sales and how they work.