๐ฆ๐ฒ๐ ๐จ๐ฝ ๐ฎ ๐๐๐๐ถ๐ป๐ฒ๐๐ ๐๐ป๐๐ถ๐๐
Real estate investors often use LLCs. This ensures asset protection. When you list rental properties in your name, you risk losing your assets if something were to happen. Another benefit of using LLCs, other than protection, is tax benefits!
๐ ๐ฎ๐ธ๐ฒ ๐ฆ๐๐ฟ๐ฒ ๐ฌ๐ผ๐ ๐๐ฎ๐๐ฒ ๐ฎ ๐๐ผ๐ผ๐ฑ ๐๐ฒ๐ฎ๐๐ฒ ๐๐ด๐ฟ๐ฒ๐ฒ๐บ๐ฒ๐ป๐
Having a quality and thorough lease agreement can help alleviate risks. This agreement should include rules, requirements, and policies that lay out the responsibilities of both parties. Donโt forget to include the names and numbers of the tenants! Other important aspects include duration, rental price, utilities, pets, repair and maintenance, legal entry, and restrictions on behavior.
๐๐ฎ๐๐ฒ ๐๐ฑ๐ฒ๐พ๐๐ฎ๐๐ฒ ๐๐ป๐๐๐ฟ๐ฎ๐ป๐ฐ๐ฒ
As you may know, homeowners insurance will not cover a rental property that isnโt occupied by the owner. This means that you can be left with a huge bill even if the damage was not caused by you. Landlord insurance will cover the loss of rental income, property damage, and liability protection. It is important to note that this does not protect the belongings of the renter. As a landlord, an Umbrella Policy is a great investment to protect yourself. This will provide additional coverage and further protection.
๐ ๐ฎ๐ถ๐ป๐๐ฎ๐ถ๐ป ๐๐ต๐ฒ ๐ฃ๐ฟ๐ผ๐ฝ๐ฒ๐ฟ๐๐ ๐ฎ๐ป๐ฑ ๐๐ป๐ผ๐ ๐ฌ๐ผ๐๐ฟ ๐ฅ๐ถ๐๐ธ๐
The property must be in a safe condition to prevent injuries. Even with other safety precautions put in place to protect yourself, like insurance, negligence is usually not covered.
Interested in buying an investment property?
FL Investors Realty was built for real estate investors by a real estate investor with over 30 years of investment experience. We help our buyer clients build tax-free cash flow and a real estate portfolio that fits their needs and goals.
Our buyer services include:
Identification and analysis of target investment properties that fit your goals
โDone for Youโ real estate investment โ we find you a property, assist with financing, do necessary acquisition legwork and then manage it for you โ just add money!
Acquisition due diligence assistance
Entity structure and asset protection consulting
Access to syndicated investment deals
Tax minimization strategies to create tax-free cash flow
