Owning a rental property can be a lucrative investment if you take precautions to protect yourself from large expenses. From insurance coverage and tax liability to professional property maintenance, you can take steps to ensure you maximize your rental income rather than lose money on large expenses.
Keep Organized Financial Records
Maintaining organized financial records for your rental properties is vital to prevent a large tax liability at the end of the year. You can benefit from property management services that include administrative and financial solutions.
Having a property management company like Certain Management handle your bookkeeping, financial reporting, insurance claims, purchases, and rent collections ensures you have all the documents needed to file complete, accurate tax returns regarding your rental property and income.
This helps minimize any potential tax burdens you face with inaccurate or incomplete financial records.
Get Rental Property Insurance
When you own a rental property, you must have rental property insurance. Rental property insurance, also called landlord insurance, protects you from liability for property damage, lost rental income, and premises liability claims.
Shop around for different policies to ensure you have the coverage you need. For a New Orleans area property, consider adding on flood and additional construction expenses insurance to protect your property in the event of a hurricane. You may also get guaranteed income coverage which helps protect you against tenants who default on their rent.
Hire a Professional Property Manager
One of the most significant expenses for rental property owners is property maintenance. Without regular inspections and timely repairs, minor issues on your property can become significant expenses that drain your resources.
To prevent minor problems from developing into costly expenses, you can hire a property management company that offers professional property maintenance. Certain Management’s property maintenance services include 24-hour emergency response, routine inspections, and supervised third-party repairs such as plumbing and electrical work. This approach ensures your property stays in excellent condition and minimizes upkeep expenses.
Prevent Large Expenses With Certain Management
As a rental property owner, you need to prevent large expenses from reducing your rental income and ROI on your investment. Working with a professional and experienced property management company can minimize large expenses and have a strategy for covering them if they happen.
Certain Management is a property management company serving rental property owners in New Orleans and the surrounding parishes. We have years of experience specializing in condominium management and other types of rental properties.
Contact Certain Management today at (504) 342-2554 to learn how we can help you manage your New Orleans area rental properties.
