Boundless Management

Atlanta is a beautiful city that is known for its Southern charm and hospitality and its unique and diverse culture. There is always something to do, whether you are looking for an exciting nightlife, world-class shopping, unique cultural events, or some of the finest dining in the Southeast. Atlanta is also a great place to rent a home, as it offers a variety of options throughout the area. There is truly something for everyone. So, how do you find the right place for you? Here are some tips to help you get started:

Choose a Location

When looking for a home to rent in Atlanta, you have a few options when it comes to location. First, you must decide if you want to live ITP or OTP. If you aren’t familiar with the lingo, you will be soon, but essentially, it means “inside the perimeter” or “outside the perimeter,” with the perimeter being Interstate 285 that circles the city. Homes ITP tend to be more urban, while those OTP offer suburban-style living.

Find the Right Neighborhood

Once you have picked a general area, it’s time to settle on a neighborhood. You want to find something that fits your style, offers the type of housing you are looking for, and is within a reasonable distance of your place of employment. For example, if you love a night out on the town, you may want to focus your search on homes in Buckhead, Atlanta’s uptown district known for its restaurants, clubs, and shopping. If you work in Midtown and want to live nearby, you might consider a neighborhood like Druid Hills or Virginia Highland.

Search Often

Atlanta is a busy city, which means people are always coming and going. Just because you can’t find a place in the neighborhood of your dreams one day doesn’t mean it won’t be there the next. Use as many resources as possible, and check each one daily. Once you do find something, inquire about it quickly, because there are probably several other people out there searching, too.

Many parents look to rent a home near one of Atlanta’s fine schools, like Sarah Smith Elementary.

Know What You Want

If you have a pet, make sure you are only searching for pet-friendly rentals. If you don’t have furniture, make sure you are only searching for furnished homes. Maybe you have kids, and you are looking to rent a home near one of Atlanta’s fine schools like Morris Brandon Elementary or Sarah Smith Elementary.  Make a list of your must-haves and keep it handy.

Consult an Expert

If you have trouble finding a place on your own, consider getting help from a top firm like Your Atlanta Rentals. Call 866-331-6626 to find out how they can help you find your Atlanta dream home today.

There are many reasons why a homeowner might end up with a vacant home, but regardless of what those reasons are, he or she must decide what to do with the property. Selling it is probably the first thing that comes to mind. After all, it’s easy to stick a sign in the yard and think you’ll never have to deal with it again. However, turning it into a rental is often the better option. Here is a look at some reasons why.

Real Estate Market

While the real estate market is on its way up from what it was when it hit bottom in 2012, it’s not quite back to where it was when it peaked in 2006. According to RealtyTrac, many homes were still selling at about 20 percent below their peak prices in March 2014. The number is predicted to rise in the years to come, but putting your home on the market now means missing out on what could be a great deal of profit. Renting it, at least until you are confident you can get your ideal asking price, is good for your bank account.

Tax Deductions

People who rent out their homes gain the ability to write a number of the related expenses off come tax time. These expenses include mortgage interest, property taxes, some money used for improvements, insurance, unpaid utilities, and expenses that occur when you travel back to the city where your rental home is located to do any work related to the property.

Extra Income

In many cases, rental income means extra income for the homeowner, especially if the house is paid for. Even if it is not, the rental income may take care of your monthly mortgage payment and often leaves you with a little extra cash or money that can be used to pay off the mortgage sooner than you originally planned to. It can also help you build equity.

If you are a homeowner in the Atlanta area who is considering renting out your home, give Your Atlanta Rentals a call at 866-331-6626.

Marietta, Georgia is one of Atlanta’s most popular suburbs. Its top-rated schools and proximity to thousands of professional opportunities attract new residents to the area each year. This also makes it a great place to turn your home into a rental property.

Consider the Costs

Before making the decision to rent your home, you need to do a little math to figure out if it is worth the investment. Do you still have a mortgage on the house? Marietta is known for its low property taxes, but are they low enough to factor into the rent? Utilities, repairs, landscaping, and maintenance costs should also be considered. Finally, search for rental homes in your area and find out if you can offer a competitive price.

Advertise the Property

Once the house is ready and a price is set, start advertising for potential renters. Place a sign in the yard, and take to the Internet. Websites like Craigslist are excellent for advertising and usually free to use. You can also rely on local newspapers like the Atlanta Journal-Constitution or the Marietta Daily Journal.

Find a Property Management Company

If you are having trouble finding potential tenants or setting the rent or you just don’t have time to deal with it all, it is generally easier to work with a reputable property management company. It can often save you time and money. From beginning to end, your property management company will handle things like evictions, rent collection, putting together a lease, and making arrangements for repairs. The company should also be familiar with all Georgia state and Cobb County local laws regarding rental properties.

Find the Right Tenant

Finding a tenant on your own can prove to be quite the difficult task. You need to be fair – it’s the law – but you also need to be smart. Background checks, credit checks, and rental history are all important factors to consider. If you choose to work with a property management company, it can handle this step for you. The company generally has experience looking into a potential tenant’s background and probably has a better idea as to where to locate information than the average person.

Call 866-331-6626 to get started.

Property management need not be a gamble all of the time. Landlords already have a lot of things to worry about these days with tenants. For example, the qualifications and creditworthiness of said tenants can often dictate who pays on time and who gets an eviction notice. The reliability of tenants to pay on time is another common worry. Then there are the underlying factors, like how neighborly are your tenants and are they friendly or a nuisance to those who live nearby them?

These are but a few of the many concerns that landlords have to worry about when trying to get a good night’s sleep. After all, that rent check arriving in a timely manner is what ultimately pays your bills. So when it comes to allowing pets in your rental, it is important to question the associated pros and cons appropriately.

Pros of Allowing Pets In Your Rental

• A number of pros exist when considering allowing pets in your rental
• You can limit the size of the pets to reduce any potential damage
• You can increase rent on a per pet basis.
• You can attract a larger demographic of tenants
• You can restrict certain breeds to reduce risk
• You can mandate nonrefundable deposits
• You can charge more for rent with each added pet

Cons of Allowing Pets in Your Rentals

• Along with the pros there are also some caveats, or cons, associated with allowing pets in your rentals
• Pets can cause thousands of dollars of damages
• Pets can increase your liability risk from bites
• Pet owners are sometimes not good about cleaning up after their pets
• Pet odors can be very difficult to get rid of
• New carpeting and paint will be necessary upon tenant move-out
• Pets can often destroy backyards

The Decision

Ultimately, this decision is entirely up to you. It is important that you carefully weigh the pros versus the cons when considering whether or not you should allow pets in your rentals. You may find that it makes sense. Or you may deduce that it’s easier to not deal with the hassle.

Many people talk about owning a home, but the truth is that renting a home can be a much more rewarding option. You do not have to worrying about fixing things around your house when they break, you do not have to worry about a down economy and the effect it has on your real estate investment and you are never stuck with a multi-decade mortgage that you may eventually not be able to afford. If you are planning to move to Atlanta, you may want to consider renting a home in these neighborhoods.

Midtown

Some people consider Midtown the heart of Atlanta. After all, it is home to several major colleges and the headquarters or major hubs for several large companies like Coca-Cola. It is culturally diverse, boasts one of the city’s largest parks and is home to great entertainment spots like the infamous Fox Theatre and the Atlanta Symphony Orchestra. From new high-rise apartments to single homes in historic neighborhoods, Midtown offers a place to live for every person’s taste.

Old Fourth Ward

In 2013, Atlanta’s mayor offered tax incentives for businesses to move to Old Fourth Ward and help turn the area into a place where people wanted to be. So far, so good. Since the 1980s, locals have been restoring the area, fixing up old homes and businesses. It is quickly becoming one of the most desirable places to live, work and play in the city.

Westside

Atlanta’s Westside was once a bustling commercial hub, but by the 1950s, its buildings sat mostly empty. Over the years, however, a few creative minds came along and turned those empty spaces into trendy apartments and homes, adorable retail shops and popular restaurants and night clubs. Whether you are a social butterfly or you prefer a more relaxed way of life, there is something for everyone in Westside.

Many of Atlanta’s major neighborhoods have been revitalized over the years with contractors building new properties or restoring old ones for renters who flock to the city from all over the world. No matter what you are looking for, you will most likely find it in one of the three neighborhoods above.

Real estate has long been considered a top investment target. However, the recent recession has changed how many view what was once considered a cornerstone of investment portfolios. Instead of completely abandoning real estate, most experts agree that it’s better to focus on conservative, yet lucrative, markets.

Here are a few of the reasons why rental properties are a great addition for an investment portfolio.

Renting is Popular

In the past, most people moved out to the suburbs and bought a home when they had enough money. Today, more people are attracted to living in populous areas. Thanks to fairly low crime rates, city centers and other areas with walking access to restaurants and other amenities downtown, midtown and uptown areas are seeing a resurgence in interest. This trend is expected to continue as the economy improves and young people find better jobs.

Rentals are Even More Popular During Recession

Predicting recessions and bubbles is inherently difficult, but investing in rental properties is a great way to insulate yourself. When the housing market crashed, former homeowners turned to rental properties, and rental prices remained strong even when home prices plummeted. Rental prices continue to rise as the economy improves, and those who purchase rental properties can expect a solid return on their investments.

Areas Change Quickly

While gentrification is a controversial issue, there is no doubt that it helps those who offer rentals. As people look away from the suburbs and toward fun, connected areas, gentrification will continue in big and small cities. Because of this, there are great deals available for those who know a particular area and who are able to tell which area will become the next hip spot. While these purchases remain as steady investments, they can also yield tremendous returns should the area become more popular.

Help is Available

Managing property can be difficult, but there are experts who can help, like those here at Boundless Management. For those who do not wish to be involved in the day-to-day management of their properties will find services like ours available who can provide these services for a reasonable price. Doing so will allow you to focus on other areas while retaining your investment income.

Real estate has changed since the last recession, and investors are, understandably, a bit wary. However, the real estate field is not monolithic, and there are some investments that provide protection against economic stress. Before abandoning the idea of investing in real estate, consider purchasing a rental property to add to your portfolio.

If you own a rental property, you want to get as much out of the investment as possible. This means keeping the rent at a high, yet reasonable, rate. There are a number of ways you can add value to any property, even if all you own is a small studio rental.

Paint

Find paint on clearance at close-out stores and add a fresh coat to your property every time a resident leaves. This simple act will perk up the apartment and give it a fresh feel. The walls will look cleaner and the atmosphere will feel newer. You’ll want to refresh the paint to cover up any worn spots from the previous tenants.

Redo the Bath and Kitchen

Make sure the appliances are clean and updated. Additionally, make sure they all work properly. You can add to the rent if the appliances look modern and are well maintained. Again, visit close out stores to find replacement appliances if any break. Redo the floors as well, as this will help with the appearance of the property. Laminate flooring is easy to find at a discount, especially in bulk prices for all your properties.

Take the cabinet doors down and repaint. You’ll be surprised what a good coat of paint can do. If the doors are too far gone but the cabinets are fine, replace the doors completely. You can charge more rent simply by making the bath and kitchen look nice.

Look at the Windows

Many landlords overlook the windows and leave them dirty between renters. Consider the cleanliness of the windows. While you are cleaning up the windows, consider their energy efficiency. You can charge more for rent if you have energy efficient windows, especially if the tenants pay for electricity. They will happily pay more rent when you prove your efforts to help them save money by adding energy efficient windows to the property.

Landscaping

Simple landscaping is pleasing to the eye and keeps the property looking appealing. Consider how you feel when you approach a landscaped piece of property – you think it must be worth more, right? Repeat this feeling for your renters with some simple flowers outside the property.

Clean Everything

Before you begin any of these projects, clean everything. You may find you don’t have to replace or paint anything with a simple once-over. Use a bleach solution or an industrial cleaner to give a good shine to everything.

Conclusion

As a landlord, you want to get the most return on your investment. You can get higher rent with minimal work, but the effort is worth the long-term return in paid rent.

Income received from the rental of real property is considered taxable income and must be reported on the owner’s personal tax return. Rental activity for the year is detailed on federal Schedule E, and the net profit or loss is then carried forward to federal Form 1040. Yearly rental revenue is offset by all routine expenses related to the property itself, including a deduction for depreciation.

Depreciation as the Largest Rental Write-Off

Depreciation is a tax deduction to recover the cost of an asset and to account for the presumed decline in its value due to usage. Residential real property is depreciated over a period of 27.5 years, so the annual deduction is over 3 percent of the original property acquisition cost. The annual depreciation tax deduction also reduces the ongoing carrying value or basis of the property. In the event of a future property sale, the adjusted basis figure is used to calculate gain or loss at that time. Unlike depreciation, other rental property tax deductions require actual monetary outlays during the tax year.

Routine Expenses of Rental Property

Rental properties require various types of expenses in order to remain marketable. Interest applicable to a loan on a specific property is deductible. Personal travel to a rental property is deductible at the standard business mileage rate. The owner may incur costs for essential services such as advertising and cleaning. The legal aspects of property ownership may require payments for professional services. All expenses related to the promotion and maintenance of the property are deductible and are included along with depreciation on Schedule E.

State and Local Taxes

Most states levy an income tax, so rental income or loss affects those state returns as well. The county in which the property is located will levy its own property tax. If the property is located within a city, an additional property tax is likely to be assessed. Property taxes are fully deductible and are included with all other deductible expenses on Schedule E to determine overall gain or loss.

Security Deposits

An amount received as a security deposit is not included as current revenue if there is a possibility of its return to the leaseholder. If it is eventually returned to the leaseholder, it is never included in income. If the deposit amount is not returned at the conclusion of the lease for some reason, it is included at that later time as additional rental revenue.

Rental income reported on Form 1040 is combined with all other return components and is taxed at regular rates. Depreciation deducted on Schedule E effectively reduces taxable income even though the actual value of the property may be steady or even increasing in some cases. The owner’s basis is also adjusted downward by the annual depreciation deduction, increasing the likelihood of a future gain on a sale. If the market value of the real estate remains steady, the depreciation deduction successfully defers current income to a future taxable gain on a sale of the property.

Owning a rental property can be a great way to make an income or a little extra spending money. However, not every home is one that you will want to rent out. If you own property in a busy area such as in the heart of the city or in a popular vacation destination, renting out your home for the season can be an excellent way to earn a profitable income. Before attempting to find renters for your property, you will want to determine whether or not your property makes a good rental property. Some things that renters will look for when in search of a rental include the overall location in a good neighborhood, schools in the area, the crime rate, property taxes and amenities located nearby.

Location, Location, Location!

It can not be stressed enough that location is one of the most important things that individuals and families seek in rental properties. Most renters would like to be in a good area with things to do nearby. Those with families may be looking for a neighborhood with a lot of children in the area while retirees may prefer a more laid-back lifestyle. The type of neighborhood that your property is located in will play a major role in the tenants that you get. For example, a rental property located near a University will see a lot of students who are interested in renting it out. Take the location of your property into consideration before determining if it will make a good rental or not.

Schools

If your property is located in an area where the schools are top-rated, it will most likely be very easy to rent. Families are always looking for rental homes and apartments that are in great school districts. Check into the quality of the schools in your area before making an investment into a rental property. Schools with poor reputations in your district can reflect the value of the property poorly, making it not such as good rental space.

Crime Rates

No one wants to live in a neighborhood with a high crime rate. Homeowners and renters alike want to be able to feel safe in their own home with the ability to let their children play outside without having to worry about them 24/7. Look up crime statistics for your neighborhood to determine it is makes a good rental property. Homes and apartments in low crime areas will typically rent for more than properties in high crime areas. Vandalism, petty crimes and serious crimes should all be looked into before investing in a rental property.

Nearby Amenities

If your property is located near many different amenities and attractions, chances are that it will make a good rental property. Look for parks, malls, gyms, recreational facilities, movie theaters, restaurants and public transportation hubs in the area. Properties within walking distance of these types of amenities may rent for a higher price point than those that require driving a distance to find things to do. Cities are typically great places to invest in rental properties as there is plenty to do nearby for all types of individuals.

If you believe that your property will be easy to rent out, it’s time to get started with the process. Simply contact us today to find potential renters interested in your property.

With a slow housing market and many homeowners finding themselves underwater on their mortgages, now is a great time for people to turn their homes into investment properties by renting. Renting is not as simple as just sticking a sign out in the front yard, however. Here are five steps homeowners should take if they want to start renting out their homes.

Fix Up the Home

Even with the large amounts of people who have recently had their homes foreclosed who are now looking to rent, homes that are in desperate need of repairs or updates are not likely to rent quickly or for top dollar, if they rent at all. Homeowners should go through their homes and fix anything that needs repaired. They should give the entire house a fresh coat of paint and new appliances if needed.

Change the Property Status

Before they start renting, homeowners will need to alert a few different companies. The mortgage lender will need to know, as having a tenant will likely affect the homeowner’s mortgage. The insurance company will need to know, as the homeowner will want additional insurance to cover any problems having a tenant may cause. The homeowner should also alert the local municipality of the home’s change in status as well.

Find the Right Tenant

Having the right tenant can make all the difference when it comes to whether the renting experience is a positive or negative one. Homeowners should advertise in several places, including Craigslist, Facebook, the classifieds and local publications to increase their chances of finding a tenant quickly. Then, they should interview and perform background checks on potential tenants to screen out any tenants who are likely to cause problems for the homeowner down the road. While a foreclosure or bankruptcy may be forgivable, finding out that a tenant has had multiple financial issues or cannot seem to keep a job should raise a red flag.

Charge a Fair Price

Knowing how much to charge for a rental property can be difficult. While homeowners will undoubtedly want to cover their mortgage, the amount the homeowner wants to get really has no effect on what the rental is worth. Homeowners should research similar rentals in the area to see what a fair asking price would be. Homeowners may even want to consult with a local real estate agent. Asking the right price will help homeowners get their homes rented faster.

Require a Lease

No matter who a homeowner rents the house to, they should always have the person sign a lease. The lease should detail all the particulars of the rental agreement including when rent is due, how much rent is and who will make any repairs. It should also spell out the consequences both parties will receive if either of them breaks the lease. While writing out all the particular lease details may not be fun, a lease is absolutely essential for legally protecting both parties.

Renting out a home is a great way for homeowners to make some extra cash and protect themselves from the financially devastating effects of a potential job loss. While not for everyone, homeowners who choose to rent out their homes can enjoy an easy and predictable extra source of income and financial security during tough economic times.