Being a rental property owner isn’t just about collecting rent and crossing your fingers that everything runs smoothly from there. Good record keeping and staying up to date can ensure your rental property is working as efficiently as possible. That’s why we’ve put together some key points for rental property owners who want to get the most out of their investment property.
Reviewing Your Loan
One of the biggest expenses in owning a rental property is your loan. Making sure your loan rate is competitive is more important now than ever before. If you are currently paying too much interest, it could be time to refinance. We can show you market rates and provide you with a variety of options to make sure you’re getting the best deal – that might even be speaking with your existing bank to reduce their rate. With lots of banks offering cashbacks and other incentives (in some cases up to $4,000 cash back), book in a call today.
Book a meeting with Andrew and Anne here.
It’s also important to ensure that you have a depreciation schedule in place to increase your ‘non cash’ deductions. If you don’t already have one, we are working closely with Duo Tax who can arrange one for you. We have found their service to be great and they offer OneLedger clients a referral code here (get $200 off!). Now not all properties can benefit (e.g. older, non-renovated properties) but Duo are quite helpful in determining this before you go ahead.
See their referral link here.
Keep Track of Your Receipts & Deductions
Finally, keeping track of all your receipts and deductions can go a long way towards making sure your rental property runs as efficiently as possible. Please find our checklist attached here in case you lost it. Some good tips would be to keep an online DropBox for receipts and a Google Excel Sheet so you don’t miss anything.