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Incredible Vacation Davenport Home

Incredible Vacation Davenport Home

113 CYPRESS POINTE BOULEVARD, DAVENPORT, FL

$510000

4bed – 3bath – 0.21 acres lot
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Positioned on an oversized lot in an exclusive community of only 69 homes. Situated towards the end of a cul-de-sac with no neighbors on one side or at the rear makes this location hard to beat. With a new A/C in 2021 and a new roof in 2022 this well maintained home is sold fully furnished making it perfect for a vacation/ second home or move in ready primary residence. A covered entryway provides access to the double doors leading into the foyer. Tile throughout the living areas, first floor comprises of a good sized family room with built in media center, dining room, well equipped kitchen with breakfast bar and a dining nook with views over the gorgeous pool and deck area at the rear. The master bedroom benefits from an en-suite with a generous walk-in closet and additional lockup – sliding patio doors provide direct access to the pool deck. Bedrooms 2 and 3 share a house bathroom and bedroom four, towards the front of the home has it’s own en-suite. Stairs in the foyer lead to a bonus room, currently used as a gym, but could equally make a great home office, craft room, home cinema or with just a little work a fifth bedroom. Sliding doors from the family room lead outside onto a covered, block paver patio with private in-ground pool and spa. South west facing and open to the east means sunshine all day, and evening, and “Florida Glass” keeps the entire area secluded. Over looking a large wooded area to the rear it’s the perfect place to relax or entertain – and it’s easy to forget that your are just minutes from Championship golf, shops, restaurants at ChampionsGate and all the Central Florida attractions. Looking for your Florida Oasis….welcome home!!

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How to Buy Your First Rental Property

How to Buy Your First Rental Property

How to Buy Your First Rental Property

How to Buy Your First Rental Property

 

Owning a rental property can be a great way to start investing in real estate. However, buying your first property is just a small portion of running a successful rental business. If approached with no strategy, this can result in long vacancy periods or unfavorable experiences with tenants.

To avoid that from happening, we share our best tips for buying your first rental property and important factors to consider as a soon-to-be landlord.

7 Tips for Buying Your First Rental Property

Managing a rental property can become stressful as a DIY landlord, but there are ways to make the process of buying and managing your first rental property easier. Here are nine tips to keep in mind as you go through each step.

1. Determine if You’re Ready to Become a Landlord

Even though many consider rentals as a way to generate passive income, there are still some responsibilities that will need to be handled throughout the year. In addition to managing tenants, becoming a landlord requires you to create rental applications, lease agreements, collect rent, and handle sudden maintenance issues.

For that reason, it’s advised to determine if you’re ready to become a landlord prior to buying an investment property or if you’ll want to hire a property manager instead.

2. Secure a Larger Down Payment

There are various ways to finance rental properties — all of which may require more in a down payment and overall fees than owner-occupied properties. Most mortgage loans require a down payment anywhere from 3% to 20%, but some real estate loans require a minimum of 20% of the asking price since there’s a higher risk to financing an investment property.

Not all lenders require 20%, especially if you can purchase mortgage insurance, but having a savings account can help you cover any down payment or property-financing expenses.

3. Find Local Investment Properties

The types of properties worth buying are located in a great area, offer in-demand amenities, and are close to highly-rated schools. You can either work with a Realtor that specializes in real estate investing to help you find investment properties or you can use websites like Realtor.com® to find properties yourself. 

You also have the option to work with a local wholesaler or buy a foreclosure from a courthouse auction, but those properties may require more work to get them ready for tenants.

4. Create a Rental Property Business Plan

Creating a rental property business plan can be a great way to determine the goal of your business, your strategic plan, and outline the objective of your business. Although not required, establishing a plan prior to launching your rental business can ensure you enter the market prepared to handle hiccups with ease.

5. Determine Your Rent Price and Operating Expenses

Both your rent price and any operating expenses you expect to pay will need to be identified to determine your property’s profitability. Some landlords explore rental sites to see how much other landlords are charging for similar properties.

Operating costs can include costs like maintenance repairs, listing your property online, turning over an apartment, and tenant screening reports. Each cost varies depending on where your property is located, the amount of times you turnover an apartment, and how comprehensively you want to screen prospective tenants.

6. Purchase Landlord Insurance

You never know what could happen when renting out your property to tenants, which is why it’s advised to invest in landlord insurance. Most insurance providers offer policies with different levels of protection to landlords. However, tenants should still be required to purchase renters insurance to ensure their own belongings are protected during the lease term.

7. Familiarize Yourself With Landlord-Tenant Laws

As a landlord, you’ll need to follow local landlord-tenant laws and Fair Housing laws during the rental process to avoid legal situations that can damage your rental business. These laws can also impact how you handle rental security deposits, screen tenants, and evictions. By regularly checking your local laws and any changes that directly impact the rental industry, you can avoid any lawsuits or violation of any renters rights.

Looking for rental services in Orlando – we can help.

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What Is Rental Property Depreciation?

What Is Rental Property Depreciation?

What Is Rental Property Depreciation?

What Is Rental Property Depreciation?

 

Rental property depreciation can help you deduct property-related costs to lower your taxable income for the year. Tax professionals typically help in calculating depreciation for your properties, but there are benefits to knowing what rental property depreciation is and what to keep track of as a landlord.

Here’s everything you need to know about rental property depreciation and how to calculate depreciation for your properties.

What Is Rental Property Depreciation?

Rental property depreciation describes a property’s reduction in value due to wear and tear or property damage. Depreciation can help landlords recover the costs associated with income-producing properties (such as buying, improving, and managing costs) and must be taken over the expected life of the property.

How Does Rental Property Depreciation Work?

According to the Internal Revenue Service (IRS), you can begin to depreciate your property once it’s ready to rent and available to tenants. Depreciation ends once you’ve fully recovered your costs or when the property is no longer a rental, whichever comes first.

An example of rental property depreciation is as follows: You purchased a rental property on June 20 and published a rental listing for the rental property on August 15. You’ve completed the tenant screening process and found your next tenant set to move in by September 1. Depreciation on the property would begin in August, since your property was ready to be leased in that month.

Rental property depreciation can continue even if the property is not in use, whether it be to make extensive repairs or during the process of finding a new tenant. There are different depreciation methods to follow, but this is often determined by a certified tax professional when completing your taxes.

Can Your Rental Property Be Depreciated?

Your rental property must meet the following requirements set by the IRS to qualify for rental property depreciation:

  • You must be the owner of the property
  • The property must be used to generate income
  • You must be able to determine useful life for the property that’s more than one year

If you’re unsure if your property qualifies, you can refer to a certified tax professional to help answer your questions.

How to Calculate Depreciation on a Rental Property

To calculate depreciation on a rental property, you’ll need the cost basis of the property, the recovery period, and recommended depreciation method. Rental properties placed in service (or in use) after 1986 can follow the Modified Accelerated Cost Recovery System (MACRS) method that spreads costs over the span of 27.5 years — the useful life of a rental property, according to the IRS.

Ideally, a certified tax professional would help you calculate depreciation on a rental property to ensure your tax forms are filled out correctly. However, here are three steps to take to help you perform the calculation yourself.

  1. Determine the cost basis of your property: The basis of the property is the total acquisition cost, including the mortgage, legal fees, transfer taxes, and title insurance. This number is then subtracted from the value of the land the property is built on.
  2. Separate the cost of land and buildings: You can only depreciate the cost of the building, not including the land. To separate the cost between the two, you can refer to the property’s fair market value for individual costs.
  3. Use a property depreciation calculator: Use a property depreciation calculator to determine the cost basis, recovery period, and place in the service period for your property.

The depreciation you calculated can then be shared with a tax professional to confirm the amount is correct.

How Much Does Depreciation Reduce Tax Liability?

You can report your rental income and expenses for your rentals on a 1040 tax form. The depreciation amount will need to be outlined on the appropriate line of Schedule E to reduce your tax liability for the year. Tax liability reduction will depend on the tax bracket you’re in and how much depreciation you report.

 

Looking for an Experienced Residential Property Manager?

If you have a home to rent in the Orlando area be assured there is no substitute for experience. Covering Clermont, Winter Garden, Windermere, Dr Philips, Kissimmee, Davenport, Champions Gate, Hunters Creek and Haines City. We remain focused on this greater Orlando area to ensure we are able to provide outstanding service to our Clients without sacrificing performance. Looking for an experienced residential Property Manager in the Orlando area with a demonstrable track record – look no further.

Call us today to find out more (863) 424-2309

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

When Should You Sell a Rental Property?

When Should You Sell a Rental Property?

When Should You Sell a Rental Property?

When Should You Sell a Rental Property?

 

Investment properties can be a lucrative source of passive income, but factors like profitability, maintenance, and the housing market at large can become good reasons to sell a rental property.

According to Avail data, roughly 16% of landlords reported planned to sell an investment property in 2022. If you’re wondering whether to sell your property or when to sell it, here’s what to know about selling a rental property.

How Do I Know if I Should Sell My Rental Property?

Determining whether to sell or keep renting your property depends on a variety of factors, but these are a few indicators that it may be time to consider selling:

  • Profitability: Ideally, your rental property should bring in more money than you’re spending to maintain it. If the rental income you’re generating isn’t higher than the cost of your annual operating expenses, the profits (or lack thereof) may not be enough to justify holding on to the property.
  • Maintenance: Maintenance is an unavoidable part of owning a property, but it can be time consuming. If the time and money spent on rental property maintenance becomes overwhelming, it may be time to consider hiring a property manager or selling.
  • Tenant turnover: High tenant turnover can be the result of many things — the rental market, the property itself, or even your style as a landlord. But high tenant turnover means spending time and money advertising your property and losing rental income due to vacancy, which can become unprofitable over time.
  • Property finances: Financial factors like property appreciation, capital gains from selling a rental property, and new investment opportunities should be considered, too. If your rental property is worth a lot more now than when you bought it or you’ve identified an even better investment opportunity, it could make sense to sell. Note that it’s important to be aware of any capital gains taxes from a sale and how to defer them with a 1031 exchange.
  • Housing market: The current housing market can dictate how much you can charge for rent, how high tenant turnover is, and how valuable your property would be if you were to sell. In highly competitive housing markets, landlords may be more incentivized to sell a property.
  • Location: If you’re moving away from your rental properties, you can always try long-distance real estate investing. But since this often means hiring a property manager, some landlords opt to sell their rentals, instead.

When Is the Best Time of Year to Sell a Rental Property?

Based on Realtor.com® data, the week of April 10-16 is the best time of year to list a home for sale in 2022. Why? According to seasonal data from 2018, 2019, and 2021, this week in April has the most favorable conditions for home sellers when looking at factors like competition, listing prices, days on market, likelihood of price reductions, and homebuyer demand.

Compared to other weeks in the year, Realtor.com®’s historical data from April 10-16 showed higher-than-average listing prices, more buyers looking at listings, homes selling more quickly due to higher demand, and even a lower level of competition from other sellers.

What To Do Before Selling a Rental Property

Before you list your rental property on the market, a few things need to be handled:

  • Notify your tenants: You’ll need to give tenants appropriate notice that you’re selling the property. The amount of notice often depends on your lease and local laws, but can also dictate your timing for listing the property. In some cases, tenants will need to leave the property, but in others, a new owner will take over the rental lease.
  • Prepare the property: Once you notify tenants of the sale, you’ll need to prepare the property for sale. This consists of a property inspection — regardless of whether tenants are staying or leaving — to identify any wear and tear or damage and address any needed repairs. If tenants have moved out of the property, it may be a good time to tackle property renovations that will help increase the value of the rental.
  • Research home value: Doing some research on your property’s value is essential, even before working with an agent. Tools like Realtor.com®’s My Home give a breakdown on a property’s value, local market trends, and how your property compares to those currently for sale.
  • Work with an agent: You can sell a property on your own, but most sellers choose to work with a real estate professional to make the selling process a lot smoother. An agent will be able to help you prepare the necessary paperwork, get your property in front of buyers through a multiple listing service, and assist with the entire home-selling process.
  • Time your sale: To avoid being hit with short-term capital gains tax, it’s commonly advised to hold on to a rental property for at least one year. In some cases, you’ll want to wait until a lease has expired or allow time to complete renovations. An agent can help you make decisions about when to list your property on the market, or you can use market trends and research — like those provided by Realtor.com® — to help determine an optimal time to list.

 

Looking for an Experienced Residential Property Manager?

If you have a home to rent in the Orlando area be assured there is no substitute for experience. Covering Clermont, Winter Garden, Windermere, Dr Philips, Kissimmee, Davenport, Champions Gate, Hunters Creek and Haines City. We remain focused on this greater Orlando area to ensure we are able to provide outstanding service to our Clients without sacrificing performance. Looking for an experienced residential Property Manager in the Orlando area with a demonstrable track record – look no further.

Call us today to find out more (863) 424-2309

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Spacious Clermont Home Just Listed

Spacious Clermont Home Just Listed

Spacious Clermont Home Just Listed

17416 Silver Creek Ct, Clermont, FL

$419950

4bed – 3bath – 5435 sqft lot
Photos | Maps & Local | Schools | Print

Look no further! You’ve found your new home! Spacious 4 bedrooms 3 bathroom pool home sold furnished. This well-designed and beautifully maintained property benefits from south facing pool and spa overlooking a pond. As you enter the front door, you are welcomed into a small hallway, off which is the tiled living room and tiled dining room with direct access to the kitchen with lots of counter space, cabinets and pantry as well as access to the laundry room. The kitchen sits alongside the family room and breakfast dinette which overlooks the rear of the home. What a better way to enjoy the beautiful Florida weather than your own enclosed private south pool. Whether you are having fun in the sun or dining alfresco under your covered lanai, this home is designed for those who enjoy entertaining. For those rainy days or chilly nights, the garage has been converted to a games room but easily converted back to a garage for a primary residence. The owners have continued to update the property as you will see when you view the home. Roof was replaced in 2017. Ideally located on highway 27, close to medical facilities, restaurants and grocery stores as well as easy access to major roadways including Highway 192. Best of all it provides easy access to the theme parks, world renown designer outlets and the airport. Time to experience the Florida lifestyle.

Follow This Home

agent
RE/MAX HERITAGE
RE/MAX HERITAGE
863-424-2309
Contact Me

Useful Links
Search All Homes For Sale
Free Home Values

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Rental Documents Every Landlord Should Have

Rental Documents Every Landlord Should Have

Rental Documents Every Landlord Should Have

Rental Documents Every Landlord Should Have

 

A handful of tasks go into being a landlord — you’ll need to advertise your rental listing, screen prospective tenants, collect rent payments, turnover an apartment, and much more. 

While some landlords opt for hiring a property manager to help, you can easily do everything yourself with the right rental documents and tools. Here are the top 10 rental documents that are essential for managing a rental property. 

1. Pre-Screening Questionnaire

A pre-screening questionnaire can help you filter through tenant leads to determine which are worth pursuing before scheduling a property showing. The questionnaire can highlight if a person meets the income requirements, is willing to submit a rental application, and can pay the rental application fee. 

2. Online Rental Application

After conducting a property showing with a prospective tenant, it’s important to have them complete an online rental application to better understand their renting history, credit usage, and more. 

3. Prospective Tenant Acceptance and Rejection Letter

As a landlord, it’s advised to let applicants know whether or not their application has been accepted or denied. If you’ve accepted an application through Avail, your new tenant will automatically be emailed with the news, as well as next steps. 

However, tenants will also need to be properly notified when their application has been rejected. A prospective tenant rejection letter can clearly outline why their application has been denied in a friendly manner.

4. State-Specific Lease Agreement

One of the top rental property forms every landlord needs is an online lease agreement that’s state-specific and reviewed by a lawyer. When using Avail to manage your rentals, you can easily access lease agreement templates that have already been reviewed by a team of trusted lawyers and include all the information required by local ordinances. 

Our lease agreements can also be digitally signed for free and saved to your account for both parties to reference throughout the lease term. 

5. Tenant Welcome Letter

Providing a welcome letter to your new tenant can make the moving process less overwhelming, especially if they’re new to the neighborhood. A tenant welcome letter outlines the utilities they’re responsible for covering, your contact information, answers to commonly asked questions, and local places to visit. 

Although it’s not required to provide tenants with a welcome letter, it’s a nice gesture that can position you as an awesome landlord.

6. Move-In and Move-Out Checklist

Similar to a tenant welcome letter, a move-in and move-out checklist lets your tenant know what to check to ensure everything in the property is functioning properly. It also makes it easier to identify what needs to be fixed or replaced either before or after the tenant has moved out. 

7. Lease Renewal Letter

To avoid long vacancy periods and high apartment turnover costs, you can offer lease renewal options to your tenants 30 to 60 days before the lease term ends. It can also act as proof that renewal options were presented to the tenant, even if they choose not to renew. 

8. Security Deposit Return Letter

If you collected security deposit fees from your tenants, you’ll need to provide a security deposit return letter within a certain period. A security deposit return letter outlines the amount you collected, the rental property address, any deductions you took, and when it was returned. 

9. Rent Roll Template  

A rent roll template is the key to organizing any generated income from your rental properties. When collecting rent with Avail, a rent roll report is automatically generated that outlines all the rental payments that have been collected from your tenants. The report can then be exported as an excel spreadsheet to share with your accountant during tax season.

10. Apartment Turnover Checklist

There will be times when you’ll need to turnover an apartment once it’s time to find a new tenant, and an apartment turnover checklist will help. This process can be overwhelming as a first-time landlord, but having a checklist on hand that outlines the most important steps can reduce the stress. 

 

Looking for an Experienced Residential Property Manager?

If you have a home to rent in the Orlando area be assured there is no substitute for experience. Covering Clermont, Winter Garden, Windermere, Dr Philips, Kissimmee, Davenport, Champions Gate, Hunters Creek and Haines City. We remain focused on this greater Orlando area to ensure we are able to provide outstanding service to our Clients without sacrificing performance. Looking for an experienced residential Property Manager in the Orlando area with a demonstrable track record – look no further.

Call us today to find out more (863) 424-2309

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.