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Becoming a Tenant

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Becoming a Landlord

Becoming a Landlord Owning a rental property is one way of achieving the dream of homeownership. But, in buying a rental property you not only become a new homeowner, you also take on the responsibilities of becoming a landlord. Your rental property is not only your home, but also your business. As a business owner, you must adhere to the laws, rules, and regulations that govern rental housing, and have a clear understanding of appropriate rental rules and practices. Before making the decision to buy a rental property, people should assess the willingness to share the home with others, devote time and hard work to manage your business, make repairs and maintain the property, provide services to your tenants, deal with difficult tenants, become familiar with state, local, and federal laws and regulations regarding landlord and tenant relationships, and consult and hire professionals, such as attorneys or tax preparers. You also should take a realistic look at what you can expect as a landlord the rewards as well as the increased responsibilities of operating a business. Advantages of owning a rental property, there are many good reasons to own a rental property. Some of the benefits that you may expect are, A place of your own owning property gives people the feeling of permanence and involvement in the community. Financial incentives monthly mortgage payments may be more manageable due to rental income. A portion of the rental income also may be used to make repairs and maintain the property. Rental income may enable a household to become homeowners that otherwise could not afford to own a home. In addition to the deductions for mortgage interest and taxes, landlords are eligible for additional tax advantages.

There are possible drawbacks of owning a rental property Along with the benefits of owning a rental property, there

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