Looking to invest in the Florida real estate market? Follow these trusted tips to capitalize on Florida’s growing market. Need more guidance and/or an experienced property management company to oversee your investment portfolio? Contact Icon Realty at (407) 569-ICON!
Calculate All Investment Costs
New investors tend to focus on a property’s listing price, monthly mortgage, and estimated rent charges for future tenants, while ignoring a number of other important totals, including:
- Maintenance costs
- Occupancy rates, and
- HOA-related costs
The acronym PITI can be a helpful reminder to focus on Principal, Interest, Taxes, and Insurance when calculating your monthly expenses.
Focus on Tax Advantages
Many investors are attracted to property rentals because owners can deduct certain expenses related to the property from their annual incomes. Additionally, property upgrades can often be deducted while the property is being used as a rental.
Lastly, attorney fees, property management costs, and other professional services may also be deducted. When mapping out your investment future, be sure to consult with a tax professional.
Property paperwork, ranging from financial documents to insurance policies, can be overwhelming – which is why working with a property management company like Icon Realty can be so helpful. Icon will retain copies of records, payments, expenses, leases, and more so you don’t have to worry about it!
Finding the perfect tenant(s) is one of the most important parts of maintaining property investment!
Running credit checks and verifying income are important factors, but thoroughly vetting applicants is often best left to professionals. Let Icon Realty help! Call (407) 569-ICON or complete a quick contact form to get stated today!