South Jersey Landlord Advice
Wondering how to choose a property management company or what to do when it’s time to screen a tenant? We have all the landlord advice you need in our blogs and videos. Take a look at our landlord tips and learn some best practices, which we have perfected over the many years of our property management experience. If there’s a question that hasn’t been answered, get in touch with us. You might just see the topic covered in our next blog!
Many people today are complaining about the bad economy. However, there are always opportunities for the astute investor. For instance, depressed real estate prices have placed many attractive properties on the market that might not have been there, but for the current economic circumstances.
Some people are afraid to get involved in real estate investment. “What would happen if someone sues me?” they might say. “I don’t want to lose my home!” Creation of a Subchapter S Corporation or a Limited Liability Company is essential to guard against these possibilities.
These are business entities that can be created by an individual to own and operate the investment property. There are substantial financial advantages to owning property in this manner and it protects your individual assets, if that “worst case scenario” occurs. Because the Internal Revenue Code allows for the pass-through of the profits, losses and expenses, the tax consequences are no different than that which would have occurred has the property been owned by the individual. On the other hand, the individual owners of the Sub-S Corporation or the LLC cannot be held individually liable for the debts or obligations, unless they have personally guaranteed same.
As with any major challenge, it is always important to consult with your legal and accounting expert. This is an area that has intricacies that require advice. However, with a little bit of knowledge, you can gain substantial benefits and financial security.
You come home from work one night and you find, in the mail, a ticket telling you that you are being cited by the Municipal Code Official because the grass is too long at your investment property. Unbeknownst to you, there is a Municipal Ordinance requiring the grass to be kept less than 8″ in height. You quickly drive down to the property that you have rented to that nice couple and you see what the Code Official saw: High grass!
When you call your tenant, he tells you that he was on vacation and then he got sick and yes, he did not have a chance to cut the lawn, as required by the Lease. You tell him about the ticket and he promises to get it cut. The issue remains – Who is responsible for the cost of the ticket? And how will it be defended?
The good new is that if the grass gets cut and you go into Court with the problem resolved, you may be able to convince the Prosecutor to recommend a dismissal of the ticket. In that case, you may walk away with a very minimal fine or maybe even just pay the court costs. Remember that just because you have a clause in your lease that requires the tenant to cut the grass, (or any other municipal requirement – eg., snow removal, trash cans being put out too early…), it is still your responsibility. You may want to consider a clause in your lease requiring the tenant to compensate you for any fines (and maybe even your time) if you are required to attend Court to resolve any issues created by the tenant.
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We have been working with Realty Solutions for the past many years. Very Professional top notch Realty / Property Management Organization. Everyone in their organization is very nice, very attention to detail and always looking out for their clients . Highly recommend their services to anyone looking for Real-estate or Property Management Services.
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Realty Solutions, LLC
Audubon Professional Center
415 South White Horse Pike
Audubon, NJ 08106