Preparing for Taxes as a Rehab Investor

As we have mentioned in previous blog posts, including Building Your Team: Who the Seasoned Investor Knows, it is important to add trusted professionals to your rehab investment team.  One important team member to have is a CPA, or financial advisor.  CPAs will be able to answer all your tax questions and direct you to get the most out of your tax return.  Remember to keep all tax documents for up to at least 7 years.

CPAs will tell you to keep track of everything.  Over documenting is better than missing something.  It is important to keep all bills and receipts that pertain to your real estate rehab business.  Your CPA will be able to tell you what is tax deductible and what category it should be placed under.  To help with tax preparation, put your receipts into folders by category.

Read examples of tax deductions here.

Some self-employed individuals find it helpful to keep a calendar full of payments, purchases, miles, etc.  This allows them to look back each month to see their business activity.  How do you handle preparing for taxes?

ReCasa Financial Group Can Help With More Than Rehab Financing

Ever wonder if ReCasa Financial Group offers real estate loans in addition to 100% financing for rehab investment properties?  Good news!  We do for those in Ohio, Pennsylvania, and Indiana.

If you need cash out, need to refinance because the loan has matured, need to pay off outstanding debts, and/or need a loan that does not fit the cookie cutter bank loan, ReCasa can help.  The maximum term is 24 months, and the program includes purchase, refinance and construction costs.

Contact Erik Williams at ewilliams@recasafinancial.com or 614.221.6770 x 245 for your financing needs.

ReCasa Financial Group’s In-House Contact for Your Insurance Needs

Recently, Detwiler-Brofford Insurance, Inc. opened a new location at 130 East Chestnut Street, Suite 200, Columbus, OH  43215.  ReCasa’s Product and Support Manager, Sonya Wasmer has an added position as an Insurance Producer with Detwiler-Brofford Insurance, Inc.  Wasmer has 3 years of insurance experience, and over 16 years of exceptional customer service experience.  She is excited to help clients save money by getting the best possible coverage and service.  She will evaluate your specific situation and provide the best insurance value for you.  Wasmer offers life insurance and property/casualty insurance for auto, home, dwelling fire, builder’s risk, along with any other assets you would like to protect for individuals, families and businesses in Ohio, Illinois, Indiana and Pennsylvania.

As real estate investors, a Builder’s Risk policy is ideal as it is an insurance policy that is designed to cover property in the course of construction.  It covers the existing building, along with newly-renovated property.  It is typically written in combination with General Liability, which is an insurance policy that protects an individual or business from the risk that they may be sued and held legally liable for something such as injury or negligence.  Liability insurance policies cover both legal costs and any legal payouts for which the insured would be responsible if found legally liable.

Detwiler-Brofford was established in 1984 in Central Ohio, and expanded in 2015 opening an additional office in downtown Columbus, Ohio.  They represent many highly-rated insurance companies, including Erie Insurance, Grange Insurance, Auto-Owners Insurance, Safeco Insurance, State Auto Insurance, Progressive Insurance and more.Sonya Wasmer

Please contact Sonya Wasmer for your insurance needs.

Sonya E. Wasmer
(614) 300-2883
sonya@detwilerinsurance.com
130 E Chestnut Street Suite 200
Columbus, OH  43215

Tips for Selling Your Investment Property During the Winter

Some investors may take time off during the winter season because they are afraid of the winter real estate market, but it could be one of the best times to sell a property.  Homebuyers looking to purchase a home during the winter are serious buyers and have limited inventory to choose from, allowing you, as the seller, to have an advantage.  Below are a few useful tips to help you sell property during the winter season.

  • Shovel and salt all pathways and driveways
  • Clean exterior including windows and siding
  • Put away outdoor furniture, unless it can be used during the winter
  • Winterize the property
  • Show off fireplace
  • Keep the home warm and cozy
  • Decorate interior and exterior for the holidays

What other tips would you add to this list?

Rehab Investing Benefits Children

We all know that real estate investing can be financially beneficial, but if you are a parent or hope to be one someday, have you ever considered the benefit it could have on your children?  You may have thought about ways to teach your children to save, but what about investing their money?  The article below explains more about how real estate investing can teach your children about financial principles.

“Even if the concepts are simplified for their sake, you can explain to them how investing works and how it can grow their money for the future.”

5 Ways to Use Real Estate Investing to Teach Your Kids About Finance

Are there other ways that real estate investing can help you teach your children?