I read somewhere the perfect summer day is when the sun is shining, the breeze is blowing, the birds are singing, and the lawn mower is broken! Well that may be true for a lot of people, but not for us landlords. Summer is the short time window we have to take care of landlord summertime chores: Make repairs, replacements, upgrades, and the rest of those things wet winter days don’t allow.
It’s important to remember a few things about all this work. Foremost, keep good books. All those receipts and bills are really important around tax season. Understand how to use depreciation as a business tool. Some landlords use a strategy known as cost segregation, components of a property and its improvements are depreciated separately, often with different, shorter timelines. Furniture and appliances, for instance, are depreciated over five years. Did you know property improvements are also included in the cost basis? They are depreciated over time, though the cost of most repairs is deductible in the year when it is incurred. Add the use of your home office, unexpected losses and tax losses, and all of a sudden you’d wish that lawn mower were broken–this stuff can be overwhelming.
The RHA is here to help you navigate the pitfalls of our industry and help you make smart business decisions for your properties. We have an experienced team, experienced board of directors, and wonderful partner companies who are here to help.
This month we have something very special going on at the RHA. Please save the date and come to our first annual “Under a Starry Night” social. Taking place of our monthly dinner meeting, we are starting a July tradition of hosting all our members at the RHA offices. Fine food, wonderful friends, and a way for you to help our favorite non-profit JOIN, who help people transition from the street to a home.
We will also be dedicating our new community room after longtime RHA board member Jon Moon. It will be a fine and special evening and we really hope the entire RHA community will attend.
Of course our classes, tenant screening, and answers to all the questions around the section 8 law taking effect continue at the RHA. Just call our office or check our new website. We are here to serve.
Can’t wait to see everyone in a few weeks Under a Starry Night.
July 16, 2014 at 6pm, complimentary beer and wine. $19.00 per guest to cover the cost of food.
Rental Housing Alliance Oregon President
Since 1927, the Rental Housing Alliance Oregon has set the standard for community participation by landlords providing affordable and quality housing.