Repurpose existing buildings: Of course there are parts of the building which cost money to bring up to code, to fix, or to eliminate. But these costs do not compare to the enormous amount you save when you purchase a pre-existing building, as there is a huge creation of value there.
Create smaller units: Not only can can fit more units in a building if they’re smaller, but if you are going to rent to lower-income people, the utilities would have to be cheaper too. Smaller units kill two birds with one stone.
Leverage mass transit/walking: This goes along with the previous tip. If tenants don’t have to pay for parking, gas, or upkeep on a car, this also makes rent easier to come by.
Splurge on windows: Again, this one comes down to utility costs. While new, energy-efficient windows can be a big expense, they will pay off in the long run in the form of lower heating and cooling bills.
Ditch the carpeting: Tile or hardwood floors might not be especially cheap compared to industrial carpet, but they can go many years without needing to be replaced. Furthermore, avoiding carpeting allows for less down-time between tenants.
From a new port to a new Wellness Center to the Graphite mine, there are several projects planned for Nome that will require expansion in our housing market. There is currently a shortage of affordable housing choices for individuals and families in Nome. Could this 5,000 plus sq ft building be converted to a viable housing option?
You can obtain a credit report at least once a year to check or correct errors or problems. The only official site for the free credit check is http://www.annualcreditreport.com. The report is free but actual scoring has a fee attached to it. You can check your report with the 3 major bureaus (Equifax, Transunion, and Experian) Be warned, your reports may not be identical, and if you do order a score, the system the lenders use to validate is slightly different from consumer purchased scores.
Remember, http://www.annualcreditreport.com is the ONLY guaranteed free site.
Many rental home expenses are tax deductible. Save receipts and any other documentation, and take the deductions on Schedule E.
In general, you can claim the deductions for the year in which you pay for these common rental property expenses:
- Cleaning and maintenance
- Commissions paid to rental agents/property managers
- Home owner association/condo dues
- Insurance premiums
- Legal fees
- Mortgage interest
Less obvious deductions include expenses to obtain a mortgage, and fees charged by an accountant to prepare your Schedule E.
And don’t forget that a rental home can even be a cabin, houseboat or trailer, as long as there are sleeping, cooking, and bathroom facilities and you can show some income from rents.
Almost 3 acres with a ‘dome-style’ cabin, this is one of the best lots in this subdivision! Amazing views of the Nome River, the Bering Sea and the mountains. The dome is on a block and pad foundation on fill, with a deck built onto it. The power is connected, so this place is ready to go! Located only 4 miles out the Beam Road, it’s outside of the City of Nome so there are ZERO TAXES.
A perfect spot for a summer retreat, or a great location to build a home with a filled lot and electric service already in place!
If your home office meets Internal Revenue Service (www.irs.gov) criteria, you can take a tax deduction for operating costs associated with it. Your deduction is based on the percentage of your home the office occupies, so if your home is 2,000 square feet and your office is 200 square feet, you can deduct 10 percent of your costs. To calculate the deduction, you’ll need the following information:
- Square footage of your home
- Square footage of your home office
- Mortgage interest reported on Form 1098
- Homeowners insurance premium
- Invoices for maintenance or repair on your home
- Total rent paid, if applicable
- Property tax payment
- Utility bills
This uber affordable home has been the happy home of the seller for many years, but now that he’s leaving Nome, he’s ready to pass all his hard work on to you!
Low fuel, well maintained boiler and electrical, good ventilation and a tidy, ready to move into home. The new deck, flooring and furniture are just a bonus!
Schedule your showing today!