Investing in a house, multi-family apartment building or condo can be a tremendous avenue for the individual. It makes the investors his or her own boss and may set you up for tremendous revenue streams in your later years. It can certainly supplement whatever retirement plan you may have at your employer. One of the key ways of maximizing your investment is choosing a property management company that can do these things for you. Especially with rising rents and complex building and landlord and tenants laws in New York City, it is important to hire a property management company that will alleviate your time and effort so you can concentrate on other avenues of your life. Once you are able to find the proper NYC building management company, you can then look at the long term benefits of owning investment properties.
One of the main reasons why individuals invest in rental properties is due to the additional income the property will generate. When renting a home, apartment or condo, owners have the opportunity to acquire cash on a monthly basis. When this occurs, it is called a landlord’s current income; the amount of cash that is left over after the mortgage is paid.
Another reason is you become your own boss. You choose property you want to invest in, what location you would like to invest in. You can decide whether investing in Queens, Brooklyn, Bronx or Manhattan would better suit your long term goals. You decide what tenants you want to rent to, how much the rent will be and in particular how you want to manage the property. Although it is nice sometime to have the control of being the boss, it is always a nice benefit to have someone on your side when it comes with dealing with day to day operations. You can hire a property manager and discuss a plan on how you would like your investment property to be managed.
Lastly, with investment properties, you are entitled to huge tax deductions. You can write-off interest on your mortgage or on any credit cards used to make purchases for the property. You can write-off your insurance, maintenance repairs, travel expenses, any legal and professional fees (including property management fees), and even your property taxes.
There are many other responsibilities the go along with owning a rental property including tenant screening, landscaping upkeep, maintenance repairs, accounting and more. If you are interested in investing in real property and believe you may not have the time to do handle the property like how you would like to, contact Blue Harbour Property Management. We are a trusted New York City property management company that specializes in management services. We can assure you that all of your landlord responsibilities are being met and taken care of. Contact us at 718-843-1185 to learn more about how our services could help you add to your monthly rental income.