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Landlord Quick Tips

Owning rental properties within Lancaster County can be a very stable investment. I really don’t focus on the get rich quick stuff I look for  the long term  returns.  Properly setting up your rental property is key.  It would be good to talk to an accountant, take the time to figure out where it will fit into the rest of your income, debt to income ratios, and overall investment portfolio. If you already have a strong income, you may want to set these up separately to avoid or lessen costly taxes.  I would also suggest speaking with an attorney on how to structure the investment, LLC, Corporation, or just leave it in your own name. Much of this will depend more on your tolerance for risk.

Something I’m seeing more of is local municipalities cracking down on landlords, in regards to licenses and yearly inspections. If you have disruptive tenants, the city may see that you evict them if they are a nuisance. I don’t totally disagree with this, but it can make  land lording difficult.

That’s it for today’s Landlord quick tips!