Hello
I purchased a rental property 2 years ago and have been very fortunate to have had the same tenant for that time - paid rent on time, kept place in excellent condition etc.
Alas tenant is moving out so I have advertised in the local paper and will probably start getting calls from Thurs. However I note that a lot of rental properties in the town are now managed by management companies. I dont mind showing people around etc and hope to get suitable candidates however I do not have an awful lot of time on my hands due to increased work commitments.
If I was to employ a management company to manage the property and find and vet new tennants, can I offset the costs against rental income ( ie I may aswell give the money to the management company and have an easier life because I will be giving it to the tax man anyway).........thoughts, opinions and advice appreciated.
Lotus
I purchased a rental property 2 years ago and have been very fortunate to have had the same tenant for that time - paid rent on time, kept place in excellent condition etc.
Alas tenant is moving out so I have advertised in the local paper and will probably start getting calls from Thurs. However I note that a lot of rental properties in the town are now managed by management companies. I dont mind showing people around etc and hope to get suitable candidates however I do not have an awful lot of time on my hands due to increased work commitments.
If I was to employ a management company to manage the property and find and vet new tennants, can I offset the costs against rental income ( ie I may aswell give the money to the management company and have an easier life because I will be giving it to the tax man anyway).........thoughts, opinions and advice appreciated.
Lotus