#70 Landlord Life: Pros, Cons, and the Tax Traps You Need to Know
Thinking about renting out your home or investing in rental property? On the latest episode of "Connecting the Dollars," we tackle the not-so-glamorous side of being a landlord. From legal liabilities and tax surprises to the true time commitment, there’s a lot to consider before taking the plunge.
Here are 3 key takeaways from our discussion:
1. It’s More Work Than You Think: Being a landlord isn’t passive income—expect a steep learning curve, additional responsibilities, and plenty of behind-the-scenes tasks that can quickly add up in terms of time and stress.
2. Watch Out for Legal & Tax Pitfalls: From strict tenant laws and eviction processes to navigating depreciation recapture and unexpected tax bills, the risks and costs can sneak up on you—making advice from a qualified professional essential.
3. Plan, Prepare & Consult Experts: Rental income isn’t always pure profit, and the DIY approach to taxes can be costly. Talk to an advisor before you list your property to avoid common mistakes and optimize your financial strategy. Curious about rental property ownership—or already considering making the leap?
Listen to our latest episode for a candid conversation on what it really takes to become a successful landlord. Connect with us for tailored guidance.