Category Property Management Brevard County

 March 15, 2021   Posted in Property Management Brevard County

Before you invest in a rental property, you need to consider what you need to earn for the investment to be worthwhile? You will want to earn a profit each month on your investment that covers more than the property’s expenses. Your time is valuable, and you need to consider paying for yourself as part of the return on investment or ROI of your Florida investment property. 

Before you can calculate the true ROI of a rental property, you have to factor in all the costs associated with holding that property, not just the purchase amount. You will need to know your rental income, total expenses, and the time spent managing the property.

Before we start the calculation, let’s define each term:

Rental Income: Rental income is any payment you receive for the use or occupation of a property. (IRS.gov)

Rental Expenses: Expenses may include mortgage interest, property tax, operating expenses, depreciation, and repairs. The IRS website has a long list of rental-specific expenditures that qualify for deductions you can review.

You may not deduct the cost of improvements. A rental property is improved only if the amounts paid are for a betterment or restoration or adaptation to a new or different use.

Cash Flow: In real estate, cash flow is the difference between a property’s income and expenses, including debts. (source)

Equity: The amount of money you’d receive after paying off the mortgage if you were to sell the home. (source)

Net Income: The income you receive from your rental property after deducted expenses associated with the home. (source)

How to Calculate ROI on Florida Investment Property

To calculate ROI on a rental property, use these 4 simple steps:

1.   Calculate your annual rental income
2.   Subtract your expenses from your annual rental income. This is your cash flow.
3.   Add your equity build to your cash flow. This is your net income.
4.   Divide your net income by your total investment to get your rental property return on investment.

All Brevard Property Management, in Indialantic, FL, understands that you need to maximize your ROI as an investment property owner. That’s why we carefully background check our rental applicants and conduct credit checks. We also conduct semi-annual inspections to ensure your property is well maintained. Contact us to learn more about why your property is in excellent management hands with All Brevard Property.

 January 5, 2021   Posted in Property Management Brevard County

Part of your responsibilities as a landlord is to make sure your property remains safe in the event of a hurricane or natural disaster. If your property is in Florida you will need to take extra care to prepare for hurricanes whereas in other parts of the country landlords reinforce properties for other natural disasters such as tornadoes. Landlords who maintain their properties will have an easier time retaining tenants and finding new ones. If you don’t have time to take care of the upkeep yourself you will want to hire a trusted property management company to ensure your investment property is in excellent condition heading into hurricane season.

Here are Four Ways to Prepare Your Property for Hurricane Season

Review Your Insurance Policies

In the ideal situation, your insurance will cover repairs to the property and replace anything that suffers damages beyond repair such as broken windows. You may consider looking into getting extended replacement cost coverage or a guaranteed replacement cost policy. Both policies are designed to cover you in the event of a major disaster. 

Hurricane and flood insurance is also important to consider, especially if you are in a flood zone. Flood insurance is not covered by standard homeowners or renters insurance policies but is available through FEMA’s National Flood Insurance Program. Hurricane deductibles only apply to damage caused by a hurricane, and typically vary from 1 percent to 5 percent of the insured value of a home.

Share Hurricane Safety Procedures with Tenants or Property Managers

As a landlord, it’s your responsibility to make sure your tenants or property manager are aware of safety procedures in the case of a hurricane. If you have tenants, make sure everyone is informed about storm-related preparations. Provide a hurricane checklist to help your tenants ensure their living space is secure against high winds. After the storm, check in with your tenants to make sure everyone is safe. You will want to make sure you connect with your property manager after they gather a property damage report and arrange to have an inspector check for damages that aren’t visible to the eye.

Prepare the Property Before a Hurricane

It’s a good idea to check the property at least once a year for any vulnerable trees that may break or fall and have them removed before the hurricane season. It’s your responsibility as the landlord to storm-guard your property and work to prevent potential hazards or injuries.

Document Everything with Photos

The quickest way to ensure the insurance companies will accurately appraise repairs is by filing photo documents ahead of time. If they know when you last replace windows, the roof, gutters, or other exterior fixtures it will be easier to know how to estimate the value of the damages.

At All Brevard Property Management, we understand it’s the details that set companies apart. We work with landlords to ensure that properties are in great shape before hurricane season so that they are safe for tenants. Contact us to learn more about our property management specialists.

 December 7, 2020   Posted in Property Management Brevard County

A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some form of title from a lessor or landlord. Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property.

 December 7, 2020   Posted in Property Management Brevard County

A landlord is the owner of a house, apartment, condominium, land or real estate which is rented or leased to an individual or business, who is called a tenant (also a lessee or renter). When a juristic person is in this position, the term landlord is used. Other terms include lessor and owner. The term landlady may be used for female owners, and lessor applies to both genders.

 December 3, 2020   Posted in Property Management Brevard County

Real estate is “Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; (also) an item of real property; (more generally) buildings or housing in general. Also: the business of real estate; the profession of buying, selling, or renting land, buildings or housing.

 December 3, 2020   Posted in Property Management Brevard County

Viera (pronounced /vyeh-rah/) is a master planned community located in the central coastal region of Brevard County, Florida. It is part of an unincorporated section adjacent to the Melbourne, Florida area. For census purposes, it is divided between the Census Designated Places of Viera East and Viera West. At the 2010 census, Viera East had a population of 10,757, while Viera West had a population of 6,641.

 December 3, 2020   Posted in Property Management Brevard County

Satellite Beach is a coastal city situated in Brevard County, Florida, United States. It is located between the Atlantic Ocean to the east and the Indian River to the west. The population was 10,109 at the 2010 census. It is part of the Palm Bay–Melbourne–Titusville Metropolitan Statistical Area. With both ocean and river frontage, Satellite Beach is the largest beachside community in South Brevard County.

 December 3, 2020   Posted in Property Management Brevard County

Melbourne Beach is a town in Brevard County, Florida, United States. The population was 3,101 at the 2010 census. It is part of the Palm Bay–Melbourne–Titusville Metropolitan Statistical Area.

 December 3, 2020   Posted in Property Management Brevard County

Suntree is a planned unincorporated community in Brevard County, Florida, United States. It is located near the center of the county, off I-95 near Viera between Interstate 95 and the Florida East Coast Railroad. It lies approximately halfway between Rockledge and Melbourne. Suntree is part of the Palm Bay–Melbourne–Titusville Metropolitan Statistical Area.

 December 3, 2020   Posted in Property Management Brevard County

Property is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation. Depending on the nature of the property, an owner of property has the right to consume, sell, rent, mortgage, transfer, exchange or destroy it, or to exclude others from doing these things.