SECURE A FIXED-RATE LOAN
PROTEST YOUR TAXES
KNOW THE TAX CODES
Given the current interest rates, owners with loans maturing within the next six months should strongly consider the potential benefits of refinancing before year's end. Despite the challenging rate environment, securing a fixed-rate loan now may offer a more favorable rate than waiting. Additionally, the earlier you refinance, the sooner you can start deducting the mortgage interest on the new loan. Engage with a lender experienced in multifamily properties to explore refinancing options tailored to your situation. This proactive step can help offset some costs of a higher rate and potentially prevent a distress sale or foreclosure.
Depending on your area, protesting taxes can be hugely beneficial. The appraised value is used to calculate your taxes. If you believe it is overvalued and the amount you are being charged is too high, you have the right to protest. With the recent run-up and then cooling- off of property values, it is more important now than ever to use this strategy to manage your expenses. Not only can this tactic help your current operations, but since each year’s evaluation is based on the previous year, protesting every year can be beneficial in the long term too, especially when it comes to enticing potential buyers!
My best piece of advice is to know the tax codes as well as your CPA. At a minimum, know the rules that specifically apply to your niche real estate investing strategy. Also, make sure you know the IRS rules that may be expiring this year and don’t wait untill December 31 to learn them. Over the past few years, there have been certain energy efficiency tax rules, EV charger credits and bonus depreciation codes that have all changed in certain ways. Some investors have missed out or will miss out by simply not knowing when certain credits may expire.
SECURING A FIXED-RATE LOAN NOW MAY OFFER A MORE FAVORABLE RATE.
MAKE SURE YOU KNOW THE IRS RULES THAT MAY BE EXPIRING.
USE THIS STRATEGY TO MANAGE YOUR EXPENSES.
Robert Anderson Co-Founder & Managing Broker Tortoise Realty Group Miami, Florida Connect with Robert
Ashley Wilson Co-Founder of Bardown Investments Multifamily Mentor and Coach Connect with Ashley
Jason Kogok Author of Plug the Holes, Fill the Barrel Read Jason’s Book
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