What Are The 4 Most Common Mistakes Managing A Rental Property 

VIDEO TRANSCRIPTION – What are the four most common mistakes managing a rental property that people do or are not aware of? Hi, I’m Steven D. Cooper, your tax strategist, also known as Coach Coop, with Coopers Accounting Service, because your financial freedom matters. 

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A client came into our office a few weeks ago all excited that he’s finally able to move into his new home and he turned his previous home into a rental property. Great. I asked the gentleman a few questions. Simple questions. Let’s go over four questions right now.

Question number one, Is your rental property, is it in the insurance name or is it in your name? Coop, I got a feeling I know what picture you’re painting to me. Okay, sir. Last question. Check this out.

Are you getting paid from your personal account or are you getting paid from the business account? What this, the picture that I’m painting to this is this. You turn around and have a business. Yes. You have an EIN number. Yes. But if you get sued, everything’s tied to your social security number. 

That’s the picture that I painted to him and what I told him, because he’s a very busy man, I said, bro, what you need to do is this. Do two things in April or May, and do the other two things either in May or June. Get everything taken care of, and you better enjoy your summer with peace and relaxation.

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If you’d like a free 20-minute Smart Money Consulting, call us at 562-436-2600. Well again, I’m Steven D. Cooper, your tax strategist, also known as Coach Coop, for Coopers Accounting Service.

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