OWNERS NEWSLETTER - JANUARY 2021

                                                   

 OWNERS NEWSLETTER – JANUARY 2021

YEAR-END STATEMENTS – Year-end summary statements and IRS 1099 forms were both e-mailed and posted to owners’ portals this month. Note: your 1099 form represents your gross rental income for 2020 before expenses. If you need any assistance accessing your owner portal or have any questions regarding your account, please e-mail us at rent@hunterRentals.com and one of our staff will be happy to help you.  

MORTGAGE COMPANY DATA - At some point between December 2020 and next month, your mortgage company will furnish you with a copy of your escrow accounting showing expenditures for taxes, insurance, and interest for the year 2020. This information is provided by the mortgage company for your tax filing. When filing your taxes, you should also include any receipts for personal expenditures you had, such as costs associated with travel to visit your property in 2020. 

UPDATE US – Please be sure to notify us with any changes to your contact information such as new e-mail address, phone numbers, name changes, new physical mailing address, etc. 

TIME TO REVIEW – This month is an excellent time to see where you can trim expenses associated with your property. Today’s interest rates are at historic lows and refinancing your existing mortgage could save you thousands of dollars annually if your current rate is in the 4% to 5% range or higher. In most cases, refinancing is relatively quick and easy and for many property owners, there are zero out of pocket costs. Additionally, you will have no mortgage payment to pay for up to two months when refinancing. If you are a veteran and your present mortgage is a VA guaranteed loan on your rental property, you can refinance your VA loan. Refinancing a VA loan is usually streamlined and requires no survey or appraisal and no out of pocket expenses. Homeowners insurance is also an often-overlooked expense that most people rarely examine annually. With a quick review, you may find that you are over insured and/or are paying too much for your annual premium. With a little comparison shopping, you may likely find excellent coverage with a reasonable annual premium, better coverage, and a less expensive deductible. 

WARNING! – Like many property owners, I receive a constant barrage of solicitations from property wholesalers offering to purchase my house for cash. The solicitations come by email, text, postcards, and letters in the mail. The wholesalers, many of whom are out of state, search online to obtain your name, address, and in many instances, they easily find your cell phone number. Even if you are flirting with the idea of selling or simply want to know what price your property may achieve in today’s market, you are well advised to avoid these folks. They entice property owners with offers of all cash, taking your property as is regardless of condition, and fast closings. These wholesalers are not licensed brokers and are largely unregulated, which allows them to operate with impunity. As a licensed brokerage, we have a sworn duty to represent your best interest and to assist you in achieving the highest and best price for your property when selling. We have over thirty-four years of real estate experience in Central Texas, and properties we sell typically net our sellers tens of thousands of dollars more than what the wholesalers are offering. If you have any questions about your property’s value, selling, or if you are wanting to purchase investment properties, please email us at Rent@HunterRentals.com. Our friendly, knowledgeable agents are ready to help you with all your real estate needs.

David Gerke

Broker