No doubt about it, our current circumstances are less than ideal. First and foremost, despite the escalating hardships, we should be grateful for the blessings we have in this country and prayerful for Ukraine and its people who are in the struggle of (and for) their lives.
We admit, it’s hard to maintain the appropriate perspective when we are being assailed daily with rising costs everywhere. Housing, gas, groceries…now interest rates. We know you already know these things as no one is 100% immune to these dynamics.
However, we feel we should give you some insight into what we are seeing across the boards for services and/or materials. Basically, nothing will be “inexpensive” and if it is, it won’t be readily available. There it is, in a nutshell. Acquisition time has ballooned and prices are creeping.
This is most prevalent with appliances but is seeping into just getting general services executed—because vendors are feeling the impact of supply chain woes and the “great resignation”.
Ideal example: just this time a year ago a new water heater, installed, was $975.00. Today, a mere one year later, we’re seeing new water heaters as much as $1700.00. That’s roughly a 75% increase. Want more specifics? Email marketing.
So yes, housing costs/rents are rising along with all this. So, what’s the good news?
We are reasonable in our expectations and compassionate towards residents regarding increases. We are, together, evaluating very carefully that delicate balance of containing impact to the resident with necessary adjustments to meet your obligations.
You can write off many of the expenses of maintaining and repairing the property as business expenses.
- The net cash flow earned from your rent after expenses can supplement your retirement income or other financial goals.
- The rent collected can offset the mortgage, repair costs, and expenses to run the property while you earn the property’s appreciation.
- Your equity just keeps growing...
- You don’t have to pay social security taxes on your rental income.
- Real estate isn’t as volatile as the stock market and often reacts opposite to the market, helping you diversify.
- Despite what 60 Minutes might have you believe, Jacksonville is still one of the more affordable markets in the country—good news for investors and renters alike.
If you have questions about the details of any of these issues, email marketing
The Team at FPM Properties