Buying a rental property is a big decision so Mark and Brenda wanted to make sure they did everything the right way. What Mark and Brenda didn’t think about was all the financial details that go into purchasing property. This includes structuring the rental property, tax, legislative requirements, and most importantly, what they could and couldn’t claim for the property.
“It was a minefield as we felt like we’d bitten off more than we could chew,” said Mark.
Mark and Brenda thought the best decision was to see an accountant who could meet all the requirements for managing a rental property. When they went out to find an accountant it sounded so expensive and it felt like they were speaking another language. “We were at the stage of thinking seriously about putting the place back on the market and putting our money back in the bank,” said Brenda.
Then a friend suggested they talk to SBA. “What surprised us, was how easy it was. The SBA accountant sat us down and we just talked. This was great as we felt really at ease and at the end of it we knew what we needed and what it was going to cost.” said Mark. That was two years ago, now they are looking to buy another property and build an investment portfolio. “We couldn’t have done it without the support of SBA.”
We have over 80 branches nationwide so get in touch with your local SBA Branch today and choose the accounting service that’s right for your business or rental investment.