2024 Landlord Survival Guide: Adapt and thrive in the new normal

In this episode, Peter McKenzie discusses the key steps landlords should take to prepare for the upcoming year. He emphasizes the risk of doing nothing and falling behind on rent, laws, and property updates. The top eight things to do at the end of the year are: reviewing fair market value, property maintenance and updates, evaluating rental strategy, improving rental income, reducing expenses, showing appreciation to tenants, staying updated on legal changes, and managing taxes. Takeaways Regularly review the fair market value of your rental property to ensure you are not leaving money on the table. Stay on top of property maintenance and updates to avoid costly repairs and keep your property in good condition. Evaluate your rental strategy to determine if there are better options available, such as short-term rentals or house hacking. Look for opportunities to increase rental income by making improvements to the property or adding desirable features. Reduce expenses by getting rid of expensive or hard-to-maintain items, such as large lawns. Consider showing appreciation to tenants with a gift or gesture to foster positive relationships and tenant retention. Stay updated on legal changes that may impact your rental business to ensure compliance and avoid penalties. Keep clean records and work with a tax professional to take advantage of tax benefits associated with owning rental real estate. Chapters: (00:00) Introduction and Setting the Context   (01:04) The Risk of Doing Nothing (03:17)Reviewing Fair Market Value (04:45) Property Maintenance and Updates (06:42) Evaluating Rental Strategy (07:39) Improving Rental Income (09:03) Reducing Expenses (10:32) Showing Appreciation to Tenants (13:27) Staying Updated on Legal Changes (17:09) Managing Taxes (19:08) Recap and Conclusion