Buying an apartment/condo to rent out.. thoughts?

[mikehn]

If the administration would make HOA fees tax deductible, that would be a huge game changer, huge game changer, whether federal deductible or even just state deductible

 

[tvguy]

If the administration would make HOA fees tax deductible, that would be a huge game changer, huge game changer, whether federal deductible or even just state deductible

Aren't they already deductible as one of the costs of doing business for the landlord, just like insurance, property taxes, upkeep, etc?

 

[mikehn]

Yes business expenses are already deductible. I meant for homeowners. I wasnt clear on that

 

[_19disnA]

I doubt any modification to tax laws will change the basic economics of owing/renting. Tax deductions are typically only a % of the amount you claim. People who talk about renting out property as some huge source of income isn't reality in most cases from what I have seen when you consider ALL of the involved costs.

If you own a place in a popular resort/vacation location, you are in competition with everyone else who is also renting. You can only charge what is reasonable for that market or people will simply rent elsewhere.