Self-Managing Property:
- Sean asks if it's worth self-managing a property to save costs.
- Pros: saving money on property management fees.
- Cons: responsibilities include finding tenants, handling maintenance requests, dealing with legal issues.
- Importance of finding good tenants and staying up-to-date with laws and regulations.
- Some landlord insurance policies may not cover self-managed properties.
Deducting Renovations for Investment Property:
- Edward asks if he can deduct the cost of renovations when turning his principal place of residence into an investment property.
- Expenses incurred before the property is available for rent are considered secondhand and not deductible.
- Suggestion to wait until the property becomes income-producing before making improvements eligible for depreciation deductions.
Money Management with Business Income:
- Sean inquires about handling business income and expenses in the More platform.
- Separating personal income from business income for accurate cash flow management.
- Keeping track of business expenses separately from personal expenses for a clear understanding of household cash flow.
- Option to have separate accounts or merge finances within one account.
Not All Landlords Are Heartless:
- Greg shares his experience as a landlord who chose not to significantly raise rents for a long-term tenant despite rising interest costs on the property.
- Emphasizes that not all landlords are trying to take advantage of the rental crisis and many strive to balance financial goals with treating tenants respectfully.