Thursday, 25 August 2016 18:49

Have You Considered Buying Rental Property?

Do you have rental/investment properties or have you considered purchasing rental properties? If so, then this article is geared to you. At one time, I owned several different rental properties. Recently I considered the costs involved in purchasing a rental property.I have the basics here and I'm sure I have missed several so bear with me and feel free to add comments.

First, there is the cost to purchase the property. More often than not the property will need repairs or maintenance before it is able to go on the market as a rental. Apartment for rentThere is the cost of advertising the property, showng the property and screening applicants. All of this takes money and time. Time is money. Once rented, something will inevitably break and the property will need more maintenance. As a landlord, there is always the risk of not being paid and having to chase down payments. In the meantime, most landlords will still have a mortgage and property taxes to pay. Hopefully, you have not had that problem.

Money Escaping Roof Stock Photolg 500xAt some point, your tennant will move out and the cycle starts over again. Cleaning, fixing, advertising, showing, screening. Is it really worth it? How long before your rental unit will be cash positive?

Is there an alternative?

On my personal residence, I have a roof on my house and on my garage. They both nicely face south and are not too encumbered by shade from the trees on my property. The roofs serve an important purpose. They provide shelter from the elements.  According to Wikipedia, "A roof is part of a building envelope. It is the covering on the uppermost part of a building or shelter which provides protection from animals and weather, notably rain or snow, but also heat, wind and sunlight. The word also denotes the framing or structure which supports that covering."

Aside from these important functions, a roof is basically wasted real estate. What if I could put that real estate to use making money or offsetting money I currently spend? What if instead of money going out through the roof, the roof brought money in? Hmmm...let's consider that investment.

solar1I purchased a 4 kW Simply Solar DIY Kit. I did not care to do the installation myself. I used to instruct wind technicians who work at heights safety and rescue procedures and I prefer to stay grounded now. So I contacted a company to do the installation for me. I applied for a building permit and to my electric company to interconnect to the grid. The kit was drop shipped to my house and installed in two days. From that point on, it has been generating money every day. Even on days when it is overcast, I will get some contribution by my solar panels. A contribution by my solar panels is equivelant to money. The solar panels on my roof are the tennant every landlord dreams of.

You see, they pay me on time, day after day. They need little or no maintanance. I have no fear that they will ever move out and leave me with a vacant property not generating income. There is also a bonus with installing solar panels: I received a 30% Federal Tax Credit on the installed cost of my system. This is a true credit, not a deduction you receive for things like mileage or business expenses.

Does solar work?

energy changes 8.25.16

I am frequently asked how the solar has worked on my house. I've always heard a picture is worth a thousand words. In this case I think the saying is appropriate.

I have made other improvements to my home which have helped. I have nearly all LED lights and I replaced all my drafty, single pane windows from the 1960's with highly efficient, professional grade Thermolock vinyl windows. These windows, installed properly, contribute to a reduction in energy in my house. Energy efficiency is a future post!

The bottom line is, the solar is adding to my bottom line and giving me cash flow. What I used to pay to the electric company, I can use in other places or invest in other upgrades. I can also invest the savings in other areas.

Next steps for landlords

So if you have already made the investment in rental properties, it is not to late to retrofit the property with solar. Get in touch with Sunny, and we will provide you with a virtual site evaluation. If you do not have adequate roof available due to shading, age of the roof, or other reasons, there is always the potential for a ground mount. You will be eligible for the 30% Federal Tax Credit if you pay taxes (ie. non-profits are not eligible). Just think how motivating it would be to your tennants to have lower electric bills. We can ship our systems anywhere in the U. S. You probably already have a trusted contractor who could do the install for you. A roofer and an electrician are all you need. Financing may also be available so you don't have any money out of pocket.

What are you waiting for? STOP THE BLEEDING!! Call Sunny and say you want Simply Solar Now!! 1.814.714.7652 ~ 1.814.714.SOLAR

Published in Blog
Tuesday, 28 June 2016 21:42

What is Simply Solar Now?

Are you interested in learning more about solar on your home? Do you pride yourself in being a DIY'er? If you answered yes to either of these questions, you have come to the right place.

Simply Solar Now was designed with you in mind. Our company offers solar "kits" which include solar panels, racking, microinverters and a few other components you will need to put solar on your home. Our solar kits are designed to make putting solar on your house easy and to make the process as uncomplicated as possible.

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