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How to Start Your Own Rental Property Business

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How to Start Your Own Rental Property Business

Who doesn’t want to make money from real estate? There’s a huge demand for housing across the United States, which means there’s a ton of money to be made on real estate. And let’s be honest: real estate just as a certain sex appeal to it.

Rental properties can yield high returns on investment, and they’re also a great way to dramatically increase your wealth.Starting a rental property business is easier than you think, so long as you follow these simple steps. With careful planning and hard work, you could be making lots of money on an investment property, whether you’re renting it for residential or commercial use.

Evaluate the Market

Before you purchase a rental property, it’s important that you carefully evaluate the market where your property-of-interest is located in. Be careful about purchasing a property in a neighborhood where there are low property values, and in which there seems to be no future up-turn.

When you buy a property in one of these neighborhoods, you might find it difficult to find tenants unless you set rent prices very low—in which case you might not be able to make enough money to make the property very profitable. If you’re going to buy a property in a low-value neighborhood, try to pick one that might see redevelopment within ten years.

Learn how to tell if there’s a legitimate money-making opportunity on a property, so you don’t wind up investing in a property that has minimal returns.

Get Financing

If you’re going to buy a rental property, you’ll probably want to choose an investment property loan over a traditional mortgage loan or personal loan. An investment property loan is usually a short-term loan (paid off within 1 to 5 years), which is good because you’ll obtain full equity in the property faster, and thus, make money faster. The only catch is that the interest is high and your monthly mortgage payments will also be high. But that’s the benefit of having tenants paying rent. You can put your rent toward paying off the loan. Once the loan is paid off, you’ll get to pocket all the rent in the future.

But you still need to budget carefully. There’s a good chance that you won’t find tenants for your first month or two, which means you’ll have to pay the mortgage payment entirely with your own funds. That’s why you want to be careful about where you buy your property. You’re going to need to gain enough rent money to help you cover most or all of the cost of the monthly mortgage payment. You shouldn’t buy a property where you won’t possibly be able to get sufficient rent to cover the loan cost. That’s why it’s important to evaluate the market and know your budget.

Prepare for Landlord Duties

Once you rent out the property to tenants, you become a landlord. It’s important that you do ample research on how to become a landlord, because it isn’t easy. There’s a lot that you’ll have to take care of, from maintenance requests to finding the right tenants.

Maintenance requests are time-consuming. As the property owner, you’ll be in charge of hiring contractors to fix plumbing, HVAC, and pest issues. You’ll need to respond to these maintenance requests in prompt fashion, or else you’ll be dealing with angry tenants who are legally able to withhold rent until the maintenance is taken care of. If you make tenants too unhappy, they might not decide to renew a lease, and the vacancy could cost you money.

It’s a lot of work being a landlord, and if you’re trying to maintain a passive income, you might consider hiring a property management company. For a fee, these companies will handle maintenance requests for you, collect rent, and find good tenants.

Always Be Looking for Tenants

If you have many units to fill, you might constantly have to be advertising to prospective tenants. Finding good tenants can be difficult, especially in markets where there’s little demand or markets where there’s a lot of housing competition. Rely on digital marketing techniques to advertise. Advertise on social media, or post listings to a rental listing website. And always remember to use a tenant screening service to ensure that you’re giving a lease to tenants who have no criminal record or prior evictions.

Are you ready to start making money? In order to get your rental property business started, just carefully evaluate the market, get a solid loan, prepare yourself for the landlord life, and get ready to fish for tenants. In no time, you’ll be making a huge supplemental income, and you’ll drastically increase your overall wealth.

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What’s Amazon ASIN And How Do You Get One? Here’s Everything You Need To Know

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What’s Amazon ASIN And How Do You Get One? Here’s Everything You Need To Know

Amazon is the world’s leading online marketplace. According to Statista, they have 213.4 million unique website visitors each month.

That’s a lot – accordingly, it’s no big surprise that every merchant wants to sell their products through Amazon.

If you also want to sell your products on Amazon, you need an Amazon ASIN.

But what is an ASIN?

ASIN means Amazon Standard Identification Number. It is an Amazon internal number that helps them keep track of your products.

Every product on Amazon has a unique Amazon Standard Identification Number.

In this article, you’ll learn everything about Amazon ASIN – what it is, why you need an ASIN and how to get one.

What Is Amazon ASIN?

ASIN stands for Amazon Standard Identification Number and it’s simply the product identifier used by Amazon. A product identifier is a scannable number like a UPC (barcode) to identify a product.

If you don’t know what’s a UPC, here’s an example of it:

What’s Amazon ASIN And How Do You Get One? Here’s Everything You Need To Know

ASIN is Amazon’s internal unique identifier to keep track of all the products sold on Amazon. With over 2,734,713 active sellers on Amazon, it would be impossible if every seller has their own unique identifier for their products.

There’s only one exception – if you want to sell books on Amazon, you don’t need to have an Amazon ASIN. That’s because every book has it’s own ISBN as an identifier. Amazon uses this ISBN to identify books, they don’t use their own ASIN.

I really don’t know exactly why, but I think it’s because Amazon started as an online bookseller in 1995.

When Do You Need An Amazon ASIN?

First of all, if you want to sell your products through Amazon, you need an Amazon ASIN. You need one unique ASIN for every product you sell on Amazon.

Second, if you sell the same product on two different marketplaces – for example, Amazon US and Amazon Germany, you need two different ASINs.

If this in case, you need two one ASIN for the US marketplace and another one for the german Amazon marketplace.

The next thing is that you need different ASINs if you sell variations of your product. If this in case, you will need a parent ASIN for your initial product and different child ASINs for all your variations.

For example, suppose you sell a T-shirt in different sizes. You need an ASIN for the first product – the T-shirt – and further children’s ASINs for all variations, e.g. for a blue, yellow and pink shirt.

  

When You Don’t Need An Amazon ASIN…

If you want to sell a product that’s already on the Amazon marketplace, you don’t need to register a new ASIN because every product that’s sold on Amazon already has one.

If this is the case, you only need to research the ASIN. If you don’t know how to find the ASIN of a product, read on, I will explain in the next chapter how to do this.

However, if you’re a new seller and want to sell a brand new product on Amazon, you’ve to register a new ASIN for that product.

What you need to know is that there’s a limit for new sellers on how many new ASINs they can create. If you want to create more ASINs in the near future, you need to sell more products and increase your sales on Amazon.

I highly recommend checking out this site to find out more about Amazon’s restrictions on the creation of new ASINs.

How To Search For A Product’s ASIN

Looking for a product’s ASIN on Amazon is super easy. All you have to do is to search for the product on Amazon.

Then, navigate to the product detail page and scroll to the end of the page.

You will find the ASIN of the product at the end of the listing with the product information.

But there’s another opportunity to get a product’s ASIN even faster. What you can also do is to take a look at the URL entry of your browser:

The ASIN is usually at the end of the URL of the product page. Just make sure that there’s no referral code and you’re good to go.

How To Get A New ASIN

If you’re starting as a private label seller, you will probably sell a product that nobody else sells on Amazon.

If this in case, you need to create a new Amazon ASIN so that Amazon can identify your product.

But you only need to do that if you sell a unique product under your own private label brand.

If the product you want to sell is already on Amazon, you don’t have to create a new ASIN.

Here’s how to create a new ASIN for your product on your own:

First of all, you need a GTIN (Global Trade Item Number) for your product.

What is a GTIN?

Global Trade Item Number (GTIN) can be used by a company to uniquely identify all of its trade items. GS1 defines trade items as products or services that are priced, ordered or invoiced at any point in the supply chain.

Source: GS1

Where do you get a GTIN?

You can get it from the GS1. The GS1 is a worldwide organization which distributes GTINs, UPCs or ISBNs.

There are different packages and you should choose a package that isn’t too expensive but fully suits your needs.

There are a lot of online sellers that also sell GTINs. However, I highly recommend not to buy a GTIN from another seller than the GS1 since it will only make you problems in the future – trust me.

Once you have a GTIN for your product, it’s relatively easy to get an Amazon ASIN.

All you have to do is to head over to Amazon Seller Central and click on “Add a new product” and then on “Create a new product”.

Then, you’ve to upload your product’s GTIN and Amazon will automatically generate a new ASIN for your product.

Conclusion

It is necessary to have an ASIN to sell on Amazon. However, you only need to create a new ASIN if you want to sell a product on Amazon that does not exist yet.

Anyway, taking care of the ASIN is only an administrative task. Focus more on increasing your sales to succeed in the long run.

About the Author

Moritz Bauer has over 5 years of experience in eCommerce and Marketing. On his blog smartminded he writes about Amazon FBA.

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Business and Finance

How to choose an accounting firm for your business?

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how to choose accounting firm

Tax laws undergo changes and additions every year. All these changes tend to confuse businesses, trying to find what each change means for them. It is the role of accountant firms to keep track of all these changes in the tax laws. And thus, rescue businesses from getting trapped in financial hassles and tax liabilities. Accounting firms expertise in managing day to day accounts and advising companies on complex financial matters.

If you are starting your own business, you must be considering consulting an accountant firm for your finances. You don’t know when you’ll need them, and it is totally normal. Right now, you’re focused on transforming your idea into a settled business. And while you do that, we’ll take you through some essential tips on how to choose an accounting firm for your business.

Experience in the field

Several people have CPA credentials and can perform an audit for your business. But the critical factor is who has worked in your specific industry. A person or a firm which has dedicated years in handling nuances of your sector knows what will work best for you. They will be able to offer solutions for your problems more quickly and thus, manage your finances better. A sector like technology has companies with massive and complex accounting structure and investors having high expectations. A knowledgeable company should also be able to help you with business proforma, but don’t expect them to just include the service for free. Pro forma business analysis goes hand in hand with accounting services.

Similarly, some accounting firms have thorough expertise in the audit. But your company requires immediate assistance in taxation. Hence, it is essential to talk to the CPA about their proficiency in your sector and knowledge in different tax laws.

How much do they charge?

A fee is a vital aspect to consider when hiring an accounting firm. It is obvious that different firms charge differently. Large firms, like Deloitte, will charge massive numerations in comparison to a boutique accounting firm in your city. The fees also depend on the kind of assignment they are getting. There are firms which set special rates for every task while others offer a full year service and charge for the same. The prices per job depend on the task they get like preparing profit and loss statement, personal income tax filing or collecting a statement of net worth.

 Some accountants write bills on hourly services. If that is the case, then you need to know the standard hourly rates and if these rates change often.

How important is the location?

Before the dawn of technology, having an accountant near me was important. But now, the boundaries of communication and collaboration have shrunk significantly. As technology advances, working with firms abroad through cloud-based technology is just as simple and effective as working face-to-face. There are cloud accounting features that allow you and your accountant to work on your finances and taxations using real-time data. It diminishes the confinement of location and thus, allows better search of services for your needs.

But the decision still lies in your hands. Your decision will be based on your finances and how to handle them. Honestly, while technology allows collaboration through the internet, there are certain situations which require face-to-face intervention.

Opt for a certified or chartered accountant

Several countries have governing bodies that check qualifications and maintain high accounting standards. In different countries, accountants are known with different names like Certified Public Accountants or Chartered Accountants. CPAs or CAs are highly qualified individuals who have completed degree-level studies with professional internship programs.

Hiring a certified or chartered account makes sure you get the right service and financial advice. Their qualification adds value to your business. It means to make sure your company grows from the word “Go!” you must hire a professional accounting firm from the start. Several tax preparation firms employ and train preparers to help clients through income tax filing. But when it comes to catering to more significant accounting needs, you’ll be better off with firms employing CPAs.

Can they grow with you?

When you invest in a business, you make it clear that you’re ready to enter the big leagues and with zest. To make this happen without any glitches, you need to have a CPA firm that has the human resources and expertise. Your CPA must stick with you to see you grow from a start-up to IPO or exit phase. There are countless things to consider: does the firm have the expertise to stick with you, does it has the staff for the job, or they are facing their acquisition? If any of this is true, you’ll have to go through the whole process of finding a new firm once again.

It might fine at the moment when you’re working with an accountant for small business. But once you start growing, you can’t waste time on finding a new CPA when you should be focusing on your business.

The team assigned to you

When you hire a firm to do an audit, you are buying the communication style of the team undertaking the service. An experienced team doing the audit will save you resources when they utilize their expertise and tools at hand. You need to ask the firm questions on who will be handling your case and if they will be a part of the meeting. Ask them about their previous experiences with other clients and how the following team works on-field. You must be sure that the team you are assigned is the best one.

Converse with government and business entities

Several countries stress on small businesses since they boost a significant share of their economies. To help small businesses grow, the government rolls out plans, packages, and assistance. If you are a small business owner, you can use this assistance and network of business entities to get an accountant.

Conclusion

Whichever accounting firm you choose for your business, remember that they will have access to your sensitive data. So, do your research and take your time to finalize one. Talk with your fellow business associates to get a picture of how accountant firms deal with clients. And since you have the power of the internet in your hand, use social media to dig in deeper. Trust is key!

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How to Advocate For Yourself as a Woman at Work

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woman's guide to self advocacy at work

For women in particular, the office can be a difficult place to navigate. In an effort to appear easygoing and likable, it’s sometimes easier to stay quiet instead of advocating for yourself or your needs. 

But when you spend 40 hours per week in the same place, you want to make sure you’re comfortable. This means learning to avoid conflict and advocate for yourself by asking for a raise or promotion when you want to. 

Communication is key to navigating tricky office situations. It’s important to learn to speak calmly, carefully and with purpose. Rehearsing your input ahead of time can help you be prepared for any meeting, and being direct with your wants can also help you get what you deserve.

Check out this infographic on how to self-advocate in the office.

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