Tips for Cutting Costs on Your Real Estate Property!

[Julio Gonzalez]

I know there are still many real estate owners out there that are struggling from the effects of the COVID-19 Pandemic. Especially commercial property owners as many businesses make working from a home a more permanent option. Here are some tips on how to cut costs and keep your property above water!

• Review and re-negotiate utilities
• Analyze insurance policies
• Find new tenants such as 5G Rooftop Leasing
• Discuss loan payment deferral options with lenders
• Repurpose all or a portion of your building / property
• Extend tax returns to September
• Appeal increases in property taxes or negotiate lowering or deferring payments for current property taxes
• Assist current tenants and educate them on funding programs available to them
• Refinance any existing loans
• Search for new income sources
• Discuss deferral of insurance payments or partial payments with your insurance provider
• Research Funding Assistance in the Chambers of Commerce guides
• Defer the employer’s share of Social Security payroll tax
• Take advantage of higher interest deductions
• Utilize active losses
• Apply cost segregation utilizing the new CARES tax laws and amend up to 5 years of previous tax returns to potentially receive refunds

I hope these tips were helpful and if you have any questions at all, feel free to reach out!