One of the best small boutique Mortgage Brokers in California! Client always comes first! CA DRE Lic. No. 01458657
Monday, August 31, 2009
Reporting your rental properties on Schedule E
If you own rental properties, it’s very important to file a Schedule E with your personal tax returns. This reports the income or loss generated from your rental. This will help show proof that you have experience renting properties. Lenders typically like to see a two year history. Keep current rental contracts on file just in case the lender wants to see them. If you are renting out a home/condo and not reporting the rent on a Schedule E, then the lender cannot give you credit for the income to offset the debt you may show on your credit report, thus making it harder to qualify. For more information on this topic, buy the book that is loaded with tips and tricks that will make or break your loan, Makers & Breakers: A Simple Guide to a Successful Mortgage Loan. It can be found at www.loanmanjeff.com or www.amazon.com. For more information about home loans, please call Jeff Eisenberg, President of Southern Oaks Mortgage, Inc. in Valencia at 661.964.2600.
Jeff graduated from California State University, Northridge. He obtained a BS Degree in Business Administration in 1991. During and after college, he worked at Bank of America as a Preferred Banking Officer and then, in 1993, joined Automatic Data Processing, Inc. as a District Manager until 1998. While working for ADP, he applied for his real estate license and began working part-time as a loan officer for a mortgage company in Simi Valley. This is where he found his niche in business and a love for an industry that he still enjoys today. He opened his own mortgage company with a partner in 2002 and then branched off on his own in 2004 to open Southern Oaks Mortgage, Inc. (CA DRE Lic. No. 01458657)located in Valencia, CA. He is now a published Author with his new book, "Makers & Breakers: A Simple Guide to a Successful Mortgage Loan".