Renting for Revenue

Turn Your Spaces into Rental Income…

In Monday’s Nouvellettre®, I promised to answer a few of the questions that did not get unanswered during the June 20th North American Expat Financial Quarterly Forum for the Second Quarter with Joe Siart, author of My Property Payday, Turn Your Spaces into Rental Income.

We answered most of them…so just a few are left:

• Must you pay French taxes on the rental as opposed to claiming it on your US tax return?

Yes. Property in France, that generates revenues in France, must be declared and the taxes paid in France. It’s not a big deal—it’s a simple tax return and

• What restrictions are there on an expat for buying?

None. Anyone can buy property in France. And owning property doesn’t necessarily make you a better candidate for a visa, either. But, it does provide a valuable investment and a great place to live!

• Best area in Paris to buy?

If you’re considering short-term rentals, than central Paris, districts 1 through 7 are your best bet.

This leads me to what we do best—advise and find you a property that will suit your goals. If you want a property that will generate revenue, then we can help you determine the best locations and clarify the rental laws in that location so that you can effectively make it profitable. There are also specific ways of furnishing a property to be a more successful rental, so let us share with you the extensive knowledge we have about making the most of your property.

Every city in France can take the laws on the books and enforce them as they choose, which is one reason there is no simple answer. And there are ways around the laws as well, with a bit of creative thinking. I contend that no one has the right to dictate who you let stay in your own property. Meaning that your “friends” and “relatives” are more than welcome. Some people have a lot of friends and relatives! And when you let them stay in your property, it costs you money, so isn’t it normal to ask them to “reimburse” you for your expenses?

If you’re willing to think outside of the proverbial box, you can be a whole lot more successful!

Watch the webinar in its entirety here.

A la prochaine…