New Year, BETTER Me

Start the New Year with a goal you can actually accomplish

Every year when the clock strikes midnight people always promise to commit to their New Year resolutions. A fun pastime that inspires us to be a better person, and hopefully as a result make the new year better too. I have always been fascinated with this tradition and did some research. According to Forbes nearly 60% of Americans make New Year’s Resolutions. Unfortunately, only 25% of them commit up to thirty days and only 8% complete their goals.

           

We here at McKenna Property Management love to set goals, so we want to give you our not-so-secret guide to goal and resolution success. It is called the SMART method and SMART stands for:


  • Specific: Well-defined, clear, and unambiguous
  • Measurable: With specific criteria that measure your progress toward the accomplishment of the goal
  • Achievable: Attainable and not impossible to achieve
  • Realistic: Within reach, realistic, and relevant to your life purpose
  • Timely: With a clearly defined timeline, including a starting date and a target date. The purpose is to create urgency


These five categories are a tried and true equation to accomplish goals, whether that be for work or personal life.


First, to achieve your goals you need to be specific.  Goals that are specific have a significantly greater chance of being accomplished. To make a goal specific, the five “W” questions must be considered:


  • Who: Who is involved in this goal?
  • What: What do I want to accomplish?
  • Where: Where is this goal to be achieved?
  • When: When do I want to achieve this goal?
  • Why: Why do I want to achieve this goal?


For example, a general goal would be “I want to get in shape.” A more specific goal would be “I want to obtain a gym membership at my local community center and work out four days a week to be healthier.”


Next, your goal must be measurable. If there are no criteria, you will not be able to determine your progress and if you are on track to reach your goal. To make a goal measurable, ask yourself:


  • How many/much?
  • How do I know if I have reached my goal?
  • What is my indicator of progress?

 

For example, building on the specific goal above: I want to obtain a gym membership at my local community center and work out four days a week to be healthier. Every week, I will aim to lose one pound of body fat.


Once your goal is specific and measurable, it needs to be achievable and attainable. This will help you figure out ways you can realize that goal and work towards it. The achievability of the goal should be stretched to make you feel challenged, but defined well enough that you can actually achieve it. Ask yourself:


  • Do I have the resources and capabilities to achieve the goal? If not, what am I missing?
  • Have others done it successfully before?


If you’ve never cooked a day in your life don’t make your goal to make Beef Wellington, start with something attainable like chicken noodle soup, or lasagna.

 

The next part of a goal that helps increase your chances of succeeding is if it is realistic. This means that the goal can be realistically achieved given the available resources and time. A SMART goal is likely realistic if you believe that it can be accomplished. Ask yourself:


  • Is the goal realistic and within reach?
  • Is the goal reachable, given the time and resources?
  • Are you able to commit to achieving the goal?


Last, but not least, make sure your goal is timely in that it has a start and finish date. If the goal is not time-constrained, there will be no sense of urgency and, therefore, less motivation to achieve the goal. Ask yourself:


  • Does my goal have a deadline?
  • By when do you want to achieve your goal?

 

For example, building on the goal above: On August 1, I will obtain a gym membership at my local community center. In order to be healthier, I will work out four days a week. Every week, I will aim to lose one pound of body fat. By the end of August, I will have realized my goal if I lose four pounds of fat over the course of the month.


The last piece of advice I will give is something Jenni, the broker of McKenna Property Management, told me which is to always write down your goals. Make it tangible and put it in writing. Keep yourself responsible by taking it out of your mind and into real life. With all these ingredients you are sure to make a goal or resolution this New Year's that you can follow-through on and complete.

Turn Extra Cash into Lasting Legacy: Help Your son/daughter Own a Home!

April 28, 2025
Helping Your Child Buy a Home: Smart Strategies with Tax Benefits  Many parents want to help their children buy a home, but doing so in a way that also provides financial and tax advantages is key. Here are a few strategies to consider when assisting your son or daughter with homeownership while maximizing tax benefits. 1. Gifting Money for a Down Payment The IRS allows individuals to gift up to $18,000 per recipient annually ($36,000 for married couples) without triggering a gift tax. If you stay within this limit, your child receives a down payment boost without tax consequences. 2. Loaning Money to Your Child Instead of gifting, you can lend money at the IRS’s Applicable Federal Rate (AFR), which is often lower than traditional mortgage rates. Structuring it as a formal loan allows your child to build equity while you may receive interest income. 3. Co-Signing or Co-Owning the Home Some parents choose to co-sign a mortgage or co-own the home. While this can help secure better loan terms, it also means shared financial responsibility. If you co-own, you may be able to deduct mortgage interest and property taxes on your tax return, depending on usage. 4. Buying the Home as an Investment Property If your child pays you rent, the home could be classified as an investment property. This allows you to deduct expenses like mortgage interest, property taxes, and maintenance. However, rental income must be reported to the IRS. Final Thoughts Every financial situation is unique, and tax laws change. Consulting with a tax professional or estate planner ensures that your support aligns with your financial goals and tax strategy. Helping your child buy a home is a generous step—doing it wisely ensures benefits for both of you.

Using Our Screening Score Sheet for Rental Applications

April 21, 2025
When applying for one of our rental properties, we use a comprehensive screening score sheet to ensure all applicants are held to the same standard. The score sheet evaluates various aspects of your financial stability and rental history, helping the landlord make informed decisions while maintaining a fair and transparent process! Here’s a breakdown of how we assess your application utilizing the screening score sheet: 1. Length of Residency: While longer periods at previous residences typically suggest reliability and commitment, we understand that some applicants may be first-time renters. We welcome first-time renters, and on the screening score sheet, you can assign yourself a "1" under "Length of Residency" if this is your first rental experience! 2. Collections: We review any outstanding collections, including monthly utilities or bills, as well as loans (excluding medical bills). This helps us assess your overall financial responsibility. Your estimated monthly payment for all your loans, utilities and bills is also taken into consideration. 3. Rent-to-Income Ratio (per household): To ensure you can comfortably afford the rent, we require that your monthly income is at least 2.5 times the rent amount. This ratio helps us verify your ability to manage rent payments alongside other living expenses. 4. FICO Score: While there is no specific minimum FICO score, we do take it into account when evaluating your financial health. A higher score indicates a history of responsible credit management. 5. NSF/Late Payments & Landlord Disputes: We look into your rental history to ensure that there are no frequent NSF (non-sufficient funds) or late payments, and that there are no unresolved disputes with previous landlords. Please note that all application charges are non-refundable, and every occupant over the age of 18 must submit a separate application. Our scoring system ranges from 0 to 21, with 15 being the lowest acceptable score. All approvals or denials are ultimately decided by the property owner. We do not operate off a first come first serve basis, so if you are curious about the status of applications prior to applying, please don’t hesitate to call our office! By using our screening score sheet, we aim to create a rental environment where both tenants and property owners can thrive. This score sheet can be found on our site, under the Before You Apply Manual, as well as under “Rental Resources”.

Declutter and Earn: Join the Outdoor Swap Meet at the Downtown Recreation Center in Henderson!

April 16, 2025
Looking to declutter your home while making some extra cash? The outdoor swap meet at the Downtown Recreation Center in Henderson is the perfect opportunity! Whether you’re cleaning out your closets, clearing space in your garage, or finding a new home for gently used toys, books, and clothes, this event is your chance to turn those items into money. Each booth equals two parking spots, and registration is required at least one week in advance. All booths are assigned randomly, ensuring a fair and fun atmosphere for all. Remember, only second-hand items can be sold, so it’s a great way to recycle and give your items a second life. Event takes place April 19th & May 17th! The swap meet opens at 7am, so come early to shop! Admission is free for all ages, making it a perfect outing for families looking to find unique treasures. Ready to get started? Simply register on the City of Henderson website to secure your spot. It’s time to clean out, earn some extra cash, and find something new – don’t miss out on this exciting event at the Downtown Recreation Center!
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