Make Money With Real Estate In Today's Real Estate Market:
An extraordinary window of opportunity -- that could very well improve your financial future -- is now open for business. History tells us it will not stay open forever! What am I referring to? The largest real estate liquidation in history. Banks are selling foreclosed properties for pennies on the dollar...home prices have dropped through the floor...interest rates are historically low...and there are record high inventories! I'm telling folks to buy, buy, buy -- I'd like to make sure you're one of them.
These are opportunities of a lifetime. We are in a "Buyers Market". First time home buyers receive up to $8,000 tax credit when purchasing now! As inventories of foreclosed properties are absorbed in record numbers by first time home buyers and smart real estate investors, our market will once again turn into a "Sellers Market"! I encourage you to act quickly. VA/FHA/CONV/CASH
Interest Rates Are At Historic Record Lows; Inventories Are At Historic Record Highs! Specializing in Marketing Homes to Sell, Sales & Leasing: Las Vegas Condo Connection: Luxury High-Rise Condos, Las Vegas Short Sales &
REO/Distressed Properties, Negotiating for Buyers, First Time Home
Buyers, and Investment Properties. Finding your dream home is never easy.
When your family presents a unique set of needs, the challenge
multiplies. And you know that somewhere out there, it must exist – the one special place that reconciles what
you want, with what your family needs. Let me help you find the home of your dreams and/or income producing properties.The Las Vegas Real Estate market has a bright future ahead. http://bit.ly/Rk6as
Attention 1st Time Home Buyers:Available to 1st time home buyers only. Must be able to attend free
classes (several) to qualify for zero down payment assistance, no closing costs, fixed rate
5.125%.
Sign up here: http://bit.ly/Rk6asWhat’s an REO?REO stands for “Real Estate
Owned”. These are properties that have gone through foreclosure and are now
owned by the bank. The major attraction for this type of property is the lack of
seller emotion which can be involved in a sale. That is, typically when a buyer
makes an offer to purchase a home, there is typically an emotionally attached
seller negotiating with you on the home. If you are buying with profit in mind,
this may not be the optimal scenario. There is a brief opportunity to make this
kind of profit in our market. You need professionals who know what to look for
and whom to call to provide you with these types of listings.
Ready to make an offer?
Most banks have a
REO department that we work with that you’ll be buying a REO property from. Before
writing an offer you must be certain to do proper "due diligence" on a given
property. Since banks almost always sell REO properties “as is”, you’ll want to
be sure and include an inspection contingency in your offer that gives you time
to check for hidden damage and terminate the offer if you find it. As with
making any offer on real estate, you’ll make your offer more attractive if you
can include documentation of your ability to pay, such as a pre-approval letter
from a lender. After you’ve made your offer, you can expect the bank to make a
counter offer. Then it will be up to you to decide whether to accept their
counter, or offer a counter to the counter offer. Realize, you’ll be dealing
with a process that probably involves multiple people at the bank, and they
don’t work evenings or weekends. It’s not unusual for the process of offers and
counter offers to take days or even weeks. It is quite common to see as many as 10-20 offers on a property in some neighborhoods. If you are looking at profiting by
purchasing REO or bank owned property, the right approach is proper preparation.
The first step is a brief consultation to review your financial goals together
to determine the best course of action to take. Timing Is Everything...Call 702-677-8796 http://bit.ly/Rk6as
Short Sales VS "Bank Owned" "REO's"
What is a short sale? A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan.
Short sales appear on your credit report as "pre-foreclosure in redemption", not as "debt discharged due to foreclosure." There is less impact on your credit score. All mortgage debt is fully discharged.
It can be challenging for both Buyers and Sellers when they are dealing with a specialized transaction like a Las Vegas Foreclosure or Short Sale Home - here are some practical tips on how to win in this turbulent market!!
Get Educated if you want to survive in this ecosystem- Buyers and Sellers need to be educated about the foreclosure and short sale transaction, as it is different than the traditional offer and acceptance process and it can be much longer and more convoluted.
Hire an Agent who knows their way around a Foreclosure or Short Sale - interview several agents to find an agent that has the experience to market and negotiate a foreclosure or short sale - their front end training and familiarity with these specialized transactions is very important.
Get an Agent with a Black Belt in Real Estate Marketing: your agent should know how to leverage online marketing processes for maximum exposure; over 70% of buyers start their search on the internet. Experience - critical market exposure become the 800 pound gorilla in today's real estate market.
Get Close and Personal with your Banker - in a Foreclosure Transaction the seller-homeowner is also forced to factor in the Bank's needs and interests in terms of what financial return the bank wants to generate during a Foreclosure or Short Sale.
To everything there is a Time and a Season - your maximum exposure in the market is during the first 45 days, so the homeowner-seller should recognize this and price the home accordingly.
The Seller needs to have Proverbial Skin in the Game - the homeowner-seller should be willing to contribute to closing costs. FHA requires buyers to put only 3.5% down with a minimum 620 FICO score. Buyers are expecting the sellers to contribute to their closing costs. Many Banks are willing to contribute to the buyers closing costs on the foreclosed homes so the homeowner seller must be competitive. The homeowner's agent should advertise the Seller's willingness to contribute - flexibility is critical.
What gives you the Homeowner a Competitive Edge in today's Market? Your Edge as the homeowner-seller is your out of the box thinking and flexibility in terms of working with your agent to structure a deal and or responsiveness to the buyer (Yoga anyone?)
Seize the Day by using full Disclosure to your Advantage - most banks do not know the condition of their homes, or if they do have any information, it may be limited at best. So, be prepared to provide the buyer with all the insight you can give them about your home.
Speed and Responsiveness are your new Best Friends - another edge that the homeowner has is the ability to respond quickly to the buyer's offer so the buyer knows right away if they have a deal - banks typically take weeks to respond.
Tune in next time for some big picture advice/counsel/insight on where we think the market is now and where it's going - hint, if you're a buyer...things are better than you might think! The Las Vegas Real Estate Market Has A Bright Future Ahead! http://bit.ly/Rk6as
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This Offer Is Contingent...
Contingency Clauses Make for Risk-Free Real Estate Investing
We just found what might be a great real estate deal.
The property is being sold for a below market price and it has lots of
potential. How can you put it
under contract--without financial risk to yourself--in order to analyze
it further?
The answer is simple. Use a contingency clause.
When writing offers to purchase real estate,
it is essential to include language in contracts that
protects you and gives you greater control. This is true whether you
are dealing with:
- For Sale by Owner (FSBO) properties,
- Properties marketed through the MLS, or
- Properties that have been repossessed by financial institutions.
Every buyer’s contract should contain at least one contingency clause. But what exactly IS a contingency clause?
It’s simple: A contingency clause is language that let’s you get out of
a real estate contract--if everything is not what it initially seemed
to be--without losing a penny.
Three Savvy Clauses
There are literally hundreds of contingency clauses you can use as a
buyer. But you don’t need hundreds in your contract--you only need one
to get you “off the hook” if you decide not to go through with a deal.
Here are three popular and powerful contingency clauses:
- This offer is contingent upon buyer receiving favorable financing.
- This offer is contingent upon buyer’s inspection and approval of property.
- This offer is contingent upon buyer’s partner’s inspection and approval.
Canceling a Transaction Is Your Right
Some people refer to contingencies as “escape” clauses or “weasel”
clauses as if it were somehow wrong to cancel a transaction. But
remember, a real estate contract gives you--the Buyer--the specific
right to do additional research to make certain that you want to
conclude the transaction. And the Seller agrees to give you this right
when you use a contingency clause.
What if you inspect the house the day before the closing and say,
“This is not what I thought it was. I don’t want it.” Can you get out
of the contract? Yes. Do you have to close now? No. Assuming you put
down earnest or escrow money, can you get it back? Of course. So what
is your risk? None!
Make Offers with Peace of Mind
Obviously, you shouldn’t go around writing contracts on properties you have
no intention of closing on. Discretion and integrity are important, no
doubt. But it does mean that when you use a contract
that contains a contingency clause, you can relax and make the best
decision for you--with no financial risk.
Call me today to shop for "bank owned" properties and enjoy risk-free real estate investing! http://bit.ly/Rk6as
How Owning Real Estate Puts Cash in Your Pocket
How to Maximize Your Tax Deductions
Ten Top Tax Tips!
Do you dread tax time? You don’t have to. Most real estate investors actually look forward to April 15th.
Why? Because despite the current condition of our housing and mortgage
industries, real estate provides more tax benefits than almost any
other investment. And maximizing your tax deductions only makes good
business sense. That being said, let’s take a look at 10 of the best
tax deductions available to you as an owner of investment property:
1. Mortgage Interest
Interest might be your single biggest deductible expense. Common
examples of interest that landlords can deduct include mortgage
interest payments on loans used to acquire or improve rental property
and interest on credit cards for goods or services used in a rental
activity. (Any points or closing costs paid on a mortgage loan secured
by an income-producing property are also deductible.)
2. Depreciation
Depreciation is the loss in value of an asset or building over time due
to wear and tear,
physical deterioration and age. The IRS allows you to
depreciate income-producing properties over their useful life (27.5
years for residential and 39 years for commercial). You’ll be thankful
every year at tax time if you use depreciation correctly.
3. Insurance
You can deduct the premiums you pay for almost any insurance for your
rental activity. This includes fire, theft, and flood insurance for
rental property, as well as landlord liability insurance. And if you
happen to have employees, you can deduct the cost of their health and
workers’ compensation insurance.
4. Homeowner’s Association (HOA) Dues
Yep, that’s right. If you own a real estate investment property within
a subdivision that charges those annoying quarterly HOA fees, you can
write those off your taxes.
5. Repairs
The cost of repairs to rental property is fully deductible in the year
they are incurred. Good examples of deductible repairs include
repainting, new flooring, fixing leaks, plastering, and replacing
broken windows.
6. Personal Property
This include
such items as furniture, appliances, lawn mowers, snow
removal equipment, etc. which are not permanently attached to the land.
7. Home Office
Provided they meet certain minimal requirements, you may deduct your
home office expenses. This deduction applies not only to space devoted
to office work, but also to a workshop or any other home workspace you
use for your rental business.
8. Travel
Landlords are entitled to a tax deduction whenever they drive anywhere
for their rental activity. For example, when you drive to your rental
building to deal with a tenant complaint or go to the hardware store to
purchase a part for a repair, you can deduct your travel expenses. And believe it or not, you can even deduct your long distance
travel! If you travel overnight for your rental activity, you can
deduct your airfare, hotel bills, meals, and other expenses. If you
plan your trip carefully, you can even mix business with pleasure and
still take a deduction!
9. Employees and Independent Contractors
Whenever you hire anyone to
perform services on your investment
property, you can deduct their wages as a rental business expense. This
is true whether the worker is an employee (for example, a resident
manager of
an apartment complex) or an independent contractor (for
example, a repair person or maintenance guy).
10. Legal and Professional Services
Finally, you can deduct fees that you pay to attorneys, accountants,
property management companies, real estate investment advisers, and
other professionals. You can deduct these fees as operating expenses as
long as the fees are paid for work related to your rental activity.
Take a Bite out of Taxes!
Use Depreciation to Keep a Bigger Portion of Your Income
Whether it’s a single family house, an apartment building, a
commercial strip center, or a downtown high-rise, buildings don’t last
forever. They are made of wood, concrete, glass, drywall, and other
materials that slowly degenerate.
Realizing this, the IRS allows you (as the owner) to deduct an
amount every year to recover the loss of your real estate investment.
This is called depreciation.
Only property held for business or investment purposes can be depreciated. In other words, you cannot depreciate your own home.
In addition, only the buildings (which are referred to as the
“improvements”) can be depreciated; the actual land cannot be
depreciated. Consequently, it is necessary for you (or your CPA,
actually) to segregate the value of the land from the building.
Let’s look at some numbers to demonstrate this: Let’s
say you
purchase a single family house for $300,000 as an investment. The
improvements (the house itself) are worth $250,000 and the land is
worth $50,000. So you would depreciate the $250,000, but not the
$50,000.
So how does this look on your actual tax return? Is the $250,000
deduction spread out over a number of years? And if so, is it spread
out evenly? The answers are yes and yes.
Residential property must be depreciated over 27.5 years, while
commercial investment property is depreciated over 39 years. So in the
case of this real estate investment property, you would divide the depreciable amount by 27.5 years (because it is residential):
Value of Improvements ÷ Depreciation Period = Annual Depreciation
$250,000 ÷ 27.5 = $9,091
This means you can literally deduct $9,091 from your taxes EVERY SINGLE YEAR!
That’s right. The $250,000 is divided into equal amounts ($9,091)
over the 27.5 years. This equal amount is deducted from your taxes each
year until the asset has been fully depreciated. This is called the
straight-line method of depreciation, and using it can get you a
whopping tax refund every April!
Depreciating an Appreciating Asset
The real beauty of depreciation is that real estate is considered to be an appreciating
asset. In other words, it goes up in value over time. After all,
they’re not making any more of it. So while your investment property is
appreciating--or going up in value--on paper its value is going down
because you are depreciating it.
Is this a great country, or what?
Real estate has many tax deductions. But of them all, depreciation is the most powerful. Talk to your CPA about depreciation.
Then, carefully select some rental property as a real estate investment. Come tax time, you’ll be glad you did. The Las Vegas Real Estate Market Has A Bright Future Ahead! Contact me today for all of your real estate needs:
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