Stop foreclosure!
Posted on June 16, 2008 in the Uncategorized category
Th threat of having a property foreclosed on is one of the most stressful situations you as a homeowner or investor can face. It’s particularly bad when you have worked hard to hold on to your portfolio, and now you see all of your hard work slipping away. It is, however, easier to Stop foreclosure than you might think.
Of course, if you want to Avoid foreclosure, you will need expert advice. In California this specialized advice can be obtained by checking out the website of attorney Timothy McFarlin, whose site covers all sorts of different strategies to availd a forclosure. Of course if things get really bad, Mr McFarlin is well acquainted with local Bankruptcy laws short sales and even estate planning, providing a one stop shop for those investors living in California.
With offices in both Irvine and LA, they really have you covered!
Mortgage Refinance?
Posted on June 14, 2008 in the Finance, Financing, Refinancing category
People look for a mortgage refinance for a number of differetn reasons. It could be that you need to withdraw the extra equity you have built up in your home as you need the cash, or it could be that your credit rating has improved and you can now get a better deal with a lower interest rate.
One company can satisfy all of your refinance home mortgage needs, and you can easily find them on the web at refinance.com! They can help you with every aspect of your home mortgage refinance, and you can even get a quote online instantly! This can make refinancing your home a breeze, and give you access to the equity you have in no time.
Why not check them out if you are thinking refinancing may be the way to go? Refinancing can bea g reat way to consolidate your other debts such as credit and store cards, or maybe youjust want a holiday or to use the funds for a child’s college, or even a home renovation. Refinance.com can help you decide which refinance option to take.
Being Laterally Mobile
Posted on June 5, 2008 in the Buying Property category
Housing prices that boomed at the height of the subprime lending may have influenced the desire for some people to leave overinflated areas for more affordable markets. People in California moved into the Northwest and took advantage of lower prices, financing more affordable mortgage loans, until those started to climb up too. Now, people being laid off from sectors that are sensitive to the mortgage collapse like construction workers and mortgage loan officers may also be looking for greener pastures. This is one of the characteristics of modern American society: their mobility in pursuit of jobs or better opportunities. But, moving comes with a set of inherent costs too. Whether you are moving from a home to an apartment, and waiting, hoping to buy in again as the home market bottoms, or whether you are simply shifting one geographical location for another, you will need money to make that move. If you are employed and moving within the same area, you can get payday loans to float some of the moving expenses. If you are moving completely away for a new job, you may want to find avenues for moving monies before you’ve left your job or old home.
Here are some expenses that you may need to cover during a move:
- Packing supplies
- Moving helpers
- Moving vans
- Moving professionals
- Apartment security deposits
- First month’s rent
- Last month’s rent
- Pet fees
- Application Fee
- Storage
- Meals while moving
- Temporary lodging while moving
- Any lost wages
While some of these expenses you can overcome by doing your own packing and moving, the majority of people will need some help moving an entire household. Obviously, the smaller your household, the smaller the bill to move the contents. However, it’s estimated that moving a household can cost several thousands of dollars. Selling a home will typically also cost 6% of the total market sale value. However, unlike the commission a realtor gets, the moving costs usually have to be fronted before the entire deal closes. So, plan ahead to make sure you have the necessary money to be able to move the contents of your home the day the papers are signed. Being caught short when you are between homes and between jobs can be a very stressful experience, and can be alleviated by setting up some short-term financing options like cash advances or personal loans that can be repaid after the closing.
Get a free report on owning Rental Properties!
Posted on May 30, 2008 in the Buying Property, Great Stuff, The Basics category
We’ve finally done it!
Summed up all the information we have in one value packed 50 page long report on owning Rentals.
Topics we’ve covered include:
- Costs to Consider when Purchasing Rental Investment Property
- Establishing Valid Criteria for Selecting Tenants
- Financing Options for Rental Property
- Finding the Right Investment Rental Property
- Inexpensive Rental Property Repairs that Won’t Take a Bite out of your Budget
- Protecting yourself and your Rental Property
- Setting Rental Rates
- Showing your Rental Property to Prospective Tenants
- Tax Deductible Expenses
- Vacation Rental Properties
- Notices, Disclosures and Addendums
- Planning ahead for Maintenance and Repair Costs
- Rental Property Investment Offers Numerous Advantages
- Security Deposit Matters
- Shopping for Rental Properties-Which Types to Avoid
- Tax Benefits Available through Investing in Rental Property
- Being a Successful Landlord
- Avoiding Discrimination and Ensuring Fair Housing
- Coping with Loud Tenants
- Handling Vacancies in your Rental Property
- Hiring a Property Agent
- Locating the Right Rental Property
- Avoiding Pitfalls in Owning Investment Rental Property
- Avoiding Problem Tenants in your Rental Property
- What to Consider before Buying Investment Rental Property
How do you get it?
Simply sign up for our newsletter (which comes out once or twice a month) to receive your complimentary copy of this excellent and in depth Property Rental report, absolutely free! (Don’t forget to confirm your subscription by clicking on the link in the email you will receive, or you will not get your link to download the eBook!)
What Is A Property Tax Consultant
Posted on May 27, 2008 in the Property taxes category
Property tax consultants are similar to property tax attorneys except they have no special law degree, but do work to achieve results. You can use a property tax consultant to reduce or protect your taxes on a property. They can help you with filing the paperwork for an appeal, help you find all the necessary documentation and they will attend all the hearings with you. Most of the property tax consultant company’s have their own qualified appraisers. The consultants have valuable resources for obtaining needed information before entering any property tax hearing so you are prepared.
Property tax consultants have to be properly educated to work as a licensed tax consultant. To become licensed, a consultant needs to file an application with said state, understand and commit to the code of ethics, submit to a criminal background check and complete the required education that the board approves for all property tax consultants in every individual state. After all of these requirements are complete, you are then certified or denied a license to be a tax consultant. A lawyer however just has to apply for a tax consultant license since they have had the law school training. Read more
Mobile Homes And Property Taxes In Wisconsin
Posted on May 20, 2008 in the Property taxes category
In Wisconsin the assessment of a mobile home only has to be done from the point of view meaning the outside can be used to assess the mobile home, however an inside assessment does help. Mobile homes only have to be assessed every five years, therefore the assessed value and the market value are with in ten percent of each other. Mobile homes in Wisconsin can be assessed for taxes as personal or real property. This also means a mobile home may be subject to no property taxes.
If you have a mobile home that is on a foundation, it is considered a real property. If it is on wheels or no foundation, it is considered personal property. It also has to be on land owned by the mobile home owner. Therefore, if you do not own the land and there is no foundation to say, it is personal property and not subject to property taxes. Recreational vehicles and campers are not subject to property taxes as well as personal tax liabilities as well. Just because a mobile home has wheels, does not always make it exempt from property taxes. Read more
When Selling A Property, Who Is Responsible For The Property Taxes
Posted on May 13, 2008 in the Property taxes category
When you are selling a property and it is in the middle of a property tax year, the seller is responsible for the property taxes up to the day of closing after which time the remaining tax is due by the buyer. Now some people are very unaware of this fact when they close on a property and usually find out at the closing. The seller will bring a check along for their part of the taxes and the seller’s mortgage company receives the check, which is deposited in the buyer’s escrow account. This however is only one option presented for coving split property taxes.
Many times the seller’s mortgage company will keep the funds and send it directly to the property tax office at the appropriate time of year. This rare of course, but has been done in the past. It all depends on the new mortgage company for the buyer and the mortgage company for the seller. The proper way many believe is to give the monies to the buyer’s mortgage lender and have them send the check to the property tax office by passing the intermediary, which is the buyer. This ensures the buyer’s mortgage lender that the money is indeed going for the property taxes. Read more
5 Sneaky Ways To Lower Your Property Tax
Posted on May 6, 2008 in the Property taxes category
Many property owners do not want the city assessor to come into the interior of their building. If you have done extensive work, well, then okay, you have a reason. If you have done no repairs and feel the interior of the property is a bit to be desired, you may wish to invite the assessor inside.
Make sure you are available to walk around your property with the assessor and point out the bowed walls because the roof needs to be replaced. Point out the unleveled floor because the property has shifted a bit over the years and probably needs some support beams. Point out some good things as well, never dwell on just the bad points. This might help to lower your assessment, thus lower your property tax liability. Read more
Property Taxes For Rental Properties
Posted on April 29, 2008 in the Property taxes category
Property taxes for rental properties are normally higher than single-family properties. This causes much confusion for property owners in any state. They cannot understand why they are subject to higher property taxes since most are not making a profit on the properties in question. With people buying two family houses to help with the mortgage payment and property taxes, there are some frustrations over why they have to pay higher property taxes. Many property owners feel they are being singled out for trying to own a property for their family while providing housing for someone else as well.
The general rule for property taxes is that if you have a two family home, you are paying property taxes for two families in that taxing district. The home will be compared to other homes similar in structure as well as recently bought and sold homes to arrive at a fair assessed value. This however does not affect your status for taxes, the rates applied by the taxing committee is where your assessed value is used to calculate the tax due on the property. This is where they get you for owning a two family home. You can find out more information at your local taxing office as to how they calculate tax rates for single and two family houses. Read more
What Is A Rental Property Tax Deduction
Posted on April 22, 2008 in the Property taxes category
A rental property tax deduction is any expense that evolves from owning a rental property. If you spent money to maintain, conserve and manage a rental property, you can use that as a property tax deduction. The most common deductions will be yard care, maintenance, repairs, insurance payments, cleaning and the mortgage payment if there are any. Some other property tax deductions that most people forget about are fees for an accountant, fees for a lawyer, expenses for finding renters, fees paid to rental agencies for finding you a renter, any mileage that is accumulated for said property and depreciation for items included in the rental and of the property itself.
Depreciation Of The Property And Items In The Rental Unit
The depreciation of items in the rental unit may include anything you supply to the tenant such as appliances, furniture, blinds, curtains and other items you might supply for a tenant. You can use these items by depreciating them accordingly. The property depreciation is usually done over a longer period. This is an area for your accountant to handle since they have more experience with depreciating items and properties. You want it done correctly and at the proper time. Read more
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