Real Estate and Tangible Personal Property Tax Bills May Now Be Paid at a DiscountTaxes paid--i.e., received by the Tax Collector--during November are subject to a 4% discount;December are subject to a 3% discount;January are subject to a 2% discount;February are subject to a 1% discount.Taxes paid after March 31 are delinquent and are subject to penalties and 1 1/2% delinquent interest per month.As of this writing, bills have been mailed out on...more
If you are buying or selling a home, the chances are good you struggle with the meaning of descriptive real estate terms. Here are explanations and definitions for more terms. "Shed Dormers"These are often seen in Dutch colonial style houses and are flat roofed dormers. Sometimes these dormers are single windows, but often they are two or three windows side by side with one flat roof."Blind Dormer Window"Sometimes builders construct fake dormer...more
As the real estate market cools, the profit potential of home ownership has cooled as well. Here's a strategy called "follow the builder."It is relatively easy to make a profit when you sell your home if the market is rising sharply like it has been in most of the country for the last three years. It becomes more difficult when a hot market slows down. It's very difficult to make a profit on the sale of your home when prices are falling. Is there a way to be relatively sure you'll make a profit when you sell your home? There is under all but the most negative market conditions. In fact, I've seen young, energetic couples use this maneuver multiple times when they don't even need to move.Follow That BuilderIn many areas of the country, there are builders who build hundreds of houses each year within a fifty mile radius of each other. They build entire communities or are one of three to five builders who build entire communities around big employment centers. This present you with an important opportunity. New CommunityBuilders will typically sell first phases of communities for significantly less than later phases. On one hand, they need to get the cash flow moving. On the other, it...more
Rental property investment starts with finding the best deals. To do this, you can increase your odds by finding more deals. Who's more likely to get a cheap apartment building, an investor that looks through the MLS listings and calls it a day, or the one that uses ten resources? Here are those ten:1. Look in old papers to find "For Rent" ads....more
As the real estate market begins to calm down, many worry about making a profit on their homes. Here's an example of the "follow the builder" profit strategy.Follow That BuilderIn many areas of the country, there are builders who build hundreds of houses each year within a fifty mile radius of each other. They build entire communities, or are one...more
I didn't understand the concept of a real estate team at first, so I had a hard time with real estate investment. I tended to be a "lone wolf," trying to do too much myself. I have since learned that in real estate, you need a team of people you can trust and rely on. Here are some possible team members, and what they need to be on the team. 1. A mortgage broker or banker. A broker can offer many options, but a banker can make the loan decision. They each have their advantages, and you could use both on your team. In either case it's important they understand what you want (fast closings, lower interest, corporate loans?)2. An accountant or bookkeeper. To keep proper books for real estate investments is getting more complicated with all the tax-law changes. Find someone that understands the law, and understands what you want.3. A real estate attorney. Find someone familiar with the laws and legal customs of your area, and that has experience with the type of deals you intend to do (If you are buying rentals, she should be familiar with doing evictions, for example.)4. A good real estate agent. An agent with experience in the area you invest in and access to the MLS (Multiple...more
Below are ten categories of real estate, and different ways to invest in them. The best one for you is something only you can decide, according to your particular needs. To help you do that, I list a couple good points and bad points for each type.1....more
Why should you consider refinancing real estate investments instead of selling them? Maybe you've owned a rental property for years, you've paid down the mortgage, the value is up, and you want to cash in on that equity. You will do better to...more
It was a simple real estate formula. The ads ran in our small-town newspaper for years before I realized exactly what was going on. They were always the same: A house for sale with 5% down and payments of 1% of the purchase price. Maybe a three...more
Nothing down? Exactly why would a seller want to walk away from closing with nothing? The truth is, they normally wouldn't, and that brings up the most important point about real estate investing with no downpayment: A seller almost always needs cash...more
There is nothing worse than putting house up for sale and watching it sit on the market. Here are a few tips to sell your house fast. Sell Your House FastThe following tips will help you sell your house fast, but we need to cover something first. If...more
Hiring a property management company is a great idea if you have even a small apartment building. Having someone taking care of all the small details of a rental property means you'll have more time to find the next good investment. Also, trying to...more