If I purchase realestate, (residential duplex) to rent out for investment purposes, can I write off the closing costs?
Absolutely! In fact, your escrow company will send you a statement at the end of the year to give to your accountant.
Need 2 bedroom home to rent or buy.What about daily living expenses like or less than us
how about apartment all need to be near the ocean
Prices can vary a lot, you need to establish what your budget is for renting or buying, they vary from $300- $2000 a month to rent , to buy you can say between US $50,000- 2 million.
Lic.Gregory Kearney Lawson.
What can they find that can make them not want to find an partment for you? Is there a certain number?
I have a public notice on my credit history, for a bill with an old apartment I had. ($3,600) Could this stop me from getting a place to live?
They’re all looking for good credit history. Having a bunch of collections on your credit shows that you do not pay your bills & that you are a risk being a renter.
Risk for being late on rent or skipping months.
If you have collections, also provide the property management company or apartment complex with an explanation letter for any negative information.
if this $3,600 is something you are disputing w/ your previous landlord , explain that to your new one.
Most apartment complexes will still take ppl w/ bad credit, you may just have to put up a higher security deposit.
everyone’s credit past & current situations are different, there is no magical # to any of this.
Mother put in childrens names. She died 2005 house was in childrens names in 1989. Should it be done as a sale of realestate or would it be considered an inheritance? The house was sold for 30,000.00 less than the appraised value.
Was sold for 100,000.00 leaving approx 30,000.00 to each child. I do taxes for people who cannot afford to have their taxes done by the bigger companies. I have only about 50 that I take care of each year. I have never run across this situation before. I need your help!!!!
If the house was already in the children’s names, then there was no inheritance. Therefore it would be considered a sale of real estate. I believe the basis of the house would have been the basis on the date of the transfer, not the appraised value. Don’t forget to add the cost of any improvements to the original basis.
For more information go to the IRS website and download Publication 523 – Selling Your Home. If that doesn’t help, call the IRS directly.
http://realestate.yahoo.com/Missouri/Springfield/s-glenn-ave:23ebfdb6608a42ada297f2e22dab03c;_ylt=AhZtiGMZZhxqX1p.m9kVHsYN47Qs
I was browsing through these listings and I came across some foreclosures that seem to be priced at a too good to be true price. Should I buy these or is there a catch?
The amount listed is the amount on which the current owner is deficient in payment. The house will be sold at public auction, and the MAIN bidder will be the lender involved, who will bid the price up to a point at which it will accept. If no one bids high enough, the lender will be the high bidder, and will take the property as lender owned.
Don’t expect to get it for just over $9,000 unless that is all it is actually worth.
The monthly rent is not a problem. We are scheduled to move on Dec 2nd. We had a house to move into already and it fell through on the other end, so now we have to find a new house at the last minute. The security deposit wasn’t in our budget.
At my property, we accept Visa, MC and Discover for anything, including a deposit. It’s quick, easy, and we’re notified instantly when we run it if it’s gone through or not. My company uses an online credit card merchant to run credit cards on – we type in the number and it processes instantly.
There’s no disputing or cancelling it once it’s been run – I’ve never run into that problem in the 3 years we’ve been accepting credit cards as deposits. We even have a way for residents to sign up with a credit card or checking account to have the monthly rent and utilities to be automatically deducted once a month.
The only credit card we don’t accept is American Express, due to the extremely high merchange fees for processing it.
I heard about a good auction at 777 Punchbowl. Do you know a useful website for current information about that? How did you get in?
For Sheriff’s Sales, foreclosures, tax sales and judicial sales as well as any other sales a county or state may have, you’re going to discover every county in every state/province/territory operates and does things a little differently than the one next to it – even when its in the same state or province.
It requires LOTS of time and diligence.
This is what I learned:
The best suggestions I can offer:
For the work which NEEDS to be done BEFORE the sale, there really isn’t any website.
1] Go to your county court house to the Sheriff’s Office. You might even be able to get the info you need on-line BUT there may be a charge for the on-line access.
2A] It doesn’t make any difference whether you live in a large city or a village/borough, make the investment of time to go to the County Court House or City Hall. Visit the Recorder of Deeds Office/County Clerk’s Office or whatever the office is referred. The names are different, but the Office’s function is the same: to record ALL REAL property documents.
The ladies and gentlemen in the City Hall or Court House are there to help the folks who come there to do business and take care of various matters about that city or county.
3A] Ask for the rules for Sheriff’s sales and foreclosures. AND ask for the information you need to participate and bid on property. Ask for a list or if they are hanging on the wall, grab one or two.
3B] JUST for practice you’ll need a specific, actual address – even if its your own, a friend or relative living in that same county or city. The property owner’s name would be very helpful. Ask an employee in that office how to research a property. Write down and/or remember each of the steps you are shown.
3C] After being shown what to do and how to do it, research the one or two properties you have at the Recorder of Deeds Office/County Clerk’s Office.
If you get stuck, ask for help.
4] If you are able to do the research, attend AT LEAST 3 of those Sheriff’s Sales. You aren’t going to bid on any property. You aren’t going to buy any property. You are there STRICTLY as an observer. You want to see how the process works.
5] At the sheriff’s sales and foreclosures, you’ll probably see the same faces at sale after sale.
Offer to take one of those folks to lunch or dinner and discuss your intentions.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name!
I have been told it will be a chattel mortgage, apparently they run higher rates. The axle, wheels and draw bar will be removed why is this considered mobile?
Mortgages are what gives a lender security on a piece of real estate along with any attached improvements. A manufactured home on a rented lot is not considered real estate because it is not attached to the land. Therefore, any loan will only be secured by the manufactured home and is not considered a mortgage. It is more like a vehicle loan that is secured by the title.
I don’t have any money for down payments, my income is low, (about 3,500 per month), my credit score is low, and I’m in the process of selling my home in a short sale. I want to create this cash flow as a means of supplement income and then eventually my main source of income. Is this doable?
You may have to wait a bit, but don’t worry, housing prices will probably drop some more.
I suggest buying a rental unit and living in it. Your tenants can pay your mortgage-or at least most of it. Research the tenant-landlord laws in your area as well as financing options and prices of multi-unit homes.
Royal LePage Generation Realty
http://www.yellowpages.ca/bus/Newfoundland-and-Labrador/Grand-Falls-Windsor/Royal-LePage-Generation-Realty/2673955.html?AFC-TT2527453564
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