If you're looking to buy a vacant lot to build on, it might be harder than you think to get a loan. Owner financing could be a good option if you're trying to buy a vacant lot. Most mortgage lenders won't give you a loan for a vacant lot, so it's worth asking the owner if they're willing to do owner financing.
Don't fall for these top three real estate investing mistakes. Everyone makes mistakes, but if you want to be a successful and profitable, these are three real estate investing mistakes you can avoid making. Don't buy real estate investments on impulse. Don't fail to do your due diligence on real estate investments. Don't forget that numbers matter with real estate investments. Get ahead in the game and avoid these top real estate investing mistakes.
For this reader, what should have been a simple home repair job to replace windows turned into a Contractor Horror Story. Contractor referrals might not always give you the best contractor for the job. Get multiple estimates from contractors and make sure you are only paying for the home repair work you want done. Don't let your home repairs turn into a contractor horror story.
If you receive a home through a quit claim deed, you will probably not owe taxes. However, if you sell the home you may owe taxes on any profit. Depending on the value of the property, the giver might owe gift tax. Please consult with your tax preparer for more information on quit claim deed taxes.
Today on the Ilyce Glink Show we took lots of questions from callers and Ilyce shared the latest in real estate, personal finance and consumer advice. Yesterday Ilyce hosted How To Invest Your Money in 2010, bringing together the best personal finance and investment experts. If you couldn't join us for the seminar, check out the special eBook package and podcast available in the ThinkGlink store.
If you are in the HAMP (Home Affordable Modification Program), hang in there. If you've applied and received a trial loan modification, the trial period is supposed to last three months. But for many, the trial period seems to be taking forever with no answers or timetables given by lenders. But if you are successful in going through the trial loan modification period and get a permanent loan modification, you leave loan modification hell and end up with something that should help you for the next five years and longer.
While many people still use a quit claim deed to add a child to a parents property to make it easier to transfer title from one generation to the other. Owning jointly owned property is sometimes the worst thing you can do. Proper estate planning may require the parent to keep the property in his or her name and set up a trust to convey the property to a child upon death. One disadvantage of jointly owned property involves problems with inheritance, estate and property taxes.
As borrowers keep their loans longer and can't refinance their mortgage loans, they also find out that the loan they thought they obtained somehow is different years later. For some this fraud is discovered when their interest rate changes and they find out that the promised interest rate is different than the one quoted by the current lender. Make sure you keep copies of your loan documents from the closing or settlement. While it's too late now, you should make sure the documents you sign at the closing or settlement match the business terms, including the interest rate, and limits on changes, that were promised to you.
Capital Gains And Depreciation On Investment Property Sale
If you have owned investment property for some time, you might be surprised to find out that even if the property's value has not appreciated, you might have to pay taxes on its sale. While most people are familiar with capital gains taxes, others forget that they have received a benefit from depreciating the property while they have owned the real estate. Once they sell the property, they have to pay back that depreciation. One way to defer all taxes on the sale of an investment property is by using a 1031 tax deferred exchange.
There are all types of scam artists out there. Sometimes it's hard to tell the difference between legitimate companies and scam artists.
There are people out there claiming to be forensic mortgage loan auditors. These people have expertise in the rules and regulations governing mortgage loans and if a lender has failed to comply with federal or state laws governing mortgage loans, you might benefit from their services. But not everybody benefits. Particularly if the forensic auditor requires a hefty upfront payment for services. As with any service out there, make sure you check the company out and never pay anybody anything until they are able to successfully obtain what they have promised you. The more you know and learn, the better off you will be.
