Real Estate and Capital Gains Tax
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If you live in your house for at least two years you are exempt from capital gains tax. Individuals are exempt on the 1st $250,000 in gains, couples are exempt on their first $500,000 in gains. My question is are their any people out their who has used this tax exemption as an investment strategy. Maybe buying a house, fixing it up and living in it for two years, then selling the house, collecting your tax free gains, then buy another house and repeating the process.
It seems to me like it would be a hassle and a pain to... continue reading >>
Wow..Over 1 Billion in instant equity..Not bad...
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JP Morgan’s purchase of "The Bear Stearns World Headquarters" at 383 Madison Ave, is the deal of not only the century, but of history. The purchase instantly gives Morgan over 1 billion in instant equity. JP Morgan bought the entire once prestigious investment firm, Bear Stearns, for the bargain basement price of only $2 a share. The building itself is worth $8 a share. Based on recent commercial real estate transactions in Manhattan the property is worth at least $1.5 billion, or $1200 a square foot. Somerset partners LLC paid $1,566 a square foot for their property on Park... continue reading >>
What do you guys think about this:
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BOSTON (Reuters) - Massachusetts on Friday banned foreclosure "rescue" schemes where for-profit lenders promise to help homeowners at risk of losing their property but often take possession of the houses themselves.
The emergency measure takes effect immediately and will be in force for 90 days, said Martha Coakley, the state's attorney general, calling it the best way to protect homeowners at a time when foreclosure rates are surging across the state.
The state legislature would have to approve any permanent ban.
For-profit lenders often develop "rescue" schemes where they promise to assist homeowners struggling with... continue reading >>
'Flip This House' star called scam artist
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Saturday, June 02, 2007 Doug Gross Associated PressAtlanta- On an episode of A&E's popular reality series "Flip This House," Atlanta businessman Sam Leccima sits in front of a run-down house and calls buying and selling real estate his passion.
Now authorities and legal filings claim that Leccima's true passion was a series of scams that included faking the home renova tions shown on the cable TV show and claiming to have sold houses he never owned.
"This is, indeed, a con artist," said Sonya McGee, an Atlanta pharmaceutical representative who says Leccima took $4,000 from her in... continue reading >>
7 landscaping tips
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By Josh Garskof, Money Magazine contributing writer June 4 2007: 10:42 AM EDT
NEW YORK (Money Magazine) -- If prospective buyers looked at your house today, what would they see outside? A giant evergreen that looks as if it might swallow the station wagon, perhaps, scraggly old foundation plants or maybe a kitchen-table view of the neighbors' kids' trampoline?
If so, you have a truly inexpensive opportunity to boost your home's curb appeal.
By spending $500 to $3,000 on plants and materials and a few hours of time, you can achieve a well-landscaped look without shelling... continue reading >>
Misery lures opportunists at foreclosure auction
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By Peter Henderson, Tim McLaughlin, Andy Sullivan and Al Yoon
RIVERSIDE, California, May 11 (Reuters) - Twice a day, would-be real estate moguls gather on the local courthouse steps for the latest can't-miss opportunity in California's land rush: the foreclosure auction.
Beneath the shade of a magnolia tree, veterans and "newbies" crowd around auctioneer Gary Oberdalhoff as he lists a property whose owners couldn't pay the mortgage, one of thousands to go on the block in this sprawling, arid region 50 miles east of Los Angeles.
"Do I have any opening bids?" Oberdalhoff asks. Several step forward to show him... continue reading >>
Flip Tips from Armando of the the TV show "Flip This House"
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ARMANDO'S FLIP AND GROW RICH TIPS Know the difference between instincts and fear. Instinct is that voice telling you to “go for it”. Instinct can make you rich. Fear is that voice telling you not to listen to your instinct. Follow people who can teach you how to crush the ‘fear voice’ and listen to your ‘instinct voice’. Never take financial advice from someone who doesn’t make twice as much money as you. Get a mentor. Have a deal you can’t do. Contact me: armandomontelongo.com It doesn’t take money or credit to flip - It takes knowledge. Don’t be... continue reading >>Stop being a rodent's landlord
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Kill rats and rent to people it is good for your business. Hope everyone has a successful week....
Stop being a rodent's landlordHas your home been invaded by rats or mice? Here are your options for getting rid of these pesky vermin.
By Christopher SolomonHere's a nasty thought: Your home may have mice. Or worse. And we're not talking about Mickey.
How would you know? Short of actually seeing the furry culprits, look for these telltale signs:
Rodent droppings.
Evidence of gnawing on hard surfaces, such as chair legs.
Nests, possibly in drawers or inside upholstered... continue reading >>
A Tax Deduction for those of you with kids...
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Daddy's Little Tax Deductionby John Hyre
Keeping your tax bill low is a war of details. There is no magical silver bullet that holds the IRS at bay. Rather, the tax code lets us cut a little here and a little there. It’s all in the details. Such “details” include your children. There are lots of ways to use the little darlings (I use the term loosely and obviously am not referring to teenagers!) to cut your tax bill. This article will focus on how to hire minor children in your business.
Specifically: If you have children between the ages of 7... continue reading >>
BiWeekly Payments
Supporters of biweekly mortgage payments say that you can save thousands of dollars over the life of your loan in addition to paying the loan off 8 years earlier on 30 year mortgage. If biweekly payments are so great, why don’t more people do it?