Should I outsource to a property management company? A lot of hard work goes into being a landlord, sometimes it's smarter to outsource property management. Q: I am planning to buy a four-plex and I was planning on using an on-call handyman instead of property management which is typically expensive. Since this is my first [...]
When someone passes away without a will, it’s difficult to determine who the deed will be transferred to. Q: My aunt left me her house when she passed away but she didn't have a will and we didn't have any papers signed to state that she wanted me to have it. She told my cousin [...]
Even when a mortgage broker is recommended by your real estate agent, it’s not a bad idea to shop around to make sure you find a broker that's right for you. Q: We've been working with a great real estate agent that was recommended to us by a trusted friend. The agent gave us a [...]
When you sell a rental property and want to avoid high capital gains taxes, a 1031 exchange could help you limit your tax liability. Q: We are going to sell a townhouse in a desirable area of town that we have owned for about 25 years. We rented it to tenants during that entire time [...]
What can I do about inheriting property that has a mortgage? This reader wants to know if they can execute a quitclaim deed to absolve themselves of mortgage payment responsibilities. Q: I have inherited a 25 percent interest in a home along with three other siblings. I do not want my 25 percent and want [...]
Even investors experienced in flipping homes should be careful of new kinds of risk that come with flipping unfamiliar property. Q: Here's my dilemma. I've been buying tax foreclosed building lots and flipping them for over a decade. Because I get them at a steep discount, I also sell them at a steep discount. As [...]
It's heartbreaking when we hear stories of homebuyers falling victim to wire transfer fraud. Here are some ways to protect yourself. Q: Thank you for your article in the Chicago Tribune on wire transfer instruction. Three weeks ago we were given wire instructions by our escrow company and had no reason to believe that they [...]
Your listing broker isn't legally responsible for knowing about a tax lien, but they should be aware of qualities that will make a home harder to sell. Q: We placed a contract on a home that should never have been listed in the first place since it had over $150,000 in tax liens. Am I [...]
Owning real estate with relatives can be tricky. It’s especially tough if they neglect their homeownership duties and the home goes through a tax sale. Q: We lost a piece of property due to back taxes. The property was in the names of my husband and his two sisters and brother. None of them would help [...]
How to determine taxes after selling an inherited home. When selling an inherited home, especially if it's out of state, consider how it'll impact taxes. Q: We live in North Carolina but I also own a home in New York City with my four siblings. We inherited the home from our parents and now each [...]
