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Repairing Severed Outdoor Extension Cord

By | February 21st, 2006|

Can you do a do it yourself home repair on a severed extension cord? If you ran it over with a lawn mower, you might be able to get some how-to advice at your local hardware store. One do-it-yourself option is converting the one long cord into two shorter cords.

Tax Implications Of Flipping Real Estate Before Construction

By | February 21st, 2006|

This reader is hoping to flip a property before it is constructed but is concerned about the tax implications. Ilyce explains if you make a profit by selling something that you own, even if it's real estate that gets flipped before construction is complete, you have a taxable gain. Just what kind of tax gain you would get flipping pre-construction real estate, hinges on the question of what it is that you bought and when you are considered to have made the purchase under tax law.

Call Home Seller Directly To Close Deal

By | February 21st, 2006|

In most seller listing agreements, the seller agrees to pay the full commission to the agent if the buyer saw the property while it was listed with that agent. The listing agreement usually gives a period of time that the agent would be owed commission, sometimes for months after the listing agreement expires. Taking the agent out of the equation probably won't make a deal any sweeter for the buyer or the seller, depending on the listing agreement.

Refinance Or Sue To Get Name Off Mortgage

By | February 21st, 2006|

When you buy property with a partner and you're not married and you haven't signed a partnership agreement, it can be difficult to undo the transaction. To get your name off of a mortgage for a property that you no longer own or live in you need to have the other person refinance the mortgage or sell the home. If the other person refuses to refinance or sell, you may need to go to court to force a sale of the property.

Real Estate Investment Includes Wholesale Selling

By | February 21st, 2006|

One type of real estate investment is wholesale selling. Wholesale selling is another expression for the practice of buying real estate and flipping it intentionally below its cost in order to move it quickly. Wholesale real estate transactions usually take place between real estate investors, not your regular home buyer and seller.

1031 Helps Save On Taxes

By | February 21st, 2006|

With an estimated 15 million Americans owning investment property, more people are using 1031 tax-free exchanges in order to defer capital gains. A 1031 exchange is a provision in the Internal Revenue Code that permits an owner of investment property to sell the property and buy a new property without having to pay any taxes on the sale of the old property. To use a 1031 exchange, an investor must comply with strict rules relating to the use of the proceeds from the sale.

Home: For (Whole) Sale

By | February 14th, 2006|

A prospective home buyer has spotted a home with a sign stating it is for (Whole) Sale. When it comes to selling a home, wholesale isn't usually an option. Listing the home as wholesale could be a marketing technique.

It’s All About Location, So Choose Carefully

By | February 14th, 2006|

When buying property, remember, location, location, location. Choosing the right location means you'll wind up with a property that increases in value faster than those in other areas. It can mean you'll sell faster and for more money. A great location will allow you to command higher rent for an investment property.

Leak Found After Closing On Condo

By | February 14th, 2006|

A buyer moves into a condo only to find a leak in the bathroom that didn't come up during the home inspection. It's possible the seller didn't know of the leak and therefore didn't disclose it to the buyer. The buyer should see how much the repair will cost before taking action against the seller.

1031 Exchange: Use When Dividing Property

By | February 14th, 2006|

A property owner who inherited a 160-acre ranch has the opportunity to sell the property at considerable gain and wants to know if a 1031 exchange can be used. A 1031 exchange can be used by real estate investors when selling one investment property to buy another and defer federal taxes on the property sale. A 1031 exchange may not be used for a primary residence. A 1031 exchange can be used when dividing property, but speak to a 1031 exchange expert first.

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