Brought to you by Sean Lam Keller Williams
Extreme home takeover: dubious deeds used to scoop up Dade properties - Miami-Dade - MiamiHerald.com
Many of the deeds, however, lacked a key element: The signatures of the original owners giving up the property. In some cases, a company representative appeared to sign the deed on behalf of the owner, the records show. Others contained only the signature “Presscott Rosche.”
But Presscott Rosche — or Prescott Rosche — is not a person. It is a limited partnership registered with the state. The partnership’s registration papers list no person with the name “Presscott Rosche,” nor does anyone with that name appear in searches of public records or databases.
Nine homeowners told The Herald that the Presscott Rosche deeds for their houses are bogus. Some were unaware of the deeds until informed by a reporter.
“I haven’t signed anything,” said Diana Benintend of Ocala, whose Miami-Dade house was transferred to Presscott Rosche — without her knowledge, she says.
“Those signatures aren’t even close,” said attorney Timothy Kingcade, whose clients, Gustavo Graziano and Cecilia Falzone, appeared to give their house to Presscott Rosche last year. “The deed is defective in a lot of ways … My clients didn’t know anything about this, I am absolutely certain.”
Deeds and other official records are filed with Miami-Dade’s clerk of courts. But the clerk’s office does not have the authority to reject suspicious documents or investigate potential fraud, said David Rooney, head of the clerk’s recording office. If a document meets all the formal requirements, it must be recorded, he said.
“We’re just ministerial,” Rooney said. “We can’t judge whether something is fraudulent or not.”
However, Rooney conceded that some Presscott Rosche deeds should have been rejected because they didn’t have the required signatures.
Miami-Dade Property Appraiser Carlos Lopez-Cantera is also investigating the Presscott Rosche transactions, to ensure that tax bills go to the true owners................................................
Friday, March 29, 2013
Thursday, March 28, 2013
Keller Williams - Weston (Sean Lam) - Don't wait. Sell now.
Brought to you by Sean Lam Keller Williams:
Some would-be move-up home sellers are eyeing home prices carefully. They’re waiting to see how much home prices appreciate more before they consider selling their home. But they may be missing their perfect opportunity, some housing experts say.
The best time to move may depend on when the homeowner purchased their current residence, says Daren Blomquist, vice president of RealtyTrac. Blomquist says that owners who purchased their home during the sluggish market the last two to three years may find moving up in 2013 to be their prime opportunity.
“Because they bought near the bottom, these homeowners should have built up some good equity that can go toward the purchase of a new home, and waiting longer to build more equity likely won’t provide much advantage given that other homes that they might want to move up to will also be appreciating at roughly the same pace,” Blomquist told HousingWire.
Homeowners who wait much longer to sell their home may miss out.
“If you’re selling one house just to move up to another, it does you no good to wait for prices to rise — the price of the move-up home will increase faster than the price of the place you’re leaving behind,” says Redfin CEO Glenn Kelman.
Plus, mortgage rates are expected to come off the 3.5 percent range and reach 4.4 percent in the next year, according to the Mortgage Bankers Association. That will increase the costs of financing your next home.
Source: “The Time to Sell Is a Waiting Game for Some,” HousingWire (March 21, 2013)
Some would-be move-up home sellers are eyeing home prices carefully. They’re waiting to see how much home prices appreciate more before they consider selling their home. But they may be missing their perfect opportunity, some housing experts say.
The best time to move may depend on when the homeowner purchased their current residence, says Daren Blomquist, vice president of RealtyTrac. Blomquist says that owners who purchased their home during the sluggish market the last two to three years may find moving up in 2013 to be their prime opportunity.
“Because they bought near the bottom, these homeowners should have built up some good equity that can go toward the purchase of a new home, and waiting longer to build more equity likely won’t provide much advantage given that other homes that they might want to move up to will also be appreciating at roughly the same pace,” Blomquist told HousingWire.
Homeowners who wait much longer to sell their home may miss out.
“If you’re selling one house just to move up to another, it does you no good to wait for prices to rise — the price of the move-up home will increase faster than the price of the place you’re leaving behind,” says Redfin CEO Glenn Kelman.
Plus, mortgage rates are expected to come off the 3.5 percent range and reach 4.4 percent in the next year, according to the Mortgage Bankers Association. That will increase the costs of financing your next home.
Source: “The Time to Sell Is a Waiting Game for Some,” HousingWire (March 21, 2013)
Wednesday, March 27, 2013
Keller Williams - Weston (Sean Lam) - Commercial Real Estate On The Rise
Brought to you by Sean Lam Keller Williams: Commercial real estate on the rise
Commercial real estate markets on either coast are outperforming assets in the mid-U.S. because they are home to gateway cities that trade with Asia and Europe, according to Matt Galligan, president of CIT Real Estate Finance at CIT Group Inc.
Galligan said the hottest of these markets right now is the New York metropolitan area, as it’s experiencing an 8-year low in the supply of residential real estate; but other national markets may provide better risk-adjusted returns.
As part of the “2013 Commercial Real Estate Sector Outlook,” Galligan discusses opportunities and challenges in the sector, the role of private equity firms in the industry and trends to watch. The outlook is the latest in a series of in-depth executive Q&As featured in CIT’s Executive Insights series,
Multifamily market: Opportunities and potential challenges
According to Galligan, there are plenty of opportunities across all markets, however, there’s some concern with the Class A new multifamily market. “If interest rates increase, or as residential mortgage lending thaws, providing home loans to first-time buyers, it could put pressure on that asset class where capitalization rates are incredibly low,” he said. “There are also opportunities with Class B multifamily assets in the Midwest, where the capitalization rates are higher and demand is quite strong. Additionally, convenience-oriented strip shopping centers in the Midwest tend to hold their value because the threat of a new supply is not great.”
Private equity firms now major players
In sharp contrast to institutional ownership in previous years, where insurance companies and pension funds had become the largest acquirers of real estate in the U.S., private equity firms are now buying real estate investment trusts (REITs) and repositioning them into private companies. “A great example is the Blackstone Group’s recent purchase of Duke Realty’s suburban office holdings,” said Galligan. “As a result, Blackstone has become a major player in suburban office space in the Midwest and suburban Atlanta markets.”
Distressed commercial properties offer opportunities
There’s an abundance of new projects to repurpose financially distressed commercial buildings, as well as recapitalizations. “During the Great Recession there were many ventures in the urban core of cities that had significant investment in them, but were stopped mid-stream,” said Galligan. “These projects often were acquired below replacement cost from the original developer and provide very good lending opportunities if the new business plan is sound.”
Constrained European banking market presents opportunities
As the European banking market remains constrained, many European banks continue to retrench. “We are witnessing a change regarding who will provide capital,” said Galligan. “The European banks don’t have equity right now to support even modest losses, so replacement capital will come from U.S. banks that have strong capital ratios and high liquidity.”
Tuesday, March 26, 2013
Keller Williams - Weston (Sean Lam): Love it or Hate it. A Split Second Decision
Brought to you by Sean Lam Keller Williams: Home listings: 20 seconds for love at first sight.
Researcher Michael Seiler tracked the eye movements of 45 people viewing 10 online real estate listings with six photos in August 2011, determining that 95 percent of participants viewed the first photo – an exterior property shot – for just 20 seconds.
The study is relevant because knowing how house-hunters view a listing online can help agents fine-tune their marketing approach. Founder and director of Old Dominion University’s Institute for Behavioral and Experimental Real Estate, Seiler says participants moved their eyes in a “Z” pattern from the upper left corner and after reaching the bottom right corner, they scanned up the right column of the screen.
After viewing the home-exterior photo, 76 percent looked at the property description; but 41.5 percent did not bother to ever read the agent’s remarks – which can be annoying if they include all capital letters, overhyped adjectives and brand names. Seiler determined that overall, participants devoted 60 percent of their time to photos, 20 percent to property descriptions and 20 percent to the agent’s comments; and he found that their interest diminished after clicking through numerous properties.
“You have to grab people’s attention within two seconds,” Seiler remarked. “Do it the way a billboard does.”
Some agents ensure the photos, property descriptions and remarks can be seen without scrolling; while others limit their remarks to only a few paragraphs and focus more on the lifestyle and neighborhood than appliances and other features.
The study is relevant because knowing how house-hunters view a listing online can help agents fine-tune their marketing approach. Founder and director of Old Dominion University’s Institute for Behavioral and Experimental Real Estate, Seiler says participants moved their eyes in a “Z” pattern from the upper left corner and after reaching the bottom right corner, they scanned up the right column of the screen.
After viewing the home-exterior photo, 76 percent looked at the property description; but 41.5 percent did not bother to ever read the agent’s remarks – which can be annoying if they include all capital letters, overhyped adjectives and brand names. Seiler determined that overall, participants devoted 60 percent of their time to photos, 20 percent to property descriptions and 20 percent to the agent’s comments; and he found that their interest diminished after clicking through numerous properties.
“You have to grab people’s attention within two seconds,” Seiler remarked. “Do it the way a billboard does.”
Some agents ensure the photos, property descriptions and remarks can be seen without scrolling; while others limit their remarks to only a few paragraphs and focus more on the lifestyle and neighborhood than appliances and other features.
Monday, March 25, 2013
Keller Williams - Weston (Sean Lam) - Watch out for sinkhole area
Brought to you by Sean Lam Keller Williams
If you want to buy a house in Florida, watch out for sinkholes. Check the data with the local county. Sinkholes are abundant in Hillsborough County. One sinkhole swallowed up a guy recently in Seffner, Florida. The poor guy is presumed dead. The body is nowhere to be found.
If you want to buy a house in Florida, watch out for sinkholes. Check the data with the local county. Sinkholes are abundant in Hillsborough County. One sinkhole swallowed up a guy recently in Seffner, Florida. The poor guy is presumed dead. The body is nowhere to be found.
Saturday, March 23, 2013
Sean Lam Keller Williams - Prime Mortgage Rate Dropped Again!!!! Don't Wait Anymore. Go Get Qualified Now.
Brought to you by Sean Lam Keller Williams:
U.S. rate on 30-year mortgage declines to 3.54%
WASHINGTON – March 22, 2013 – Average U.S. rates on fixed mortgages fell this week and remained near historic lows, a trend that has supported a recovery in housing.
Freddie Mac said Thursday that the average rate for the 30-year loan fell to 3.54 percent from 3.63 percent last week. That’s near the 3.31 percent reached in November, which was the lowest on records dating to 1971.
The average rate on the 30-year loan has been below 4 percent now for a full year.
The average rate on the 15-year fixed mortgage slipped last week to 2.72 percent from 2.79 percent last week. The record low is 2.63 percent.
The lowest mortgage rates in decades are spurring more home purchases and refinancing. That’s helped the broader economy. Increased sales are also pushing home prices higher.
As the spring home-buying season begins, low mortgage rates could spur more people to buy homes or refinance. Refinancing often lowers monthly mortgage payments and leaves consumers with more spending money.
The National Association of Realtors reported Thursday that sales increased 0.8 percent in February from January to a seasonally adjusted annual rate of 4.98 million. That was the highest sales pace since November 2009, when a temporary tax credit for homebuyers had boosted sales.
Still, some people are unable to take advantage of the low mortgage rates, either because they can’t qualify for stricter lending rules or they lack the money for larger down payment requirements. First-time buyers made up just 30 percent of sales in February, the Realtors’ group said. In healthier economies, they make up more than 40 percent of sales.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for 30-year mortgages was unchanged at 0.8 point. The fee for 15-year loans edged down to 0.7 point from 0.8.
The average rate on a one-year adjustable-rate mortgage slipped to 2.63 percent from 2.64 percent last week. The fee for one-year adjustable-rate loans was steady at 0.4 point.
The average rate on a five-year adjustable-rate mortgage was unchanged at 2.61 percent. The fee also was steady, at 0.6 point.
U.S. rate on 30-year mortgage declines to 3.54%
Mortgage Rate Trend Index
Experts polled by Bankrate.com this week said the economic crunch in Cyprus pushed money into U.S. bonds, lowering mortgage rates. Only 12% predict a rate increase over the short term, while the rest break even (44% each) between lower rates and no change.
Freddie Mac said Thursday that the average rate for the 30-year loan fell to 3.54 percent from 3.63 percent last week. That’s near the 3.31 percent reached in November, which was the lowest on records dating to 1971.
The average rate on the 30-year loan has been below 4 percent now for a full year.
The average rate on the 15-year fixed mortgage slipped last week to 2.72 percent from 2.79 percent last week. The record low is 2.63 percent.
The lowest mortgage rates in decades are spurring more home purchases and refinancing. That’s helped the broader economy. Increased sales are also pushing home prices higher.
As the spring home-buying season begins, low mortgage rates could spur more people to buy homes or refinance. Refinancing often lowers monthly mortgage payments and leaves consumers with more spending money.
The National Association of Realtors reported Thursday that sales increased 0.8 percent in February from January to a seasonally adjusted annual rate of 4.98 million. That was the highest sales pace since November 2009, when a temporary tax credit for homebuyers had boosted sales.
Still, some people are unable to take advantage of the low mortgage rates, either because they can’t qualify for stricter lending rules or they lack the money for larger down payment requirements. First-time buyers made up just 30 percent of sales in February, the Realtors’ group said. In healthier economies, they make up more than 40 percent of sales.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for 30-year mortgages was unchanged at 0.8 point. The fee for 15-year loans edged down to 0.7 point from 0.8.
The average rate on a one-year adjustable-rate mortgage slipped to 2.63 percent from 2.64 percent last week. The fee for one-year adjustable-rate loans was steady at 0.4 point.
The average rate on a five-year adjustable-rate mortgage was unchanged at 2.61 percent. The fee also was steady, at 0.6 point.
Thursday, March 21, 2013
Sean Lam Keller Williams - Urban Exploration Encourages Terrorism
Urban exploration encourages terrorism?
Some people are into spelunking through the urban ruins and crevasses of unfamiliar cities. The National Counterterrorism Center has a term for these sorts of people: terrorist dupes.
“Urban Explorers (UE) — hobbyists who seek illicit access to transportation and industrial facilities in urban areas — frequently post photographs, video footage, and diagrams on line [sic] that could be used by terrorists to remotely identify and surveil potential targets,” warns the nation’s premiere all-source center for counterterrorism analysis.
You might think that dude climbing across the girders of a suspension bridge late at night intends to get a good view or to write some graffiti. But the National Counterterrorism Center can’t help but notice the pathway he takes exposes “security vulnerabilities” inherent in the urban landscape, like “access to structural components including caissons (the structures that house the anchor points of a bridge suspension system)” — all of which a terrorist would find useful. Spelunking through subway tunnels might alert terrorists to “electrical, ventilation or signal control rooms.” The vantage point of a rooftop provides a glimpse useful to the “disruption of communication systems.”
All of this was part of a one-sheet warning that the National Counterterrorism Center issued in November, unearthed by our friends at Public Intelligence. Named in the document are prominent urban-spelunker websites like Undercity.org and Placehacking.co.uk, which grew out of urban-geography PhD research. Should you observe “suspicious UE activity,” the Center encourages you to report it to “the nearest State and Major Area Fusion Center and to the local FBI Joint Terrorism Task Force.”
A 1993 Wired magazine piece, “Hacking the Material World,” toured the underground warrens beneath Columbia University, MIT and other major urban schools. GeekDad ran a 2008 piece about venturing through an abandoned monorail system connected to the Toronto Zoo. The pieces contain either photography of the landscape or details about hidden urban areas, and are posted online — so by the logic of the National Counterterrorism Center, Wired has played into terrorist hands.
Urban exploration is not typically the reconnaissance mission of al-Qaida. While it’s not crazy to think that terrorists might be interested in studying an urban landscape, the vanishingly few cases of domestic terrorism in the post-9/11 era typically involved shooting up places like Fort Hood or leaving a would-be car bomb in Times Square, rather than recon from the top of a bridge or the depths of a subway tunnel. Such tips aren’t even a part of the DIY terrorism advice column in al-Qaida’s English-language webzine.
Urban explorers probably won’t have to feel singled out for long. Wait until the National Counterterrorism Center learns about the architectural drawings available for viewing in the nearest university library, or the map brochures available to tourists at national landmarks.
Wednesday, March 20, 2013
Keller Williams Sean Lam on Cloud Computing
Sean Lam on using cloud computing
Read this document that I posted on Slideshare. Realtors should leverage from cloud computing to go green and save some trees.
Read this document that I posted on Slideshare. Realtors should leverage from cloud computing to go green and save some trees.
Tuesday, March 19, 2013
Sean Lam Keller Williams - 2.5 Acres Property With Greenbelt
Sean Lam with Keller Williams has sold a 2.5 acre property
with a greenbelt zoning in Davie for $550,000. The property at 5060 SW 76th
Ave was closed in December 2011 with seller financing for 3 years. The buyer is
from a foreign country. The owner
financed the buyer for three years. Bruce Benefeld Esq of Title Express
represented the seller and handled the closing.
Sean said the reason he was able to sell the property at
$200,000 more above the average comparable was it had a low property tax
designation and seller financing. The
property with exactly the same lot size next door was sold two months earlier
for $324,000. However, that property did not have the greenbelt zoning on it.
Besides, a nursery was operated on the subject property.
There is a single family house on the property. It has a 3
bedrooms and 3 bathrooms. The house can be converted into a duplex with 2/2 on
one side and 1/1 on the other. The house was built in 1968. Impact glasses were
installed throughout the house. The nursery was located in the front of the
property occupying about 1.5 acres.
Sean Lam Keller Williams - Vacation Rental in Pompano Beach
Sean Lam with Keller Williams has listed a vacation rental
in Pompano Beach, FL for 8% cap. Orchid Grove is a turnkey income-producing
property that grossed $80K in 2012 over a nine-month period. The asking price
is $450,000.
The waterfront property is located right off Ocean Dr A1A, a
1.5 mile north of Commercial Blvd. The single family house has a circular
driveway for more parking and a heated water pool with a spa for 5 people. There are 5 bedrooms, 3 and half baths and a
3-car garage. The bathrooms and bedrooms were remodeled in 2011 with hardwood
floor and high-end custom built closet.
The master bathroom and one other bathroom have jet stream showers. The living area is approximately 2500 SF and
the lot size is about 11,000 SF. The property is surrounded by waters on three
sides. There is no fixed bridge between
the dock and the Intracoastal Waterways.
A boat up to 70 ft can be docked.
A screened porch provides more room for outdoor entertainment. New hurricane proof glasses were installed around
the house. The windows were treated to
reduce the sun glare into the house. Proximity to the beach ensures full
booking from January to May every year for this property. Pompano Beach attracts thousands of
vacationers from Canada and Northern US every year. The city is a popular
destination for snowbirds and spring breakers. These vacationers prefer to stay
in this type of vacation rental over motel or hotel rooms because it provides
more privacy and amenities at a lower price.
For more details about this great opportunity, please contact Sean Lam
at 954-687-4532.
Increasingly, websites like Airbnb and Homeaway.com become
popular with out-of-state property owners because they provide a platform to
streamline bookings. In addition, owners can compare rents on the different
properties in the same neighborhood, so that they know how much they should
charge for their own properties.
Sunday, March 17, 2013
Keller Williams -Weston (Sean Lam): Former Dolphins Linebacker faces foreclosure
Brought to you by Sean Lam Keller Williams:
Joey Porter, a former linebacker for the Miami Dolphins, Pittsburgh Steelers and Arizona Cardinals, is facing foreclosure on his Broward County ranch home, according to the South Florida Business Journal.
Boca Raton-based 1st United Bank slapped Porter with a foreclosure suit over a $2.8 million mortgage on his 2.3-acre home at at 16900 Stratford Court in the Landmark Ranch Estates development.
Porter purchased the 10,600-square-foot home for $4 million in 2007, and by 2011, the neighborhood’s homeowners association had filed a lien against Porter claiming nonpayment on dues. [SFBJ]
Joey Porter, a former linebacker for the Miami Dolphins, Pittsburgh Steelers and Arizona Cardinals, is facing foreclosure on his Broward County ranch home, according to the South Florida Business Journal.
Boca Raton-based 1st United Bank slapped Porter with a foreclosure suit over a $2.8 million mortgage on his 2.3-acre home at at 16900 Stratford Court in the Landmark Ranch Estates development.
Porter purchased the 10,600-square-foot home for $4 million in 2007, and by 2011, the neighborhood’s homeowners association had filed a lien against Porter claiming nonpayment on dues. [SFBJ]
Saturday, March 16, 2013
Keller Williams - Weston (Sean Lam): Spring breakers are here
Brought to you by Sean Lam Keller Williams:
I ran into a group of spring breakers in a local Dunkin Donuts yesterday. They hailed all the way from Rhodes Island. The shop was packed with college students, mostly from the snowbird states. My client owns a single family house and it's vacant most of the time. I suggested to him that he should rent it to these spring breakers rather than leave it vacant. The income he will make will reduce the pay off time by one third. People worry that these college kids will trash and incur damages on their properties. Actually, this is a stereotype. Lots of motel and hotel operators in South Florida welcome springbreakers and run specials for them. The key is to ensure that their parents guarantee the rental agreement and you collect a security deposit up front.
I ran into a group of spring breakers in a local Dunkin Donuts yesterday. They hailed all the way from Rhodes Island. The shop was packed with college students, mostly from the snowbird states. My client owns a single family house and it's vacant most of the time. I suggested to him that he should rent it to these spring breakers rather than leave it vacant. The income he will make will reduce the pay off time by one third. People worry that these college kids will trash and incur damages on their properties. Actually, this is a stereotype. Lots of motel and hotel operators in South Florida welcome springbreakers and run specials for them. The key is to ensure that their parents guarantee the rental agreement and you collect a security deposit up front.
Keller Williams - Weston (Sean Lam): Realtor Tax Filing Tips
Brought to you by Sean Lam Keller Williams:
The independence that comes with being your own boss is often a double-edged sword. On one hand, it’s liberating to be free of corporate shenanigans; on the other, you’re on your own figuring things out, including taxes.
Filing taxes can be a source of dread for self-employed Americans. The trick is not to see the tax code as bureaucracy meant to confound you but a tool to give your homegrown business a leg up.
You can deduct a host of expenses if you keep good records and know what to look for.
Here are nine tax tips for both making your 2012 returns less of a headache and a bit more financially advantageous:
• Remember that you didn’t pay taxes upfront. This can be a shock to first-time filers, but self-employed workers pay no upfront taxes. While salaried workers get paychecks with taxes already taken out, that’s up to you, since you are your own payroll department.
If you did not set aside money to pay the tax collector, your 2012 bill might be high. To avoid problems next year, you should start making a plan for 2013 now.
Read about self-employment tax burdens at irs.gov.
• Don’t fear the home office deduction. The IRS has been cracking down on abusers in the last several years. But if you are honestly using a space for your job and can conform to guidelines for an exclusive-use space (don’t put a bed for guests or video games for the kids in there), you shouldn’t be scared of this big-time deduction.
Qualified home offices open the door to breaks for real estate taxes, utilities, insurance and more. View guidelines at irs.gov.
• Don’t fear vehicle and travel deductions. It’s highly unlikely you can claim 100 percent business use of a vehicle or write off your daily Starbucks run. But if you keep good travel records, you have nothing to fear.
Get business vehicle guidelines and extensive travel and entertainment tips at irs.gov.
• Supplies and professional dues. Hopefully, you also kept records for your office chair or special design software, which are deductible, as are professional liability insurance premiums, fees for trade associations and other charges that are the cost of doing business in your field.
Keep good records, and write them off.
• Don’t forget depreciation. If you have a big fixed-asset expense such as a jackhammer or a copying machine, you can write off part of the value each year as the equipment ages.
Get specific guidelines on how to calculate depreciation at IRS.gov.
• Be diligent about income records. If you’re a busy contractor or freelancer, it’s crucial you keep accurate records of your income and track down relevant 1099s and other documentation. You could get audited if the numbers don’t add up, or if you miss filling out a tax form, so make sure you check for complete records before filing.
The IRS has more info about recordkeeping on its website.
• Deduct your health insurance. If you’re footing the bill for your own health insurance, you can deduct the full cost.
• Don’t get greedy. Generally, a qualified business expense “must be both ordinary and necessary” in government terminology. These are slippery terms, but keep them in mind as you do your returns.
If you act in good faith, you’ll be fine. Otherwise, you could face steep fines.
• Write off tax preparation. You can deduct tax-preparation expenses, and books full of tax tips or preparation software are deductible, too, so there’s no reason not to get the help you need.
Copyright © USA TODAY 2013. Jeff Reeves is the editor of InvestorPlace.com and the author of The Frugal Investor’s Guide to Finding Great Stocks.
The independence that comes with being your own boss is often a double-edged sword. On one hand, it’s liberating to be free of corporate shenanigans; on the other, you’re on your own figuring things out, including taxes.
Filing taxes can be a source of dread for self-employed Americans. The trick is not to see the tax code as bureaucracy meant to confound you but a tool to give your homegrown business a leg up.
You can deduct a host of expenses if you keep good records and know what to look for.
Here are nine tax tips for both making your 2012 returns less of a headache and a bit more financially advantageous:
• Remember that you didn’t pay taxes upfront. This can be a shock to first-time filers, but self-employed workers pay no upfront taxes. While salaried workers get paychecks with taxes already taken out, that’s up to you, since you are your own payroll department.
If you did not set aside money to pay the tax collector, your 2012 bill might be high. To avoid problems next year, you should start making a plan for 2013 now.
Read about self-employment tax burdens at irs.gov.
• Don’t fear the home office deduction. The IRS has been cracking down on abusers in the last several years. But if you are honestly using a space for your job and can conform to guidelines for an exclusive-use space (don’t put a bed for guests or video games for the kids in there), you shouldn’t be scared of this big-time deduction.
Qualified home offices open the door to breaks for real estate taxes, utilities, insurance and more. View guidelines at irs.gov.
• Don’t fear vehicle and travel deductions. It’s highly unlikely you can claim 100 percent business use of a vehicle or write off your daily Starbucks run. But if you keep good travel records, you have nothing to fear.
Get business vehicle guidelines and extensive travel and entertainment tips at irs.gov.
• Supplies and professional dues. Hopefully, you also kept records for your office chair or special design software, which are deductible, as are professional liability insurance premiums, fees for trade associations and other charges that are the cost of doing business in your field.
Keep good records, and write them off.
• Don’t forget depreciation. If you have a big fixed-asset expense such as a jackhammer or a copying machine, you can write off part of the value each year as the equipment ages.
Get specific guidelines on how to calculate depreciation at IRS.gov.
• Be diligent about income records. If you’re a busy contractor or freelancer, it’s crucial you keep accurate records of your income and track down relevant 1099s and other documentation. You could get audited if the numbers don’t add up, or if you miss filling out a tax form, so make sure you check for complete records before filing.
The IRS has more info about recordkeeping on its website.
• Deduct your health insurance. If you’re footing the bill for your own health insurance, you can deduct the full cost.
• Don’t get greedy. Generally, a qualified business expense “must be both ordinary and necessary” in government terminology. These are slippery terms, but keep them in mind as you do your returns.
If you act in good faith, you’ll be fine. Otherwise, you could face steep fines.
• Write off tax preparation. You can deduct tax-preparation expenses, and books full of tax tips or preparation software are deductible, too, so there’s no reason not to get the help you need.
Copyright © USA TODAY 2013. Jeff Reeves is the editor of InvestorPlace.com and the author of The Frugal Investor’s Guide to Finding Great Stocks.
Thursday, March 14, 2013
Keller Williams - Weston (Sean Lam): Tips on Tax Breaks For Your Homes
Brought to you by Sean Lam Keller Williams:
Home is where the tax breaks are: 7 tips
While economists and investors can debate whether buying a home is still part of the American dream, it’s undeniable that the tax code remains highly favorable to people who own instead of rent. Whether you were a first-time buyer, a longtime homeowner who refinanced or a seller, there are a host of important deductions available. The easiest way for a family to get more than just the standard deduction is to claim tax breaks related to a house. Charitable deductions or a smattering of health care costs might not get you above the $5,950 deduction for individuals or the $11,900 mark for married couples. But a few of these big-time breaks in housing can push you over the top and result in a much bigger refund. The downside is no more simple tax returns since you’ll have to itemize. But the money you’ll get back makes it worthwhile. Here are seven important tax tips for homeowners:
1) Mortgage interest is your best friend. Taxpayers collectively get roughly $100 billion annually in mortgage interest breaks. If you bought a home or refinanced in the last few years, the savings are even more significant, as more than half your monthly payment goes toward interest.
2) Mortgage insurance is still deductible. There were fears that the deduction for personal mortgage insurance would fall victim to fiscal fights in Washington. However, Congress left it in place. That’s a huge boon to lower-income homeowners who often can’t afford a big down payment and must pay private mortgage insurance until they have at least 20 percent equity in their homes.
3) Taxes are tax deductible. It sounds odd and is frequently overlooked, but homeowners can deduct their local and state property taxes on federal tax returns. There also may be special property tax benefits for lower-income homeowners based on your state or municipality of residence, so look into further breaks specific to your community.
4) Qualified renovations count. Fixing a leaky faucet or putting crown molding in the living room is not tax deductible. But there are a number of items in the tax code that allow for tax breaks and credits. A host of items covered under residential energy efficiency can provide tax relief, including new solar panels or certain water heaters. There are also deductions available for home office improvements, as well as for medically necessary changes, such as an entry ramp or a handicap-accessible bathtub.
5) Unqualified renovations can count later. While that addition might not be “necessary,” the expense could be an important part of reducing your tax burden when you sell. This is especially noteworthy in hot real estate markets or for homeowners sitting on big property appreciation. The IRS allows you only $250,000 of tax-free profit when you sell a primary residence, but you can deduct any renovations that boosted your home’s value from any total profit to get under that threshold. Find those receipts if you’re sitting on a big profit and planning to sell.
6) Claim selling costs. If you sold a home in the past year, costs including title insurance, advertising and real estate broker fees can be claimed. You can claim certain repairs to reduce capital gains on the sale, presuming they were made within 90 days of sale and clearly for the intent of marketing the property.
7) Don’t forget moving expenses. If you bought a home in 2012, there’s a chance you did so because of a job-related move. If this is the case, you may be able to deduct some expenses, provided you have the receipts. You must have moved 50 miles or more, and the reasons for your move can’t be personal.
Copyright USA TODAY 2013; Jeff Reeves is the editor of InvestorPlace.com and the author of The Frugal Investor’s Guide to Finding Great Stocks.
Home is where the tax breaks are: 7 tips
While economists and investors can debate whether buying a home is still part of the American dream, it’s undeniable that the tax code remains highly favorable to people who own instead of rent. Whether you were a first-time buyer, a longtime homeowner who refinanced or a seller, there are a host of important deductions available. The easiest way for a family to get more than just the standard deduction is to claim tax breaks related to a house. Charitable deductions or a smattering of health care costs might not get you above the $5,950 deduction for individuals or the $11,900 mark for married couples. But a few of these big-time breaks in housing can push you over the top and result in a much bigger refund. The downside is no more simple tax returns since you’ll have to itemize. But the money you’ll get back makes it worthwhile. Here are seven important tax tips for homeowners:
1) Mortgage interest is your best friend. Taxpayers collectively get roughly $100 billion annually in mortgage interest breaks. If you bought a home or refinanced in the last few years, the savings are even more significant, as more than half your monthly payment goes toward interest.
2) Mortgage insurance is still deductible. There were fears that the deduction for personal mortgage insurance would fall victim to fiscal fights in Washington. However, Congress left it in place. That’s a huge boon to lower-income homeowners who often can’t afford a big down payment and must pay private mortgage insurance until they have at least 20 percent equity in their homes.
3) Taxes are tax deductible. It sounds odd and is frequently overlooked, but homeowners can deduct their local and state property taxes on federal tax returns. There also may be special property tax benefits for lower-income homeowners based on your state or municipality of residence, so look into further breaks specific to your community.
4) Qualified renovations count. Fixing a leaky faucet or putting crown molding in the living room is not tax deductible. But there are a number of items in the tax code that allow for tax breaks and credits. A host of items covered under residential energy efficiency can provide tax relief, including new solar panels or certain water heaters. There are also deductions available for home office improvements, as well as for medically necessary changes, such as an entry ramp or a handicap-accessible bathtub.
5) Unqualified renovations can count later. While that addition might not be “necessary,” the expense could be an important part of reducing your tax burden when you sell. This is especially noteworthy in hot real estate markets or for homeowners sitting on big property appreciation. The IRS allows you only $250,000 of tax-free profit when you sell a primary residence, but you can deduct any renovations that boosted your home’s value from any total profit to get under that threshold. Find those receipts if you’re sitting on a big profit and planning to sell.
6) Claim selling costs. If you sold a home in the past year, costs including title insurance, advertising and real estate broker fees can be claimed. You can claim certain repairs to reduce capital gains on the sale, presuming they were made within 90 days of sale and clearly for the intent of marketing the property.
7) Don’t forget moving expenses. If you bought a home in 2012, there’s a chance you did so because of a job-related move. If this is the case, you may be able to deduct some expenses, provided you have the receipts. You must have moved 50 miles or more, and the reasons for your move can’t be personal.
Copyright USA TODAY 2013; Jeff Reeves is the editor of InvestorPlace.com and the author of The Frugal Investor’s Guide to Finding Great Stocks.
Friday, March 8, 2013
Keller Williams - Weston (Sean Lam ) - Rental at Tiffany Lakes, Kendall FL 33183
Brought to you by Keller Williams - Weston (Sean Lam)
Thursday, March 7, 2013
Keller Williams - Weston (Sean Lam) Hugo Chavez Passed Away
Brought to you by Keller Williams Sean Lam.
There is a sizable Venezuelan community in South Florida. They feared Chavez's leftist government and brought their wealth to invest in US real estate market. Doral is home to thousands of Venezuelan expats. Many new constructions have been started in recent years to meet the demand of these buyers. The home prices there have been bucking the downward trend of US housing marketing over the last few years. Properties in the range of millions are not uncommon. The supply continues to tighten and it will only drive the prices higher.
Yesterday, the Venezuelan expat community breathed a sigh of relief with the passing of the radial President. The question is now if they should return to their country. If they do, would they liquidate their investments in the US and drive the home prices down, particularly in Doral?
Wednesday, March 6, 2013
Keller Williams - Weston (Sean Lam) - Jumbo Loans Making A Modest Come Back
Brought to you by Sean Lam Keller Williams - The revival in the luxury real estate market is being fueled by growth in jumbo mortgages, Reuters reports. Jumbo loans typically are more than $417,000. “Jumbo loans are returning to the mortgage market after almost disappearing entirely in the wake of the credit crisis of 2008 and the real estate meltdown,” Reuters reports. “Most lenders stopped making new jumbo loans when the private secondary market dried up in the credit crunch.” But now jumbo loans are coming back. Lenders are reserving jumbo loan approvals to qualified borrowers, and some reportedly are even offering these “once-pricey jumbo loans at interest rates that are barely higher than conventional mortgages,” Reuters reports. “The jumbo market may fare better than the overall mortgage market in 2013,” says Guy Cecala, publisher of Inside Mortgage Finance. But while jumbo loan volume was about $200 billion last year, it’s still far below the $348 billion in jumbo loans issued in 2007. Cecala predicts that 2013 volume of jumbo loans will reach about $220 billion. Source: “Jumbo Home Loans Are Back, But Far Below 2007 Levels.
Keller Williams Sean Lam - The real estate market in South Florida is seeing signs of revival
South Florida is experiencing a revival in its real estate market. After five years of slump, there are signs that the real estate market is turning around. Buyers have been increasingly finding it difficult to bargain with sellers to lower the asking price. Gone are the days when buyers could request closing cost assistance and 20% off the asking prices. The pendulum is tipping towards the sellers. Sean Lam Keller Williams
Keller Williams Sean Lam - Cold front strikes South Florida
Keller Williams Sean Lam - Cold front strikes South Florida
Little did the snowbirds expect that last week the temperature in South Florida dropped to the 50's. The cold weather is likely to continue this week when low cast cloud is still hanging around. The sunshine is forecasted to return next week. Meanwhile, put on an extra layer when you go the beach because it gets extra breezy and chilly out there. Sean Lam Keller Williams
Sean Lam Keller Williams - 600 credit score. No problem, you can still get a FHA mortgage
Call me to find out if you are qualified for a FHA mortgage. Some lenders will take a credit score as low as 600. This is the time to buy your dream home after waiting for so many years. Do you know many buyers have experienced difficulty in getting mortgages? If you are one of those lucky ones who are qualified, don't wait anymore. The prices are still low even though the prices have edged up since 2012. Property prices are still low comparatively. You can snatch up a good deal. Call me now. 786-471-5281.
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