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What would you do, if you owned 2 homes and knew a property crash was about to happen?

admin — Thu, 08 Jul 2010 05:19:07 +0000

Say one home was being rented out and you were dependant on that income and you lived in the other one. Would you get a reverse mortage on one, then buy a house in China? Really, what would you do?

Wait till the Crash gets closer – borrow on my equity and then buy more property.

Money works 24/7 (365 days a year) and can make more money faster than I can work for it!!!

Oh……while I think of it……….. Whenever I buy property, I look for the worst house in the best Street. It’s the Streets and Suburbs that increase property values – not the house!

Should non citizens and non legal residents of Mexico be allowed to buy homes and property in Mexico?

admin — Wed, 30 Jun 2010 03:09:11 +0000

Should the children of non citizens and non legal residents of Mexico be allowed to attend public schools in Mexico and be taught in their own language?

sure why not,sound good to me:)

Are people who buy foreclosed homes paying for minor fixes and reselling the property for profit?

admin — Fri, 18 Jun 2010 13:24:11 +0000

If so, what is the usual timeline for such a transaction? Are people really paying outside vendors for the renovations? I know this is dependent on the property itself but is it really that good of a business idea to do such things?

I am in the CA market and there isn’t much flipping going on here. The 90 hold on selling has put a damper on that. Most are being bought and held.

Is there a higher property tax rate for "secondary" homes in California?

admin — Thu, 27 May 2010 15:41:20 +0000

If I own two residential properties in California, will the property tax rate be the same for both homes or will the secondary home carry a higher tax rate?

You lose the homestead credit but that’s about it. That does not do much for you in CA — it’s only worth about $50 or so for the typical homeowner in an owner-occupied residence. Otherwise the property taxes are the same whether owner-occupied or rented out to tenants.

Do any of the property owners on Holmes on Homes tv show sue former contractors?

admin — Mon, 24 May 2010 17:40:06 +0000

On the HGTV show, Mike Homes redoes homes that have former contractors have done shabbily.

I would like to know that too?, because I saw one show about a handicap senior citizen who was practically robbed by what the contracters "didn’t " do in her home. her home had to be practically gutted. it was enough to make ME mad. I would have loved to see her sue and the outcome of that lawsuit. as part of a follow up to the show.

What would happen to the prices of homes if the property taxes and mortgage intrest payments were no longer de?

admin — Mon, 17 May 2010 23:31:11 +0000

What would happen to the prices of homes if the property taxes and mortgage intrest payments were no longer deductible on the federal income tax?

They are considering passing laws on this.
You must have been doing some reading.

I’ve always considered the tax deduction to be of no benefit. Yet some people love it.
Why give away $10,000 a year only to get 20% or $2,000 back – seems silly in a way.
Some people don’t see it this way.
They think "ooo tax deduction" and they buy the biggest house they can afford.

Maybe taking the tax deduction away would be a good idea.
I don’t think it will make any difference in the current buying market.
//

Modular/Mobile home purchase claimed as home property tax?

admin — Wed, 28 Apr 2010 08:26:11 +0000

I am in the workings of purchasing a modular home in California, and the space it will sit on it is not owned by me of course. Can this be used as a property tax write off on my next Tax filings?

Any ad valorem property taxes (as well as mortgage interest) on a primary or second home are deductible. A home does not have to be attached to the land to quailify. In fact, it doesn’t even need to be a home in the traditional sense. An RV or boat can qualify if it has cooking, sleeping, and sanitary facilities.

How often do people who remodel their homes end up selling them and their property?

admin — Mon, 26 Apr 2010 11:19:08 +0000

My parent’s are remodeling the downstairs/basement of their house right . They already did the upper story. They not yet done. They are talking of selling the remodeled house next year. How often do people who remodel their homes end selling them afterwards when they go though all of that work remodeling their present home?

Does anyone know how often this happens and why do people do it for? Is it because they are tired of the newly remodeled house or something else all together?

~*~It is because after a remodel you have the best chance of getting the maximum amount of money for your house. A remodeled house is in the best shape and the most desirable to perspective buyers.

"In Florida, can U transfer ’save our homes’ property tax break when buying new house if not selling old one?

admin — Sat, 24 Apr 2010 10:28:05 +0000

I bought my house in 2002, now I’m moving to another house (also in Florida but a different county). I have the ’save our homes’ tax break on the first house. Can I transfer it to the second house even though I am not selling the first house? (I am planning to use the first house as a rental property). What is the best thing to do in this situation to minimize taxes?

No you need to sell the first place to transfer the tax break

Real Estate Tips : How to Flip a House With a $5000 Budget

admin — Sat, 17 Apr 2010 21:46:17 +0000

Flipping a house with a $5000 budget is totally possible. Flip a house with $5000 budget using the real estate tips in this free video. Flip a house with a $5000 budget using the real estate tips in this free video.

Expert: Richard Blake
Bio: Richard Blake is a licensed real estate agent that has closed more than 20 times the number of transactions per year than that of the average realtor for the last three years.
Filmmaker: Christopher Rokosz

Duration : 0:1:44

[youtube TTm1Q1lMp6A]