Sell Your Property Faster

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Better Judgements eZine
Terria Judge, Realtor
CRS, ABR, GRI, Broker Associate

Better Judgements is a newsletter on home matters, from
Terria Judge, your Garden City, KS real estate agent!

Contact Terria Judge at 620-271-2129!

Terria Judge
Coldwell Banker, The Real Estate Shoppe, Inc.
John P. Judge, Broker
1135 College Dr. Suite E
Garden City, KS 67846

1-877-275-7497 x 223
620-275-7421 x 223
http://terriajudge.com
http://gardencityksrealestate.com
http://gardencityrentals.com

Terria@TerriaJudge.com

Subscription Management at end of newsletter.

Thanks for your subscription to Better Judgements,
the newsletter from your Garden City Kansas Realtor, Terria Judge.

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In this Issue
=============

1. Article: Refinancing Your Home To Buy Investment Property
- A Good Idea?
2. Open House Listings at TerriaJudge.com
3. Featured & New Listings
4. Article: Taking Little Steps To Make Your Property Sell Faster
5. Article: Rental Property Tax Deductions

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Refinancing Your Home To Buy Investment Property - A Good Idea?
By Jeanette Joy Fisher

Would-be investors often ask whether or not it's a good
strategy to refinance their home in order to purchase
investment property. The answer is a definite: maybe, but it
depends upon a variety of factors.

Whenever you take on an investment property by borrowing the
money to get it, you're assuming a risk that the cost of
borrowing that money will outpace the property's income, which
can cause severe negative consequences over time.

Sometimes it makes more sense to take out a home equity line of
credit rather than to refinance the first mortgage. This money
can be used over and over without paying new loan costs. In
other words, the investor can purchase one house, sell it, pay
the money back and then have immediate access when another
bargain property comes along, without paying more loan fees.

So investigate both options before you make any decision to
borrow, and make sure you're comfortable with the risks that
are inherent in any investment opportunity, because things can
and do go wrong--and when they do, your home may be in
jeopardy.

Since you can claim the interest on your principal residence on
your taxes, you many realize some tax benefits to refinancing,
especially if you're planning to use the money to pay off other
debts that aren't deductible. Check out IRS Publication 936,
"Home Mortgage Interest Deduction," before you make any
decision. It discusses how to approach the interest involved
with owning and financing your home.

Refinancing of your home is a serious step, and shouldn't be
taken lightly. If you're like most Americans, your home is the
single largest asset you own. Make certain that you know all
the ins and outs involved with the purchase of the investment
property you're considering before you commit to a refinance.

If, after long and careful consideration, you determine that
the investment is sound and won't adversely affect your home
and family (always think in terms of the absolute worst case
scenario; that way, even if the sky falls, you know that you'll
be able to survive financially), you can begin talking seriously
with your lender about the advantages and disadvantages of
refinancing or a home equity loan. Investors tend to be an
optimist lot, but never let a rosy-looking profit potential
blind you to the possible pitfalls if thing go awry. A little
caution at the beginning of the process can save lots of both
financial and emotional heartache and frustration later on.

If you feel insecure about risking your home, look into 100
percent financing options for investment properties. With good
credit, you open the way to buying property without
jeopardizing your home.

The best way for you to get started investing in real estate is
to do your research first. Understand your local market trends,
your local employment outlook, and your capabilities. When you
know how to make a wise investment, you can make money and
secure your future.

About the Author: Learn how to profit in ANY real estate market
Real Estate Investing Information:
http://doghousetodollhouse.com Free ebook, The Truth about
Flipping Houses http://www.doghousetodollhousefordollars.com

Source: http://www.isnare.com
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Open House Calendar at TerriaJudge.com
====================================
http://terriajudge.com/garden-city-ks-real-estate/index.php?main_page=document_general_info&cPath=7&products_id=8

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FEATURED & NEW LISTINGS
========================
http://terriajudge.com/garden-city-ks-real-estate/index.php?main_page=index&cPath=1&zenid=6029539a605873e737839576cfb53f6d

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Taking Little Steps To Make Your Property Sell Faster
By Raynor James

Ask most coaches in professional sports what sets the best
teams from the also ran's and they will say sweating the
details. The same is true for getting a fast offer on your
property.

In many areas of the country, neighborhoods are built in
collective groups. Ostensibly, this means there are other
properties in your area, maybe a lot, that are very similar to
yours. While you may like or dislike this fact, it does raise
the issue of how do you make yours standout when trying to
sell?

My friend, the key is in the details. There are a wide variety
of little steps that can make your property stick out in the
mind of potential buyers. Remember the key is to make your
property appear better than the others, even if it is just a
bit.

Closing or settlement is the time when everything comes
together on the transaction. This is when final papers are
signed and there is no turning back. Frankly, it can be a bit
stressful and nerve wracking. If you are flexible on closing
dates and such, then let buyers know in your marketing material
and open houses. First time buyers may not appreciate the offer,
but experience buyers will.

Buyers often wait with nervous patience for home inspections to
be done. While they may love your property, they are usually
wise enough to know they need to rely on a professional
inspection to make sure the fundamentals are in order. One way
to make your property stand out from the crowd is to get your
own inspection done by a certified home inspector. You should
then include this fact in any marketing materials and hand out
copies of the inspection when showing the property. Doing so is
a major step in building credibility and making buyers
comfortable with your property. It screams that your property
is in good shape and has been taken care of.

Taking little steps is the key to moving your property while
others in your neighborhood sit around. If you can handle the
above, do so and make sure to include the information in both
your marketing material and handouts during open houses or
showings.

About the Author: Raynor James is with
http://www.fsboamerica.org - FSBO homes for sale by owner.

Source: http://www.isnare.com

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Rental Property Tax Deductions
By Richard Chapo

Own residential rental properties? This article discusses how
income from those properties impacts your taxes.

What Constitutes Revenue?

Generally, rental income is defined as any revenue you receive
from the occupancy or use of residential property. Rent,
obviously, is included in that revenue. Many owners are
surprised to learn revenue also includes rent advancements,
expenses paid by a tenant and any security deposits not
returned to the tenant. In fact, revenue can also include
amounts paid to cancel a lease, even if you had to sue the
defendant to get it.

Yeah, Yeah, But What Can I Deduct?

Tax deductions associated with rental properties are strikingly
similar to those found in any business. Technically, you can
deduct any expense reasonably necessary to "manage, conserve or
maintain" the property. Obvious deductions include mortgage
payments, cleaning expenses, insurance premiums, service
payments such as landscape maintenance, repairs, maintenance,
etc. Overlooked rental property deductions include:

1. Expenses incurred in finding tenants,

2. Commissions paid to third parties that arrange for tenants,

3. Paying your accountant and/or lawyer,

4. Mileage for driving to and from the property [I said, "No
more parties!"]

5. Depreciation of the property,

6. Depreciation of items in the property such as washing
machines, furniture, etc.

Imaginary Rent Deduction

A few creative property owners have suggested that they should
be able to deduct their customary and standard monthly rent if
the property is empty. The argument goes, "If the property is
empty, I am not making revenue and should be able to deduct the
$1,500 that I am missing out on." At first glance, this almost
makes sense. Sadly, it doesn't fly from the perspective of the
IRS. Since you are not receiving revenues, your total revenues
for the year will be reduced by the loss rent. You can't double
dip by deducting the $1,500 from the already reduced yearly
revenues. The only things you can deduct are the expenses you
incur during this period, and only for so long as you are
actively trying to rent the place.

Rental properties are a great investment. Even more so if you
stay on top of your taxes.

About the Author: Richard Chapo is CEO of
http://www.businesstaxrecovery.com - Obtaining tax refunds for
small businesses by finding overlooked tax deductions and
credits through a free tax return review.