• ---------BETTER JUDGEMENTS---------
  
  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.
  
  Copyright © 2006 Jeanette J. Fisher
  
  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.
  
  Source: http://www.isnare.com
  
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  This newsletter is compiled and published by Mitone Griffith, http://BIGad.org

  July 2nd, 2007 at 11:37 am

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