Investment Seminar with Starker Services, Inc.
Represented by John Mangham, CPA
Presented by Prudential Showcase Properties
Friday, April 26th 10am-2pm
Wiregrass Museum of Art
Great Hall 126 Museum Ave.
Cost of Seminar $20
Lunch will be provided
RSVP by April 24th to 334.792.7474
The Foreclosure phenomenon: Competing with Hedge funds in Today’s Market
Part 1: Seven Secrets to Successful Investing— Why everyone is interested in buying houses today and hedge fund’s impact on the market. This segment reviews and explains investor objectives and offers rules of thumb used by successful investors.
Part 2: Life on the Courthouse Steps— The nuts and bolts of foreclosures and how we got where we are today in the frothy foreclosure arena. This segment covers the foreclosure process from inception of a mortgage through the crying of foreclosure sale.
Both segments include strategies used by successful investors
both large and small. Don’t miss this opportunity to join a seasoned investor as John Mangham walks you through lessons learned from investing in residential real estate for over 3 decades. During the past several years John and his partners have purchased over 200 foreclosure properties, have raised millions in private equity, assembled two buy and hold funds, and have resold over 150 properties in one of the most challenging markets we’ve ever seen.
Factors contributing to someone’s credit score, for Credit score (United States). (Photo credit: Wikipedia)
Those about to start house hunting should check their credit score before things get too serious. There is nothing quite as frightening in the mortgage process as learning that your credit report contains a late payment or other blemishes that can prevent you from buying a property.
The higher your credit score, the better your chances are of financing a home. A credit score of at least 620 will give consumers a fighting chance to secure a home loan; 720 should qualify in most cases.
However, a lower credit score doesn’t necessarily mean you can’t finance a home. Credit score repair begins with your credit report. You can request a free copy of your credit report annually from the Federal Trade Commission at AnnualCreditReport.com. Check the report for errors.
Don’t panic if your report contains blemishes. There are steps you can take to fix negative marks, regardless of whether the marks are in error or if you’ve missed a payment or two. The simplest thing to do if you’ve missed a payment is to call the creditor and ask them to erase the negative listing. You can also do this with a well-documented letter. There is no guarantee that a lender will do this, but if you’ve been a good customer through the years, this method has proven to be successful.
If you are one of the many who have defaulted on a student loan you can enter into a “rehab program,” which will get your account back on track after 12 months. This may not be the quick fix you need when buying a home but the sooner you do this the better.
For disputing a negative mark that was not your fault, you can try disputing the account with the credit bureaus as “not mine.”
One quick fix used by borrowers to boost their credit score is to have an older family member with a sound credit rating add you as an authorized user on a credit card. This can help increase your score and you wouldn’t even need the card in your possession.
With more loans requiring higher credit scores today, it’s never too early to start fixing credit challenges.
Prudential Showcase Properties is an independently owned and operated broker member of BRER Affiliates Inc. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Equal Housing Opportunity.
Patience is a virtue for just about any circumstance including selling your home. Yet sometimes you must sell quickly when a job opportunity arises or you face an abrupt lifestyle change. Assuming your home is in good condition and free of liens, here are several tips to help expedite a sale.
1. Price your house correctly: Working with your agent, choose a price that’s somewhat lower than what you’re seeing in the market, but not too low that it will send up red flags. Let your agent establish a price he or she feels will make your house the buzz of the neighborhood. The amount may not be what you had envisioned—remember, the market has changed substantially over the last five years—yet when priced slightly below comparable sales you should attract serious buyers.
Many Prudential Real Estate agents use the Prudential Value Range MarketingSM as an additional pricing resource. Instead of setting a specific price, a value range is selected enabling sellers to entertain offers in a defined range.
2. Be flexible, compromise: know your basement price and don’t be offended by offers within those parameters. Consider negotiating housewares and fixtures that may appeal to prospective buyers, such as those expensive new drapes you just installed, the dining-room chandelier or that slick, washer-drier combo. Conduct a complete inventory of household features to determine what you can and can’t live without.
3. Remove the clutter from your home: This must be done regardless of time frame. Throw away anything you won’t be taking with you and pack in storage items that you won’t miss during the sale process. Consider renting a storage pod that can be picked up and eventually moved to your new home.
4. Offer incentives: One popular incentive for a fast closing is to share or pay for your buyer’s closing costs. You may also offer higher commissions for a fast sale, which may lead to even more showings.
5. Rent to buy: If there’s interest in your home but no one is willing to step up to meet your timeline, offer prospective buyers the chance to rent your property with the right to buy it in six months or a year. Both parties win, as buyers can experience the home and neighborhood firsthand while you transition with cash flow to cover expenses.
Indeed, home-selling requires time and patience yet there are several things you can do to help expedite the process, if necessary. With flexibility and creativity, you can increase your chances of a quick sale.
Prudential Showcase Properties is an independently owned and operated broker member of BRER Affiliates LLC. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Equal Housing Opportunity.
Single-family home sales will continue strengthening, according to latest report from the Urban Land Institute (ULI).
The Real Estate Consensus Forecast, ULI’s semi-annual survey of the nation’s leading real estate economists and analysts, examined 26 economic and real estate indicators in the third quarter. The report predicted healthy estimates for single-family housing as compared to ULI’s March report.
“The predictions diverge from the previous forecast [from March] in that it is more optimistic regarding the single-family housing sector,” said ULI Executive Director Dean Schwanke.
According to the report, single-family housing starts are projected to increase by 145,000 units in 2013, while home prices are expected to rise 3.9%. Meanwhile, single-family home starts, which have been near record lows, are projected to increase from 530,000 in 2012 to 800,000 in 2014. All of these numbers show improvement from ULI’s March forecast.
“Finally, the single-family housing sector is experiencing a turnaround that is expected to continue,” said Schwanke. “The ULI Consensus Forecast from March projected a stabilizing housing market, and the most recent numbers have been strong, leading forecasters to be even more optimistic going forward.”
Prudential Showcase Properties is an independently
owned and operated broker member of BRER Affiliates LLC. Prudential, the
Prudential logo and the Rock symbol are registered service marks of Prudential
Financial, Inc. and its related entities, registered in many jurisdictions
worldwide. Used under license with no other affiliation with Prudential. Equal
Housing Opportunity.
Taxes (Photo credit: Tax Credits)
Tax season is upon us and for those who purchased or sold a home last year, there are a number of tax deductions for which you may qualify.
For starters, the Internal Revenue Service says that if you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income as a single tax filer, or $500,000 on a joint return in most cases.
Here are some other factors to keep in mind:
1: Much of the interest paid on a mortgage is tax-deductible. A married couple filing jointly can deduct all of their interest on a maximum of $1 million in mortgage debt secured by a first or second home.
2: Real estate broker commissions, title insurance, legal fees, advertising costs, administrative costs, and inspection fees are all considered selling costs and may be used to reduce one’s taxable capital gain by the amount of the selling costs.
3: Refinanced mortgage points are deductible, but not all at once. Homeowners who refinance can immediately write off the balance of the old points and begin to amortize the new. Interest paid on a home equity loan or similar line of credit may also be deducted.
4: Points and origination fees on a home loan, which are paid during the purchase of a home, are generally tax-deductible in full for the year that they were paid.
5: Qualifying capital improvements can sometimes be deducted, including costs of a new roof, fence, swimming pool, garage, porch, built-in appliances, insulation, heating/cooling systems or landscaping.
6: If you move because of a new job, you may be able to deduct some of your moving costs. To qualify for these deductions you must meet several IRS requirements, including that your new job must be at least 50 miles farther from your old home than your previous job. Moving-cost deductions can include travel or transportation costs, lodging expenses, and fees for storing your household goods.
7: Property taxes are fully deductible from your income. If you have an impound or escrow account, you can’t deduct the money held for property taxes until the money is actually used to pay your property taxes. And a city or state property tax refund reduces your federal deduction by a like amount.
8: For those who took advantage of the first-time homebuyer credit the past two years: If within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit.
9: Another important tip for those who moved is to make sure you update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS.
Since tax laws change every year and certain tax deductions become available while others phase out, it’s always a good idea to speak with a professional tax consultant about these and other considerations.
