Real estate tax law is one of the most complicated in the tax code. Anytime you read articles or consider tax strategies, always run your choices by your accountant. We’re approaching the end of the year, and tax considerations are critical. While we should be continuously reviewing our rental property tax situation throughout the year, there may be important end-of-year decisions that can influence not only the current year, but future tax years as well.

There are three areas in which there can be some flexibility in deductions:

1. Indentify improvements versus repairs

To all fellow DG members ... Receive $ 1500 bird-dog fee by bringing us a retail buyer!
The property is a 2 bedroom/2 bath/2 car garage; just finished the rehab. Brand New 30 yr Roof; Appliances; Vanities,Toilets; Plumbing/Lighting Fixtures; Paint, Inside & Out; 1435 sq. ft. living area
under central heat/air.(including ducted screen room).
80' X 120' lot, with fenced back yard; 10' X 14' Shed;
Property taxes for homestead(primary residence)$ 389 per yr, $ 790 per yr. non-homestead; Rent for $ 625 to
$ 700 per month; Homeowners insurance is $ 560 per yr.Quiet Street, Great Neighborhood/Schools. Beverly Hills, Fl.(Citrus County). $ 68,500.

This one is an REO.
The bank accepted the first offer with no counter! Could it be the 4th quarter, end of year lender motivation?? I think this is the first REO I ever picked up on the first offer! It was on the market for 122 days, Been in and out of contract twice. Started at
$159,900. They dropped it to $129,900 on Monday. I offered $110,000 And they accepted.
Had 3 of my top buyers in there this AM. Signed the contracts with one this afternoon for $117,500. Bank is paying all closing costs and title work on the a to b.
My buyer is paying all closing costs on the b to c.
We are also doing a simultaneous (dry) closing where his money is funding the a to b!!
Who says you can't wholesale REOs!
ARV is $185,000 Rehab/remodel is $25,000. My buyer will net $25,000.

Dean is having his own Black Friday Sale Special! it's a discount to the Edge 2012 event!

Who, besides me, has taken advantage of this great deal??!!

Can't wait to join everyone in Scottsdale next April!! Looking forward to networking and learning at the live event- and meeting DG in person!!!

Valerie

CNNMoney published an article this week titled “A smaller house will make a big difference.” It actually had a lot more information unrelated to home size. The first good news statement was that Fiserv expects 95% of the 384 metro areas it tracks to see home price increases in 2012. It’s not a big thumbs-up though, because the average is for only a 0.25% increase.

Wishing everyone a safe and beautiful day tomorrow
in company of your friends and family!

I'm Thankful for being part of this amazing family!

Valerie