Rental Property Deductions - Tremendous Tax Savings! by Tim Derey

These tips on rental property deductions that we're going to share with you will provide you with an immense tax shelter. You'll see that there are several tax deductions that you can take by owning even one rental property.

I know this because I've owned rental properties for several years and have taken advantage of these tax savings.

Treating Real Estate As An Investment Instead Of A Small Business

You'll achieve the largest tax savings as a real estate investor; not a small business. Real estate used as a small business includes realtors, builders, contractors and people that buy property to sell it quickly (flip homes). They have a real estate "business" and are not considered investors.

On the other hand, a real estate investor buys a property as a long-term investment, which is greater than 1 year's time, to rent out to tenants.

Rental Property Deductions

You will take your rental property tax deductions on IRS Schedule E. This schedule is where you'll indicate your investment property income and expenses. As you can see, there are several expenses that can be taken as deductions, including "other" expenses (line item 18).

Here is a comprehensive checklist of rental property tax deductions that you can take advantage of as an investor:

*Advertising

*Auto

You can deduct any mileage you drove to maintain and manage your property. For instance, you drive from your home based office (which you can set up as a landlord) to your rental property. You would be able to claim this mileage as an expense on your Schedule E.

You may notice the key words being "maintain and manage" your property. This means if you need to drive out to the property to check on how a repair is coming along, you can write off this mileage.

If you drive to your rental home to speak with your tenant about anything regarding the home or to collect rent, this is deductible mileage.

Managing your property can also include doing a drive by to look at the property to ensure it's in good standing. Just make sure you keep good mileage records including the purpose of the trip.

*Depreciation

Your residential rental property gets depreciated over 27.5 years. For example, if you pay $100,000 for the home, you can take a depreciation tax write-off of $3636 ($100,000/27.5 yrs) per year, which is taken as a "paper loss" against any gross income you make. This is a substantial tax deduction.

* Cleaning & Maintenance

* Homeowners insurance

* Mortgage Interest

* Property taxes

* Utilities (if you pay them instead of the tenant)

* Phone costs, PO Box, internet costs related to your rental property

* Repairs & Supplies

* Educational Expenses

* Real estate club dues

* Tenant credit report fees

* Professional fees

* Management Fees

*Homeowners association fees

There is no dispute that rental properties are one of the few best remaining tax shelters you can take advantage of to achieve big time tax savings.

What is a short sale? by Jon C.

A short sale is one way that people are still making money in the real estate market. It is hard to imagine anyone making money in real estate right now, but with short sales the opportunity is still there. The definition of a short sale is when there isn't enough equity in the home to cover the loan payoff. Lenders agree to short sales to avoid a larger potential loss that can come as a result of foreclosure or bankruptcy. When the home is sold by a short sale, whatever the person who owned the property receives for the sale will go to the bank. The lender is agreeing to take a loss so the seller isn't allowed to receive proceeds from the sale. Of course the lender will get to choose whether or not they will accept the short sale. In most cases the real estate short sale will be done so the people who own the home will not lose it to foreclosure, but many times a homeowner can be current but have a valid financial hardship. When a bank does accept a short sale it will be because they deem they will lose less money that way, than following through with a foreclosure or bankruptcy. One thing that has made lenders more likely to agree to a short sale is the losses they have taken during to the crash in the housing market. Many people had loans that were worth much more than the house; it was too hard for them to keep up. Most lenders have pre-set criteria that a short sale must meet in order to accept the short sale. Depending on whether the mortgage note is owned by a private investor or a large financial institution dictates the size and likelihood of a short sale offer getting accepted. Make sure if the lender has agreed to the short sale, and agreed to wipe the balance, that you are aware of the negative credit consequences or deficiency judgments that can be issued against you. Lenders can many times try to get you to agree to sign a promissory note to pay back the forgiven debt. A good short sale negotiator can help you negotiate your way out of this.

Who Buys Houses in Charleston, SC: Should I Sell My House Fast To A Professional Home Buyer by We Buy Houses in Charleston, South Carolina

Due to the current down market, more and more people are looking for alternate, non-traditional ways to sell their home. The days of sticking a FSBO (For Sale By Owner) sign in the yard or simply listing it with the realtor that your friend at work used, just isn't having much effect these days. Depending on your selling situation, selling your home to a professional home buyer can be the right selling decision. As with other home selling options, selling your home to a real estate investor has benefits.

Working with an experienced investor can really simplify and expedite the process. Some of the great benefits of selling your house to a professional property buyer are: you are able to sell your house fast, "as is" on the date or your choice, you do not have to pay large real estate commissions to a Realtor, you do not have to spend your time, energy and money updating and making repairs and you only have to have one showing. There are many other benefits that an honest, experienced and well trained Charleston real estate investor can provide, such as knowing exactly how to handle problem properties or situations where Low Country folks are taking the brunt of the current economy on the chin and are facing many of the more and more common financial problems like foreclosure that need short sales in order to sell their over leveraged home and avoid foreclosure.

I would recommend selling your house to a local real estate investor if you are in any of the following selling situations:

I am behind on monthly mortgage payments

I need to sell my home fast

I am moving out of state or out of my local area and can't afford two mortgage payments

I have been transferred by my job

I am going through a Divorce and need to sell my house

My home is 100% financed and I do not have enough equity to list my home with a Realtor

I need to Stop Foreclosure and avoid ruining my credit

I am currently in Bankruptcy

Someone in our family has health problems and can not work, therefore we can not pay our bills

I am tired of being a Landlord and do not want to deal with tenants anymore

My home needs lots of repairs and I do not have the time or money to fix it up

My home is in pre-forclosure

I want to cash out of my investment property

My home has been on the market with a realtor for many months and my listing agreement is now expired, I want to sell my house fast, now

We recently inherited a property and want to sell it quickly and want someone familiar with an estate sale and the probate process

I own my house free and clear and am willing to wait for the market to turn around but would consider taking payments for my equity if I can get my asking price now

As you can see there are many reasons why you should consider selling your home to a local home buyer, and these are not all of them. Simply put, listing your home with a Realtor or trying to sell your home FSBO cost you money and time, it also does not get you offers within just a few hours/days. If you do not have time, do not have money, or simply do not want to deal with the hassles of selling your home, then sell it to a real estate investor. You may be happily surprised by the offer you get.

Before calling some random number on the side of the road off one of those "We Buy Houses" signs, it is important to make sure you know who you are dealing with. Unfortunately, there are a few unethical investors, like in any business, and currently the real estate market is a prime target. Thanks to the Internet it is relatively easy to locate information about a legItimate business. South Carolina business owners are required to register with the South Carolina Secretary of State and you can see if they the business you are calling has bypassed even that basic requirement. The Attorney General's office handles consumer complaints, as does the Better Business Bureau. Realtors and brokers are licensed through the Real Estate Commission. These agencies can help to ensure you are working with a licensed, legitimate, complaint-free business or real estate investor.

Charleston Home Buyers, LLC is an Accredited Member of the Better Business Bureau, a registered LLC with the South Carolina Secretary of State, and an active member of the Charleston Real Estate Investors Association. "We pride ourselves on our integrity and conduct business under strict ethical principles. We say what we mean and do what we say!" Many references and testimonials are available upon request and some of which are posted on our website. We buy houses in Charleston, Dorchester and Berkeley County and work with a group of nationwide investors. We currently are looking to buy more real estate in Summerville, Goose Creek, North Charleston, Ladson, Hanahan, West Ashley, James Island, Johns Island, Mt. Pleasant, Downtown and all other area in the tri-county area.

If you need to sell your house quick, submit your property information via the "Sell My House" form at our website today for a Free, Confidential, No-obligation offer or call our toll free 24 hour recorded message at 888-52-BUYER (888-522-8937) for more information about selling your home to a professional house buyer. You can also always call us direct 843-72-BUYER (843-722-8937), however it is usually better to take 5 minutes to fill out our property information form first so that we can save you time by having the information already and do some research so that we can get an offer to you right away.

Here's what some of our sellers have had to say:

"I had been trying unsuccessfully to sell my house for 9 months with a realtor...tired of having the house perfect... we closed the following week" Frank P. - North Charleston

"In less than a week's time, all of my headaches were over... I would recommend anyone who needs to sell their house to this group of caring people..." Rev L. Greene - Summerville

"My experience with Charleston Home Buyers began and ended with extreme kindness, genuine concern, and sympathetic professionalism..." Brenda M. - West Ashley

"Selling a house can be quite difficult and stressful unless you can find someone like Charleston Home Buyers ...... They saved me from losing my house to foreclosure and I was able to make some money and not lose everything." B. Harvey - West Ashley

"....selling our home to Charleston Home Buyers was the best decision we made. They handled our affairs with the utmost care and efficiency....." The Daniels Family" - Charleston

Copyright © 2009 Charleston Home Buyers, LLC. All rights reserved.

Mortgage Insurance Secrets by Piri D.

Buying your first home is one of the most exciting times. Your mind is running at a high speed of planning your future. Excitement is in the air and this is one of those times in life when emotions overflow as the individual/couple is making one of the biggest investment decisions of their lives.

After you just spend months shopping for your dream home you finally make the decision to purchase the home you can imagine your future in it. In your mind you're already planning the changes you have to make so the house will become your home.

This is the time when for weeks you are shopping for the best mortgage rate. Your lender suggest taking out mortgage insurance to protect your prized assets. Your home is probably the biggest investment you'll ever make. When you arrange a mortgage with a financial institution they must ask you if you want to insure your mortgage through them.

When years ago we brought our first home and I didn't have much knowledge about how mortgage insurance works my broker looked at me and she said:

"Legally, in Canada Mortgage Brokers MUST to offer Mortgage Life Insurance with every mortgage they place. We are no insurance people, and even if we don't believe in the product, legally we are bound to offer it. I prefer to advice my clients to talk with a Financial Planner, who is an expert in the field, someone who will actually see that you are qualified AND covered in case the worst happens"

Then she looked at my 3 kids and said:" Make sure you have a personal term insurance, as you have 3 kids and can't take a chance". I was blessed with the right broker because at that time I would take whatever she would offer me, I didn't know better and I trusted her. Sometimes just because people are nice and we "feel" that we can trust them they may not always put your best in front of their commission.

On the surface it sounds like a good idea: protecting your loved ones against a serious illness or death seems like a prudent decision, so at the lender's suggestion you decide to take on the premium to your mortgage payment.

This scenario unfolds hundreds of times each week yet many consumers still do not realize that they may getting ripped off.

To find out why a mortgage insurance my not be your best alternative GO MortgageInsuranceSecrets/

Why You Should Have a Legitimate Home Based Business: 5 Reasons Why You Should Have a Legitimate Home Based Business by Kevin Vosseler

Most people do not realize they should be involved in a legitimate home based business. Why you should have a home based business is very important because there are valuable ways for you to save money yearly and make money at the same time.

Everyone is taught growing up to go to college work the 9-5 job and be miserable for 25-35 years until you are allowed to retire and collect your meaningless pension of 40-50%.

The crazy part is more people complain about their percentage they are going to receive when they decide to retire but most people do not do anything about it.

Most people feel that if they start a legitimate home based business it will not work and they will be wasting their money. People do not believe in themselves and that is the reason why they do not start a home based business.

The best advice anyone can give you is to start a home based business immediately and reap the rewards that come with it.

You're probably wondering why I mention a "legitimate home bases business". The reason is, is because you have to pick a business that is real and is not a scam. I will be the first to admit that there are a lot of online opportunities that are scams and you will waste your money.

Here are 5 reasons why you should have a legitimate home based business.

1.Tax savings: You will save hundred if not thousands a year on your taxes with a legitimate home based business. When you work from home you can write off many things in your home because you are working from home. Examples are mortgage, electric, internet and many more.

2.Work from the comfort of your home: You can wake up and go to your office that is setup 10 feet from your bed. How would you like to wake up and be able to crawl to your office instead of driving 5-20 miles to work every single day?

3.Spend time with your family: When you work from home you will be able to spend a lot more time with your family. Instead of going to your job everyday you can work from your office and see your children instead of waiting until you get home after working your 8 hour "job"

4.Residual Income: When you are working from home with your legitimate home based business you are going to create residual income for you and your family. Residual income is monthly income that you make from others working hard for themselves as well. Leverage your time.

5.Be your own boss: Start being your own boss and using your own ideas and mind to create wealth for you and your family. Why are you making someone else rich with your hard earned time? Start utilizing the same time you would to make someone else rich and make yourself rich.

It is time for you to take control of your time and your dreams and start building wealth for your family by working a legitimate home based business. Residual income will set you free from your 9-5 job and now you will be able to spend time with your family.

I will be perfectly honest here and tell you that it will not be easy. There is no get rich quick scheme's that are legit. In order to follow your dreams and work from home you must work hard.

Put as much hard work as you would at your job but instead do it for yourself and your business and I can promise you, you will be happier and you will reap the benefits.

A legitimate home based business can be very rewarding for you and your family but you have to be willing to work hard at it.

How would you like to fire your boss?

How you can sell your house in 7 days in Charleston by Steve Banis

Would You Like to Sell Your House In the Next 7 Days or Less?

If You Have an Unwanted House You Need to Sell Fast, We Offer You A Logical Solution.
You may be asking, "How can I sell my house in 7 days?" You can sell your house fast by selling your house to us!
You see, we're not Realtors® who simply want to list your house for a commission and hope it sells one day. Instead, we're a group of Professional Homebuyers, right here in Mt Pleasant.

We buy and sell houses in any condition or price range. If you'd like to sell us your house faster than you ever thought possible, please take a moment to contact ua at our website right here.
Tell us about your house

** WE ARE: FAST , FAIR , FLEXIBLE, SELL NOW - MOVE AT A LATER DATE ON YOUR SCHEDULE **

FOR YOUR CONVENIENCE; WE HAVE A PROFESSIONAL BANK SHORT SALE BANK NEGOTIATION SPECIALIST ON STAFF !!

Do You Need To Sell In Less Than Seven Days ?

If You Have an Unwanted House You Need to Sell Fast, We May Be Able To Solve Your Problem Today.

You may be asking, "How can I sell my house in 7 days?" You can sell your house fast by selling your house to us! You see, we are not Realtors® who simply want to list your house for a commission and hope it sells one day. WE ARE A LOCAL INVESTOR. We buy and sell houses in any condition or price range. If you'd like to sell us your house faster than you ever thought possible, please take a moment to complete our Seller Questionnaire.

"What kind of houses do we buy?" We buy houses every day from homeowners just like you in neighborhoods just like yours and buy them as-is. We buy pretty houses needing few repairs and ugly houses in need of major repairs. We buy all sorts of houses including single family homes, multi-family homes, condominiums, townhomes and even mobile homes.
We can buy your house quickly !!
If your house meets our criteria, we can pay all cash, take over your mortgage payments or lease-purchase your house immediately! You see, unlike traditional home buyers who must qualify for a bank loan to buy your house, we use private funds and/or owner financing. We'll handle all of the paperwork, make all the arrangements and close within a few days if necessary. You'll get a quick sale with no hassles, so you can put your home selling worries behind you once and for all. Tell us about your house for sale today!
"How do I know if my house meets your purchase criteria?" To see if your house meets our purchase criteria, please take a moment to complete our Seller Questionnaire. Tell us all about the house you are selling and and we reply to you today about buying your house fast!
We will buy a house if it's in foreclosure - or for any other reason. If you're behind on payments or facing foreclosure and can't afford to get caught up, you need to sell your house and sell it fast! If you complete our Seller Questionnaire before ts too late.

Finding Work for Free Jobs by David Mallinson

If you're looking for a way to increase your income, but don't have time to look for a new job, check this out. Free work at home jobs may be the answer for you. Even a home business opportunity may be right for you. There are lots of free work at home jobs and business opportunities available to you. All you have to do is do your research to find the free work at home jobs that best suits your needs and sparks your interest. Whatever opportunity you choose, make sure it's something you can really get into and will enjoy.

Some people may feel like making money using the internet requires being a computer or marketing expert. Maybe that use to be the case, but not today. Anyone who can read and write can earn an extra income from the internet. You can find a magnitude of free at home jobs on the internet today, especially when there are plenty of companies looking to expand or out source jobs to people who can work from their homes.

Once you sign up with a company and bring that company a sale or referral, you would earn a commission for your services. This is an example of affiliate marketing. There are hundreds to thousands of companies that make their products and services available to affiliates as free work at home jobs. All you have to do is research what programs you would be interested in promoting and use their free training and tools to learn how to earn.

You can use an affiliate program to earn an extra income without having to spend a dime. Free work at home jobs are available to individuals to earn money by promoting companies and using free article marketing, posting free ads and collecting e-mail addresses and mailing your list every now and then. These free work at home jobs working with affiliate companies can provide people with a steady income. This isn't saying quit your day job. Unless you become an expert, you shouldn't depend on your internet jobs to pay your mortgage.

The best thing for you to do before you get started with free work at home jobs is to seek guidance, preferably from an experienced person who works from home. You will need to figure out who is using affiliate programs and what methods they are using. You can find many of these people in forums or by doing Google searches. Many of these people are usually willing to help and will make themselves available to answer questions.

These days, free work at home jobs are a dime a dozen. They are all over the internet, local newspapers and postings on phone poles. Aside from the various affiliate job opportunities, there is also money making opportunities by selling on ebay, taking surveys, and writing product or service reviews. There is no easy money. You will have to work for the money you want to earn. And you can do it all from the comfort of your own home.

Debt Consolidation Considerations by Andy West

Finding yourself in debt is never a pleasant experience and too often people are willing to attempt almost anything to avoid damaging their credit scores and having to deal with demanding creditors. In the last few years debt consolidation has become a popular topic, however many people don't realize that not everyone is going to benefit from debt consolidation. There might be other options out there specific to your needs; that's why it's important to research all options before making your final choice to help out your situation.

The first thing to consider is that debt consolidation is not typically going to dramatically decrease the total amount of your debt, however it may be helpful in decreasing the interest that you are paying on some of your high interest personal loans. In situations where the original loan or debt amount has an interest rate lower than the debt consolidation loan, it may be beneficial to either keep the low interest rate loan separate or attempt to pay it off quickly. If this lower interest rate loan is your mortgage and you have some equity in the home, changing your other debts to a home equity loan at the lower rate may be a good option.

Debt consolidation, either through a consolidation loan or a home equity loan, allows you to bundle or combine all your small debts into one loan. Essentially you are borrowing the money to pay off all your debts, then simply paying back the lender that you borrowed the money from. It is important to keep in mind that often this is a substantial loan and you may need to take it out over a longer time than your accumulated smaller debts. It is also critical to remember that you have to use good financial planning to avoid amassing debt outside of the consolidation loan if you fall back into the old spending habits that got you into your debt mess in the first place.

Typically working with a debt consolidation company means that you will have access to credit counselors and professionals that can help you plan your strategy to financial equilibrium. Your creditors as well will understand that you are serious about paying off loans and your lender can often work with your creditors to decrease the overall outstanding balance. Working with a company can mean that your credit score isn't hugely impacted and you don't have to worry about ruining your credit standing. Working proactively and learning about loans and your other options before missing payments is integral in keeping your credit score as high as possible.

If you are considering a debt consolidation program you should spend some time researching the various companies. While most are highly reputable and have well trained and informed staff, there are some scams out there to watch out for. Be very careful of any company that indicates they can cut your debt by half or have you completely debt free within a year, regardless of how much you owe or what your income is. A good debt consolidation company will need to have information on your income, your debts, interest rates and even your monthly budget in order to set up a loan repayment plan that will meet both your needs and those of your creditors.

When you do apply for a debt consolidation loan or program it will be essential that you make all required payments, every month, on time. This will not only show the company that you are serious about getting back on track but it also prevents any further damage to your credit score. Missing payments on a debt consolidation program can have serious repercussions both in repossessions and even in foreclosure issues. Incentives may be available through the debt consolidation program for early repayment, which will help you reduce your interest paid over the term of the loan.

Why A Credit Score above 800 is not worth It by William Lathrop

To get a credit score above 800, you will need to be disciplined in your spending and use of credit. It is something that is also going to take time. To be at this level of credit score, you will be one of the few top American consumers. But is it worth it to have a credit score this high?

The argument is sometimes made that a credit score above 800 is not needed. There are not real benefits to having a credit score this high. Consumers with these high scores are just grouped together in one large group of scores ranging from 760 to 850. Everyone in this group will get the same interest rates. Therefore getting a higher credit score has no real financial reward. For the most part it is true. Looking at sites like MyFICO.com you will find charts that show mortgage rates based on credit score. If you have a credit score above 800, you will not get a better interest rate than someone with a 790. That might be a bit disappointing.

The real reward might be in the form of a sense of achievement. You really are one of the top consumers in the nation. There is not that many people at the top and you are one of them. Even though there is little financial reward compare to a score in the high 700's, you will be able to know that you are doing the right things with your credit. Another aspect to consider is getting a score this high makes any drops will continue to keep you in the top group. A person who has a 770 or 780 and takes a drop in score means they will be in the lower group of credit scores. You are protecting yourself from changes and you have given yourself a buffer. Also, when standards of lending tighten such as today you are protected from not qualify for the best rates.

Also, having a score this high you will have the potential to give advice to others. Individuals that are trying to improve their credit scores will want to hear your story. They will want your advice. You can tell it to them. Actually, you might even be able to sell it to them.