News Digest – February 19

def-thumb4

Obama aims to cut mortgage interest tax dedeuction Read Full Story at HousingWire.com Foreclosures fall, but will it be permanent? Read Full Story at CNN.com A new list of best places to invest Read Full Story at SFGate.com Ugliest homes …

Read More

With Recovery Underway, Is It Time To Buy in South Florida? (Telephone Interview with Ross Milroy)

tornado-150x150

Here are some comments about the South Florida market: – the market’s terrible. – stay away ’cause there’s blood in the streets. – nobody’s buying. – prices are still dropping. – Oy (actually, that’s not a South Florida comment, that’s …

Read More

(4 FREE Commercial Videos) Are Investors Overcrowding The Residential Real Estate Market?

overcrowd1-150x150

I found a nice rehab in my area the other day listed at $289,000.00. I calculated the ARV at $425,000.00. It needs $70,000 +/- worth of rehab. I offered the bank $249,000.00. The agent told me they already had multiple …

Read More

Interview with the “Pitbull” himself– Leonard Rosen

def-thumb4

If you have been around hard money lending for any time at all, you probably know Leonard Rosen.  And if you have thought about getting into hard money lending for yourself, you have most likely considered going to Leonard’s private …

Read More

Depreciation….Whaaaat??

def-thumb4

At its most basic, Basis is the cost of the item. With a simple item such as a vehicle the definition would stop there and this would be a really short post. However, Basis also includes the cost of acquisition and in real estate those line items can be significant expenses. Here’s a short-list of the most common:

Continue reading

Read More

All Real Estate Taxes are Deductible…

def-thumb4

Well like all things tax code; not always. In fact, many tax professionals get this one wrong too. Further, the same mistake is pervasive on both personal residences and investment properties.

A thorough review of your real property tax bill will reveal the total is the combination of many different items and it is in those details that the answers are buried. Let’s use an example tax record to take a closer look. Our example property was randomly pulled from HUD foreclosure list.

Review of the tax section reveals that the total tax bill is $6,114. The $6,114 is the total of $3,068 State/County Tax, $2,515 City Tax, and $531 Special Tax. There is also a space for Refuse if the local jurisdiction includes that as part of the total.

The requirements to be able to deduct a real estate tax are: Continue reading

Read More