? Archives
July 2007
• Jul. 5, 2007 - The Brunswick Mainland is Popping!
The Brunswick Mainland is also growing at a frenetic rate!
!Over the last several years, developers have been buying up previously undeveloped parcels in Brunswick & new developments are springing up like the dollar weeds in my front lawn! One of the most active areas is in the vicinity of Hwy. 99 & the Golden Isles Parkway of North Glynn County. In review of the 2nd Qtr. Statistics in our local MLS system, the N. Glynn area (known as G-2) far & away beat out other areas of the county. In addition to greater volume of transactions, the closed prices obtained were 98.7% of the listed asking price! One factor in the growth may perhaps be attributed to the new elementary & middle schools under construction in the Sterling area. In addition to that much desirable Island address, Brunswick is also becoming a DESTINATION as well |
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• Jul. 2, 2007 - Should you buy a property with the sole purpose being to ultimately rent it?
Realize that a profitable rental house should be viewed as a long-term investment for at least 5 years. What are the advantages of such a commitment?
· Probable appreciation in market value
· Maximum leverage with little cash requirement
· Tax deferred sales benefits
· Pride of ownership
A viable method to consider is to identify a sound, well-located rental home & initially buy it as your personal residence to obtain the most affordable mortgage terms. After owning the home for a few years, perhaps adding enhancements or upgrades to add to its market value, then you can convert it to a rental house and move on to another house purchased in like manner. Eventually you can grow a portfolio of rental properties.
Thanks to the current IRS code 121, after you live in a house for at least 24 months as your primary residence, and then move out to rent it, you have up to 36 months to decide to keep the house as a rental or sell it & claim up to $250K (up to $500K for a qualified married couple) tax-free principal residence sale profits!
Avoid tax when selling your rental houses. When you quickly buy and sell rental houses or other real estate after fewer than 12 months of ownership (called "flippers"), your capital gains will be taxed at ordinary income tax rates up to 35 percent plus state taxes. However, if you own the property more than 12 months, then the maximum federal capital gain tax rate is currently only 15 percent, plus state taxes. These are some important items to keep in mind as you begin your real estate rental portfolio. The goal could be to have multiple homes bringing in rental income to supplement your retirement. This can easily be achieved with a little long term planning. |
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