I just wanted to talk about a great experience i've had working with an out of state investor over the past year.
I had the opportunity to meet an Investor last year from New York, who was looking to purchase a few properties in Florida. I happened to have a listing in an area he was interested in and we locked up the sale within a day of me getting the listing. From that point on, it has been such a great experience. He wanted to continue buying properties in the same area, as the prices were low, the HOA's were low, and the rental income could be substantial. We developed a system, I would send him the properties, he would send me back which ones he liked with offer prices. I email him the offers to sign, and then put them in. After that, I dont do much else, other than a walk through inspection, and follow up with the attorneys, closing agents, banks, listing agents etc via email. The other people involved did the majority of the work, and I just sit back and wait for a check. Its a little bit of work upfront, finding the properties and getting everything moving along, but after that, its easy. Now we have one closing about every other month. Its one of those things that I can usually count on to close once we have a deal worked out.
In Real Estate its not easy to have a steady stream of closings and income. This is just one of the things I do to keep money coming in, even when the market is slow.
Wednesday, June 30, 2010
Monday, June 28, 2010
IRS wants taxes from BP payments for lost wages
IRS wants taxes from BP payments for lost wages 
Copyright © 2010 The Associated Press, Stephen Ohlemacher, Associated Press writer.
Florida Realtors Oil Spill Info Center
Download the IRS’s tax advice and find breaking developments about the oil spill crisis on Florida Realtors dedicated webpage.
WASHINGTON (AP) – June 28, 2010 – The Internal Revenue Service says oil spill victims who receive BP payments for lost wages will have to pay up come tax time.
Under current law, BP payments for lost wages are taxable – just like the wages would have been, the IRS said in a tax guidance issued Friday. Payments for physical injuries or property loss, however, are generally tax free. Payments for emotional distress? Taxable, though medical expenses related to the emotional distress are deductible.
BP officials have agreed to create a $20 billion fund for spill victims, as well as a $100 million fund to support displaced oil rig workers.
The IRS issued the guidance Friday to help spill victims sort through the law’s complexities. The agency has posted tax information for oil spill victims on its website and plans to hold forums in seven Gulf Coast cities on July 17 to help victims with tax troubles or questions.
“As residents of the region cope with the evolving situation, I want to assure them that the IRS will be doing everything it can to provide tax help to those who need it,” IRS Commissioner Doug Shulman said. “We encourage anyone who has an issue with the IRS to contact us and explain their hardship, and we will work with them to find a solution.”
“We’ll do everything we can under current law to help taxpayers,” Shulman added.
Rep. Charlie Melancon, D-La., introduced a bill this week to exempt from taxes all BP payments to spill victims, though its prospects for becoming law were uncertain.
“Compensation from BP will help, but during this uncertain time Louisianans will need to stretch every dollar and should not have to worry about setting aside a portion of the payments for taxes,” Melancon said in a statement.
Ken Hoagland, chairman of the National FairTax campaign, an anti-tax group, said, “These modest payments are just putting food on the table and should not be taxed.”
The IRS has a number of programs to help people who make a good-faith effort but cannot afford to pay their tax bills. Agents can postpone collections in certain hardship cases or allow delinquent taxpayers to skip installment payments if they have made timely payments in the past.
The IRS will hold its July 17 forums for oil victims in these cities: Mobile, Ala.; Panama City, Fla.; Pensacola, Fla.; New Orleans; Houma, La.; Baton Rouge, La.; and Gulfport, Miss. Times and locations for the forums will soon be announced on the IRS website at www.irs.gov.
On the Net: IRS guidance: http://tinyurl.com/33jus6j
File a claim: www.Disasterassistance.gov
Copyright © 2010 The Associated Press, Stephen Ohlemacher, Associated Press writer.
Being courteous with other propfessionals.
I know every industry has them. Those things that happen day in and day out that just make your life that much more difficult, and it has nothing to do with your customers or clients. Its that much more frustrating when it is the people in your industry that are making things harder for you.
In Real Estate, one of my biggest Pet Peeves, is Agents who don't update their listings.
There is nothing worse then sending out a list of properties to a client or potential client, have them send you back the ones they like, and for those properties to not be available anymore. I cant tell you how many times called about a rental or sale, and the MLS says active, and the agent says that it is no longer available. I understand if it just rented or just went under contract. Its the ones that the agent says are about to close, or rented weeks ago. If the status of a listing changes, you should state that change within 24-48 hours. It takes 5 minutes. I will never understand it, do these agents like people calling them everyday for showing instructions and to keep having to tell them, "no, im sorry, its not available"? I dont know about them, but I dont have the time for that. Ive had a listing office tell me to go and show a Townhome for sale, because the listing agent still had it as active, and to go and show, and when I got there, the new owners were moving in! It had already sold! So the agent never marked it contingent, pending, or sold. Amazing. Sometimes I see units that I was told were no longer available, or known first hand were not available, stay Active on the MLS for months. It wasted my time, and my clients time. Very frustrating.
I know everyday I try to make things as easy as I can for my fellow Real Estate Professionals, and I just wish more people would do the same. If the property is no longer available, change the status in the MLS. If the house has 3 contracts on it for sale, change it in the MLS. If the condo rented 3 weeks ago, change it in the MLS. If you dont have a key or access to the property, state that in the MLS!
No one is perfect, and I'm not implying that I am either, I would just like to see everyone be a little more courteous with the other people in the industry they work in.
In Real Estate, one of my biggest Pet Peeves, is Agents who don't update their listings.
There is nothing worse then sending out a list of properties to a client or potential client, have them send you back the ones they like, and for those properties to not be available anymore. I cant tell you how many times called about a rental or sale, and the MLS says active, and the agent says that it is no longer available. I understand if it just rented or just went under contract. Its the ones that the agent says are about to close, or rented weeks ago. If the status of a listing changes, you should state that change within 24-48 hours. It takes 5 minutes. I will never understand it, do these agents like people calling them everyday for showing instructions and to keep having to tell them, "no, im sorry, its not available"? I dont know about them, but I dont have the time for that. Ive had a listing office tell me to go and show a Townhome for sale, because the listing agent still had it as active, and to go and show, and when I got there, the new owners were moving in! It had already sold! So the agent never marked it contingent, pending, or sold. Amazing. Sometimes I see units that I was told were no longer available, or known first hand were not available, stay Active on the MLS for months. It wasted my time, and my clients time. Very frustrating.
I know everyday I try to make things as easy as I can for my fellow Real Estate Professionals, and I just wish more people would do the same. If the property is no longer available, change the status in the MLS. If the house has 3 contracts on it for sale, change it in the MLS. If the condo rented 3 weeks ago, change it in the MLS. If you dont have a key or access to the property, state that in the MLS!
No one is perfect, and I'm not implying that I am either, I would just like to see everyone be a little more courteous with the other people in the industry they work in.
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