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Mark Zarichny
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October
2006
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BUILDING WEALTH WITH SMART
LOANS
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Don't
Overlook a Home's Potential When House
Hunting
Home shopping.
If you're like others in the market for their first home, you
probably have in mind exactly how your soon-to-be home will look.
But it's important not to fall into the bad decorating, dingy walls,
and dirt-bare back yard equals bad-home trap. If you don't see past
the hideous wallpaper, funky light fixtures, and avocado green
carpeting, you may miss out
 on a home with great potential.
And, if you're looking for a home
in a seller's market where homes are being snatched up as soon as
they go on the market, you'll come to realize you can't be choosy if
you want to make a competitive offer.
One of the first things to do is
to get pre-qualified for a loan and determine the maximum you can
afford to offer for a house. Don't look at homes that are asking for
more than 5 percent above your maximum, otherwise you'll be setting
yourself up for disappointment if you find the perfect - but outside
your budget - home. more>
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When
is an Investor, Not An
Investor?
Sometimes real estate investors get nasty little
surprises at tax time. It happens when they discover
they really weren't investors after all -- at least not
in the eyes of the IRS. There are three different
definitions the IRS uses to define taxpayers who buy,
sell or hold real estate. Your tax treatment will differ
based on the definition that the IRS gives you.
These three
definitions are:
Real Estate Dealer
Real Estate Developer
Real Estate Professional
Now, let's look at
each of these in more detail.
A real estate
dealer is someone who is in the business of
buying and selling real estate for short-term profits. A
real estate dealer is known by other names: wholesaler,
flipper, or rehab'er. Although the person gets the label
of "real estate dealer," it's a decision that's made
based on each property. It's possible to be a dealer on
one property, but not on another.
The key question is
whether the property was purchased to sell or purchased
to hold. If you "flip' the property for a short more>
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Mark Zarichny
303-948-1290
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Colorado Mortgage Network, LLC
5481 S Youngfield
Ct
Littleton, CO 80127
phone:
303-948-1290
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©2006 Realty
Times. All Rights Reserved.
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Copyright © 2005 Colorado Mortgage Network LLC
Last modified: 11/09/05
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