HUb City REIA Jan Meeting – Tax & Record Keeping Tips for the Real Estate Investor

Tax & Record Keeping Tips for the Real Estate Investor

Though many of the activities involving real estate are the same whether you purchase properties to hold as investments, rent them as income generators or rehab and flip them, the tax treatments are vastly different.  Good records are a must.  My goal is to help you understand the different tax treatments and what you can do to prevent an unfavorable outcome should the IRS choose you for an audit.

 

 

 

Jim George graduated from Frederick Community College in 1979 and received his Bachelor’s degree from Benjamin Franklin University in 1984. After he passed the CPA exam in May, 1985 Jim worked for two different Montgomery County firms before opening his own practice in January, 1992.  He has been operating a small write-up and tax practice for nineteen years in Jefferson, MD.  His practice prepares over 600 Corporate, LLC and Individual income tax returns each year.  Jim is a QuickBooks Pro Advisor and a Notary Public.  He received the Maryland Society of Accountants highest honor, the Sidney Weinberg Award, for his service to the society in 2011.

 

jgeorgecpa.com

 

 

 

Hub City REIA Meets At:

Hagerstown Hotel & Convention Center

1910 Dual Highway, Hagerstown, MD

First THURSDAY each month

 

www.HUBCITYREIA.com

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Helpful Tips For Selling Your House Fast

Most people looking to sell their house first think about calling their Realtor.  The fact is there are several ways open to sell your house fast.
Which method should you use?

This article will act as a guide on how you can use various methods to sell your house fast.

1)  Through a Realtor
When most people need to sell their house, this is the first option they consider.   To successfully sell your house through a Realtor, the following factors are important.

First, the  house needs to be in perfect shape.   Too many perfect properties are sitting on the market that you stand little chance of selling your house if it does not stick out.

Second, you must have enough equity in the home to pay the real estate commissions and sell it at a discount.   There are so many properties priced at huge discounts that you stand little chance of selling a house priced at full market value.

Third, you must be ready to wait.  Lots of houses are sitting on the market for months and don’t even sell.  Unless you are able to wait, this option might not work for you.

2) Selling your house yourself
This is the For Sale By Owner method.

This means the ball is on your court – look for buyers, run any advertising campaigns, negotiate the price, show the house, do the paperwork, etc

Someone selling through a Realtor gets advice, but in this case it’s all up to you.

Of course you will still pay closing costs even when you sell your house yourself.  If you have a lot of time in your hands and you have some experience in the real estate market, this may be an open option for you.

3) Sell your house to a real estate investor
In your local market, there are people that buy and sell houses.  Sometimes they buy houses, fix them and then sell them. Sometimes they keep them and rent them out.

Even when it may look impossible to sell, real estate investors can still buy your house.

This could be if you are facing foreclosure, your house needs repairs or you don’t even have equity.  No matter what your situation is, most investors can buy your house if you have flexibility depending on your situation.

They can stop foreclosure by making all the late back mortgage payments, make mortgage payments for you every month and finally complete the sale relieving you of stress associated with the house.

Most real estate investors have cash at hand and can close in a few days.

Real estate investors will take care of everything including contracts, attorney fees, closing, rehab, etc.

 

Brian Beard is a real estate expert and real estate investor buying houses in Myersville Maryland and the surrounding areas.

He has seen many people buy and sell their houses using creative techniques. To further expand your knowledge in real estate and how to your house fast, please visit http://www.888selltoday.com/

 

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Real Estate Investing Blog

This is our new Real Estate Investing Blog.

We will keep you updated about information in real estate investing, buying and selling houses, and how we can help you with your house needs.

We will also keep you up-to-date with the real estate market as it continues to change.

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