Does the Mortgage Forgiveness Debt Relief Act apply to all debts?

Congress passed a bill including, The American Taxpayer Relief Act of 2012 (Sec. 202) which extends the Mortgage Forgiveness Debt Relief Act through December 31, 2013. This legislation extends dozens of other tax cuts that have expired or are set to expire at the end of the year, including one that extends homeowners’ ability to deduct the cost of mortgage insurance on a qualified personal residence.

Under the federal tax code, all types of forgiven debt are treated as income, subject to regular taxes. Because of the Mortgage Forgiveness Debt Relief Act, homeowners who get their mortgage debt forgiven through either a short sale or loan modification won’t be taxed on the amount forgiven up to $2 million. This law was set to expire December 31, 2012. If it hadn’t been extended, any forgiven amount of debt would be considered taxable income, which would be devastating for homeowners who are already experiencing financial hardship. If you're in search of mortgage relief, a short sale is still a better option than foreclosure. 

The recommmendatiion to all my investors selling in a short sale, make sure you have a very sharp CPA! If you are in search of mortgage relief contact me at kgblady@cfl.rr.com. My team and I helped so many investors relieve mortgage distress in 2012, please reach out and let us help you!

Store in Between Moves During Holiday Season with POD’s

POD's have helped hundreds of thousands of families to move over the last decade, and they  listened and watched to find out the best ways to pack and move using our containers. The products offered are designed to protect your belongings and keep your things safe, and were  based on the advice from other customers just like you! Finding time to house hunt is difficult–especially for sellers during the holiday season. Everyone is busy with family events, holiday pageants and last minute shopping.  PODS are the perfect solution for short- and long-term storage:

 

  • Convenience and ease of moving during the holiday season
  • Use a POD's Moving check list to keep organized
  • Sellers we suggest you don't 'over' decorate especially if it takes away from the curb appeal, not to mention time savings with your move.

 

PODS can help sellers:

  • Declutter their homes to help sell them faster and for more money
  • Utilize temporary storage between moves
  • Move across town or across the country

ERA Select Services offers a discount to owners selling with ERA Showcase Properties. Contact me for more details.

Check my Harp 2.0 Eligibility in 90 seconds

Low Harp mortgage rates for Investment Condo HARP Refinances are helping investors improve cash flow and buy more property. I am pleased to have Chris Brown provide this feature post.

Chris Brown Mortgage Review

Ryan and Ashley are your next-door-neighbor kinda folks in Brevard County, FL. In addition to their home, they own an investment condo that is under water. They have understood for some time that buying Cape Canaveral investment real estate is where the smart money is going, even now, and even though their first experience created negative equity. Couple the cheap Brevard Real Estate prices of today with the unsustainably low mortgage interest rates and you result in some of the best Brevard County, FL real estate opportunities in our life time. While Ryan and Ashley were looking to add to their real estate portfolio, they began to wonder what they could do with the property they already had… there had to be a way to help improve the cash flow without needing to do a Cape Canaveral Short Sale. If there wasn't they were open to the short sale, but really wanted to keep their investment property. Fast forward to today. In addition to helping Ryan and Ashley structure a new investment property purchase, we uncovered that it made sound financial sense to refinance of the upside down investment condo in Florida they already have through a Cape Canaveral Harp 2 Refinance. How HARP and The Chris Brown Team's mortgage planning benefited Ryan and Ashley Loan Before HARP: Balance: $340,000 Interest Rate: 6.25% Interest ONLY Payment: $1770.83 New HARP Loan: Balance: $346,700 Interest Rate: 4.000% P+I Payment: $1655.20

$105.63 lower Harp payment AND $499.53 now going to principle!

That is a combined benefit of $605.16 beginning in the first month of the Harp 2.0 Success Story, increasing every month after that since each month a little bit more is going to principle. Can $105.63 = $605.16? Yes, it just did. Who do you care about that may also benefit from improving their position $605.16 every month just like Ryan and Ashley? You may choose to share this with them on your Facebook page with the share links above. Check my Harp 2.0 Eligibility in 90 seconds Certified Mortgage Planners and Chris Brown are nationally recognized HARP Experts for the Florida HARP Loan Refinance Program.

Have questions contct Chris Brown Direct 407.367.2974 / Chris@cmpfl.com

Zillow Buys Hot Pads for Cool 16 Million Cash

Zillow just announced that it has acquired HotPads, the San Francisco-based rental and real estate search site for $16 million in cash. 

 

According to the Tech Crunch article, Zillow plans to create one single database for rentals that will be available on Zillow, HotPads and the company’s other properties. HotPads, will continue to exist as its own brand and Zillow will commit additional engineering resources to help the company grow.

 

Between Zillow Rentals and HotPads, Zillow CEO Spencer Rascoff  expects the company can now offer a rental marketplace at scale – something that wasn’t previously available to users in the highly fragmented rental market. For Zillow, this is also an opportunity to build a relationship with a younger audience – the kind that’s shopping for a first rental but not ready to buy yet. Once they get to the point where they are looking to buy, they will hopefully come back to the Zillow brand.

 

What does this mean to Showcase Property Management? I believe Zillow and HotPads will provide our rentals even greater exposure in a rental market that just keeps expanding. Our investors rely on us to quickly place tenants in vacant properties. The more exposure we have the great chances we have of finding qualified tenants. 

Visit RentWithKaren.com to search for rentals in Brevard County, FL

Grateful to Give Thanks

At this time of thanksgiving I am grateful for the many blessings associated with being the managing broker for what I consider to be the best property management company on the Space Coast. I am grateful for my amazing staff who works tirelessly to keep Showcase Property Management a great company. Being the largest management company in Brevard County, FL comes with a significant work load.  Our office processes hundreds of application per month with people searching for a place to live.

 

I am grateful to our owners who put their faith and trust in the Showcase Property Management Team. Keeping more than 2000 properties maintained across Brevard County, FL isn't always easy, but we make it our priority to keep all of our investment properties the most desired rental properties.

 

I am grateful for all the tenants who rent with Showcase Property Management. Keeping up with all the problems and issues that arise with rental homes is sometimes tough, but we make it mandatory to have our vendors respond as quickly as possible and resolve issues promptly.

 

I am grateful for all the Showcase vendors who provide exceptional service, even on week-ends and holidays like Thanksgiving. Many of our vendors have been with us for many years, I am grateful they make our properties a priority.

 

I hope you enjoy the Thanksgiving video as much as I did; it made me realize how thankful I am for so many wonderful Showcase blessings. From our Showcase Property Management Family to your family… we wish you a Blessed Happy Thanksgiving.

Say thank you with local florist

Feature post from Joan Sinatra

You can stand out as an investor that cares by sending congratulatory and good luck plants or florals to your new tenants. Let them know how much they are appreciated and they in turn will feel more welcome. You'll be pleasantly surprised how inexpensive sending move-in gifts can be, and the return….priceless.

 

As an investor helping your property manager show the full potential for a property is key. Having a floral and interior-scaping professional you can count on is as important as presenting a clean and well staged space. In a furnished space, whether a home setting or office situation, a few strategically placed fresh floral’s or plants can liven up a room. By bringing life into the room, it allows a client to see themselves living or working there too. Flowers and plants are a large part of the staging process and make your property look more appealing than your competitors.

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 Your property can have that wow factor when being shown, with a simple phone call to Sinatra’s Flowers & Design Center. We will keep a photo log of the floral style you prefer on file so that your signature look is represented time after time. At Sinatra’s Flowers, we offer on site set up for your real estate showings, as well as cash and carry pickups for those last minute appointments. Call us at 455-1551 or visit our website http://www.sinatrasflowers.com/

 

 

 

 

 

 

 

 

 

 

Happy Safe Halloween

Found this excellent short video on Halloween safety tips:

I also came across the post Halloween Safety and Fun which offers great tips for making Halloween safe for the kiddies. Many of our tenants at Showcase Property Management have children young and older who will be dressing up and hitting the neighborhoods to collect their bounty of candy all across Brevard County, FL

Some of the tips for trick-or-treating include:

  • Plan your Halloween ahead of time
  • Plan your trick or treating route
  • Make sure your kids are costumed for safety

All of us at Showcase Property Management are wishing you and your family a happy, safe Halloween!

USDA Home Loans in Brevard County, FL

Not all properties are eligible to receive rural funding with a USDA Home Loan.  In order to be eligible for  a USDA loan, household income must meet certain guidelines. Also, the home to be purchased must be located in an eligible rural area as defined by USDA.

The USDA only provides funding in Non-Rural areas.  These are areas that lie outside non-rural areas as defined by the USDA's Satellite Grant Program Request for Proposals (RFP), published in the Federal Register on May 7, 2010. The term "rural area" means any area, as confirmed by the latest decennial census of the Bureau of Census, which is not located:

– within a city, town, or incorporated area that has a population of greater than 20,000 inhabitants; or


– an urbanized area contiguous and adjacent to a city or town that has a population of greater than 50,000 inhabitants

USDA home loans are ideal for first time home buyers or anyone who qualifies within the income guidelines. Please contact me at kgblady@cfl.rr.com to obtain more information about USDA home loans.

Zillow Offers Guidelines: Investing in Real Estate

With all the short sales and foreclosures it makes it an ideal time to buy real estate. I came across an excellent post on Zillow, Investing? 6 Types of Properties to Pursue which offers solid advice on scoping out investment properties.

Leonard Baron says, “Too many people buy fixer-uppers thinking they’ll add value by doing a renovation. Then they get mired in a much more expensive and time consuming property than they ever expected. More money into the property means lower investment returns for you and less wealth-building than you expected.”

Investors get mesmerized by a “cheap price” however price is just one factor in the equation. Location, location, location is still very important, along with the rental demand. What about resale, will the property sale easy in the future?

Our Turnkey Operation was created to help investors purchase prime rental properties. Our rehab team can help with properties that need CPR, (Carpet, Paint, Repair). Once repairs are complete we put it on the market for rent.

Whether you’re a long time investor who wants to add to your existing portfolio, or a newbie venturing into investing in rental properties for the first time, contact me. I am confident you’ll be impressed with how easy we make it to invest in real estate.