Southern Plantation Style –

For more ideas about entries and elevations:

plantation-186330_640[1]

What to do with that bargain Tri-level or Quad-level

You got a great deal, but its stuck back in the 80’s, or 70’s or maybe the 60’s.

Practice your search word skills on Pinterest. E.g: https://www.pinterest.com/search/pins/?q=trilevel%20remodel&term_meta%5B%5D=trilevel|typed&term_meta[]=remodel|typed

Where you’ll find such ideas as raising the ceiling, opening up the entry/stairs, changing from carpet to tile and hardwood, or moving the kitchen.

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Flushing – For Rent 6/1

Available 6/1.
Freshly updated 2 bdrm/ 2 ceramic baths/ 2 car garage, huge rear deck, fenced rear yard with shed and garden space, includes frig/ stove/ dishwasher/ & laundry room appliances, a/c, lighted closets, bsmt laundry.

$925 includes lawn and snow plowing service, $875 without.

Flushing MI house for rent RealtyNetWorth.com

Whats My FICO ? Here’s a handy tool:

If you want to get a glimpse of your ‘highly secretive’ FICO, try this tool. Why ? Because if you apply for credit but get turned Check your credit score for free before applying for a mortgage or credit cardthe inquiry effects your score for 25 months ! Ouch, see if its even worth it first.

http://www.bankrate.com/calculators/credit-score-fico-calculator.aspx

How my childs college costs can be tax deductable ?

Well the short answer is ‘usually they can’t.’ But there are some simple tax planning tools I first learned from my dad.Real estate rentals, How my childs expensive college costs be tax deductable ?

A tool I’ve set up for many to make the high costs associated w/ future/current college costs deductible is nice little managed rental homes. Consider this:

Our company will:

  • find the properties – give the data – for you to make an informed investment
  • broker the sale(s)
  • oversee/manage the pre-rental rehab
  • screen/manage tenants
  • send monthly statement and direct deposit earnings.

While you, the taxpayer:

  • have child(ren) care for lawn and any tasks they can handle – this is deductible exp to parent, comparatively minimal tax effect up to $4000 for child.
  • gets to now deduct many things that have or will be paid for anyway – tools already owned: mowers, trailers, mileage at $56c/mile, childs cell phone & computer to extent used to help care for property(ies), etc.
  • deducts depreciation – another not out of pocket ‘tax preference item’ as the IRS calls it.
  • deducts house office area used for tracking & managing the manager – so now a % of house costs are deducted that again are already being paid for.

If the property is in the college town:

  • child deducts mileage to/from and many other costs for him/her to ‘site manage’ it as an occupant or near by resident.

Property Tax Protests due for Notice of Assessment increases – Hardship/ Poverty/ Disabled Vets Exemptions

If you need assistance contact me immediately as these MUST be filed timely and complete.ar125236032259088[1]

Things to remember:

  1. New in Michigan – vets now qualify for 100% property tax abatement
  2. Federal poverty guidelines must be the most strict a city/township can use + asset test
  3. The assessor MUST make the guidelines available to you – so you don’t waste your time applying when the criteria is uncertain AND so he/she doesn’t change the rules as the process moves forward….GET THEM IN WRITING, NO VIA PHONE, OR SPOKEN WORD OVER THE COUNTER OR VIA EMAIL.  I’ve seen assessors give folks guidelines verbally then change his story at the Lansing level !

Here are some useful links.

SOLD: 1344 Beaverbrook, Holly MI

1344 Beaverbrook  SOLD.

Pat / Laurie, thank you for the opportunity to serve you.

Mike / Kelly, thank you for the opportunity to serve you again.

New

  • We are overhauling customer/client 24 7 online sites
    • New ability for you to post on your page photos/ texts/ and voice messages from your PC or phone.
    • Skype appointments so you can view our computer in real time from your access device ( pc/ phone/ tablet / pad )
    • Ability for you to more easily set passwords for your site or individual pages – this enables sharing of parts or all of your site with others for realty transactions or family members.
  • We have combined our Fenton city location in with our Waterford location
  • Fenton area realty appointments are available at any wifi enabled location
  • Other Fenton area general (e.g. Annual Reviews ) appointments are available at our residence office. Specific driving directions available thru your new sites and also mailed as a link with appointment confirmations

Exclusion from Taxation of Mortgage Debt Forgiveness

The Mortgage Forgiveness Deb Relief Act lets homeowners pay no taxes for mortgage debt forgiveness.

Previously, if a lender forgave all or part of a mortgage, the borrower was considered to have received taxable income

Currently, a taxpayer may exclude up to $2 million of income from the debt on a principal residence that is forgiven during the years 2007 through 2012. This includes a mortgage refinance as well as a foreclosure.

(CAUTION: DON’T confuse this with future liability for the debt itself vs taxation….you may still find the bank hooking up to the family car in the middle of the night 5 or 10 years out, yes it does happen regularly !)

The rule applies only to acquisition indebtedness, which would be funds for the purchase or improvement of the home. Home equity loans not used for improvements do not receive the benefit.

The lender who forgives a mortgage must send the taxpayer a Form 1099C or 1099A that should show the fair market value of the home and the amount of the loan. The difference would normally be the income received. If audited, the taxpayer will have to document that funds were spent for the purchase or improvement of the home.

More:

U.S. Internal Revenue Service (The Mortgage Forgiveness Debt Relief Act and Debt Cancellation):

http://www.irs.gov/individuals/article/0,,id=179414,00.html

principal residence exemption veto

On 12/22 Granholm vetoed MAR-supported legislation aimed at getting the housing market moving. Senate bill 77,  passed both the House and Senate in the last days of the 2010 session, allowed foreclosed properties to retain their principal residence exemption for a period of up to 3 years. The bill was seen as a stepping stone in getting foreclosed properties, which are non-principaled residences, moving. Currently, a buyer may be priced out of purchasing a foreclosed property because they do not qualify for a mortgage at the higher tax rate. The bill alleviated that burden by allowing the homebuyer to immediately make a foreclosed property their principal residence.

The Michigan Association of REALTORS® worked hard through the last hours of session to provide information to legislators as to why this bill was critical for the housing market in this state. We are extremely disappointed that this bill was not signed into law, given the opportunity it provided for potential home purchasers. However, we expect legislation addressing the Principal Residence Exemption to be re-introduced next legislative session beginning in January.

Ask me how this affect you. Many who have been forced to trade down/move out/ or leave the state… needed to keep their exemption until a sale could be made in a tough market – this is a blow to fair and equitable ownership & seems like another strong hand act by a cash strapped government not unlike the property tax protest minefield process. So much for government serving the electorate., p

4 Biggest Lies in Real Estate

This could be a reason to let us help you…w/27 yrs as multi -state  broker/builder/investor/property management experience in MI & FL. , Paul

Sure, the Internet has transformed the process of buying and selling a home in wonderful ways, but it has also increased the opportunities for mischief. Fall for bogus listings and lousy home price “data” and you could wind up overpaying for a home or finding yourself stuck, unable to unload the one you have. Don’t get taken by these big lies:

State-Foreclosed Real Property

From the State of MI site:

Once forfeited properties have been judicially foreclosed, Foreclosure Services Section is responsible for handling the governmental and tax-foreclosed land auctions of the properties. Two tax-foreclosed land auctions are conducted between July and November each year. Parcel listings for the tax-foreclosed land auctions will be listed on this page approximately one month prior to each auction. You may register for our electronic mailing list, TAXFORCAUC, which will send email to you, twice each year, when the property listings are added to our web page.

Where Homes Prices Are Rising

Les Christie, CNNMoney.com

The drama is nearly over. After a decade of extremes—the ebullient highs of the real estate boom, then the devastating lows of the bust—calmer forces are beginning to prevail in the housing market. The big fall-off in home values, which has taken the median price of a house down almost 30% since 2006, looks to be in its final stages in most places: Three-quarters of the nation’s 384 metropolitan areas will see prices down less than 5% a year from now….

rising_home_price_cities.jpg

“Cash for keys” aids home borrowers, investors

Jon Daurio, chief executive officer of mortgage investor Kondaur Capital Corp., recently offered a $4,000 check to Barry

House keys (Getty Images)

Culver for the deed to his Bryan, Ohio house.

With the exchange, and a pay-off to a second-lien holder, Culver was freed of $120,000 in crushing mortgage debt on the house, said Daurio, who had bought the right to cut the deal when he purchased the mortgage months earlier. The house, after repairs, is now on the market for $47,500.

Not much impact from repeat buyer credit

, On Sunday February 28, 2010, 12:15 pm ESThttps://i2.wp.com/www.doughroller.net/wp-content/uploads/2009/10/Tax-Buyer-Credit-Image.jpg

It sounded like a great idea three months ago: Hand homeowners a $6,500 tax credit to find a new place to live, giving a thrust of energy to the housing market’s recovery.

So far, people are staying put.

Watch out for falling home prices

“Foreclosure sales will pick up this spring as mortgage servicers figure out who can qualify for a modification and who can’t,” said Zandi.

He figures there are at least 4.5 million mortgage loans either in foreclosure or clearly headed in that direction. When that additional inventory hits the market, it will provide numerous choices for buyers and encourage sellers to drop their listing prices.         More

For $8,000 credit, sign before April 30 close by June 30

Big Reminder:http://backyardwealth.files.wordpress.com/2009/10/8000_tax_credit.jpg

To qualify for the $8,000 credit, homebuyers must sign a contract before April 30 and close by June 30https://i2.wp.com/www.gnade.com/index-art/home-buyer-tax-credit-feature-chart-504-562.jpg