TAX BENEFITS OF OWNING RENTAL PROPERTY

The tax benefits of buying a home versus renting |Patchogue|Medford|Homes for sale|LI Real Estate| www.ErwinGiron.com by ErwinGironTax Benefits Of Owning Rental Property.  Rental property deductions are too significant to ignore.  They are both numerous and substantial.

Bottom line, when it comes to federal tax deductions, “Residential Investment Property” provides a significant tax shelter.  This is evident if you own one or many rental properties. Read the rest of this entry »

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QUALIFYING FOR A NEW MORTGAGE WHEN INCOME IS FREELANCE

Qualifying For A Mortgage When Income Is Freelance
After the financial market downturn in 2008, getting approved for a mortgage loan became even more difficult.  Combine that with the fledgling economy, which left many people turning to freelance work, and the challenges involved in qualifying for a home mortgage increase exponentially.  However, with a little extra work, home buyers using freelance work as proof of income still can qualify for a new loan.

Making sense of the story

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HAFA SHORT SALE FACT SHEET

HAFA Short Sales Fact Sheet

 

HAFA Short Sales Fact Sheet (Please click below for the complete fact sheet.)

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FORECLOSURES FOR INVESTORS – 10% DOWN

Foreclosures for Investors – 10% down

For those of you who are unaware, these amazing deals are available through HomePath, a Fannie Mae operation.

Following are the details:

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WHAT IS A SHORT SALE NEGOTIATOR?

What is a Short Sale Negotiator (SSN)?

An SSN is the person the seller designates to work with his lenders as his representative. It can be his agent, attorney, 3rd party or anyone else. The ideal situation would be an experienced attorney so that other options can also be explored. An SSN should be all about the seller and trying to do what’s best for the seller. I would recommend an attorney who is a proven success in the field of personal finance and short sales. The first meeting should be to consult with the seller to understand what the seller’s situation is. It is possible that the seller would be best served filing BK. A truly good listing agent should want what is best for the seller, even if that means not listing the house.

What does an SSN actually do?

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REAL ESTATE INVESTING – 5 MYTHS THAT KEEP PEOPLE FROM STARTING

Real Estate Investing – 5 Myths That Keep People From Starting

Who doesn’t want to make a little extra cash every month. Especially if that money just shows up in your bank account without you actually working for it. Passive income is the way to go. And real estate investing is a pretty passive income stream that can pay you while your sleeping.
 
But a lot of individuals let other people’s fears stop them from investing in real estate. And because of that influence they deny themselves and their families the benefits of having extra money show up in their bank accounts every month.
 
You know the story; There’s always one person in a crowd that wants to dream steal from you. In real estate investing, you’ll always hear about somebodies uncle, who has a friend that was renting out their place and they got stiffed by some bad tenants.
 
Just ignore these stories. If you’re interested in creating wealth for your family, and you’re fired up about real estate then don’t let the following 5 myths keep you from building your real estate empire.
 
Real Estate Investing – 5 Myths That Keep People From Starting (Are they Keeping You From Building Your Empire?)
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WHAT DOES A LENDER LOOK FOR WHEN APPROVING A SHORT SALE?

magnifying Pictures, Images and PhotosWhat Does a Lender Look For in Approving a Short Sale?

Most mortgage companies or lenders require a hardship letter before agreeing to a short sale.  In the hardship letter, it is important to present the facts clearly, and honestly.  The hardship letter must be able to prove the situation that caused you to fall behind on your payments, or in rare cases prove why you are likely to fall behind in your payments, and the excuse for falling behind must be legitimate and provable.  A hardship must be defined as real and convince the mortgage company that the loan is likely to become delinquent.  The simple fact that you are underwater in relation to the mortgage versus the property value will not convince the lender to permit a short sale.

In answering the question; “What Does a Lender Look For in Approving a Short Sale?” the following are prime examples, but not the end all: Read the rest of this entry »