Creative financing, not only for homes, and RVs, but not we found an owner of a late model BMW, who is willing to finance the deal.
Think "like the banks"
Take advantage of the situation. If you own a home and you have NOT been able to sell the property due to the economic climate, put up an "Owner Will Finance" sign and see how many offers you get.
It might be a good idea to speak to an attorney first, but what will always be true, is: If you finance your home, over the years you will receive more than TWICE the amount that you would receive if the home was financed by the bank!
Plus, if the property was or is investment property, the tax liability would be reduced greatly, because you would be receiving the moneys in a monthly payment.
OK, if you need cash, you can always sell your note. However, (this is extremely important) There are many investors who would be willing to purchase your mortgage note, but at a deeply discounted price!
Solution: Set your selling price to take some of the sting out of selling your mortgage note. Do your homework, involve your attorney for the contract and plan your life, regardless of what the banks do.
Wednesday, August 31, 2011
Tuesday, August 23, 2011
12 Tax Tips for Taxpayers Who Owe the IRS
1. When you contact the IRS about a past due amount, do NOT lie to them. It is a Federal offense to lie to a Government Agent.
2. When you contact the IRS, they will ask for your employer information and your bank information. If you don't want to provide this information to the IRS, then have a tax professional make the calls for you.
Note: It's not like the IRS can't find out where you bank, however, it's best, for you, to pay your tax bill with a cashier's check, not your personal check.
3. If you get a tax bill in the mail, respond immediately. If you can pay the amount, do so as quickly as possible.
4. If you need more time, you can contact the IRS and request a payment date in the future.
5. You can use credit cards to pay your tax bill. visit www.pay1040.com or call Link2Gov, RBS World Pay, Inc, or visit www.payUSAtax.com or www.officialpayments.com/fed
6. You can also use Electronic Funds Transfer by electronic funds from check, money order, cashier's check or cash. Call 800 555-4477
7. You can request an Installment Agreement and pay the taxes on a monthly bases. You MUST file all past due returns to qualify for the Installment Agreement
8. If you owe $25,000 or less (total) you can use the Online Payment Agreement application at www.irs.gov
9. Or you can complete Form 9465 and mail the Installment Agreement Request to your IRS office
10. If you owe more than $25,000 you will be required to complete Form 433F. We strongly advise you to get help with completing this Form.
11. There is a user fee to create a new Installment Agreement. The fees range from$43 to $105.
12. You can have more money taken out of your payroll check to pay off your IRS debt, just by changing your W-4 Form with your employer.
2. When you contact the IRS, they will ask for your employer information and your bank information. If you don't want to provide this information to the IRS, then have a tax professional make the calls for you.
Note: It's not like the IRS can't find out where you bank, however, it's best, for you, to pay your tax bill with a cashier's check, not your personal check.
3. If you get a tax bill in the mail, respond immediately. If you can pay the amount, do so as quickly as possible.
4. If you need more time, you can contact the IRS and request a payment date in the future.
5. You can use credit cards to pay your tax bill. visit www.pay1040.com or call Link2Gov, RBS World Pay, Inc, or visit www.payUSAtax.com or www.officialpayments.com/fed
6. You can also use Electronic Funds Transfer by electronic funds from check, money order, cashier's check or cash. Call 800 555-4477
7. You can request an Installment Agreement and pay the taxes on a monthly bases. You MUST file all past due returns to qualify for the Installment Agreement
8. If you owe $25,000 or less (total) you can use the Online Payment Agreement application at www.irs.gov
9. Or you can complete Form 9465 and mail the Installment Agreement Request to your IRS office
10. If you owe more than $25,000 you will be required to complete Form 433F. We strongly advise you to get help with completing this Form.
11. There is a user fee to create a new Installment Agreement. The fees range from$43 to $105.
12. You can have more money taken out of your payroll check to pay off your IRS debt, just by changing your W-4 Form with your employer.
If you marry and your spouse owes the IRS, your bank account(s) can be levied. Learn more about the Innocent Spouce Relief BEFORE you marry http://ping.fm/g800h
Tuesday, August 16, 2011
Wednesday, August 10, 2011
How a couple tax clients are doubling the amount they receive when selling their homes: http://ping.fm/907PC It's all about how you sell you home and the tax benefits.
When the bank says, no, and you need to purchase a home to lower your taxes
Every year during tax season, I end up telling a tax client to purchase a home by the next tax season in order to avoid paying extremely high taxes. Clients who suddenly earn six figurers incomes and have no write offs, need to create a legal tax shelter. Purchasing a home is one way to resolve this issue.
And almost every year, a tax client calls in August through November, to say, the banks won't finance a home, even with fairly good credit.
With this happening over and over again, it has put me into the real estate research mood. I'm not licensed in real estate, however my research says, owners need to sell, and certain people really do need to purchase.
Solution: Rent to own or lease with option to purchase. True the tax client can't get the tax benefit until they actually purchase the home, but at least it puts them on the right track.
As for sellers, there are many reasons why selling their home with a lease option contract can be good. First they can charge the interest rate that the lender or banks would be getting. This can add up to a large bonus over the years. (Your rates in most cases would be considered hard money, so you are looking at 6% to 10%) The monthly payments can provide can serve as your retirement fund, and you can travel during retirement, instead of counting pennies each month. And you are taxed at a lower rate because your annual income is lower. (And if you really need the cash, you can price your home accordingly, and sell your mortgage note for immediate cash)
Sellers are often worried that if they lease option their home, that the buyers may walk away and not pay the monthly note. GOOD, let them walk away. (Be sure to keep good insurance coverage) You get the house back, AND you get to keep their security deposit of $5000 to $10,000. You just repair the home and do it again. Collect another $5000 security deposit and sign a new lease option contract. (Yes you will have to pay taxes on the security deposit) You can click on the link above to view legal and real rent to own options.
It is a good idea to include an experienced attorney in your contract signing. Regardless if you are the seller or the buyer, you want to be protected. Legal advise may seem expensive, however, not knowing may cost even more.
So this is how, I help tax clients lower their taxes, when the banks continue to say, no.
And almost every year, a tax client calls in August through November, to say, the banks won't finance a home, even with fairly good credit.
With this happening over and over again, it has put me into the real estate research mood. I'm not licensed in real estate, however my research says, owners need to sell, and certain people really do need to purchase.
Solution: Rent to own or lease with option to purchase. True the tax client can't get the tax benefit until they actually purchase the home, but at least it puts them on the right track.
As for sellers, there are many reasons why selling their home with a lease option contract can be good. First they can charge the interest rate that the lender or banks would be getting. This can add up to a large bonus over the years. (Your rates in most cases would be considered hard money, so you are looking at 6% to 10%) The monthly payments can provide can serve as your retirement fund, and you can travel during retirement, instead of counting pennies each month. And you are taxed at a lower rate because your annual income is lower. (And if you really need the cash, you can price your home accordingly, and sell your mortgage note for immediate cash)
Sellers are often worried that if they lease option their home, that the buyers may walk away and not pay the monthly note. GOOD, let them walk away. (Be sure to keep good insurance coverage) You get the house back, AND you get to keep their security deposit of $5000 to $10,000. You just repair the home and do it again. Collect another $5000 security deposit and sign a new lease option contract. (Yes you will have to pay taxes on the security deposit) You can click on the link above to view legal and real rent to own options.
It is a good idea to include an experienced attorney in your contract signing. Regardless if you are the seller or the buyer, you want to be protected. Legal advise may seem expensive, however, not knowing may cost even more.
So this is how, I help tax clients lower their taxes, when the banks continue to say, no.
More creditable information on lease with option to buy homes. http://ping.fm/1oNMo Keywords: attorney+legal help+licensed re broker+rent to own- lower your taxes
Wednesday, August 3, 2011
Monday, August 1, 2011
Found this today. Cheap land for sale. Mountain views, New Mexico. Videos for additional locations http://ping.fm/trGzG
Client turned me on to an investment with 10.6% return. Check it out for yourself http://www.shareasale.com/r.cfm?B=267204&U=119635&M=29606
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