Chris's Blog

The Perfect Lake Lot with Rustic Cabin

Chris Carr (Exit Realty Mountain Properties) — Mon, 12 May 2008 09:22:30 -0500

Come take a look at this rustic cabin on Lake Nottely in Blairsville, Georgia. You can use this cabin as is or tear it down and build a dream home on it. This lake lot features deep water with nice views. Level to gentle to the lake which is very hard to find anymore. Spend your vactions on the lake or build yourself a dream home for that special lake & mountain living. $475,000

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The Door Is Open for a Bargain in the North Georgia Mountains

Chris Carr (Exit Realty Mountain Properties) — Sat, 10 May 2008 11:47:59 -0500

Now is probably the best time to find a great buy on a North Georgia Mountain property. Prices on homes and land have come down from their highs of a few years ago. If you have always dreamed of owning a home up here in the beautiful mountains now is the time for you to make it happen.

The real estate properties up here have always been a great investment because of demand. People have discovered the fresh air, clean water, friendly people and the slower pace of mountain life. I promise once you arrive you will see why so many call this home.

The lending industry has tightened up and it is more important than ever for buyers to have knowledge of their finances, credit rating and ability to obtain a loan. Getting pre-qualified by your lender will help you negotiate the best deal with the seller. Information is power in any major purchase that you make for example many lenders now require buyers to put down at least 20 percent on a home or you will pay for (PMI) private mortgage insurance.

Using your vacation home as a short term rental is a great way to cover some of the expenses, but know ahead of time what the lender will charge you for interest if you choose this route. The lenders will also consider projected vacancy rates to determine if you will qualify for the loan. In addition, the home owner's insurance policy cost will be higher for a rental. Then there is the matter of a rental management company charging you a fee (up to 35%) to keep it rented, cleaned etc...

I recommend professional tax advice to determine if renting your vacation home makes sense for you. Also ask about the 1031 exchange opportunity. It is a super way to save on taxes when it comes time to sell your investment.

It may be the best time in years to buy and the timing is right for you to get a bargain up here, but the door will only be open for a short while. Don't let it switch back over to a sellers market before you buy.

Great Home In The Mountains

Chris Carr (Exit Realty Mountain Properties) — Fri, 09 May 2008 20:18:43 -0500

Very nice home with level to gentle wooded lot (no mowing). 2 Bedroom & 1Bath, Large Laundry Room/Pantry. Central Heat & Air, all electric home plus back up gas wall heater, Screened porch, Back deck, Mature Landscaping, Carport with brand new asphalt driveway. Great community. Furnished and ready to move in condition.

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MLS #: 167647
Price: $134,000
Status: Just Listed
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How you can use the 1031 exchange program to purchase vacation homes

Chris Carr (Exit Realty Mountain Properties) — Fri, 15 Feb 2008 09:30:21 -0600

Short term rentals are big business up here in the mountains and a lot of folks want to know how to use the 1031 exchange program to purchase a vacation home. If you are asking what the heck is a 1031 exchange program? Well to summarize without getting into to much depth, the 1031 exchange program allows the deferral of the gain from one investment property into another. The tax court has ruled that properties held strictly for personal enjoyment do not qualify for this program. The big question is, "Are vacation homes held for investment, or for personal enjoyment?" The thing to do then is to differentiate your property from purely personal enjoyment, and cast it, or document it, as investment property.

Here is some guidelines that will help you differentiate between the two:

Up here in the mountains of North Georgia most folks use a property manager to handle all the aspects of owning a short term rental home. They take anywhere from 25% to 30% of the earnings that comes from the rentals. There is also on-line leasing services which have proven to be an effective way to manage the leasing of this property from a distance.

Record keeping is very important so if you use the online leasing service you can keep a copy of the inquiries, and all your responses, in a separate email folder. This will prove that you sincerely have tried to rent the property. You should also keep a calendar of the dates that you use the property, and whether you used the property for enjoyment or for maintenance. You can also use the property for business where you can meet your clients or customers for a meeting.

So on your calendar, it reflects the dates that you used the property and whether you used it for enjoyment, maintenance or business. Keeping the enjoyment days to less than 14 days a year, and making sure the maintenance days are reasonable. The IRS will allow you 14 personal enjoyment days, as well as a reasonable number of maintenance days a year.

Example: Use the property for 10 to 14 personal days, two to four maintenance days, and 7 to 14 business days a year. The rest of the time it's either rented, or available for rent.

When tax time comes around consult your CPA for the details but you will file a Schedule E for this property with your tax return. Schedule E is the form that reports income and expenses (including interest & taxes) from rental property. The IRS is very formal about this, and they assume that if the property were truly an investment property you would have filed a Schedule E.

Depreciation is required for rental property, but not allowed for personal enjoyment property. It's another one of those things that differentiates how the IRS views the property.

It is really good that you have a separate bank account for your rental property and its probably not a bad idea to have a separate account for each rental. You don't want to run the income and expenses for your rental property through your personal accounts.

When it comes time to sell and you want to use the 1031 exchange program assume that you'll get audited, so do things correctly from the beginning. The difference between being able to do an 1031 exchange and deferring the tax, or having to pay tax on the sale of your vacation home depends upon your willingness to follow the right steps.

Check out this great community in the North Georgia Mountains called Highland Falls Cabins and give me a call if you like what you see: http://www.highland-falls.com/

Make It a Great Day!

I Wish I Could Have Saved Her!

Chris Carr (Exit Realty Mountain Properties) — Wed, 13 Feb 2008 10:51:50 -0600

When I was a young boy, 12 or 13 years old, I lived down in Sarasota, Florida. My Favorite thing to do in the summer was to fly a kite and I used to do it right in the street in the subdivision where I lived. I would start out in the street and inevitability I would end up flying the kite in one of my neighbors yard. On one occassion as I was flying the kite standing in the yard I noticed a wierd smell coming from the neighbors home. On further investigation I also found that the windows were a dark color and they showed signs of heat with black soot above the window on the exterior of the house. With my heart racing out of my chest I got my kite down, which seem to take forever and ran around to the front door. I knocked on the door over and over again trying to get somebody to answer the door with no success. As I knocked I noticed that the door was shaking with every hit and I tried the door to see if it was locked. Well to my surprise I found that the door was locked but it was actually ajar so I opened it up just enough for me to see inside the house. I will never forget what I saw and the image has stay with me to this day. A lady was lying on the floor and she wasn't moving. Of course this scared me to the point that I shut the door real quick and ran all the way home. Luckly my Dad was home and I was able to catch my breath long enough to tell him what I saw. He raced over to the house and went inside to find that she had already died. Wow! I remember being so upset and actually the feelings I felt comes back to me as I write this. It really effected me and I believe that to this day it has made me so aware of what can happen in a house fire.

The EMT told my Dad that they thought she was smoking in bed and somehow it caught the mattress on fire and when she woke up it scared her so bad that she had a heart attack before she could get out of the house. The fire had happened 8 or 9 hours before I discovered her and it went out by itself.

Please take a few minutes to go over these fire safety tips that can save your life!

A house fire at any time can put you and your family's lives in great danger. Yet, fire experts say you can dramatically reduce the risk of injury or death by just following these five simple safety tips:

1. Make sure your house number is visible from the street so emergency vehicles can find you. Consider using oversized reflective or illuminated numbers at the curb, preferably next to your mailbox.

2. Install smoke detectors in places where they will activate in time for you to save yourself and family. This is usually within a foot of the ceiling. Make sure you test them monthly by pressing the "test" button, and replace batteries at least once a year. Don't rely on the alarm to make an intermittent "beep" to change batteries.

3. Create a fire escape plan with an emergency route for each family member's bedroom. If bedrooms are on the second floor, purchase a simple chain ladder for escape from windows. Arrange for a safe family meeting place outside the home in the event fire strikes. This way you can account for each family member instantly.

4. Place an adequately sized fire extinguisher near the kitchen area of your home. Also, place one at the opposite end of the home. Most homes use undersized extinguishers. Even if a small fire breaks out, you will want all the suppression you can get.

5. Remove all weeds, tree branches, leaves, and litter away from the perimeter of your home. Put a screen on your fireplace and keep it closed at all times. It's best to sleep with your bedroom door closed to give yourself more time to escape in case of a fire. And teach your children what to do if their clothes catch fire: Stop, Drop, and Roll.

I hope this true story will make you take a look at your own house today.

Make It A Great Day!

Hard To Find Acreage & Home

Chris Carr (Exit Realty Mountain Properties) — Tue, 12 Feb 2008 15:56:21 -0600

MLS #: 160933
Price: $299,900
Status: Active

Address:
1852 Julie Hollow Road
Young Harris, GA 30582
Type: Single Family Residential for Sale
Floors: Two or More Stories
Parking/Garage: 3
Bedrooms: 3
Baths: 2
Half Baths: 1
Lot Size: 4.14
Year Built: 2005

Description:
Come see this hard to find acreage with home. Custom built home by a Florida builder for himself. This home has a great layout with the laundry & master bedroom on the main floor. Wood floors, Tiled bathrooms including a custom walk-in shower in the master bath. A big 10x24 screened in porch overlooks the back part of the property. Unfinished basement has a workshop/Gargage & stub up for a bathroom. Don't miss out on this hard to find mountain property.

Virtual Tour: http://www.visualtour.com/shownp.asp?T=1292957

Great Cabin In The Woods

Chris Carr (Exit Realty Mountain Properties) — Tue, 12 Feb 2008 15:47:48 -0600

MLS #: 138955
Price: $212,900
Status: New Listing

Address:
7060 DARBY LANE
Blairsville, GA 30512
Type: Single Family Home
Floors: Two or More Stories
Bedrooms: 2
Baths: 2
Half Baths: 1
Lot Size: 2.48 acres
Year Built: 2005

Description:
Look at this cabin in the woods on 2.48 acres. Built in 2005 with very little use. Includes some furnishings. Pocket doors through-out. Two gas log fireplaces. One on the main level & one in basement. Basement ready to be finished with bath tub combo unit and vanities included. Nice Lot. Back deck overlooks branch.
Virtual Tour: http://www.visualtour.com/shownp.asp?T=816292

Pretty Little Mountain Home In Georgia

Chris Carr (Exit Realty Mountain Properties) — Tue, 12 Feb 2008 15:36:33 -0600

MLS #: 149794
Price: $195,500
Status: Just listed!

Address:
2339 Upper Bell Road
Hiawassee, GA 30546
Type: Single Family Home
Floors: Single Story
Parking/Garage: 1
Bedrooms: 2
Baths: 2
Lot Size: 1.35
Year Built: 1982

Description:
Take a look at this home with a view of Eagle Mtn.2/2 on 1.35 acres.Located on a great wooded lot with mature hardwoods and a great array of flowering plants.The home features a sunroom & a screened in porch off the master bedroom.Excellent condition.Don't buy in this price range without looking at this one.

Virtual Tour: http://www.visualtour.com/shownp.asp?T=1031646

Rustic Cabin On Lake Nottely

Chris Carr (Exit Realty Mountain Properties) — Tue, 12 Feb 2008 15:28:12 -0600

MLS #: 153480
Price: $475,000
Status: Just Listed

Address:
8672 Whit Dove Lane
Blairsville, GA 30512
Type: Single Family Residential for Sale
Floors: Single Story
Bedrooms: 1
Baths: 1
Lot Size: .70
Year Built: 1985

Description:
Come take a look at this rustic cabin on Lake Nottely in Blairsville, Georgia. You can use this cabin as is or tear it down and build a dream home on it. This lake lot features deep water with nice views. Level to gentle to the lake which is very hard to find anymore. Spend your vactions on the lake or build yourself a dream home for that special lake & mountain living.

Virtual Tour: http://www.visualtour.com/shownp.asp?T=1141718
$475,000

Try Mountain Living!

Chris Carr (Exit Realty Mountain Properties) — Tue, 12 Feb 2008 14:13:31 -0600

Address:
8985 Grand Drive
Blairsville, GA 30512
Type: Single Family Residential for Sale
Floors: Two or More Stories
Bedrooms: 3
Baths: 3
Lot Size: .91 of an acre
Year Built: 2004

Description:
This is one to look at for that "Mountain Living" that you have always dreamed of. Located in a great area close to Lake Nottely featuring 3 bedrooms & 3 baths on .91 of an acre with a full finished basement. The wide open interior layout, the wrap around porch and the game room in the basement makes this home super for entertaining. A lot of home for the price. Don't miss out! Come and look today. SEE VIRTUAL TOUR. This place shows great. Some furniture is for sale. ASK FOR LIST.

Virtual Tour: http://www.visualtour.com/shownp.asp?T=1181834

*****$229,500*****

Optimism-------The Secret to Living a Longer, Happier Life?

Chris Carr (Exit Realty Mountain Properties) — Tue, 12 Feb 2008 10:35:28 -0600

The other day I was thinking to myself about how some people no matter how difficult life is they seem to always remain positive, cheerful, and optimistic.

I bet secretly when no one is looking and something goes wrong they go home and kick the dog right between the eyes. Poor thing!

Could optimism be the secret to living a longer, happier life? I'm sure there has been some studies on this subject. Does this just happen to some folks or have they been taught how to be more optimistic? I believe that you can teach yourself to be. I have taken these six items below and printed them out. I stuck them on the wall in my office where I have to read them every day. Being a realtor can drive you nuts with the ups & downs that happen on a weekly basis (sometimes daily) so hopefully this will help one of you out their that reads this.

We definitely don't want to kill the dog! :)

1. Be A Good Role Model: When you act as a role model for your co-workers, employees, family, and friends, you'll become more optimistic.

2. Focus on The Solutions: When a difficult problem comes up, focus on the solution (not the problem), and put it into action.

3. Use Positive Language: Use upbeat words: challenge, success, opportunity, can do, solution.

4. Practice Good Posture: Optimists have good posture, stand tall, walk briskly, and take big steps.

5. Set Specific Goals: Set goals and consistently take action.

6. Have A Cheerful Voice: People feel the emotion they are acting. Use a positive voice.

Just by applying these six steps to my life, I have change my way of thinking, and hopefully reduce my risk of physical illness and live a longer, and more fulfilling life. Plus the dog hasn't had to go to the vet in a long time. :)

Make it a great day!