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Paul Stillwaggon, For All Your Real Estate Needs Contact New Jersey Estates Real Estate Group E-mail: njestates@gmail.com Web: http://www.newjerseyestates.net 908-561-5492 (Paul S) 908-310-1358 (Cell)
NJ Estates Real Estate Group Weichert Realtors 908-561-5492 55 Stirling Road, Watchung, N.J. 07069
Listening is one of the most important skills you can have. How well you listen has a major impact on your job effectiveness, and on the quality of your relationships with others.
We listen to obtain information. We listen to understand. We listen for enjoyment. We listen to learn.
Given all this listening we do, you would think we'd be good at it! In fact we're not. Depending on the study being quoted, we remember a dismal 25-50% of what we hear. That means that when you talk to your boss, colleagues, customers or spouse for 10 minutes, they only really hear 2½-5 minutes of the conversation.
Paul Stillwaggon, For All Your Real Estate Needs Contact New Jersey Estates Real Estate Group E-mail: njestates@gmail.com Web: http://www.newjerseyestates.net 908-561-5492 (Paul S) 908-310-1358 (Cell)
NJ Estates Real Estate Group Weichert Realtors 908-561-5492 55 Stirling Road, Watchung, N.J. 07069
"Congress voted on Thursday to extend the tax credit and President Obama plans on signing it into law Friday morning. The $8,000 credit will apply to all contracts, for homes up to $800,000, entered into before April 30, 2010, and closed by June 30. It creates a new $6,500 credit for property owners who have lived in their home for at least five consecutive years."
Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for couples, from $75,000 and $150,000, respectively. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return. From the NY Times:
Paul Stillwaggon, For All Your Real Estate Needs Contact New Jersey Estates Real Estate Group E-mail: njestates@gmail.com Web: http://www.newjerseyestates.net 908-561-5492 (Paul S) 908-310-1358 (Cell)
NJ Estates Real Estate Group Weichert Realtors 908-561-5492 55 Stirling Road, Watchung, N.J. 07069
The 2009 Multifamily Solar Funding Pilot provides a 0% loan to eligible affordable multifamily building owners for the installation of solar photovoltaic (PV) renewable energy systems.
Paul Stillwaggon, For All Your Real Estate Needs Contact New Jersey Estates Real Estate Group E-mail: njestates@gmail.com Web: http://www.newjerseyestates.net 908-561-5492 (Paul S) 908-310-1358 (Cell)
NJ Estates Real Estate Group Weichert Realtors 908-561-5492 55 Stirling Road, Watchung, N.J. 07069
New Jersey, like many others states these days, is facing a severe budget crisis.
In the interest of cost cutting and finding ways to save dollars, New Jersey could have dismantled its preservation and open space programs, citing the need to channel its limited funds elsewhere. Or New Jersey could have said preservation was not fiscally sound in a tough economic climate. Other states are certainly doing this so why not New Jersey too?
Paul Stillwaggon, For All Your Real Estate Needs Contact New Jersey Estates Real Estate Group E-mail: njestates@gmail.com Web: http://www.newjerseyestates.net 908-561-5492 (Paul S) 908-310-1358 (Cell)
NJ Estates Real Estate Group Weichert Realtors 908-561-5492 55 Stirling Road, Watchung, N.J. 07069
A below-market, fixed interest rate is offered to first-time home buyers and urban area buyers. Down payments of as little as 3.5% are required and must come from the borrower's own assets. Loans are 30-year fixed rate. Certain closing costs can be gifted by family members, non-profit organizations or government agencies. Debt to income ratios are as high as 33 percent (housing debt, i.e., mortgage, taxes, insurance) and up to 38 percent (total monthly debt load).
Paul Stillwaggon, For All Your Real Estate Needs Contact New Jersey Estates Real Estate Group E-mail: njestates@gmail.com Web: http://www.newjerseyestates.net 908-561-5492 (Paul S) 908-310-1358 (Cell)
NJ Estates Real Estate Group Weichert Realtors 908-561-5492 55 Stirling Road, Watchung, N.J. 07069
Here are questions that haven't been asked during the gubernatorial election campaign:
What kind of state should New Jersey be? How should its people live - separately, divided by race and wealth? Or together, in integrated communities, sharing its riches and its problems?
Paul Stillwaggon, For All Your Real Estate Needs Contact New Jersey Estates Real Estate Group E-mail: njestates@gmail.com Web: http://www.newjerseyestates.net 908-561-5492 (Paul S) 908-310-1358 (Cell)
NJ Estates Real Estate Group Weichert Realtors 908-561-5492 55 Stirling Road, Watchung, N.J. 07069
COLUMBUS, OH - August 31, 2009 - (RealEstateRama) -- As a potential homebuyer, you have an incredible opportunity to qualify for the federal first-time homebuyer tax credit of up to $8,000.
Paul Stillwaggon, For All Your Real Estate Needs Contact New Jersey Estates Real Estate Group E-mail: njestates@gmail.com Web: http://www.newjerseyestates.net 908-561-5492 (Paul S) 908-310-1358 (Cell)
NJ Estates Real Estate Group Weichert Realtors 908-561-5492 55 Stirling Road, Watchung, N.J. 07069
Washington, DC - November 2, 2009 - (RealEstateRama) - The National Association of Realtors® thanked Congress for speedy action in passing a congressional resolution yesterday that would extend the current higher Fannie Mae, Freddie Mac and FHA loan limits through 2010. The present loan limits would expire at the end of 2009 and revert to previous lower limits.
"NAR commends both houses of Congress for their quick action in continuing these higher limits during a time for recovery in the housing market and national economy. The higher limits, along with the home buyer tax credit extension, are necessary to keep the markets moving at this critical time," said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth.
"Home sales have shown significant movement upwards in the past six months and reduced inventory in some segments of the housing market, but not in all. Home purchases in the middle-income and higher brackets have not moved much, and those markets must improve before we can experience a fully sustained housing recovery. These higher loan limits will help motivate qualified home buyers to purchase in those markets," McMillan said.
The resolution would extend the present loan limits for FHA, Fannie and Freddie through the 2010 calendar year at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas. The floor for FHA is $271,050; the floor for Fannie Mae and Freddie Mac conforming loan limits is $417,000.
The resolution now goes to President Obama, and he is expected to sign it today or Saturday to avoid a government shutdown.
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
Contact: Lucien Salvant 202/383-1176
Paul Stillwaggon, For All Your Real Estate Needs Contact New Jersey Estates Real Estate Group E-mail: njestates@gmail.com Web: http://www.newjerseyestates.net 908-561-5492 (Paul S) 908-310-1358 (Cell)
NJ Estates Real Estate Group Weichert Realtors 908-561-5492 55 Stirling Road, Watchung, N.J. 07069
I overheard a conversation recently while circulating at a commercial real estate networking event in Los Angeles. The person speaking said they were buying distressed loans (promissory notes) at significant discounts from commercial banks. The loans were already in foreclosure, and the person speaking (buyer) wanted to buy the notes now so that they would end up with the actual real estate by completing the foreclosure.
Buying Notes Through a 1031 Exchange
She indicated that she would like to sell certain real estate that she already owns through a 1031 exchange, and then acquire the promissory notes from the commercial bank as her like-kind replacement property to complete her 1031 tax deferred exchange transaction.
She indicated that she had asked a couple of 1031 exchange Qualified Intermediaries about doing just this but that the two Qualified Intermediaries said that the transaction would not qualify for 1031 exchange treatment because the installment notes were personal property and not real estate.
Expertise and Experience Counts Here
The answer that she received appears to be correct on the surface. She wants to sell real estate, so it stands to reason that she must acquire real estate in order to qualify for tax deferred exchange treatment under Section 1031.
However, there actually is a way to structure the transaction so that it will qualify as a 1031 tax deferred exchange. The concept is relatively easy and straight forward. The strategy combines the concepts of the Reverse 1031 Exchange parking structure and the Build-To-Suit 1031 Exchange improvement strategy.
Reverse 1031 Exchange Parking Structure
She could implement the Reverse 1031 Exchange parking structure under Revenue Procedure 2000-37 where the note would be acquired and "parked" by the Exchange Accommodation Titleholder (EAT) as her intended like-kind replacement property.
The note is absolutely personal property as the two 1031 exchange Qualified Intermediaries pointed out to her when asked if it could be done. It is clearly not real estate, yet.
Build-To-Suit 1031 Exchange Improvement Strategy
Real estate is often acquired and parked by an Exchange Accommodation Titleholder in order to improve the property. The real estate is then transferred to the taxpayer to complete his or her 1031 tax deferred exchange once the improvements have been completed. This is referred to as an Improvement 1031 Exchange or a Build-To-Suit 1031 Exchange or a Construction 1031 Exchange.
The same concept can be used for her proposed 1031 tax deferred exchange. The note would be acquired and parked by the EAT. The EAT would "improve" the property by completing the foreclosure. The EAT would end up with the actual real estate upon completion of the Trustee's Sale. The real estate can then be transferred to her to complete her 1031 exchange.
You really can acquire a Promissory Note as part of your 1031 tax deferred exchange transaction as long as the like-kind replacement property is actually a real property interest when it is received by the taxpayer completing the 1031 exchange.
This article was written by a contributor to the book Be a Real Estate Heavyweight. For more information on the book, be sure to check out www.RealEstateHeavyweight.com.
Paul Stillwaggon, For All Your Real Estate Needs Contact New Jersey Estates Real Estate Group E-mail: njestates@gmail.com Web: http://www.newjerseyestates.net 908-561-5492 (Paul S) 908-310-1358 (Cell)
NJ Estates Real Estate Group Weichert Realtors 908-561-5492 55 Stirling Road, Watchung, N.J. 07069
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