Keith's Blog

I've transitioned from Pacific Auction Exchange

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Wed, 20 Aug 2008 03:36:20 -0500

Hello everyone. I just wanted you all to know that I have left Pacific Auction Exchange as an employee and presently serve on an ad hoc consulting basis. I have transitioned back to being a self-employed consultant full time working trough San Joaquin Bookkeeping & Tax Services. San Joaquin ha many clients in real estate, mortgage lending, appraisers, inspectors and other supporting occupations. Since I am back to being a free agent this means I am better able to help a wider range of individuals throughout the Valley and California. I am periodically in the Greater Los Angeles area at various assignments as well. Feel free to reach out any time and be sure to review my updated profile.

Summer Travel Tax Deductions

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Sun, 29 Jun 2008 22:26:28 -0500

Another winner as far as timely advice! The economy is probably forcing all of us to stay a little closer to home than we would like this year. Even so, many of us still need to take those summertime trips to Lord know where. Here's som frindly advice to help Uncle Sam take a little of that bite along with us (http://www.sjbts.net/newsletter.shtml#1 ).

A couple key points to bring up with your tax advisor are that 'if your spouse is not an employee and travels with you on vacation, you can still deduct the cost of your room at the single occupancy per day rate, rather than half of the rate. Meals could also be deductible, if you are paying for lunch or dinner for a customer or business associate and that person's spouse, the full cost of the meals might qualify under the 50% meal deduction.' I thought you'd find those items to be of good news. There are a few more you may find of interest as well.

Happy Independence Day!

Home Office Tax Deduction Dos and Don'ts

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Sun, 29 Jun 2008 22:19:06 -0500

We all probably sit down at tax time wondering what can or shouldbe deducted for our home office. Preparing my own taxes sometimes leaves me sweating bullets. Home office tax deductions are one of the most scrutinized in any audit. There are some concise explanations here ( http://www.sjbts.net/rep-homeoffice.php).

One of the biggest suprises I found was for employees in using a home office deduction. I'll quote here" To qualify for the home-office deduction, an employee must satisfy two additional criteria. First, the use of the home office must be for the convenience of the employer (for example, the employer does not provide a space for the employee to do his/her job). Second, the taxpayer does not rent all or part of the home to the employer. Employees who telecommute may be able to satisfy the requirements for the home-office deduction." Honestly I raised an eyebrow at this. In any event, in an audit, it's important how you characterize (justify) a deduction when claiming it. Just a little food for thought and a word to the wise.

Nice set of online home mortgage decision calculators

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Sun, 29 Jun 2008 22:10:38 -0500

While surfing the web I stumbled across this nice little set of user-freindly calculators that people interested in buying a home may find useful for quick and dirty calculations and budgeting decisions (http://www.sjbts.net/calc-mortgage.html). There are plenty of places to find items like this, but this was a nice simple set. Figured it would be worth while for a quick look at least.

Online Liting Costs Drop

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Mon, 16 Jun 2008 19:23:43 -0500

Pacific Auction Exchange's online auction am www.epaxonline.com has dropped the cost for listing properties. You can list for no fee up front. The only fee is paid out of escro and is $750 and is paid only if the property sells through EPAX. Please consider this and partnering with one of our auctioneers to get your listing or home slod in 30 days.

We are skilled at moving residential, commercial, industrial and raw land and can put commission dollars in your pocket fast.

Pacific Auction Exchange Rises Stonger than Ever

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Mon, 16 Jun 2008 19:16:51 -0500

Some of you may be aware that we lost or CEO and co-Founder early in May in a car accident. Things were touch and go for a while, yet the company has overcome the difficulties through strong company culture and support from the community. www.paxinc.com and www.epaxonline.com have been rejuvinated and listing properties with the company on either site has been made easier than ever. Concerns about selling at auction, the commission potential is great and we sell at market. Call us at 661-665-7960 if you have questions notanswered on the websites. Want to list a property? Give us a call too. We have a lot of incentives.

Like Kind Exchange Online Calculator

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Mon, 16 Jun 2008 19:07:38 -0500

I found something that may be useful for some of you. The following link http://www.sjbts.net/calc-section.html has multiple calculators including one for 1031 Exchanges. It's always a benefit to have tolls like this when dealing with investors, sells, agents or anyone who may be impacted by like kind exchanges or business decisions with potential tax consequences. I hope you find it to be of benefit.

We've hit a new record

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Thu, 13 Mar 2008 18:36:11 -0500

Well, an internal one anyway. We just broke 50 listings today for the first time. Next thing you know, three digits. We expect this right about the end of March 08. Bidders are signing up right and left. If you haven't done so already, take a minute to register and be able to watch auction properties with no strings. We're on out way to 10,000 registered bidders. More news to come. Keep your eye on www.epaxonline.com. We're an easier solution to high inventory than you may think. Special incentives are on for REO's and pre-forclosure listings.

Online Auction New Feature

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Thu, 13 Mar 2008 13:42:39 -0500

We've rolled out another in a series of new features yesterday. The 'Buy Out' feature is for our online real estate auctions on http://www.epaxonline.com/. You can see the specific pilot example here (http://epaxonline.com/auction_details.php?name=35673571-Hwy-140-Catheys-Valley-California-95306&auction_id=100058). This feature is not exclusive, however, and allows one to list a property with a reserve as well. A bidder can actually accellerate the 2-4 week listing and have a listing agent closed and paid in 30 days or less following a shorter bidding cycle. Just another option to keep on the table.

Ebay Alternative

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Mon, 10 Mar 2008 18:49:39 -0500

You may be familiar with the tired scammers listing and bidding on Ebay listed real estate. This fact is common knowledge. One of the problems with such sites is the lack of professionalism and support from a licensed professional. A lack of specialty has also attracted many unqualified bidders. www.epaxonline.com in partnership with RealtyTrac is experiencing rapid growth and a new look. We have access to a large supply of prequalified bidders and have seen a great deal of bidding activity in the one week since our site update. If you are looking for a listing alternative or simply are a bidder tired of getting scammed, stop by our site.

EPAX Real Estate Auction Site Updated

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Mon, 10 Mar 2008 18:33:34 -0500

Our real estate auction site (www.epaxonline.com) has just gotten a mjor facelift in both form and function. As you will readily be able to tell, registration is simple and fuctional use is intuitive. If you or someone you know are looking to buy real estate, sell real estate or simply just curious, take about three minutes and check us out. More to come and thank you for your time.

Need feedback on sub-300 square foot condos

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Mon, 25 Feb 2008 10:25:31 -0600

I ran into an artilce on the web (http://realestate.msn.com/Buying/Article2.aspx?cp-documentid=6285435&GT1=10932) highlighting some sub-300 square foot units in larger metro areas. They seem to be quite a hit in some circles, being targeted to traveling execs needing a crash pad, but also older police officers and seniors.

Some troubles brought by local groups were concerns about congestion and the units not being family friendly (which was not the consumer-base targeted). Aside from zoning, it looks as if the key to these units is the coupling of demiographic need with the know-how of making such as space livable. Examples of that can be found here (http://www.apartmenttherapy.com/ny/fsbo/fsbo-304-west-10th-street-012064) and I was quite suprised. There are links to other examples toward the bottom of the above linked page. Providing high end finishing touches seems to help by catering to the demographics as well as having them turnkey.

Anyone out there work with these units? Sale, resale, interior design, stagers, even buyers: I'd like to know more about your experiences. Thanks.

Neat Mortgage Ideas from Other Counties

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Mon, 26 Nov 2007 17:14:14 -0600

While there are many acceleration programs presently available, I was lucky enough to stumble across another one that Australians are utilizing.

There are several options and alternatives to loan-acceleration programs. One of the more sophisticated is an Australian-based concept that calls for running all financial transactions (checking, savings, money-market accounts) through a line of credit that would be the first lien on your house. (In many countries such as Australia and Canada, mortgage interest is not tax-deductible.) Instead of paying on a conventional first mortgage, your mortgage would be a first line of credit. You would deposit your paycheck directly into this account each month and then write checks for all your needs (groceries, dentist bill, utilities) from this account.

In a nutshell, the loan's philosophy is that since the interest paid "out" to your mortgage is greater than the interest paid "in" to your checking or savings account, it's better to pay the mortgage down with "lazy" cash that would be sitting in your checking account earmarked for household bills.

If we did this in the US I wonder that the implications would be? A higher incentive to save or an opportunity to spend down equity? We aren't the best savers around, but it would be a nice opportunity to have. What do you all think? How about you lenders and institutional types?

Want to find out more, click http://www.inman.com/inmannews.aspx?ID=65286 here.

Partnering your site with larger ones provides best market view

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Wed, 21 Nov 2007 11:12:28 -0600

We've been looking into partnering with Realtytrac to generate more buyer traffic to our very new website. One of this benefits they raised was that websites don't always provide the full inventory of available property. Not all realty websites provide all available listings in a given area, but opt to provide only their agents' listings. Other companies don't manage their Web sites well, causing listings to fall out of date.

Larger websites, dedicated to listings and smaller ones that link to the larger pools of listings do a better job at scouring the market. A savvy real estate agent can also root out all listings available in a given area and, in some cases, even find properties that are for sale, but not listed. This activity is time-consuming.

If you have any views on this I'm interested in knowing what you think?

Buyer Concerns Under-represented: Media to blame among others

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Wed, 21 Nov 2007 11:02:35 -0600

Food for thought: The NAEBA was quoted as saying in a recent acticle that local news outlets too often don't abide by journalism's code of ethics if much of their ad revenues stem from the real estate community. 'Unbiased or broad based news coverage can difficult for media outlets that don't want to alienate advertisers, says NAEBA.'

Their advice was to advise consumers to 'look for advertisements disguised as news stories and see them for what they are, be aware of the limitations of smaller, local media outlets supported by real estate ad revenues and take time, over time to examine a media outlet's editorial content.'

RealtyTimes.com recently raised related issues in "Finding News That Really Hits Home".

What do you think?

You may have bought real estate, but you'd be suprised who really owns it

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Tue, 20 Nov 2007 17:52:20 -0600

In the attached link I ran into a post noting that one's name may indeed be on the deed (sorry) but in the end the one who owns our property isn't us. Sad to say it but in the end the goverment owns every last square inch. And, if you don't pay your taxes they'll take it back. In fact some of us and a few investors make a living reselling forclosed and tax defaulted properies. Problem is, seldom to we pause to remember this pointiant fact. While processes may differ from county to county and state to state the end result is undoubtedly the same: pay your taxes of the government will remind you who owns the land.

http://www.freerepublic.com/focus/f-news/1779516/posts

A new web conference service that's free

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Tue, 20 Nov 2007 17:48:24 -0600

I just participated in a web conference on a free service called Yugma, which I had to research after I got off. Free is in my budet so I'm looking into it further. Heres what I found from them in a nutshell.

Yugma is a free web collaboration service that enables people to instantly connect over the internet to communicate and share content and ideas using any application or software. Whether you are using Windows, Mac or Linux computer, you can connect on-demand and real-time with co-workers, clients, friends and family -- regardless of whether they are across the city, nation or even the globe.

I figure this is a good tool if you have buyers out of your area. You can collaborate with powerpoints and the like.

So what's a Yugma: The name Yugma is a word from the Sanskrit language meaning "the state of being in unified collaboration."

Due dilligence important for personal property and real estate auctions (or any transaction)

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Tue, 20 Nov 2007 10:27:54 -0600

I thought I'd share this clip from the AP regarding the wrong kind of auctions and the importance of due dilligance in any auction or transaction for that matter. I wondered what happened to all those cars I saw....

Tens of thousands of cars were damaged or destroyed by Katrina, which submerged much of New Orleans in a corrosive broth of saltwater and mud. U.S. officials warned Americans to beware of buying the drowned cars.

But many "Autos Katrina" were shipped overseas, often sold through Internet salvage auctions now globalizing the auto recycling industry.

Totaled cars used to be sold mostly at local auctions to scrap metal dealers and serious gear-heads, who well understood the risks of the trade. But in the past five years, an explosion in on-line sales has lured shoppers around the world. It's a "Wild West marketplace" of tainted dream cars at rock-bottom prices, says U.S. auto insurance industry analyst Brian Sullivan.

"Information is in short supply, and you have to be smart and know what you're doing," he says.

Suspected Katrina cars - with their jittery wiring, sand in the cracks and the telltale mildewed stink - have cropped up in a number of countries, but Bolivia has become a particular target. One local environmental agency believes 10,000 or more flooded U.S. cars may have ended up in the landlocked nation, drawn by loose import rules, a thriving smugglers' economy and an insatiable hunger for cheap wheels.

The hurricane relics are part of a deluge of used imports rapidly transforming South America's poorest country. Fueled by money sent home by migrants abroad, the number of vehicles on Bolivia's few paved highways is expected to double in the next five years.

McGaw's Mini is still a long way from joining the traffic jam.

Hauled south on a container ship, imported through the Chilean port of Iquique and trucked over the mountains to this Andean valley city, the coupe is now perched on a hydraulic lift, stripped to its chassis and surrounded by its rusty innards.

Pacific Auction Exchange Grants Access of Innovative Online Bidding Service, E-PAX, to Real Estate Brokers/Agents

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Tue, 20 Nov 2007 08:59:35 -0600

Here's a followup press release to add to my post about something big happening....

(Bakersfield, CA - November 15, 2007) - To help real estate brokers, agents, and industry professionals gain a competitive edge in an increasingly sluggish housing market and uncertain economy, Pacific Auction Exchange, Inc. (PAX), the nation's only real estate auction franchise provider, has just launched its broker/agent Auction Alliance Program through E-PAX (http://www.epaxonline.com/), the company's progressive online auction service.

"In today's buyers' market and with the growing acceptance of technology as a necessary tool of everyday life and business, it makes perfect sense that the country's most progressive real estate auction franchise would launch an online real estate bidding service," said Michael Hynes, Regional Sales Director for PAX. "Competitive online real estate bidding is being embraced by more and more real estate buyers and investors at a record pace."

The Auction Alliance Program is yet another ground-breaking initiative launched by PAX to help real estate brokers and agents face the challenges of today's changing real estate landscape. E-PAX allows them to sell clients' listings faster and at the highest possible price in the current housing market.

"As the dollar depreciates in value and the U.S. economy remains shaky, we will continue to see overseas investors buying up real estate throughout the country," said Hynes. "The Auction Alliance Program allows brokers and agents to put their stagnant properties right in front of these hungry investors looking to make quick and easy transactions through online bidding."

Interested brokers become part of the Auction Alliance Program by filling out an application and submitting an annual fee. An Auction Account Representative from PAX provides training and support to all agents in the affiliated broker's office, including reviewing and approving all properties for posting on E-PAX. A $1750 auction processing fee is collected from the seller, each property hosts one or two open houses, and escrow is closed in 30 days. Alliance Agents can make up to a 5% commission with minimal responsibilities/liabilities and, more importantly, generate a database of qualified buyer leads.

"The Auction Alliance Program provides all participating agents with the tools necessary to have a successful online real estate auction, backed by the credibility, brand recognition and high traffic Web site offered through the PAX franchise system," said Hynes. "It is the wave of the future and we are providing a way for real estate professionals to differentiate their service offerings and increase the efficiency in moving properties."

The PAX Story

PAX was established in 1999, after founder Chuck MacAtee learned that the auction method, popular in his hometown of Paducah, KY, was virtually non-existent in California . PAX began real estate auction operations in January 2001, with ground-breaking franchise operations in November 2002. Today, PAX is the fastest-growing real estate auction company in the country, uniquely positioned on the cutting edge of a rapidly expanding change in the way real estate is bought and sold. It is the only home auction company to have its own proprietary contract approved by the California Department of Real Estate.

PAX offers an affordable franchise opportunity ideal for real estate industry-minded professionals. The franchise fee is $25,000 and the initial investment range to open a PAX is between $15,000 to $20,000. Potential franchisees must have a real estate license, a broker of record and a C-Corp or S-Corp approved by the Department of Real Estate.

About Pacific Auctions Exchange - Pacific Auction Exchange, Inc. (PAX), with corporate offices in Bakersfield, CA and Pleasant Hill, CA, is the only real estate franchise company in the United States specializing in the auction method marketing. PAX was established in 1999 and began franchise operations in November 2001. Taking a strategic approach to growth, PAX plans to have 150 locations in operation by second quarter 2008. For more information, visit http://www.paxinc.com/, (925) 933-9944 or email paxinfo@astound.net.

Localism is a boon for 'Other Points'

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Mon, 19 Nov 2007 17:28:17 -0600

I was scratching my head like many of you on how I can get the little understood and mystical 'Other Points' to start moving. While I don't have all the answers for you and some answers are found in other blogs in this forum I'd like to highlight a little discovery I made from looking around everyone's posts on the issue.

While I don't beleive in 'gaming' the system AR has provided us all with a fantastic opportunity to enhance our ranking. Loging in to Localism using your AR login and password and drilling down to the community level allows one to upload photos for a specific community (city/town/village) and obtain points for those contributions. In one day I've boosted my score by 1600 points. What's more, you can contribute photos for communities other than your own and obtain points for doing so.

As an incentive I've noticed AR has not presently placed a limitation per day on these posts as with BLOG comments and posts. As long as this remains neglected I assume that this will remain the case. We can all gain a lot by highlighting the bright spots in our community and commenting on the photos we choose to upload. Take a few moments out and give it a try. Let AR know what you think about this with a little comment to this post if you would. I'd like to know how it works out for you!

Fair Housing Information

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Thu, 15 Nov 2007 13:04:16 -0600

I've seen some posts over time that address questions in applying fair housing laws. While some states may have their own enforcement guidelines on top of federal, the federal site is still a good place to start for a refresher. If you or someone you know is thinking of renting you may wish to refer them to the attached link for reference or a quick refresher. One may also go to the home page and pick up all kinds of facts as to enforcement and how the NFHA or state entities go about testing and the associated fines (usually heafty) dealt out for non-compliance.

http://www.fairhousinglaw.org/fair_housing_laws/

Commercial Market News

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Thu, 15 Nov 2007 12:51:12 -0600

I've been poking around to discover more about commercial markets and investors lately. We generally focus on residential and the like in here, but commercial markets don't seem to be hammered quite the same way. While I don't particularly like to point folks at specific companies in this forum the attached link at the end of this post goes to a document that provided me with some valuable insight into what investors are looking at in higher end commercial properties and the numbers that are important to them. If you've thought about commercial or are into commercial you may wish to read it for the value it has in market insight and forward thinking approach that is focused on numbers rather than emotion.

http://www.1031properties.com/files/Q2%202007%20Market%20Report.pdf

Heard of 'Equity Stipping' yet?

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Mon, 12 Nov 2007 14:41:26 -0600

If you have any information, stories or links on this please let me know. As I understand it here is the best synopsis I can provide:

When a property becomes delinquent with its mortgagor and when it enters foreclosure it is a matter of public record. Foreclosure properties are monitored heavily by predatory lenders. Equity stripping comes in several guises, but is generally a scheme where predatory lenders offer to refinance a home to create a lower mortgage payment, generate cash, and to help the homeowner avoid foreclosure. However, the mortgage company uses a straw buyer and the title is transferred to him usually under a barrage of loan documentation. With the help of the predatory lender, this straw buyer then refinances the home, pockets the equity, and, in a few months, the home is again in foreclosure and the original owners have now lost all of their equity.

Online Christian Radio

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Mon, 12 Nov 2007 13:55:20 -0600

I found some online Christian radio programing on the below link. Feel free to check it out and if you can point me in the direction of something you like, by all means let me know. A link to some good programing would be welcome in this post.

http://www.wsradio.com/internet-talk-radio/network.cfm/station/Christian-Network.html

Have a blessed week and for those of you lucky enough to be off today, enjoy it and the time with your family.

Real Estate Radio Program

Keith Stoller (San Joaquin Bookkeeping & Tax Services) — Mon, 12 Nov 2007 13:49:29 -0600

I just ran into this site this weekend and enjoyed it a bit. I wanted to share it with the AR community. There are a few of the archives that sound a little funky, but over all these folks put on an enjoyable program. In fact, they do have their moments and provide some good food for thought. You can check them out on the link below:

http://www.wsradio.com/cre/

This link below is to the main site. If you like talk radio, I know not everyone does (even I have to be in the mood), then there is some variety you can drill down into. Feel free to leave any feedback if you liked it.

http://www.wsradio.com/