Ann Van Fleet's Real Estate Information Blog

Identity Theft Is A Serious Problem Protect Yourself!

Ann Van Fleet, GRI, TRC, AHWD (Prudential Network Realty) — Tue, 27 Sep 2011 09:02:29 -0700

Identify Theft Is A Serious Problem! Identity theives get your personal information in many ways by stealing records, stealing your wallet or purse, hacking records, calling and saying there is something wrong with your account, stealing your mail inclulding bank & credit card statements, credit card offers, checks, and tax information. Dumpster diving is another way they can get information. Make sure you shred any bills or financial information before putting it in the trash. Identity thieves will open new credit card accounts but not pay the bills so you are reported as deliquent on your credit report. They may set up a new billing address so you don't recieve the statement or open a new bank account, may buy a car under your name by taking a loan out. If your personal information is lost or stolen place a fraud alert on your credit reports. When you put it on either Equifax: 1-800-525-6285, Experian: 1-888-397-3742 or Trans Union: 1-800-680-7289 you only need to put it on one of the 3 companies. The company you call is requiried to contact the other 2 and place an alert on your report too. When you put the fraud alert in your file you are entitled to order free copies of your credit reports, and if you ask , only the last four digits of your social security number will appear on your credit reports. An initial report stays on for 90 days and an extended alert stays on your credit report for 7 years. Close any accounts that you think have been comprimised. For really good in depth information go to www.ftc.gov/idtheft

LIVING THE GOOD LIFE IN ST. AUGUSTINE, FLORIDA

Ann Van Fleet, GRI, TRC, AHWD (Prudential Network Realty) — Sun, 18 Sep 2011 05:42:53 -0700

After living in Ohio for many years and raising our 3 kids, in 2003 my husband and I moved to St. Augustine, Fl. From the time we were in college we always knew that some day we would live in Florida but thought it would be on the West Coast. Fate intervened and Saint Augustine, Florida was where we choose to begin our new life. As the years have gone by we still love it as much as we did when we first moved. I sold real estate in Ohio for 8 years and got my license in Florida after we moved. It has been lots of fun selling real estate in St. Augustine because there is so much variety. There are single family homes, condos, townhouses, golf communities, ocean front homes and communities, Intracoastal homes, Historic homes in downtown Saint Augustine, New Construction, 50+Communities, and investment properties. There is something for everyone. Prices have gone down and there are good deals available. For condo owners the weekly rental market for condos at St.Augustine Beach and Crescent Beach can be a good investment. Our beautiful wide, white sand beaches that go for miles are great for fishing, surfing, riding bikes, building sand castles, strolling along the shore, playing in the waves and people watching. The beach at Anastasia State Park is my favorite because it is all sand dunes and ocean with no buildings. You can really appreciate all the natural beauty of the land. Boating & Fishing are very popular in St. Augustine. We are lucky to have our own Inlet to the Atlantic Ocean right in St. Augustine and the Intracoastal Waterway runs through Saint Augustine. There are very nice Marina's for overnight visits. We have many wonderful local restuarants, cultural events, and are an easy drive to Jacksonville for major league sports, the Jacksonville symphony, and broadway plays. Orlando with all of their theme parks is about an hour and a half from St. Augustine and if you are a Nascar fan Daytona is about 45 minutes. Come Share The Magic! Visit my website www.annvanfleet.com for a virtual tour and to search properties in St. Augustine, Fl

Advantages of using a FHA 203 K Renovation Loan

Ann Van Fleet, GRI, TRC, AHWD (Prudential Network Realty) — Sun, 22 Aug 2010 04:02:02 -0700

Are you thinking about buying a home in St. Augustine, Fl that needs work? You may want to consider a FHA 203 K Renovation Loan. Wouldn't it be fun if every home you looked at in your price range could be viewed from the perspective of what it could be, instead of what it is? An FHA 203 K Renovation Loan allows Buyers to obtain a loan covering the mortgage & remodeling work with a low interest rate and a 3.5% down payment on the total amount of the with FHA. HUD guidelines allow up to 110% financing to accommodate for the renovation. You can create your dream house without large out of pocket costs and you have the potential to build more equity in the property after the renovation is complete. Another benefit is that you can take advantage of the AS IS homes for sale in St. Augustine, Fl that are priced below market value because you would have the funds available to do the renovation. All work must be completed within 6 months. My job is to help you find the perfect property and put you in touch with a Mortgage Consultant that is experienced with this type of loan which is crucial to the success of this process. The FHA 203 K Renonavtion Loan Process Is: Get pre-approval through an experienced FHA 203 K Mortgage Consultant Make an offer and get it accepted Do the Inspections and submit the loan package Choose a contractor and secure the bids for the work Order an appraisal with the bids included Submit the appraisal and bids to the underwriter with other loan conditions for final approval Close Work Begins and is completed within 6 months The FHA 203 K Renovation loan amount is determined by the lesser of the following: The purchase price or as-is value of the home plus the total renovation costs or 110% of the after improved value of the home.

Great Opportunity: Self Directed Real Estate IRA & IRS Rules

Ann Van Fleet, GRI, TRC, AHWD (Prudential Network Realty) — Sun, 27 Jun 2010 10:23:29 -0700

Last week I posted a blog about creating wealth through a Self Directed Real Estate IRA and why it make so much sense. My Husband has used this method of purchasing real estate in St. Augustine, Fl a couple of times. This week I wanted to address the IRS Rules regarding a Self Directed Real Estate IRA. If you are considering rolling your current IRA or 401K into a Self Directed IRA there are some very important things that you must know about the IRS Rules. There are Seven IRS Rules: 1. Any income you earn from the property must go directly to the IRA. For example if the property has a tenant the rent check is made out to your IRA, not to you as the owner. 2. All expenses on the property for maintenance, taxes, improvements, association fees, contractors, landscaping and other expenses are paid directly out of your IRA. 3. You cannot purchase property that you already own. That would be considered self-dealing and the IRS does not allow your Self- Directed Real Estate IRA to buy property from, or sell property to yourself, or any disqualified person. Disqualified persons includes you as the owner, or your Spouse, your Parents, Grandparents, or Great Grandparents, Children and their spouses, Grandchildren & Great Grandchildren, and their spouses. Under the Internal Revenue code the term disqualified person does not include Siblings, Aunts, Uncles, or Cousins of the IRA owner. 4. You can't have indirect benefits such as purchasing a vacation property at the beach to use as a rental but then using it for yourself, or using office space in a building that you purchased through the Self Directed Real Estate IRA. 5. Not Enough Funds In Your IRA? You can purchase real estate in St. Augustine, Fl with all of the funds coming from your IRA, or by partnering with others (more on that soon) you can get a non-recourse loan through a lender. The non-recourse loan only uses the property for collateral and if you default the lender cannot go after the IRA, only the property. 6. Partnering with a Friend, Family, or Business Partner - Your Self-Directed Real Estate IRA can purchase an undivided interest in the property. The partner can contribute up to 70% if needed and your IRA would purchase the rest. 7. IRA investments that use financing that is a non-recourse loan will be subject to unrelated business income tax. There are a number of companies that can assist you in setting up your Real Estate IRA. I would recommend that you contact a few companies to compare costs which we found to be very reasonable. You can go to google and find companies, or feel free to contact me and I will let you know who we used. This type of investing may not be for everyone but we have found it to be a very useful tool for generating signifcantly more income into his IRA than through traditional investment companies that trade only in stocks & bonds.

A Better Way To Create Wealth! A Self Directed Real Estate IRA

Ann Van Fleet, GRI, TRC, AHWD (Prudential Network Realty) — Sat, 19 Jun 2010 10:31:07 -0700

Real Estate in 401K's or IRA'sare a little known secret that can help you to reach your financial goals faster and with little effort. Most people are very familar with the standard IRA's or 401K's and believe that their only options are the stock market, mutual funds,and CD's. As a REALTOR selling homes and investment properties in St. Augustine, Florida take it from someone whose husband decided to try another route and direct his 401K into a self-directed real estate IRA that it is a great way to build your IRA or 401K faster. I had heard about Self-Directed Real Estate IRA's when I sold real estate in Ohio and thought it seemed to good be true. When we moved to St. Augustine, Fl and I got my broker's license in Florida we decided it was time to give it a try. He rolled his 401K from the investment firm he had it in to a Self Directed Real Estate IRA andwe went looking for the perfect home in St. Augustine for him to purchase. We found it, he bought it through the trust, renovated it, and sold it. All of the profits went directly back into his Real Estate IRA trust without a cap on the profits and having to pay taxes on it right away. It worked just the way the company that we used to manage the IRA said it would. I wanted to make sure that there were no hidden surprises. It is set up as a trust and the company manages the details. The charges to manage it have been very reasonable. Self Directed IRA investments earn tax-defered/tax free profits. When the real estate market crashed he did not lose any of his money because he was not in stocks, or bonds. Additional advantages of a Real Estate IRA include: A reduction of taxable income, estate planning, compound interest, and protecting your assets. There are 3 ways to purchase a real estate through an IRA you can pay cash, partner with a friend, family or business associate. With cash you have to have the money to cover all the regular costs at closing. All expenses like home improvements, repairs, utilities etc. are paid directly out of your IRA and all income from rents, or a sale are returned to your IRA. Types of IRA Real Estate Investments Can You Buy? Single Family Homes, Commercial Property, Apartments, Land, Duplexes, Condos, Mobile Homes For Rent or Resale,Tax Lein certificates, Real Estate Notes, Second Mortgages, Real Estate Options, Townhomes, and partial notes. The IRS has very specific rules that need to be followed to keep the tax advantages in place. That information will be in my next blog.

Green Cleaning In St. Augustine, Florida

Ann Van Fleet, GRI, TRC, AHWD (Prudential Network Realty) — Thu, 20 May 2010 09:42:29 -0700

I don't know about most of the REALTORS in St. Augustine, Florida, or around the United States but cleaning is not really one of my favorite things to do. There often does not seem to be enough time to get all my real estate work finished much less have time to clean. I love it when my house is clean and smells good. but not the good that comes from most commercial cleaners and detergents. I have gone to using old fashioned cleaning supplies. I do it because using the stronger commercial product sometimes bothered me when I got done. According to Women's Voices for the Earth there are over 85,000 chemicals contained in cleaning products and only a small amount have been tested on how they affect people. Here are some things to be aware of: Never mix products there can be dangerous reactions Avoid air freshners they can produce many reactions like headaches, allergic reactions & repiratory problems Overuse of disinfectants has contributed to the growing problem of antibiotic resistant superbugs. Don't buy multiple cleaning products just use one multi-purpose, or better yet make your own. You can make your own Green Cleaning Products easily. I use baking powder to clean my sinks, bathtubs, and the tile in my foyer. It makes everything sparkle. Vinegar has long been used for cleaning windows and mirrors. Borax can be used to for cleaning but I have not tried it. I have heard that if you have a flea problem that you can sprinkle it on your carpets and it kills the fleas but does not harm people. It's what our grandparents used. Did you know that sponges carry tons of bacteria? You can put them in the microwave for one minute and it will kill the bacteria, If you want something to smell good you could add a few drops of essential oils to the borax or baking powder. Give it a try and if you like it let your real estate customers know about it too. There are ways to Go Green that are easy and effective. I would love to hear about any things you have tried that I can add to my list.

HUD HOMES OPPORTUNITY IS KNOCKING!

Ann Van Fleet, GRI, TRC, AHWD (Prudential Network Realty) — Sat, 15 May 2010 08:21:13 -0700

Take advantage of the real estate opportunities in the St. Augustine, Fl area by purchasing foreclosed properties through HUD and Bank Owned real estate. A HUD home is a 1-4 unit residential property acquired by HUD because of a foreclosure. HUD insures home mortgages through FHA and when an FHA mortgage is not paid the lender forecloses on the property. HUD pays the lender for it ‘s lost money and takes ownership. When HUDbecomes the owner it puts the property up for sale to recover some of the losses of the foreclosure. HUD does not usually make any repairs and will lower the price instead. Homes are sold AS IS so it is very important to have a thourgh home inspection. The buyers of HUD homes can ask that they pay the real estate commission and many closing costs making it a better buy. The property is usually quickly resold. Anyone can purchase HUD homes whether paying cash, or obtaining a loan. Homes are usually offered first to people who are buying the home to live in as their primary residence. If it is unsold during the priority period for owner occupants, then unsold properties are available to all buyers, including investors. Homes are sold through a bidding procedure that requires buyers to submit their bids through HUD-approved real estate agents. Your real estate agent will assist you with the paperwork needed to make an offer. The highest bid wins. If no bids are acceptable, the property is put on the market again. If you are the winning bidder it usually takes about a month to close and since closing comes so quickly buyers should be pre-approved before they make the offer.In order to find out what HUD foreclosures are available in your area search (http://www.hud.gov/homes/index.cfm) For all your real estate needs in St. Augustine,Florida contact Ann Van Fleet at 904-347-6164, or visit her website www.annvanfleet.com