central virginia real estate agent: Deducting Rental Tax Losses - Can you do it? - 12/21/07 01:21 AM
In my rental experience as a real estate agent in Central Virginia, most of the time, the first five years or so of rental property ownership generates a tax loss.  Usually, unless it is a property that the owner purchased for very little because of the physical condition and put a lot into fixing it up prior to rental, it is about year 5 or year 6 before increased rents begin to generate income for the landlord.
Now comes the real issue, can you take these losses on your tax return?  Answer...MAYBE.  (Maybe is the classic answer when dealing with taxes, because … (0 comments)

central virginia real estate agent: Do Your Clients Know You? - 12/16/07 03:13 AM
One of the most wonderful tools that I use now with all of my buyers and sellers of real estate in Central Virginia is called a CAREERBook.  The CAREERBook was created by Barb Schwartz, the creator of home staging, in an effort to help her clients get to know her better.
I had been planning on putting together a brag book for myself to be left at listing appointments with potential clients, and then I happened across this product when I attended a course on home staging.
Once I obtained this product, it took some time to get everything together, but I must … (4 comments)

central virginia real estate agent: Real Estate Education - 12/14/07 12:22 AM
In an effort to become the best real estate agent in Central Virginia, I have been improving myself through reading.
There are two books that I have found that have been quite helpful to me.
First -- How To Become a Power Agent in Real Estate : A Top Industry Trainer Explains How to Double Your Income in 12 Months by Darryl Davis gives a twelve month program in twelve chapters, one chapter for each month.
I have read this book twice already and working on my third time.  The first time to gain a quick understanding of the material and begin to apply … (2 comments)

central virginia real estate agent: Improve Yourself! - 12/10/07 01:45 AM
This time of year is a good time for real estate agents to do some self reflection.
At this time of year I always look at myself and ask myself the following questions...
What can I do to make myself a better Central Virginia real estate agent?What areas of my game are the weakest?Last year when I asked myself those questions, the answer was Home Inspections.  I felt like whenever the home inspection took place, I knew less than anyone present.  All I could say was, "uh huh" or "duh", and I could not contribute anything to the conversation.
So what did I do … (2 comments)

central virginia real estate agent: Brokerage Change - 12/05/07 11:15 PM
Hey guys!
I have not been posting or answering posts for a few weeks now, because I have made a change in brokers.  For me, such a decision is not an easy one to arrive at, and it really does involve a lot of deliberation and thought.  It was really difficult, but I feel that it will be the best for me and my growth and the service of my clients.
I did not realize how much work went into making such a change, as all forms, marketing materials, brochures, websites, now all have to be changed.  I have been so busy trying … (13 comments)

central virginia real estate agent: Broker Finance and Appraisal Courses Passed!! - 11/27/07 03:24 AM
In my quest to better myself as a Central Virginia Real Estate Agent, I have been taking classes to obtain my broker's license.
I am so excited and thrilled to now have the Broker Finance and Broker Appraisal classes behind me!  This morning, I took (and passed, thankfully) the final exams for these two classes.
My eventual goal is to become a broker and open my own real estate brokerage.  To do so, I need to obtain a Virginia broker's license.  Due to having two little ones at home and the nature of being unable to commit to a regimented schedule to physically … (0 comments)

central virginia real estate agent: Real Estate Self-Directed IRAs - 11/06/07 02:59 AM
Did you know that you can create a retirement plan that you can control and invest the monies in real estate?  It can be invested in rental properties or for rehab projects.
As the self-directed real estate IRAs are becoming more and more common in Central Virginia, I am starting to get more and more information about how they work in order to help my clients with this product.
The two biggest problems that I have found with these are:
1 - Funding  - You almost have to have substantial monies from another plan to roll over into the IRA, as there are limitations … (2 comments)

central virginia real estate agent: Income Tax Exclusions for Selling Your Home - 11/06/07 02:58 AM
So often in dealing with other real estate agents in Central Virginia, I find that they are unaware of the rules of the income tax regulations for the exclusion of capital gains for their clients who are selling their homes.
So many people think that you have to buy a bigger home to exclude the gain from the previous home....WRONG!  Old law.  This was disposed of in 1997.
Others think that you must be 55 or older to get an exclusion...WRONG!  Old law.  Again gone in 1997.
In general, the law currently states that an individual may exclude up to $250,000 (and a married … (0 comments)

central virginia real estate agent: House Flippers - The Tax Consequences - 11/06/07 02:53 AM
Having worked with real estate investors in Central Virginia for some time now, one thing that I am starting to realize is that many of them do not realize the tax consequences of what they are doing, especially with regard to those that are flipping houses.
Many people watch the shows on TV, go to a seminar, or watch late night TV and decide to start flipping houses.
One of the most highly taxed (and highly scrutinized) areas of a tax return is the self employed business, mainly because of excessive deductions taken in this area in the past, but also because not … (2 comments)

central virginia real estate agent: Keep In Touch with Your Clients - It Will Pay Off!! - 10/30/07 08:38 AM
Keeping in touch with all of my potential home buyers and home sellers in Central Virginia is one of the main ways I build my business.  Sounds so simple, but so many real estate agents get so busy with what they are doing they neglect their prospect database.
The strongest prospects in my database are those that have dealt with me in the past.  Those are the ones that I take care of, and I give them the special treatment.  They are the ones that trust me.
In another lifetime I started and built my own CPA firm.  I sold that business several … (2 comments)

central virginia real estate agent: Corporate Partnerships Can Be Very Important For Real Estate Agents - 10/29/07 08:01 AM
One of the keys to success as a Realtor, can be corporate partnerships.  I am currently working on some of these in the Central Virginia area now.
By building relationships with human resources directors in the corporate arena, a Realtor can generate relocation business for new employees that they are bringing into the area, or new housing for their existing employees.  In one of the new initiatives to the Central Virginia area that I am currently a part of (Home From Work), I build those relationships by offering home buying seminars and bringing vendors together to offer one complete package to an … (3 comments)

central virginia real estate agent: Recordkeeping: A Pain in the Neck or a Lifesaver Around the Neck? - 10/29/07 04:54 AM
I cannot stress enough the benefits of keeping records as a Central Virginia real estate agent.  Even though the office keeps records of the paperwork, I always keep a copy of everything that comes thru my hands:  pictures of the home, contracts, addendums, disclosures, everything!
But what about the space and paperwork in your file drawers and keeping up with it all, you ask?  Get a scanner!  I scan everything that I do not already have an electronic copy of.  If something is faxed to me, I have an electronic copy thru my fax to email service, but if not, I scan … (4 comments)

central virginia real estate agent: How Do You Find Your Way Around Town? - 10/29/07 04:50 AM
One of the most useful tools that I have come to depend on regularly while conducting showings to home buyers and sellers in Central Virginia is my Global Positioning System (GPS).
I now wonder how I ever got along without my Garmin Streetpilot.  Prior to purchasing "Bessie" as I call her, I was riding around with the map book open and MapQuest directions printed out, trying to read while I drove.  Sometimes, I even had to follow clients from house to house for showings, as I had no idea where the next house was.  How embarrassing is that?
Bessie now tells me where … (6 comments)

central virginia real estate agent: A Detailed and Organized Final-Walk Thru Can Save Money for Buyers!! - 10/28/07 01:04 PM
As close as possible to the point of closing on the purchase of a new home, the buyer and their agent should do a final walk-through of the property.  This is a basic check of the property to make sure that the property is currently in the same state that it was when the buyer wrote the offer. No newly broken windows, missing light fixtures, or disappearing stoves.
When I do a final walk-through with my home buyers in Central Virginia, I do my best to make it a JV version of a home inspection.  I have a Final Walk-Through Checklist that … (2 comments)

central virginia real estate agent: Microsoft Outlook as a Contact Management Resource - 10/25/07 03:20 AM
In a prospecting trick that I learned in a book that I read not too long ago to be a better real estate agent in Central Virginia, I have found Outlook to be my most useful resource.
I use Outlook for all of my contact information, and the capabilities to synchronize directly with my PDA gives me great versatility with entering information on the fly about new contacts.
I organize my contacts into nine categories as follows:
1 - Regular Mailers - Those prospects whom do not use email or I do not have their email.
2 - Email Mailers - All prospects whom I … (1 comments)

central virginia real estate agent: Why Aren't Homeowners More Choosy with the Agents they select? - 10/24/07 01:54 AM
One of the things that home sellers in Central Virginia sometimes have a hard time understanding is the importance of selecting the proper real estate agent.
I see so many times the value of a real estate agent being underestimated when a homeowner selects a friend or buddy to handle the sale of their home.  Everyone knows someone who is a real estate agent, but do they really know how good the real estate agent is at their job?
The tendency is to just pick someone you know and trust, because "all they really do is put a sign in the yard and … (7 comments)

central virginia real estate agent: Inexpensive Tool to Move Home Listings - 10/23/07 02:52 AM
I have recently started to use a new tool in my home listings in Central Virginia that continues to work to market my listing even after the sun sets.
My Listing Lights have started to become a great weapon against the competition in the area and are really starting to make my listings stand out.  The inexpensive Listing Light has a solar sensor on it which activates the batteries and turn on the lights on the sign when it gets dark.
The company even has locks to go on the sign to help prevent vandalism.  Awesome tools to help that home gain even … (5 comments)

central virginia real estate agent: Email Newsletters for Prospects - 10/22/07 05:24 AM
One of the easiest ways I keep in touch with my Central Virginia real estate prospects is an email newsletter.
Early in my real estate career, I determined that the best way for me to be successful in my new career was to find a way to keep in touch with my prospects on a regular and systematic basis.  After checking into many different options, I finally settled on a few, one important one being an email newsletter.  This is a very inexpensive way to reach a lot of prospects.  The best email newsletter that I have found is the one generated … (6 comments)

central virginia real estate agent: Real Estate Transaction Management in Central Virginia - 10/20/07 03:58 AM
In the past, I have found a transaction management system to be extremely helpful to guide my clients from the pre-contract stage to the closing.  I have been using an internet based system whenever my clients buy or sell real estate in Central Virginia, and they absolutely rave about it!  The one that I use is called RELAY.
RELAY is an inexpensive subscription that allows the real estate agent to set up the transaction and all parties involved with that particular transaction in the internet based account.  After setting up all of the parties in the transaction, the real estate agent can … (0 comments)

central virginia real estate agent: Title Searches and Title Insurance in Central Virginia - 10/20/07 01:25 AM
            Whether buying or selling real estate in the Central Virginia area, a basic knowledge of title searches and title insurance can be very helpful.
            In Central Virginia Real Estate transactions, it is the seller's responsibility to provide a clean title to the property to the buyer.  In most cases, the seller will basically need to show that he or she is the rightful owner of the property having the right to sell the property, and no one else has any right to the property.  This is done through a title search by the buyer's attorney.  The record of the title … (0 comments)


Dale Campbell

Mechanicsville, VA

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Virginia Real Estate

Address: 8144 Mechanicsville Turnpike, Mechanicsville, VA, 23111

Mobile: (804) 516-3280

Fax: (804) 212-1382

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Dale Campbell's Real Estate Blog on all things real estate in the Central Virginia Area.



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