September 20, 2017

What Is A HUD Home?

Ever heard of a HUD Home? If not, keep reading. I’m going to cover them in this post as they do fall right in line with the types of properties that my clients deal with through TheRehabAgent.

So, what is a HUD Home? A HUD home is a home that HUD (Housing and Urban Development) foreclosed on. The mortgage that was on a HUD home was a FHA mortgage versus a VA loan. One common myth about foreclosures in general is that homes are going into foreclosure because of bad mortgage programs offered by lenders. This isn’t necessarily the case, especially when it comes to HUD homes. Across the board, low VA rates, FHA rates, conventional financing rates, and loan programs have very little to do about why a home was foreclosed on. Neither is it the case that a home’s physical condition had anything to do with the foreclosure. Rather and in many cases, HUD home foreclosures stem from some sort of financial hardship that the owner of the home was not able to recover from.

Phoenix has a lot of HUD Homes For Sale are available for purchase. Unlike a traditional resale homes, HUD homes are sold “as-is” which means they are sold no matter the condition of the home – so long as it is not condemned by the local governing municipality. This is unlike other types of homes being sold which typically require them to be in some sort of livable condition – this is especially true if you are going to use financing.

HUD homes in many cases are not in the best of shape when they go to sale because the former owner had no reason to keep the property looking nice. In some cases, the departing owner might even damage the property as they vacate it during the foreclosure process.

TheRehabAgent can help you assess whether or not you want to purchase a HUD home. They do make great fix and flip opportunities for real estate investing as well as great starter homes if you are prepared for the work and the expense.

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Protect Your Income With Real Estate Tax Deductions

Whether you’re just starting on the path to accumulating wealth or you’re already a top achiever, find out how you can protect your income with real estate investment tax benefits.

Chandler Real Estate Tax Benefits

End of the 2010 is rapidly approaching – where will you find yourself for taxes next year? If Obama’s tax plan goes into effect, then those Americans whose taxable income is between $171,850 and $195,550 will be moved from the 33% tax bracket to a 28% tax bracket. That could bring about more than $1,000 in tax savings.

 A recent CNNMoney.com article pointed out that if the Bush-era tax cuts for the super wealthy expire next year, then those with a taxable income of $195,550, ($200,000 in adjusted gross income) and joint filers with taxable income over $237,300, ($250,000 in adjusted gross income) will find themselves in higher tax brackets – 36% from 33%, and 39.6% from 35%.

 Finding tax-advantaged ways to save for retirement could be more imperative than ever, especially for those who don’t want to outlive their money. Tax-deferred options, such as IRAs and 401(k) don’t give you the tax advantages you’ll want. With Arizona real estate prices dropping to record lows… buying up rental properties with “positive cash flow” for Chandler investment properties has become a regular thing for savvy real estate investors.   

Most real estate is purchased because of the real estate tax benefits that accrue for the owner to protect your income from taxation. Chandler, Gilbert, Scottsdale and Tempe investment real estate can be very effective at doing this. Deductions that are available for most real estate investments include:

     – Mortgage loan interest can be deducted to offset an equal amount of income. Borrowing $150,000 at 5% interest will yield an interest deduction of $7,500 during the first year of the loan, which can be used to offset $7,500 of income that would ordinarily be subject to income taxes.
     – Property taxes levied against investment real estate can also be deducted from taxable income. 
     – Insurance premiums for coverage of real estate investments are deductible from taxable income. Insurance premiums are not deductible for homeowners and great tax benefits for real estate investors.
     – Maintenance expenses are fully deductible in calculating the tax liability for a Chandler real estate investment. Expenses you incur for repairing rotting wood around the water heater or painting the deck are examples of costs that can be deducted from your other income, thus arriving at a lower tax bill. Being able to deduct those expenses is a very important benefit of owning investment real estate, one which is not available to homeowners.
     – Depreciation accounts for the decline in value of an asset over time, including most real estate. Depreciation decreases the accounting value (the value of the property as shown on financial statements) of real estate and at the same time offsets an equal amount of income from taxation, yet does not affect the market value of the property. Investors generally obtain maximum tax benefits by depreciating real estate as quickly as possible.  Residential rental property currently must be depreciated equally over 27.5 years.

 Whether you’re just starting on the path to accumulating wealth or you’re already a top achiever, find out how you can protect your income with real estate investment tax benefits.

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Simple Bathroom Remodel Ideas

House rehabbers regard bathrooms as one of the most important areas in a home to fix up. Besides the kitchen, they will spend a significant portion of the rehab budget in this part of the house. Bathrooms can often make or break home sales. At the end of a renovation they budget is usually tight and it’s easy to skip over the little things – but the little things are ofter the emotional triggers which could help sell the home fast. Here are some easy bathroom improvements you can do to help sell your home quicker.

  1. One of the cheapest but most effective simple repairs is installing a tower bar and bathrobe hooks. Small details like these are actually very helpful when flipping properties.
  2. Install the towel rack. Make sure the towel rack material matches with the lights, towel hooks and toilet paper holders.  If you’re doing brush nickel throughout the house make sure they match – you don’t want items to clash.
  3. Have nice medicine cabinets if there is room. When flipping properties, you don’t need the fancy models, just the cheap cabinets will do. Once they are installed and clean they’ll look sharp – again, make sure they match your faucets and towel rack accessories. 
  4. Boot that old faucet out. It’s standard to replace all faucets, shower heads, and handles when rehabbing bathrooms. Like towel bars and bathrobe hooks, these are very cheap pieces that greatly affect the overall look and appeal of a bathroom. They’e easy to replace or you can have a plumber do it for cheap.
  5. Light it up. At The Rehab Agent team, we can seem to get enough of minute details. So, don’t forget to make sure you have great lighting. Where do the ladies spend their time looking beautiful for their men?  That’s right – make sure they have enough light to do their business!

Remember these simple upgrades before you start ruling out items on the flipping property business budget. When flipping properties, stay focused on the rehab job to do quality work so you don’t rush to put an unfinished home up for sale.  Good luck!

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Flipping a house with a Realtor

If you feel you need someone to assist you in your flipping projects,


then getting a Realtor is the right decision. Working with a Realtor
may be uncomfortable to you at first but as soon as you get to know
each other and develop an open communication line, everything
will go on smoothly. It’s okay, though, if you want to be extra
careful because the Realtor will be part of your personal experiences
once you make a commitment. 

A good Realtor should explain to you what to expect from the buying
and selling process as well as your rights and obligations.  They should
inform you of the area and types of homes you wish to buy, the turn-over rate in the area you target and if the location has a good resale potential. They should not pressure you into making decisions but rather should guide you in making the right choice concerning your needs, wants and expectations. 

Always keep you communication lines open to avoid misunderstanding and misinterpretations on some vital information. Feel free to share your views and other things that bother you. Be sure to ask for written documents like a comparable market analysis to find out the prices of homes that were recently sold in your area. A dedicated Realtor, however, will provide you with these documents without you asking for it. 

Remember that Realtors work for your best interest. They know their work and are well-informed about their local market so you can rest assured that they will help you look for the right homes to flip and the right buyers when you resell the home at the highest possible price. 

Realtors are experts in the real estate business and are members of the National Association of Realtors (NAR). As NAR members, they are required to follow a code of ethics to assure their honesty and integrity in all their work. Their knowledge, training and skills should greatly help you in the negotiation process. They also have access to the multiple listing service (MLS) in marketing your homes and to pre-qualified buyers who are bent on buying homes in your area. 

If you plan to continue your home flipping ventures for a long time, it’s best that you stick with your trusted realtor. They work fulltime to meet your needs so give them the respect due them. If, however, you feel your realtor is not doing you a great job, by all means look for another one.

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How To Sell A Fix and Flip

You must be able to document your work to justify the upgraded value that you want for the work you’ve done.

How to rehab a house

Don’t get yourself into a money pit. There are things to look for that if you have the chance to inspect a home before you buy it and you see these things get out.