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A triple net lease is a very particular type of commercial lease. Find out about a triple net lease, rents and 1099 reporting with help from a registered real estate broker in this free video clip.
A contractual mortgage is a security instrument against the piece of land that secures the lender's interest in that property. Learn about a contractual mortgage with help from a managing broker with Windermere Real Estate in this free video clip.
An escrow buydown relates to the interest rate on your loan. Find out more about an escrow buydown with help from a managing broker with Windermere Real Estate in this free video clip.
Home mortgages and rental property are each governed by their own specific terms and conditions. Learn about home mortgage versus rental property terms with help from an entrepreneur, real estate broker and real estate coach in this free video clip.
There are a number of different ways to accept escrow depending on the situation. Find out how to accept escrow with help from an entrepreneur, real estate broker and real estate coach in this free video clip.
An LLC buyout and a redemption are two different things that affect the shares of a particular company. Learn about an LLC buyout versus redemption with help from a real estate expert in this free video clip.
Signing at escrow is often required to complete the sale of a particular home or piece of property. Find out what it means to do a signing at escrow with help from licensed California real estate broker in this free video clip.
Working with a buyer's agent has its fair share of advantages and disadvantages. Get a breakdown of the disadvantages of working with a buyer's agent with help from a real estate broker in this free video clip.
Apartments are great, but the definitely have their own set of disadvantages that you need to be aware of. Learn about the disadvantages of apartments with help from a real estate personality and broker in this free video clip.
Getting approved for an apartment may involve a few different things depending on the apartment in question. Get approved for an apartment with help from a real estate personality and broker in this free video clip.
The process of buying bungalows is something that requires you to keep a few very important things in mind. Learn how to buy bungalows with help from a real estate personality and broker in this free video clip.
"Red tagged real estate" is a term with a very specific and important definition. Learn what "red tagged real estate" means with help from a real estate personality and broker in this free video clip.
Arranging a dual agency is something that you need to do in a very specific way. Arrange a dual agency with help from a real estate personality and broker in this free video clip.
Maisons, condos and bungalows may seem similar at first glance, but they are all very different animals. Learn about differences in maisons, condos and bungalows with help from a real estate personality and broker in this free video clip.
"Contingent upon inspection" is a real estate term that you'll definitely want to familiarize yourself with. Learn about the definition of "contingent upon inspection" with help from a real estate personality and broker in this free video clip.
The Quicken Rental Property Manager is personal finance-management software that is compatible with Windows 7, so you shouldn't have compatibility problems between the two. The real concern is compatibility between Quicken 2010 and and files created with older versions of Quicken. If you are upgrading, for example, you may not be able to use data created with the older software. One solution is to convert the data. After you do this, though, the files are no longer compatible with previous versions of Quicken.
The property management fee and a leasing commission are two different things. Learn the difference between a property management fee and a leasing commission with help from a real estate professional in this free video clip.
HUD eligibility can be terminated by a number of different things. Learn what terminates HUD eligibility with help from a real estate professional in this free video clip.
The salary of a commercial real estate agent depends on a number of different things. Find out about the salary of a commercial real estate agent with help from a real estate professional in this free video clip.
The idea behind team building is to create a group whose combined strengths are greater than those of the individuals. As someone in a management position, you have the responsibility of setting the stage for the development and growth of your team.
Getting a mortgage while also relocating requires you to keep a few things in mind. Get a mortgage while relocating with help from a real estate and mortgage professional in this free video clip.
With today's busy lifestyles, many people feel a dishwasher a necessity. Newer homes may come with built-in dishwashers, and homeowners can often arrange a kitchen to add a dishwasher. Renters may feel they are out of luck if the property does not have a dishwasher, but adding a dishwasher to a rental property requires little effort. You can take a portable dishwasher with you when you move to a new location and can easily replace it since it requires no installation.
A real estate investment trust is a fund that works much like a mutual fund which invests in real estate. Like a mutual fund, a REIT pools money from a group of investors, who each own shares in a large group of real property. Some REITs are nontraded and are subject to liquidation requirements after they have been in operation for a certain number of years. In addition, all REITs face liquidation if they are unable to distribute the bulk of their earnings to investors in the form of dividends.
The sound of rats scampering inside your walls is certainly not conducive to a good night's sleep. If your apartment complex has a rat problem, discuss it with your landlord as soon as possible. Because of the structural damage that rats can cause, it is usually the property management's responsibility to control pests and rodents. In the meantime, keep food tightly sealed and practice good sanitation habits to keep rats from traveling into your apartment.
The gross rent multiplier method is one of the appraisal methods for income-producing commercial real estate, such as apartment buildings, office buildings and strip malls. An appraisal, which is a formal process of determining the value of a real estate property, helps establish a baseline for buyers and sellers to conclude a real estate transaction. Lending institutions also use appraisals for reviewing mortgage applications.
Whether you are a professional property manager or just a small-time landlord, your responsibilities to the Internal Revenue Service do not begin and end with filing your own tax return. You must also file 1099-MISC information returns for many of the payments you make for rental-property expenses. The 1099-MISC reporting requirements have been expanded, so check that you are following the currently applicable law.
Obtaining a loan is a necessary part of buying a home for most people, and it makes sense to shop around for the best terms before committing to one. Prequalifying for a loan online lowers your credit score, but the effect isn't cumulative when you make several inquiries. As long as they are mortgage-related and are made in a short period of time, only one counts against you, and it usually doesn't do much damage.
The Kansas master electrician's exam is designed to test your knowledge and competency in the planning, installation and maintenance of the elements needed to supply power to lights, equipment and climate-control devices. A master electrician must know the codes that apply to working with electricity, including safety requirements. Kansas does not administer the test on a state level but delegates the responsibility to each city or county that requires a license for master electricians.
Real estate can be bought and sold on the stock market when it is packaged inside a real estate investment trust. A REIT is a financial security, similar to a mutual fund, in which you can invest in shares. Like mutual funds, REITs can be open-ended or closed-ended. The way your REIT is designed affects the way your shares are priced.
A property can have rental income which is greater than the mortgage payment and still show a loss on paper. The loss can be caused by repairs, taxes and insurance costs. One of the tax benefits of owning investment property is the fact that annual depreciation deductions can cause a positive net income property to show a paper loss.
Filing for bankruptcy is a complicated process -- and it becomes even more complicated if there is more than personal property involved. Rental property presents an especially tricky situation, since it is considered both an asset and a source of income. How rental property is treated during bankruptcy will depend on the type of bankruptcy case you file, and whether you wish to keep the rental property.
A Universal Commercial Code (UCC) lien is generally used to secure repayment of a loan or other monetary obligation by using personal property as collateral, similar to a mortgage on real estate that secures repayment of the loan used to purchase the real estate. In Maine, a UCC lien is used in the same way, but it also is used to lien some types of property typically associated with real estate, such as uncut timber and minerals.
Some real estate brokers employ transaction coordinators to manage the administrative work involved in taking a sale from contract to closing. The coordinator acts as a liaison between the agent whose transaction she's coordinating and the other professionals involved in the sale -- home inspectors, mortgage representative and title agent as well as the other party's real estate agent. Although transaction coordinators' contact with clients and customers is limited, some positions require that the coordinator have a real estate salesperson's license.
Owning rental properties may require you to hire someone to help with day-to-day management of them. Advertising, showing the rental, processing applications, reviewing credit checks, responding to repair calls, collecting the rent and paying the bills can be time consuming. If you have more than one rental or if you own an apartment building, it can be more than you want to handle. Hiring a property manager can relieve you of most of the stress associated with this work. Even though most property managers don't charge a salary, management services come at a price and knowing how much you should…
Apple's GarageBand, a basic digital audio recording and editing suite, includes sample-accurate emulations of numerous real electric guitar amplifiers. This makes it possible to play and record an electric guitar in GarageBand, complete with amplification and effects, without the need for most of the hardware usually associated with the instrument. Designed for ease of use, getting a real amplifier sound from GarageBand is a matter of simply selecting the desired preset and establishing the correct audio input.
Depreciation is one way that you recover the cost of an investment in rental property. Depreciation refers to an asset’s gradual reduction in value as it ages. The United States tax code allows you to claim annual depreciation on your rental property. Understanding how depreciation works and how it affects your tax liability can help you to properly file your taxes and plan your finances.
The Texas Real Estate Commission is responsible for licensing and regulating the state's real estate professionals. Under the Texas Occupations Code, the Residential Service Company Act, the Real Estate License Act and the Timeshare Act, certain real estate professionals are required to obtain real estate licenses. Although the commission requires brokers, inspectors, agents and developers to be licensed, it doesn't require many property managers to do so. However, if you list, offer to list, exchange property or negotiate real estate contracts for third parties in exchange for compensation or in anticipation of future compensation, you will need to apply for…
Managers and owners of multitenant leased investments like retail centers and office buildings use each tenant's pro rata share of the building to allocate common area maintenance costs to each tenant. This way, the tenant's share of the cost directly correlates to the portion of the building that they use. Given that many leases of office buildings, retail centers and industrial buildings are written on a triple-net basis where the tenant takes responsibility for all of the costs of running the building, tenants demand an equitable distribution.
Articles of the Uniform Commercial Code (UCC) are suggested regulations to govern commercial transactions such as leases, sales or private financing arrangements. As the UCC codes comprise a set of uniform rules, but are not federal mandates, it's up to each state to adopt them wholly, not to adopt them or to adopt the code only partially (at the time of publication, all 50 states have adopted the UCC). Compiled in 1952, the code's different sections receive continuous updates and amendment. The main purpose of this set of codes is to bring uniformity in commercial laws between the states and…
Whether the Internal Revenue Service (IRS) will permit you to depreciate a foreclosed rental property depends upon the circumstances surrounding ownership of the property. Your eligibility differs based upon whether the bank forecloses on a previous purchase you made or you purchase a foreclosed property to rent to others. In some cases, the IRS may require you to recapture depreciation that you previously claimed, reporting it as income in the year of foreclosure.
Police officers are entrusted by the community with enormous power. Along with the power and authority come extensive requirements for training and certification and high standards for personal behavior. Important qualities in a police office include integrity, teamwork and the ability to make good judgments and to tolerate stress. The skills and knowledge needed to perform the officer's job are learned at a police academy. Certification of a police officer depends upon successfully completing police academy training.
Property managers are tasked with overseeing the operation of commercial or residential properties such as office buildings or apartment complexes. A property manager's duties may include collecting rent and making sure that property taxes are paid and that maintenance requests are handled in a timely manner. A bachelor's degree in a field such as real estate, accounting or finance is recommended for an aspiring property manager. The U.S. Department of Labor's Bureau of Labor Statistics reports that property managers who earn a professional credential from an organization such as the Institute of Real Estate Management have better employment opportunities than…
Receiving a piece of real estate as a gift gives you the opportunity to create a steady stream of rental income without having to invest your own money into a property. When you receive a house as a gift and turn it into a rental property, you do have the ability to deduct depreciation on the property.
Roof replacement is just one of the many expenses incurred in maintaining and improving your rental property that are deductible against income earned. Whether you must deduct or depreciate, the cost depends on the type of expense. While there is no limit on the amount of allowable expense in any year, you may be subject to a maximum real estate loss of $25,000 in any one tax year if you are not a real estate professional.
Property managers control the financial aspects of different types of properties: from apartments and condos to office buildings and retail locations. Comparably little technical knowledge is required in this position for how well it can pay. As of 2011, the Bureau of Labor Statistics states that the mean annual wage for property managers was $62,400, with the top tenth percentile earning an average of $111,320.
A rental property owner may be able to avoid foreclosure by agreeing to a deed in lieu with the mortgage provider, which means surrendering the house immediately but settles the mortgage. Such deals have several requirements to be legally allowed and have tax consequences. There may also be legal consequences regarding the tenants.
Independent real estate brokers in Colorado are allowed to operate their own brokerages without the supervision of an employing broker, but are not allowed to supervise and employ other real estate licensees. You must meet a set of education, examination and experience requirements as set by the Colorado Department of Regulatory Agencies, the state body responsible for real estate licensing, to qualify for the independent broker license. While not required, joining the Colorado branch of the National Association of Real Estate Brokers gives you access to resources and services such as a referral network.
Because real estate documents are legally binding, you must have some paperwork, such as documents pertaining to deeds and mortgage or sales agreements, notarized by a notary public. Often offered to simply as a notary, a notary public has the legal authorization to witness oaths and agreements between individuals, organizations and businesses. Having your real estate document notarized confirms the identities of everyone involved and ensures all parties are entering into the agreement of their own free will.
If you rent out a house or apartments, you can claim money you spend on the property as a tax deduction. That includes the costs of maintenance, such as fixing the plumbing, replacing a dead refrigerator and paying someone to mow the lawn. Hiring your grandchildren to do some of the work is a legitimate deduction if your arrangement complies with the IRS rules.
One of the main differences between the tax treatment of a rental property and a personal residence is that the Internal Revenue Service, or IRS, allows you to deduct a portion of your tax basis in the rental property through depreciation. Claiming a depreciation deduction each year on rental homes can substantially reduce the amount of income tax you pay on your rental income; however, you must always be aware of the impact it will have when you sell the property.
