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Thread: Real Estate Tips

  1. #31
    Member zanna vaida's Avatar
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    Thumbs up Don't waste your time

    Do your homework and develop a plan. How much do you have to invest? Think about a barn as building a new home.

    Start with a simple project start up questions.
    What?
    When?
    Wnere?
    Why?
    How much?

    Develop a business (activities) plan. Start with a simple draft, fill out blank pages and, later, customize it.

    If you really serious in what you want to do or accomplish, you won't waste your time.

  2. #32
    Member Sylvan's Avatar
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    Quote Originally Posted by zanna vaida View Post
    Do your homework and develop a plan. How much do you have to invest? Think about a barn as building a new home.

    Start with a simple project start up questions.
    What?
    When?
    Wnere?
    Why?
    How much?

    Develop a business (activities) plan. Start with a simple draft, fill out blank pages and, later, customize it.

    If you really serious in what you want to do or accomplish, you won't waste your time.
    You dont make any sense at all. I asked a question so the answer would become part of the plan I already have.

    Why would it be a waste of time to find out if I got a loan for a recreational lot, would I have a problem in a few years when I want to build my barn on that lot?

    Are taxes lower for recreational lots vs building lots?
    Does a recreational lot always stay zoned as a recreational lot?
    What is the maximun size building that can be built on a recreational lot?

  3. #33
    Member nickelcityhomes's Avatar
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    Are taxes lower for recreational lots vs building lots?
    Taxes are based upon improved value, so the taxes on a vacant lot would be substantially less than the tax on a plot with improvements.

    Does a recreational lot always stay zoned as a recreational lot?
    There's no easy answer to this. In many cases it depends upon the existing zoning, and the path of development.

    What is the maximun size building that can be built on a recreational lot?
    Again, this depends upon the municipality. Generally speaking, you can build a single family residence on any land, as long as it is approved by the town. The 4-story barn you mentioned may be allowed on a vacant plot if it conforms to height restrictions within the zoning law.

    In regards to financing, you'll need to be creative if you want to purchase land with less than 20% down. Private seller financing is possible, but finding someone willing to finance at 95-100% LTV will be a challenge, and you'll likely pay a premium for the land. Keep in mind you won't be able to finance a home or improvement upon that parcel until the land is owned free and clear.

    Other options do exist, but you need to be very savvy in in land development, resource rights, and re-zoning to make them work.
    Most of all I like bulldozers and dirt

  4. #34
    Member Sylvan's Avatar
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    ^^^ thanks nickie! That info helps.

  5. #35
    Member zanna vaida's Avatar
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    Thumbs up

    Don't miss the WNY Home and Garden Show in Hamburg, NY;
    February 11-14.


    For information and event schedule visit: http://www.wnyhomeandgarden.com/

  6. #36
    Member zanna vaida's Avatar
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    Thumbs up Opportunity

    “First-time home buyers” who purchase homes between November 7, 2009 and April 30, 2010 are eligible for the credit. To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

    For current homeowners purchasing a home during the same time frame, they are also eligible for a tax credit, so long as the home being sold or vacated was their principal residence for five consecutive years within the last eight. To elaborate, it must be the same home; it is not enough that they have been homeowners for five consecutive years; they must have been in the same home for five consecutive years.

    Keep in mind, historically low mortgage rates and tax credit give a great opportunity for real estate investment. Don't miss this opportunity and tell your friends and relatives about it.

  7. #37
    Member zanna vaida's Avatar
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    Thumbs up Learn

    Interested in Investment properties?

    Learn the rules http://www.irs.gov/pub/irs-pdf/p527.pdf

  8. #38
    Member zanna vaida's Avatar
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    Thumbs up Tax Credit and Recovering Economy

    -Mortgage rates are blissfully low, and that may not last. The rate on a 30-year mortgage averaged 5% last week.

    Meanwhile, the recovering economy by itself should raise rates as the year goes on. Economists at the Mortgage Bankers Association expect to see a 6.1% rate by year end.

    -The home buyer tax credit expires on April 30, 2010 and no one knows if Congress will renew it a second time. To qualify for the credit, you must sign a purchase contract by April 30, 2010 and close by July 1, 2010. First-time buyers get up to $8,000. “First-time” is defined as someone who hasn’t owned a home in three years.

    Move-up buyers get up to $6,500 when they purchase a new primary residence. To get the credit, you have to have lived in the old home for at least five out of the last eight years. The credits start phasing out at $125,000 in adjusted gross income for singles and $225,000 for joint filers.

  9. #39
    Member nickelcityhomes's Avatar
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    Interested in Investment properties?

    Learn the rules http://www.irs.gov/pub/irs-pdf/p527.pdf
    Too funny.

    Interested in bowling?

    Most of all I like bulldozers and dirt

  10. #40
    Member zanna vaida's Avatar
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    Thumbs up Home Improvement Tax Credits

    Did you know? Share and Save: Educate Public about Taxbreak:
    http://www.energy.gov/taxbreaks.htm

    These intensives wouldn't last forever.

  11. #41
    Member zanna vaida's Avatar
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    Thumbs up Save and Invest

    Learn how to save money by using tax credits and improving your real estate investment: http://www.lowes.com/cd_tax+credits_811319814_

    Contact me zvaida@realtyusa.com or 510-4978 for Lowe's coupons to save more on your purchase.

  12. #42
    Member zanna vaida's Avatar
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    Thumbs up Everage Interest Rates

    Home Buyers Tax Credits is the excellent opportunity to invest in real estate and with low interest rates the "Deal" wouldn't last forever. Did you know that the 8 (eight) year average interest rate is 9.1%?

  13. #43
    Member zanna vaida's Avatar
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    Thumbs up News to Use

    Spring is upon us and snow is melting. Is it a good sign? I can't speak for all but hope you'll enjoy reading the February edition of the Erie County Taxpayer Newsletter: http://wwww.erie.gov/exec/public/pdf/February%20newsletter.pdf Share the news with your friends, family, and other taxpayers.

    For anybody who's interesting in real estate and lifetime opportunities for home buyers in today's market, I recommend reading http://www.nahb.org/generic.aspx?sectionID=1780&genericContentID=130361 Learn, share, and educate others.

    Have questions? Need information? Contact me for your real estate needs.

  14. #44
    Member zanna vaida's Avatar
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    Thumbs up Dos

    Did you know that the NY Department of State (DOS) has a monthly newsletter? It provides latest updates and information about new laws and NY development. I know you'll enjoy it. Share with others:

    http://www.dos.state.ny.us/about/new...wslet0310.html

  15. #45
    Member zanna vaida's Avatar
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    Thumbs up

    There's an interesting article in today' issue of the Buffalo News. What do you think about this issue?
    http://www.buffalonews.com/2010/03/0...-any-cost.html

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