Q. I was recently laid off and now I am looking for a career change. I have always been interested in real estate and this would be a good time for me to make the transition into a real estate career.
My only worry is that the market is so slow right now. Money is tied up, and people don't seem to be buying homes right now. I want some opinions on entering real estate in this current economic condition. Preferably people with real estate knowledge or experience will answer my question.
My only worry is that the market is so slow right now. Money is tied up, and people don't seem to be buying homes right now. I want some opinions on entering real estate in this current economic condition. Preferably people with real estate knowledge or experience will answer my question.
A. Home sales are dead.
However the commercial real estate market is not as bad.
focus on commercial real estate and not residential.
Maybe by the time you take all the classes the economy will turn and as the summer months approach things will take off again. Maybe not a bad plan to start real estate right now.
After all, the old timers are all broke and out of business and as the market restarts you can hit a jackpot.
However the commercial real estate market is not as bad.
focus on commercial real estate and not residential.
Maybe by the time you take all the classes the economy will turn and as the summer months approach things will take off again. Maybe not a bad plan to start real estate right now.
After all, the old timers are all broke and out of business and as the market restarts you can hit a jackpot.
What kind of work is done in the Operations Department at a Real Estate firm?
Q. Just the question. What kind of work is done in the Operations Department at a Real Estate firm?
I'm thinking about applying for this internship at CPEX Real Estate Services. They have positions opened in the Operations department. What do they do there? Is it like Operations Management type of stuff? Not exactly sure. Clarification will help!
10 points for best, detailed answer.
I'm thinking about applying for this internship at CPEX Real Estate Services. They have positions opened in the Operations department. What do they do there? Is it like Operations Management type of stuff? Not exactly sure. Clarification will help!
10 points for best, detailed answer.
A. if I were to pick up that ad I'd be telling people it was a real estate "services" firm and not a real estate firm. Services being the key word. Then I'd call them and ask if a real estate license was required for the internship. In my mind probably it is. But if not then ask them what all the job entails. Gosh they didn't say if they wanted a lawn person or a painter or an all around maintenance person or what.
How to get start in Real Estate Investing?
Q. I have been doing research about real estate investing and have a few questions about the process. Is the first thing I need a broker, banker, or a seller? Do I need to see mortgage company or can I just take a loan out form the bank? What kind of down payment do you need? Does anyone have any information about tax break, cuts, or property taxes regarding real estate. Any additional information would be helpful, I'm still in a learning phase.
Thank You
Thank You
A. First thing you need is a plan. You ask a lot of good questions, and as Eddie G said, a real estate book may be your best bet. Once you are done with that, meet with an financial planner and an accountant. This way you have a better idea of what is your strategy and what direction you want to go in.
Are you looking at long term residual income? If so are you looking at Commercial, residential, land opportunities, easement options? Do you want to flip properties for short term capital growth? Do you want to start off on your own home and growth from there? Know the tax advantages of all as well as exit strategies.
You can go to your own bank for a loan, but you probably want to work with a lender that knows what they are doing and can help direct you. You also want to make sure you get the best rate/service for the price. Banks have less options then mortgage lenders.
Down payment depends on what you buy: Land and commercial can be difficult to impossible to get now: the were requiring about 30-50% down. Residential properties that are rental require a larger % down then residential that is owner occupied. Owner occupied can be al low as 3.5% for FHA loans (be prepared for closing costs so up to 5%), or for conventional loans where you don't have to pay for PMI (private mortgage insurance) it is usally 20% but can be 25% is you live in an area that is considered trending down.
As you can see, from the few questions I answered, you have a lot of options. Read some more and make your plan.
Good luck!
Are you looking at long term residual income? If so are you looking at Commercial, residential, land opportunities, easement options? Do you want to flip properties for short term capital growth? Do you want to start off on your own home and growth from there? Know the tax advantages of all as well as exit strategies.
You can go to your own bank for a loan, but you probably want to work with a lender that knows what they are doing and can help direct you. You also want to make sure you get the best rate/service for the price. Banks have less options then mortgage lenders.
Down payment depends on what you buy: Land and commercial can be difficult to impossible to get now: the were requiring about 30-50% down. Residential properties that are rental require a larger % down then residential that is owner occupied. Owner occupied can be al low as 3.5% for FHA loans (be prepared for closing costs so up to 5%), or for conventional loans where you don't have to pay for PMI (private mortgage insurance) it is usally 20% but can be 25% is you live in an area that is considered trending down.
As you can see, from the few questions I answered, you have a lot of options. Read some more and make your plan.
Good luck!
How do I deduct my hand tools for my real estate practice and client party?
Q. Two in one question. I am a real estate broker and I manage properties. In the process I have to do repairs on certain properties and have purchased hand tools for this purchase. I don't want to have to capitalize and all that for a 3.99 screwdriver so how do I deduct these purchases.
Part two. If I throw a client party at my house, can I write off the entire amount or is it subject to the 50% entertainment stuff.
Thanks in advance for your answer.
I have several hand tools so the screwdriver is an example. I can't imagine I have to fill out a sect 179 deduction for each one
Part two. If I throw a client party at my house, can I write off the entire amount or is it subject to the 50% entertainment stuff.
Thanks in advance for your answer.
I have several hand tools so the screwdriver is an example. I can't imagine I have to fill out a sect 179 deduction for each one
A. For these kinds of questions it is best to call: 1-800-829-1040 or do a search on the following website: www.irs.gov
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