Archive | December, 2016

“This is going to be the year”

27 Dec

Every year, it seems like the same things are on the list but this could be the year you really do invest in a rental home.Resolutions.png

Rents are climbing, values are solid and mortgage rates are still low for non-owner occupied properties. A $150,000 home with 20% down payments can easily have a $300 to $500 monthly cash flow after paying all of the expenses.

There are lots of strategies that can be successful but a tried and true formula is to invest in below average price range homes in predominantly owner-occupied neighborhoods. These properties will appeal to the broadest range of tenants and buyers when you’re ready to sell.

Single family homes offer an opportunity to borrow high loan-to-value mortgages at fixed rates for long terms on appreciating assets with tax advantages and reasonable control.

This can be the year to make some real progress on your resolutions. The first step may be to invest some time learning about rental properties by attending a FREE webinar on January 4th at 7:00 PM Central time zone by national real estate speaker Pat Zaby. Click here to register. If you can’t attend live, by registering you’ll be sent the link to watch at your convenience.

What a Difference 50 years Makes

20 Dec

In 1966, a gallon of gas was $0.32 and today, it is $2.49. A dozen eggs were $0.60 but they’ve only doubled to $1.33. A gallon of milk was $0.99 and today, it costs $3.98. You could send a letter for five cents and now, it costs forty-seven cents. stamp.png

The average cost of a new car in 1966 was $3,500 and today, it will cost $33,560. New cars have more features than the earlier models but they’re still ten times more expensive. The median price of a new home was $21,700 and now, is $304,500.

Interestingly, mortgage rates are actually lower today at 4-4.5% than they were fifty years ago when they were just under 7%. The rates have been low for long enough that many people have been lulled into believing that they are not going to go up.

Yes, rates are a little higher but in perspective, they’re still a bargain. Years from now, will you be remembering and comparing what they were back when?

Can 0.5% Really Equal 5%?

13 Dec

Since the election, rates have started going up and it will have a direct effect on the cost of housing. There is a rule of thumb that a ½% change in interest is approximately equal to 5% change in price. 14439217-250.jpg

As the interest rates go up, it will cost you more to live in the very same home or to keep the payment the same, you’ll have to buy a lower priced home.

Before rates rise too much, it may be the best time to buy a home whether you’re going to use it for your principal residence or a rental property. Low interest rates and lower prices make housing more affordable.

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Completely Renovated Home In North Dallas!

10 Dec

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6121 Preston Haven, Dallas

4 Bedroom / 3.1 Bath / Completely Renovated/ 2 Car

Check out the full motion HD-video here!

Incredible opportunity in highly sought after neighborhood!  Stunning 1 story Ranch Style home has been completely renovated. Almost too many features to list: open floor plan perfect for entertaining and family enjoyment, hand-scraped hardwood flooring thru-out,  light/bright kitchen featuring gleaming marble counter top, oversize kitchen island, Viking appliances. There are 4 bedrooms, walk-in master closet, 3.1 bath, detached  guest suite or your very own away-from-home home office with the 3rd full bath and walk-in closet.  There is a fireplace in living room AND family room, 2 dining areas, wet-bar, attached 2 car garage with additional parking for 6-8 more.

Spacious backyard to build your dream pool or playground for kids.  Located in the heart of North Dallas, close to the Cooper Aerobics Center, Preston Forest and Preston Royal Shopping Centers, Galleria mall,  Dallas Tollway and LBJ.

This is the opportunity you can’t miss!

Please contact Kay Petri at 940-435-5926 for more information or click HERE.

For more information and other homes for sale in this area, check out www.myrealtytown.com 

UPDATED SINGLE STORY HOME ON ONE ACRE COUNTRY LOT!

8 Dec

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5689 Four Seasons Lane, McKinney

3 Bedroom / 2 Bath / One Acre Lot / 2 Car Garage

 

This beautifully updated (11-16) 3 bedroom, 2 bath home on a quiet acre has it all! Upgrades and features are: updated kitchen countertops and appliances, large & open family room with vinyl plank flooring and vaulted ceilings, covered patio, fresh paint and carpet throughout.  Both full baths have been updated with vanities, sinks and fixtures. The large and split master retreat has a private bath. A spacious utility room provides access to the backyard and garage, and has plenty of counter space, cabinets, and a sink.

A huge 25 x 30 insulated detached garage has a window unit, 30-amp RV service and storage above.  The property has pipe & T-post fencing that can easily be replaced or upgraded.  Exterior improvements include: stone elevation, Trane Seer 13 AC unit (2010), metal roof and downspouts, exterior paint both home and garage (2011).

Rare find, great neighborhood, move-in ready and priced to sell!!

There are no restrictions for livestock, business, HOA or other type restrictions except that which are disallowed by law for a rural property.  You can have horses, chickens, crops—whatever you’ve wanting in a country home!

Please contact Jeff C. Jacobs at 972-978-6539 for more information or click HERE.

For more information and other homes for sale in this area, check out www.myrealtytown.com 

Time May Be Running Out

6 Dec

During the Great Recession, some homeowners elected to rent their home rather than sell it for less than it was worth.

IRS tax code allows for a temporary rental of a principal residence without losing the exclusion of capital gain based on some specific time limits. During the five year period ending on the date of the sale, the taxpayer must have:14095450-250.jpg

  • Owned the home for at least two years
  • Lived in the home as their main home for at least two years
  • Ownership and use do not have to be continuous nor occur at the same time

If a home has been rented for more than three years, the owner will not have lived in it for two of the last five years. So the challenge for homeowners with gain in a rented principal residence that they don’t want to have to recognize is to sell and close the transaction prior to the crucial date.

Assume a person was selling a property which had been rented for 2 ½ years but had previously been their home for over two years. To qualify for the exclusion of capital gain, the home needs to be ready to sell, priced correctly, sold and closed within six months.

All of the gain may not qualify for the exclusion if depreciation has been taken for the period that it was rented. Depreciation is recaptured at a 25% tax rate.

A $200,000 gain in a home could have a $30,000 tax liability. Minimizing or eliminating unnecessary taxes is a legitimate concern and timing is important.

Selling a home for the most money is one thing; maximizing your proceeds is another. For more information, see IRS publication 523 and an example on the IRS website and consult a tax professional.

Updated Single Story Home in Great Neighborhood!

6 Dec

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808 Stone Trail Drive, Flower Mound

3 Bedroom / 2 Bath / 2 Living Areas / 2 Car / Updated

 

Well maintained single level home with lots of upgrades including: new HVAC and fixtures. The spacious open floor plan features a kitchen with center island, granite counters and wet bar.

Lots of dimensional ceilings and laminate wood flooring for easy care and bright interior, plus plenty of windows for natural light! The family room has a corner fireplace and is open to the kitchen for easy entertaining of friends and family.

Close to great schools and parks; short drive to 121.

Please contact George Jacobs at 214-385-8951 for more information or click HERE.

For more information and other homes for sale in this area, check out www.myrealtytown.com 

Luxury Abounds In This True Custom Home!

6 Dec

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1105 S. Wellington Point Road, McKinney

4 Bedroom / 4.1 Bath / half acre Lot / Game / Media / Pool

Luxury abounds in this Stonecrest custom home with an expansive floorplan & rich upgrades nestled on an almost ½ acre lot with a private backyard oasis in the exclusive enclave of Wellington Point in Stonebridge Ranch.

Lush landscaping and extensive stonework enhance the stately curb appeal of this estate and upon entry, detailed millwork, iron spindles on the stairs, warm tones, hand-scraped hardwoods & a fireplace make both the formal living and dining an excellent & inviting space to relax and gather with friends. The gourmet kitchen would delight any chef with its abundant 42” cabinetry with crown and dentil moldings, exotic granite & basket-weave backsplash (’09), serving island, stainless double convection ovens, gas cooktop, stainless DW (’15), walk-in pantry and just adjacent is a convenient planning desk area.

The Texas-sized family room is open to the kitchen, has a beautiful pool view, a built-in wine bar with fridge & bottle storage, a massive stone fireplace with gas logs flanked by extensive built-in shelving and handscraped hardwoods. The master retreat is split from the other bedrooms providing privacy & has upgraded patterned carpeting (’16), a pool view and enjoys an updated (11-16) luxury master bath with bath trendy floor tile, fresh paint & texture, mosaic tile in the oversized shower with bench, glass blocks, jetted tub, large walk-in closet and additional cedar closet. Also downstairs in an executive study with a new rich stain (11-16) on the built-in cabinet faces, doors and trim with an adjacent full bath which provide both convenience and efficiency while working from home.

Upstairs are three spacious bedrooms all with walk-in closets, 2 full baths (one with updated counter, sink & faucet), large game room for fun and a huge media room with a wall of built-ins for movie nights and sporting events. The backyard is a true retreat with its oversized covered patio, built-in firepit, professional landscaping & sparkling pool with rock accents, flagstone coping, waterfall and grotto, landscaping lights, diving board, large backyard & all are completely private.

Other upgrades/features are….an elegant pool bath with upgraded marble countertop & sink (11-16), neutral tones throughout (11-16), solid-core doors, 6” baseboards, updated condensing units, garbage disposal (11-16), master bath and family room paint (’16), 3-car garage and large driveway for play, utility room with kid’s cubby & more! Wellington residents enjoy the private lakes of the neighborhood, all the amenities of Stonebridge Ranch and McKinney schools!

Please contact Jeff C. Jacobs at 972-978-6539 for more information or click HERE.

For more information and other homes for sale in this area, check out www.myrealtytown.com 

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