Category Archives: Real Estate 101

A 1031 exchange is a great way for investor’s to develop significant wealth by deferring capital gains tax on the sale of assets that are replaced with like-kind properties. But this generous benefit of the Internal Revenue Code comes with a caveat: the rules for the safe harbor created must be followed exactly, and errors …

Today’s brokerage clients demand more of their real estate professional than before, and successful agents and brokers recognize this. I deal with many real estate professionals across the spectrum of success, and have noticed that the more talented brokers are the ones who make themselves the single resource that clients trust in connection with all …

2011 was a tricky year, and closing deals this year required a much different mind and skill set than in the past. I think 2012 will be even more robust, and with consumer confidence posting record increases, we’re poised for a banner year. As we start the year, I want to share some trends that …

The non-paying tenant can be devastating to your financial plans for the property. In addition to the obvious issues of cash flow, a non-paying tenant in possession continues to have access rights, and can interfere with a landlord’s plans to market and sell a property. And eviction is also expensive and time-consuming. And typically the …

There is new relief in sight for homeowners “underwater” on their mortgage, where the market value of the property is less than the outstanding payoff of their mortgage. Previously, only those whose mortgage was no more than 125% of the market value of their home were eligible, and then only in certain circumstances. That permitted …

Being a landlord is not an easy line of work. And in this market where some homeowners opt to become landlords “temporarily” and rent their empty home until market conditions improve, it’s easy to end up in a far worse financial situation then you were before taking on the landlord role. Here are a few …

Buyer’s in today’s market have no lack of information when it comes to real estate. And much of that information flows in through the internet, with new real estate blogs and Q&A from “experts” popping up as quickly as the google engines can find them. The trick for customers in today’s market then is separating …

Among the most frequently asked questions of buyers of cooperative and condominium apartments is whether they should engage a professional engineer to inspect the apartment before buying.  Like many issues in New York real estate, the answer is not always straight-forward. When evaluating whether to hire an engineer, or professional home inspector, let’s first re-examine …

Homeowners thinking about selling short – asking mortgage lien holders to release their lien against the property for less than what is owed, in order to facilitate a sale to a bona fide buyer – are faced with some difficult decisions.  A short sale can impact credit for years, so the decision should not be …

Struggling homeowners who cannot keep up with mortgage payments have few choices when faced with the realities of job loss or other financial hardships which make it difficult or even impossible to pay their mortgage.  Generally, there are three options: (1) Bankruptcy, (2) Foreclosure or (3) Short Selling. All three options have negative effects on a …