Wednesday, November 18, 2020

Types of Properties to Buy That Will Be a Successful Long-Term Investment




Real estate investments are good for business because they appreciate and are less risky. However, before you invest, you need to know the best properties to invest in. Below is a list of properties for first-time buyers and those looking to expand their portfolio.

Triple Net Lease


This is a type of commercial real estate investment whereby the tenant agrees to pay the building insurance, property taxes, mortgage repayments, and other property expenses. It’s also called NNN. Since the tenant takes on the task of handling major expenses, you can adjust the rent to make it more affordable.

NNN is a great long-term investment because it doesn’t have many risks; your tenants will settle most of the bills. Your work is to manage the property and collect rent.

Another advantage of NNN is it provides a stable long-term income source. Big franchises prefer NNN properties because the lease is more affordable. Therefore, you’re going to get tenants with stable finances.

Single Family Homes


A single-family home is a standalone property with a backyard. It’s the preferred home for most young families because it offers flexibility and privacy. 

Unlike apartments, homeowners can modify their single home, for example, they can add a pool in the backyard. Single-family homes are private because they don’t share walls with other buildings.




A single-family home can be a great long-term investment because you can buy and hold it for 10-years before selling it for a profit. 

During those 10 years, you have the option of renting out the property. You can use the rent to pay investment property loans, taxes, and other expenses.

Multi-Family Homes


A multi-family home has more than one family living in it. Small multi-family homes have 4 units, meaning you can collect rent from 4 different tenants. This type of investment is great if you’re thinking about venturing into commercial real estate.

If you purchase the property in an area with high demand, you’ll always have tenants. That means your cash flow will be steady. Multi-family homes also provide a significant return on investment because you’re getting rent from multiple tenants.

Apartments


An apartment is a high rise building that has more than 5 units. Most apartments are found in big cities because the demand for housing is high in such areas. An apartment can make you a lot of money because it has multiple units.

If you are ready to make some major investments, consider investing in one or some of the properties above. They will be sure to pay off in the long run.



Tuesday, November 17, 2020

4 Things to Keep in Mind if Your Personal Taxes Are Audited




Few terms are more dreaded than that of an audit. The ultimate boogeyman of tax season, only about .5 percent of all taxes get audited every year. If your personal taxes do get audited, though, it's good to keep a few basic facts in mind.

More than One Type of Audit


While most people refer to audits as if they're a single type of process, the truth is that there are three types of audits. The most common, the mail audit, usually just requires you to mail more paperwork to the IRS. 

The next, the in-office audit, will require you to go to an IRS office to meet with an auditor so that he or she can go over your returns in person. The final, the field audit, is incredibly in-depth and also quite unlikely to happen when dealing with an individual's taxes.

An Audit Doesn't Mean Punishment


Though an audit certainly sounds scary, it's not a punishment. Audits occur for many reasons but getting audited doesn't automatically mean that you've done something wrong. 



There might have been a big income change from year to year that's sent up a flag at the IRS or you might just have the kind of complicated taxes that bear more investigation It's entirely possible to walk away from an audit without having to pay extra money or suffer any other sort of penalties.

Take it Seriously


Though it is not necessary to panic just because you are being audited, you must take the process seriously. Mail from the IRS absolutely cannot be ignored and you should comply with any requests from the agency as expediently as possible. 

If you are having an issue gathering paperwork or you run into some other problem, you should communicate with your IRS contact as quickly as you can so that they know that you're still doing your best to comply.

Work with Professionals


Finally, it's vital to work with professionals like those at Harris Shelton Hanover Walsh PLLC and other offices. These individuals have not only been through the process of audits before, but they're experts at helping you to navigate through any difficulties that you might encounter along the way. 

Working with a seasoned tax professional is not only the best way to make sure that you don't have to worry about being audited, but also to make it through an audit unscathed.

Don't panic if you get audited. Make sure that you get professional help and that you comply with any orders from the IRS. This may be the first step in a long process so be prepared for a longer journey than you might expect.



Thursday, November 12, 2020

5 Benefits of Using Your Cash For Holiday Shopping




The holiday season will soon be upon us all. While it is a happy time for almost everyone, it can also be a stressful time as well. One of the more stressful parts of the holiday season is all the shopping that needs to be done for family and friends. 

It's always a good idea to get a head start. However, while you're out shopping for Christmas gifts, you should consider doing one thing. Buy your gifts with cash. Doing so can give you some significant benefits over putting your gifts on credit.

You Pay More with Credit


Perhaps the number one reason why it's a better idea to buy Christmas gifts with cash is that you're paying more when you put a purchase on your credit card. Purchasing on credit isn't just putting off the payment of that purchase until later. Instead, you are also paying for the interest on that short term borrowing. 

Credit purchases can also result in fees in certain cases. Overall, paying with cash saves money. Alternatively, the overuse of credit can suffocate your finances from all the debt and interest accrued.

You Can Take Advantage of Cash Discounts


Something else you may not realize is that certain retailers give you a discount for paying in cash instead of putting a purchase on your credit card. This may seem odd, but it's true. This will be the case if that retailer uses a cash discount program.

This kind of program benefits both the retailer and the consumer. For the retailer, their credit card fees are moved onto the consumer by including those fees in part of the billing to the cardholder. This can help smaller businesses deal with the expense of such fees that may be too much to deal with otherwise. 



However, the consumer can avoid this fee and receive an additional discount of up to 3.99 percent by paying in cash. Investigate what stores have this kind of program so you can save on your Christmas gifts by paying in cash.

You Can Protect Your Privacy


Another very good reason to pay in cash is that doing so is a sure-fire way to protect your privacy. This will not be the case if you instead make purchases with a credit or debit card. Companies now track all of a person's purchases made with their cards. This information is stored so it can later be used for purposes like sending targeted advertisements based on past purchases to your e-mail.

While it is claimed this information can't be viewed by just anyone, that is probably not true since it's stored in a database plenty of people within the company have access to. Your data being breached by hacking is also a threat. One large scale hack resulted in over 100 million credit card accounts being breached. 

If you want to have more privacy and keep your gift buying and other purchases completely private, paying with cash is your best bet. The retailer won't be able to track the fact you made the purchases with cash, and that information will not be stored in a database.

You Won't Go Over Budget


Another reason to buy your Christmas gifts with cash is that doing so will prevent you from going over budget. It's very easy to spend more than you planned on when all you have to do to make a purchase is to swipe a card. Unless you are a math whiz, you are probably not going to be adding all those figures up in your head if you make purchases at multiple stores.

With cash, however, it's far easier to stay under budget. All you will have to do is take a certain amount of cash out of the bank. When the cash is gone, you will be forced to stop spending. Unlike with a credit card, you won't end up spending a dime more than you planned on.

You Won't Harm Your Credit


Racking up debt is a risky venture. One thing that can happen if you overspend and end up failing to make payments in time is your credit score could take a hit. While the credit reporting agencies won't reward you for using cash, they are unlikely to penalize you for doing so either.

Bad credit can have serious consequences for your future. You could be blocked from taking out loans like a mortgage. You may even be blocked from getting an apartment. Using cash for certain purchases, such as Christmas gifts, can help keep your spending under control so your credit isn't harmed.

These days, people tend to put all of their purchases on their credit cards. While credit is appropriate for certain things, it shouldn't be used for all your purchases. This is certainly true when it comes to holiday shopping. Paying for Christmas gifts with cash has certain benefits you should take advantage of. Doing so can save you money, prevent you from overspending, and even protect your credit.



Friday, November 6, 2020

4 Home Winterization Steps to Complete to Avoid Costly Damage



Heating a home is just one part of the process you might go through as winter approaches. Many people like to do some work to winterize houses against the cold. Using a few of these simple tips, you might be able to save energy, spend less on heating, and avoid costly repairs due to winter damage.

Stop Frozen Pipes


The pipes running throughout a house can freeze during very cold periods. In most cases, this will cause a rupture somewhere between the point of freezing and your faucet. Ice in the pipes will expand and build pressure inside the space. 

Contractors usually place pipes in areas that are already insulated if the home is in a colder climate. Houses in warmer areas may not have this protection, and it is possible the pipes will need it during some winters. You can place caulking or insulation around the basement area of the home, and pipe sleeves can help seal any gaps that you see around the tubes.

Check Your Boiler


A boiler is a major appliance that helps to keep you toasty during the cold season. It will heat the water that you might use to make sure you can stay warm when you need a quick shower. They typically form hot steam that goes to radiators throughout older homes as well. 



Any issue you might have with this appliance can rob you of hot water or general warmth in the home. You can work with a qualified expert in boiler repair and related services to give your appliances the inspections they might need before winter hits.

Use Weather Strips


Don't forget about the small spaces that surround the doors and windows in your home. Weatherstripping involves you covering joints in the doors or the casing surrounding your windows. 

These covers are designed to keep heat in and rain, snow, and other elements out of the house. In addition to purchasing and installing the strips, you may want to consider adding storm windows or doors to the home.

Inspect the Attic


There are several things you can do to weatherize your home on the floors you occupy. However, the primary source of heat loss in most houses in the attic. If you don't do a proper inspection of this area, the time and effort you spend elsewhere in the home might go to waste. 

Always do a sweep of the place to make sure it has enough insulation for maximum heat retention. You can take steps to correct any gaps before the cold comes. After that, it is a good idea to look at the roof and find any damage to repair.

Subfreezing temperatures can have disastrous effects on different parts of a home. If a house is not insulated properly, the issues that arise could be a major hit to your wallet. 

In addition to this problem, no one wants to be stuck without a decent, heated shelter for any length of time in the dead of winter. If you do winterize your windows, consider adding thermal curtains to the mix for even more heat retention.



Thursday, November 5, 2020

4 Types of Neighborhoods That Will Set You Up for a Comfortable and Active Retirement




When looking for the perfect retirement neighborhood, you will probably keep in mind factors like location, convenience, size, and cost. Depending on your circumstances, you may be drawn to a specific type of housing. But if you are undecided, here are four popular neighborhoods that offer active lifestyle options for seniors and retirees.

Condos


Moving into a condo offers the privacy and freedom of being a homeowner. It also may require membership in a Homeowners Association (HOA) that provides support services like lawn care and outdoor building maintenance, such as windows, doors, and fencing. 

Amenities like tennis courts, a swimming pool, and a party room are also included with some condo developments. Residents can socialize with neighbors and enjoy physical activities to stay fit and healthy.

Resort Homes


Houses that are built in a resort area or nearby offer exciting neighborhood opportunities for fun activities. For example, golf course homes typically come with amazing views of the golf green and surrounding natural beauty. 



Retirees who enjoy golfing can join the club and play whenever they like when it is within easy walking or driving distance of their home. In addition to a beautiful location and proximity to the golf course, there are plenty of opportunities for socializing.

Mid-City High-Rise Units


Condos and apartments targeted for seniors specifically can often be found near or in the downtown areas. This type of neighborhood is great for shopping, dining out, and enjoying entertainment options like theatre, sports events, and art shows. 

Seniors who prefer an exciting lifestyle of going out with friends or experiencing new things will appreciate the vibrancy of an urban location in a secure neighborhood.

Senior Housing Complexes


A housing complex for seniors may have two or three residential levels. Independent living is for those who are healthy and can take care of themselves while enjoying the surrounding areas and quiet or exciting neighborhood ambiance. 



Assisted living is the second level that offers professional monitoring and oversight of individuals with a chronic illness, memory lapses, or a debilitating condition. Meals are usually provided in a common dining area with attractive surroundings and medical support if needed for medication, blood pressure checks, and other health checks. 

Full nursing care is the third level of housing or medical care for residents who are seriously ill or physically impaired in ways that interfere with their ability to meet their own daily needs. Residents can move from one level to another as needed. Social activities and neighborly interactions occur at all levels.

Whatever your retirement plans, start thinking about the type of neighborhood or community where you would like to live following retirement. Visit several neighborhoods to decide which will best meet your needs.




Wednesday, November 4, 2020

What to Do If You're Harrassed By a Collection Agency




Like it or not, the world revolves around money. You need strong finances to keep a roof over your head, put a down payment on a car, and get a good education. Sometimes, you can’t afford all of those things outright, so you take out a loan and pay it back over time. 

Financing any big purchase requires organization and timely payments. Even when you play everything the right way, you still may end up dealing with pesky debt collectors that won’t seem to leave you alone. If you are being harassed by a collection agency, there are some steps you can take to find peace.

As a borrower, you agreed to pay back hard money to your loan seller. That doesn’t mean you agreed to be harassed and bothered while you’re working on paying that amount back. Of course, if you have overdue or missed payments, catching up on those will be the easiest way to get debt collectors off your back. 

But if you feel you’re being harassed without reason, you have the power to confront these collectors, verify your records, and even seek legal representation if needed. Follow along for a few helpful tips to stop collection agencies from harassing you.


Keep and refer to your records.


Clarity is incredibly important when it comes to any amount of money or financial situations. Any time you sign a legally binding document like a loan agreement, you need to keep a record of that information. 

Having documents you can refer to and proof of monthly payments can stop a collector in their tracks because they can’t make an argument against you. When you buy a home, that is mortgage 101

As you search for mortgage loans, you are expected to do your research, take notes, and protect all documents involved in the mortgage process. This puts you in control of your finances and makes sure a lender can’t take advantage of you down the line.

Consult legal experts if necessary.


Most cases won’t come to this, but you can take legal advice if you feel a private money lender is harassing you without cause. Groups like Global Legal Law Firm, a San Diego based law firm, work hard to untangle complex litigation cases to guarantee that individuals, corporations, and commercial entities recover all of their assets. 

Consult an expert if you think you have been mistreated. They will have the expertise and intimidation factor to help force collectors to leave you alone.

Know your rights and stand your ground.


It’s easy to feel intimidated within the world of finance, especially dealing with brokers and loan collectors. Your biggest tool is information. Know your rights and do your research. If you are being mistreated, say so, and don’t give in. This tip may seem like one of the basics, but knowing your rights will keep you in control of the situation long term.

Next time, take your business elsewhere.

Taking out a loan rarely seems simple. With all the small details and fine print, it’s possible you made a minor mistake that opened the door for debt collector harassment. Next time, take your business elsewhere. Companies like hard money lenders Oregon offer hard money loans and create a simple, straight forward loan process. 

Especially if you need a private money loan to turn a quick profit in the case of real estate acquisition or fix and flip situations, you can count on hard money to be a reliable loan that won’t lead to complications down the line.

It’s OK to ask for verification and tell collectors to stop harassing you.

You may feel powerless when a debt collector knocks on your door, but you actually have all the power. Be clear and concise and refuse to back down. Ask for verification of your loan amount and interest rate. You’re also within your rights to directly tell collectors to stop harassing you. There is a process to officially do this, but it can save you a headache down the line.




Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics