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TOWNSEND PROPERTIES LLC, WE BUY HOUSES WE RENT HOMES

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“Don't let the opinions of the average man sway you. Dream, and he thinks you're crazy. Succeed, and he thinks you're lucky. Acquire wealth, and he thinks you're greedy. Pay no attention. He simply doesn't understand." -- Robert G. Allen

Posted on November 12, 2019 at 5:51 PM Comments comments (8)
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7 Tax tips for new real estate investors

Posted on November 13, 2016 at 8:29 PM Comments comments (2)

As a new investor there are a number of things you need to consider when setting up your business. It is important that you set it up correctly.
1. It is possible to do a few investor deals before you set up a business entity (LLC, S-corporation, or C-Corporation). If you do not have an entity set up you will report your business transactions on a Schedule-C tax form, as a sole proprietorship.
2. There is more than one type of tax on a business. There are four general types which include income tax, excise tax, employment tax and self-employment tax. The type of business you operate and how you set it up will determine what types of taxes you will pay and how you will pay them.
3. Generally you will need an Employer Identification Number (EIN) even if you do not have any employees. The bank wants this number when you set up your business account. If you do not have the EIN number you will have to give the bank your Social Security Number. If you are working as a sole proprietor you do not have to get an EIN number. It is very easy to get an EIN number. Just go onto the IRS.gov website and fill out the form. You will get the number immediately.
4. Keeping good records cannot be overstressed. Good records will save you a lot of money when it comes tax time. In fact, the more you know about taxes the better records you will keep because you understand why you are keeping the records. Even if you are not good at keeping records, Do Not Throw Anything Away! Keep all receipts, even if you only put them in a shoebox and sort through them later. Write little notes and put them the in shoebox also.
5. Every business and every person have to file taxes at least once a year. You may need to file taxes every three months (estimated tax). This is generally the calendar year (January - December). If you have employees you have to pay taxes every time you pay the employees (even if you are the only employee). You do not have to be classified as an employee if you are a sole proprietor and have no employees. When you do have a few employees it is much easier to get an agency that can do that entire employee tax stuff for you. All the details can drive you crazy and keep you from making real money.
6. There are several types of accounting methods. You will need to decide which method you will use. One method is "cash method". In the cash method, for tax purposes, when (the year) you spend the money is the year that it is included in your taxes (income and expenses). The 2nd method is the "accrual method". In this method you deduct the expense when it is really used. Example, if you pay for insurance for 2 years, the deduction will be taken when the insurance is used. You need to do the same method every year. The IRS wants to know if you change your accounting method. Every year there is a question on the IRS form as to if you changed your accounting method.
7. The Economic Substance Doctrine - This is a new revised issue from the IRS. Basically it says that you can't change your business structure just because it will help your tax position. You need to have a real business reason for changing your business. This is why it is even more important that when you set up your business entity and cash or accrual method of accounting. As far as I can find out this doctrine does not apply to a sole proprietorship.

Learn all you can about how taxes will affect you and your new business at http://www.NewTaxChanges4Investors.com/blogTo learn more check out http://www.NewTaxChanges4Investors.com S. Reid PhD
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Doubt whom you will, but never yourself. Christine Bovee

Posted on November 2, 2016 at 10:07 AM Comments comments (0)
 
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Why No Real Estate Investor Can Live Without An Assistant

Posted on November 2, 2016 at 9:53 AM Comments comments (1)
Why No Real Estate Investor Can Live Without An Assistant

Having an assistant is one of the best investments you'll make as a real estate entrepreneur. Like all parts of your business (and yes, buying, leasing, and selling houses is a business), they require an investment of your money and also your time. You'll need to invest a little money in order to hire, train, and compensate them for their
. And, you'll need to invest some time to help them get the job done right-more in the beginning and much less as time goes on.
In exchange for your investment in them, a good assistant will help you to generate much more
than you are paying (bringing you a rate of return that would make any investor jealous). And, they will save you countless hours for every extra hour you spend developing them.
Although many investors are hell-bent on trying to do it all themselves, or think they can't afford one,
here is a partial list of reasons why you absolutely can't live without an assistant:
•
You will do more deals.
Marketing is probably the best thing to hire an assistant to do. They will help you to execute advertising campaigns that you just would not have gotten around to doing on your own. They can compile lists, print letters, make calls, stuff envelopes, buy supplies, shop around for pricing, and do plenty of other things that generate leads for you that you would not have had the time or inclination to do otherwise.
•
You will look more professional
. When people receive a call from your assistant, they will know that you are a real player. It makes you look successful, organized, and trustworthy. Your credibility with sellers will increase, which will put them at ease and help you to get more offers accepted. Private lender prospects will acknowledge you as a legitimate business and will feel safer sending money to you knowing that you are not a fly-by-night operation.
•
You will have less stress in your life
. No one likes drowning in work. One of the worst feelings on earth is to have more work due than you can possibly hope to accomplish in the time available. Having an assistant will take a huge burden off of your back, especially when they do tasks that you don't like doing or are not good at.
•
You will be able to build a team
. Having an assistant will help you to practice your skills at hiring, training, and managing team members. They are the ideal "starter employee" because they are not difficult to find and can immediately begin doing simple tasks for you. And, there is almost always an immediate use for their help. They will help prepare you to hire other team members when the time comes, if you so desire, such as a salesperson, renovations supervisor, or a purchasing representative.
•
You will have a better lifestyle
. Isn't this one of the reasons why you got into real estate to begin with? When I started my real estate investment company, I had visions of lying around on the beach somewhere, living the good life while the rent money poured in. Then, I found out there's actually a lot of work involved. A good assistant will give you your life back so you can spend it with your family, working on hobbies, or working on your business (which is always more fun than working in it).
I have hired, trained, and managed personal assistants for years. I would never have experienced all of the
above if I had been stuck trying to do it all myself (and failing). A good personal assistant will not only help you to grow your business-they will give you your life back.

Alan Brymer is the creator of The Assistant Who Pays Their Own Salary, and has been a full-time investor since his first property at the age of 22. His business was named by the Utah Valley Entrepreneurial Forum as one of the "Top 25 Companies Under Five Years Old." To receive a Free copy of The 5 Key Elements to Running a Systematic Real Estate Business, go to http://www.AlanBrymer.com/blog. .
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Real estate investing-----5 myths that keep people from starting

Posted on October 14, 2016 at 8:59 AM Comments comments (0)
Who doesn't want to make a little extra cash every month. Especially if that money just shows up in your bank account without you actually working for it. Passive income is the way to go. And real estate investing is a pretty passive income stream that can pay you while your sleeping.But a lot of individuals let other people's fears stop them from investing in real estate. And because of that influence they deny themselves and their families the benefits of having extra money show up in their bank accounts every month.You know the story; There's always one person in a crowd that wants to dream steal from you. In real estate investing, you'll always hear about somebodies uncle, who has a friend that was renting out their place and they got stiffed by some bad tenants.Just ignore these stories. If you're interested in creating wealth for your family, and you're fired up about real estate then don't let the following 5 myths keep you from building your real estate empire.5 Real Estate Investing Myths That Are Keeping You From Building Your Empire
  1. You Need Money To Invest In Real Estate
  2. You Need To Be Handy
  3. You're Going To Get Screwed By Tenants On The Rent
  4. Tenants Are Going To Trash Your House
  5. There's No Good Investment Properties Left

Myth #1 - You Need Money To Invest In Real EstateYes you do need money to invest in real estate. But you don't need your own money. OPM, get used to that acronym. It means Other People's Money. What you need is passion and a plan. You can get money from anywhere. And when you're fired up and motivated people will be willing to give you the money you need to make your invest dreams a reality.Myth #2 - You Need To Be HandyThings fall apart, it's true. And sure you need to be handy when you're getting into real estate investing. Handy with the phone, managing people, and negotiating good rates on your contracts.You're not getting into real estate investing to create a new job for yourself. Remember that. Find good people that love what they do and get them to do the work for you.Myth #3 - You're Going To Get Screwed By Tenants On The RentSure you're going to get taken for a ride on the rent if you let yourself. Or if you're a slumlord. But you're not going to do either of these things. Maintain a clean and respectable property. And do your due diligence when it comes down to doing background checks on your tenants.Myth #4 - Tenants Are Going To Trash Your HouseThere's two sides to this coin. On the first side is the fact that you're going to do your best to find the most squeaky clean tenants that you can rent to. And on the other side of this coin is, "Really, what's the worst that can happen?"So they wreck the place? Who cares. That's what insurance is for. Remove your emotions from the equation and do what you can do to cross your T's and dot your I'sMyth #5 - There's No Good Investment Properties LeftPeople need a place to live. And there's tons of people who can't afford to own a home just yet. So there's always opportunities out there. Remember real estate is about people. Find out where people want to live, what they're willing to pay for in rent, then go out and find a place for them. You don't need to stick to your backyard. Expand you region by an hour and see what kind of opportunities come up.Toronto condos are hot right now. And there's price points for everyone. Whether you're looking for new Toronto Condos or resale, there's options out there for every budget. Be sure to get clear on your budget, the neighborhood you want to invest in and if real estate investing is right for you.Ian (The Condo Hunter) has mentored with one of Canada's biggest real estate investors and is the founder and chief blogger over at Toronto Condos HQ. A site dedicated to helping consumers get the best bang for their buck and move into the lifestyle they want.Article Source: http://EzineArticles.

Article Source: http://EzineArticles.com/6043263
 
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Tenant Moved Out Left You Holding The Bag

Posted on September 12, 2016 at 4:06 PM Comments comments (0)
Tenant Moved Out Left You Holding The Bag
By Bill Gray
August 10 2009
Perhaps your tenant lied and took advantage of you. He may have skipped out on the lease or you may have evicted him. In either case, he damaged your rental and cost you money! What do you do now?
1. First, set your emotions aside and spend some time organizing your ex-tenant's file. Whether you own one unit or one thousand, or whether you manage your rentals full-time or part-time, you are running a business. Any successful business keeps well organized, complete records.
2. Keep copies of all receipts required to repair the unit, spent on legal fees, unpaid rent, etc. Complete a move-out inspection checklist, preferably with the tenant if possible. Both of you sign the document. The move-out inspection will help you document the condition of your unit and the debt he owes you. If you are not completing move-in inspection checklists now, begin doing so with your next move-in. This important step is often left out because "I didn't have time". Take the time. There is no excuse for not having a complete move-in inspection signed by you and the tenant.
3. A sometimes confusing issue for some landlords is whether or not you may charge through the lease. If the tenant signed a twelve month lease and skipped out or was evicted after only six months, does he owe you for the remaining six months? The short answer is no, not yet. In many states, if you cannot re-rent the unit before the end of the lease, the tenant will owe you the lost rent. However, he does not owe you the rent until it is actually due. Only charge him now for lost rent, as of the date of the move-out statement. If you wish, you may update the amount he owes each month until the unit is re-rented or the lease expires. Discuss this issue with your attorney.
4. Does your lease include termination and/or "no notice" fees? I often hear, "It is in the lease; he has to pay it." The thinking here is that if it is in the lease, it is binding. This is not necessarily true. Termination and no notice fees may be legal in your state, and your tenant may be held responsible for them. With various state laws and recent case law, I highly recommend you have your lease periodically reviewed by an attorney to make sure you are complying with current laws. If legal in your state, termination and no notice fees may be a great way to calculate all charges at the time of move-out, without having to add future rent as it comes due. Again, talk with your attorney about this.
5. Take pictures. A digital camera is important to your business. Move-in pictures are nice to have but move-out pictures are a must have. The checklist and pictures not only help document the condition of the unit, but they may be helpful later if the tenant gets creative with his description of the condition when he moved in and when he moved out.
6. Keep a log of all communications you have with your tenant, especially any communication regarding him moving or paying his rent. If you do not have a log, begin using one immediately for all your present and future tenants.
7. Once you have your records together, complete a move-out statement. Most likely your management software will do this for you. The move-out statement should include the names of everyone who signed the lease, the unit address, move-in and move-out dates, and a break down of the charges. If a deposit was placed on the unit, you will show the deposit subtracted from the total due. State laws vary on what, how, and when you are required to notify the tenant of how you applied his deposit. Follow the law to the letter. Not doing so will give your debtor the upper hand, and you may be required to repay his deposit even though he actually owes you money! Some states require that this move-out statement be mailed certified mail within a certain number of days of move-out. Keep your certified mail receipt with your records. You may need proof that you complied with the law. Mail the move-out statement to your debtor at his last known address. This may be the address of your rental unit. If the letter is returned un-received, keep it in the file also.
8. A word of caution here: Some landlords are tempted to pile on and exaggerate the charges. While tempting, it will do you no good in the end, and it is not legal. Being fair and reasonable in your charges will greatly increase your chances of recovering the debt.
9. Now that you have your documents organized and have mailed the move-out statement, do not just put the file away somewhere and forget it. The money you are owed is an asset. I cannot tell you how many times I have heard the comment, "That bum will never pay his bill!" I can tell you with confidence that this way of thinking is costing landlords millions of dollars a year in lost profit. With little time and effort on your part, you may collect all or part of what you are owed.
I can help you with this collection process.
Bill Gray
The Collector
Bill Gray www.thelandlorddoctor.com [email protected]
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“A successful person is one who can lay a firm foundation with the bricks that others throw at him.” - David Brinkley, Newscaster

Posted on September 12, 2016 at 4:04 PM Comments comments (0)
 
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Foreclosed Home Investments

Posted on September 19, 2015 at 7:27 AM Comments comments (0)
Foreclosed Homes Investment

Foreclosed Homes Investment
By Sonia C Llesol

These days, lots of homes are foreclosing, a fact that many homeowners have to deal with. The effect is very significant that it is still strongly felt by the real estate market today. Despite that fact that the industry is struggling, foreclosure still offer opportunities. Investing in foreclosure, you could gain rewards. Nevertheless, you should determine what makes foreclosure investment ideal.

To begin with, there are two basics, such as a list of foreclosed properties for sale and ample money or credit to purchase one. Before you determine how much you can afford, you have to find out the prices of available homes. As soon as you found prospective homes, find out as much as you can about them. Look beyond the frontal flaws for well-built homes in a good neighbourhood. Most importantly, you should be aggressive in making an offer since owners of foreclosed homes are motivated sellers and want to get this sale over with as soon as possible. With plenty of research and a bit of luck, you can make that strong motivation into a highly profitable investment for you.

One of the main reasons why many people invest in a foreclosed home these days is they are cheaper. Keep in mind that if you want to invest in something, you would prefer not to splurge on your budget but still expect investment returns. Another reason why many prefer to invest in foreclosure is the many opportunities. As a homebuyer, naturally you would want to have several choices and ensure that you get the most suitable dwelling. Furthermore, you will get the upper hand when it comes to negotiating since there are several sellers and fewer buyers. You could even ask for a discount if you decide to buy several properties.

Investing in foreclosures could be a profitable venture. Nonetheless, you should be careful if you are new to it. Foreclosures are market where there is loads of money to be made as long as you do your research well. The drawback of a foreclosure is the fact that you will not be able to inspect the home beforehand, so you could expect unwelcome surprises to surface. Therefore, before thinking about foreclosure investment, it is necessary to read some information and do your research thoroughly. You can check out paid online listing service for possible properties or check out the county clerk's office that has foreclosure listings.

If you want to invest in serious foreclosure investing, try to subscribe to realty track, a very popular and updated service. As soon as you find the home you want to buy, work with a title search company and check out if there are any liens on the property. It is important to study the foreclosure market in your area. In some places, competition is too much to make a substantial profit while other cities cannot find buyers. You can save money on your investment by doing repairs yourself. Your aim is to turn around fast or else you could lose your money for every payment that you will have to make.

Dream homes in Cave Creek Luxury Homes and horse homes in Cave Creek Horse Property

Article Source: http://EzineArticles.com/?expert=Sonia_C_Llesol
http://EzineArticles.com/?Foreclosed-Homes-Investment&id=6229541


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“Do not go where the path may lead, go instead where there is no path and leave a trail.” Ralph Waldo Emerson, Poet

Posted on September 19, 2015 at 7:21 AM Comments comments (0)
 
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Create a definite plan for carrying out your desire and begin at once, whether you are ready or not, to put this plan into action. Napoleon Hill

Posted on August 15, 2015 at 7:26 AM Comments comments (1)
 
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