Simply Junior » Clue

Hit the Ground Runnin’ In 2011

admin — Sun, 29 May 2011 07:02:20 +0000

What will the real estate market look like in 2011?

And how can you position yourself to benefit from the New Normal?

You know, there will be millions made and lost in the next 12 months. The question is on what side of this equation will you find yourself?

Who knows where the real estate market will go? Not even the most knowledgeable, most well-educated economists, financial experts, politicians or real estate gurus have a clue. They’re all confused; as evidenced by the conflicting articles and reports that come out daily in the Wall Street Journal, MSNBC, and the rest of the media outlets (liberal and conservative alike) proving that wearing a $5,000 suit doesn’t necessarily mean that you know what you’re talking about. Even Jim Kramer, the Host of Mad Money, put his mouth in gear before his brain was engaged when he called the “absolute bottom” of the real estate market a year ago. I believe it was a Wednesday. He’s still wiping egg off his face.

So would it surprise you if I told you that I don’t have a clue either? Or how about if I told you that I know exactly what will happen? Would you believe me then?

Like when I said a year ago that the HVCC would crash and burn, or that financing for investors would become easier, or that Bristol Palin would be a finalist in Dancing With the Stars… Okay, that last one, I just made up, but the other two are true.

By predicting what I think is going to happen only becomes valuable to you if it helps you to make a decision today that will yield you some financial benefit by the end of 2011. That things will change in 2011 is no great secret or revelation; that they will change for the benefit of real estate investors like me and you is a fact.

Here’s how:

1) A marked increase in supply, as in a TON of new listings of REO’s and Short Sales causing a serious downward pressure of listing and selling prices. This has become the White House’s NEW number one priority. “Kill the Mill” = get rid of the dead inventory as fast as possible.

2) A serious influx of cash available from lenders and private party investors. Where else can you get better than a 10% return on your money than in real estate these days? It’s a no-brainer.

3) Superior financing for real estate investors and homeowners alike from conventional lenders such as Wells Fargo, JP Morgan, Bank of America and various wholesale lenders. It’s already started.

4) More flexibility on the part of the lenders holding non-performing assets. Just check out the increase in failed escrows and the discounted sales prices when they finally close.

5) Less competition in the marketplace from tapped out wannabe investors. Most of these guys have already left the table, or will shortly be exiting bruised and battered.

Here’s how you can take advantage of the present situation.

As usual, the natural laws of the game of success never change. If you know me at all, you should know the following by heart.

First, here are the basics:

1) Decide what you want to do. Nobody can do this for you.
2) Choose a target market. Make it small, convenient and learn it thoroughly; better than
anyone else.
3) Load your GPS (Goal, Plan, Systems)
Goal = your destination: whether a number of houses, monthly income or net worth
Plan = this is how you’ll get there: buy and sell (bird dog, flip/wholesale or retail) or
buy and hold (rentals)
Systems = your daily measurable actions: (look at houses, talk to agents, make offers)

Remember, the two most important assets that you posses as a human being are your time and your focus. Time because there’s only so much of it (and what you lose you can never make up) and focus because whatever you place it on will expand; whether your waistline or bank account.

For those of you already in the business, focus on two things: 1) continuously find new ways of dissecting your local MLS and submit offers daily and 2) cut back on your overhead immediately.
Review anything costing you money on a monthly basis from fixed to variable expenses and cut out any non-essentials. Make every dollar matter.

Identify dead weight on your team, such as, agents, contractors, lenders, escrow officers, mentors; anybody and everybody who’s not doing their job and kick them to the curb at once! Basically streamline your processes and focus on your bottom line.

Don’t be frivolous with anything this year; your time, your focus, your money, or your trust. Ask for proof and evidence in everything you do. Do your homework. Watch out for pretenders. There are a lot of them in this marketplace right now and more are coming.

Regardless of all obstacles your mind can imagine, believe in your personal abilities to successfully take advantage of this once-in-a-lifetime opportunity. The evidence for your success is all around you. You’re on the precipice of financial independence. Choose to participate. Do not take “no” for an answer.

The bottom line is I have complete faith that this real estate market has begun to turn in our favor. I’m extremely optimistic about the future of real estate in 2011 and beyond.

I believe 2011 is a crucial year for real estate. It’s basically the first inning of the World Series of Real Estate for this coming decade. So step up to the plate and knock one out of the park… I dare ya!

And hey – who loves ya, baby?

Tax Records – How Long To Keep Them?

admin — Tue, 01 Jun 2010 18:18:26 +0000

Most tax deadlines are easy to remember like the filing deadline or the due date to pay estimated tax payments however, when it comes to how long to keep tax records, most people do not have a clue. So you want to know, how long to keep tax records?

The easy answer is until the statute of limitations expires for that tax return. Records that should be kept include receipts, canceled checks, and other documents needed to prove to the IRS your filing was legitimate! This is usually three years from the DUE DATE for the tax return or when the return was actually filed with the IRS or two years from the date the tax was actually paid to the IRS, whichever is LATER. This is generally accepted as the time period in which the IRS can question your tax return.

NB: If you do not file your taxes or file a fraudulent or false tax return there is no statue of limitations. This is what trips up a lot of people, when the IRS comes knocking after 5 years and all of the tax records have been discarded after 3 years. You MUST know, it is the IRS that will claim that a tax return was fraudulent or false. Not filing any taxes at all is self explanatory.

Some tax records should be kept indefinitely, like property tax records. These records will be required to prove to the IRS your gain or loss when you sell the property.

Statute of Limitation provisions differ, here are some you should keep in mind:

You should retain documents verifying the value of real estate or stock until you sell them and realize a gain or loss plus the three-year statute of limitations on the tax return filed after that sale with the IRS.

Keep indefinitely copies of your tax returns. Yes, there is the statute of limitations is 3 years but it will not apply if the IRS suspects it was fraud or filed falsely. Keep those tax returns. Something else to consider is that without your knowledge the IRS changes many returns. The original may be necessary if IRS records are magically different from what you filed.

Keep tax records that relate to any claim with the IRS for a tax refund or tax credit that was based on bad debts or losses on worthless securities for at least seven years. You may find you need these in the future.

Net operating loss (NOL) can be carried back 2 years and carried forward 20 years. It is very important for you to keep your tax records until all net operating losses are used to offset taxable income and the carry forward term expires. Add the 3 year statute of limitations on the tax returns filed with the IRS that used the carry forward.

Beware: If it is found by the IRS that you understated your gross income by 25% or more the statute of limitations will be doubled to 6 years. Take this advice, if there is anything EVER questioned on your tax return, keep the return and all supporting documentation indefinitely

Also, in a case where a fraudulent tax return has been filed, or no tax return has been filed with the IRS, the IRS can make this assessment at any time.

Finally: An employer must keep all employment tax records for a minimum of 4 years after the taxes are due the IRS or have been paid, which ever is later.

Protect yourself – auto insurance company coming

admin — Sat, 06 Mar 2010 11:38:11 +0000

There are so many different versions of the idiom. Try, “Expect the worst. Hope for the best.” or “Expect the worst and you’ll never be disappointed.” or “Prepare for the worst. Plan for the best.” You get the idea, particularly when it comes to dealing with your insurance company. It’s a strange reality but, no matter where you go, insurance companies always seem to have a reputation that, as a policy holder making a claim, you will end up like something the cat dragged in. The problem we all face is the profit motive. Although it would be great if every large corporation was full of the milk of human kindness, the directors and executives are driven by the desire for more wealth. They seize every opportunity to take the extra dollar for giving us less. In the case of insurance, the companies are rather like the big bad wolf that blows your house down rather than paying to repair the leaking roof. So you always have to plan on the basis you will be in for a fight if you make a claim. That means opening and keeping an up-to-date file on everything you say to the insurer about the policy and any claims you might make. The more comprehensive your records the better. If you must speak to a representative of the company, whether in the flesh or on the phone, get a name and always write a letter confirming what was said and what, if anything, was agreed. Yes, it will take up a few minutes of your time. But you should always be able to produce contemporaneous records – a day-by-day record of representations, promises and action.

You are rolling your eyes. All that hassle. Why bother? Let’s take Massachusetts as an example. Five of the largest companies insuring vehicles all managed to make the same data entry mistake. There is this wonderful “place” called the Comprehensive Loss Underwriting Exchange (CLUE). All companies pool information about the drivers they insure. One of the more important pieces of data is whether the driver is “at fault” in a traffic accident. If you are found the “guilty” party, this justifies loading your premium with an increase. What happened in this US state was the five insurers routinely recorded anyone making a claim as being “at fault”. There was no investigation, no court case with a judge deciding one party was at fault. The insurers simply wanted to justify increasing the premiums so assumed fault from the fact of the claim. Fortunately, the people of Massachusetts are well organized. They had a paper trail for every claim and, when they reported the behavior of the insurers to the State Attorney General, this resulted in fines paid by the companies and a recalculation of all the premiums with a full refund to everyone affected.

Sadly, auto insurance is a bear pit and, if you are going to come within range of the bear, you had better be prepared with full information. It does not matter whether you are on cheap auto insurance, usually the mandatory liability minimum, or a comprehensive/collision policy with all the bells and whistles, document every aspect of your relationship with the insurer and every detail of any claim you make. If anything goes wrong, every state has a Department or Office of Insurance. Make a formal complaint if you think you are losing out. If you learn of others, complain to the State Attorney General. Failure to fight means the companies will trample on your rights.

Find Out Tips On How A Retirement Calculator Works

admin — Sat, 18 Jul 2009 09:34:13 +0000

Most all of us look forward to the days of retirement. Some people are planners and already know what they will be doing, where others may be excited, but not have a clue as to what they will do when they retire. A retirement calculator can be your best friend if you are a planner. Have you ever sat down and thought about what you are going to do when your retire. Do you set money aside each month or are you using an ira account for your future. Have you ever figured out how much money will be available for you when you do retire. A retirement calculator can not only help you figure out how much money you will have for retirement, but it can also help you plan your days ahead.

By using a retirement calculator, you can know how much money you will have at the time of retirement, and figure out how to use the money wisely. Retirement should be something you plan out if at all possible. Many people don’t begin thinking about that time in their lives until their mid thirties or early forties. By then, it could be too late to get a decent start for the kind of retirement you are looking forward to. You may not be able to save up enough money to live the kind of lifestyle you would like. Ideally, planning should begin in your twenties so you can do many of the things people look forward to doing. A retirement calculator can help you pre-calculate future costs in retiring.

If you are looking forward to doing a lot of traveling, then a retirement calculator can help you prefigure some of the expenses you will encounter. It can give you a heads up on how much money you will need to live on and still be able to travel. You can allow for emergencies, possibly some illnesses, and just pocket money. By using a retirement calculator you can plan to be debt free so you won’t have your normal monthly bills coming out. You can make sure you are covered by insurance in case illness or disability should occur. Most importantly, a retirement calculator can help you stay ahead of the game and not be caught in the end with loose ends not tied up.

If you aren’t a good organizer or planner, find someone who is. Find someone that can help you with your retirement calculator. There are companies for hire that can help you plan ahead. They can even help you figure out a budget to live on. No matter what you do, don’t miss your opportunity to plan ahead with your retirement calculator. Seek advice from someone who is already retired and planned ahead. Listen and learn from mistakes others have made. Let your retirement calculator be your good friend and retire, living a good, happy life.

A Biography of a Sheffield Web Designer and SEO’er

admin — Thu, 28 Feb 2008 23:33:31 +0000

Article by U4D Web Design and SEO Sheffield

Hello, my name is Mark Anthony Dalton; I am the owner and head search engine optimiser/web designer at U4D Web Design and SEO Sheffield. I’d like to take a few moments to share with you, how my skills and U4D came to be.

It all began back in 2001 with the desire to design and the eagerness to follow in my Father’s footsteps of running a successful business. I had put much thought into designing websites for a living. I had many talented graphic design friends who had commented on several occasions on my graphic design and Photoshop abilities. The only problem was I had no clue what the heck all the weird code meant when it came to websites.

Initial Solution; Purchase some easy peasy drag and drop website building software, sell websites for