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Archive for the 'Rental Homes' Category
Paying off my house and the BIGGEST load of CRAP in real estate.
Aug 30th 10
Are tax deductions worth the interest?
Should you pay off your mortgage? I think most people should.
Today I’m talking about mortgages, paying them off and what I consider to be a load of crap pushed on home buyers by the lenders of America, accountants and YES the real estate brokers.
I’ve never understood why everyone says “oh you have to have a mortgage because you get the tax write off.”
I say BS. Wouldn’t it be better to have a paid for house with no interest payment and just pay the tax?
Here’s my way of thinking and no it didn’t originate from me. I was raised by two depression era grandparents that were basically in a steady savings cycle preparing for the next GREAT DEPRESSION.
(BELOW-I may be off a little but I hope you are getting the picture. I’m going off memory as I did not go into the basement and dig out my tax returns to write this post.)
Two years ago I remember looking at my year end taxes and seeing that my wife and I had paid around $14,000 in interest to the bank over the year. I also noticed that my WONDERFUL tax deduction was around $2,400.
So basically I have to pay a bank ~ $14,000 in interest to keep from sending the government $2,400. Is this the Great American Home Tax Deduction everyone says is so wonderful? Not to mention over the life of these mortgage loans you pay hundreds of thousands in interest to get in my opinion “NOT MUCH” in the way of a deduction.
It looks like a load of goods the banks & government put together to make us feel batter about all the interest the banks charge us.
Personally I think I would rather send the government their tax and just keep all my interest. Besides living in a paid for house has got to be a GREAT FEELING. Think about it. You are recession proof. If you lost your job you could easily go work at an hourly job and make the yearly tax and insurance payments. Hopefully it would only be temporary..right?
Vacations Paid For in Advance
I talked to my accountant about ways to payoff our house and told him that over our lifetime it would save my wife and I nearly $200,000 in interest. He told me “oh, well if you do that you won’t get your deduction.” I explained my theory to him and he still tried to tell me I needed this deduction. When I asked repeatedly why I have to have this deduction he couldn’t give me a real answer. He like so many others in the country have been brainwashed into thinking that we MUST have our deduction. Again BS.
Pay your house off and live like a Prince or Princess and have your income to save, invest and SPEND as you wish. Can you imagine that?
The other side is my investment adviser. He says “Steve you need to be putting money away for retirement.” Well, we are still saving. He says all that money in the house could be earning more money in the market. REALLY. Have you seen the market? I don’t know about you but a few more of these every 10 year implosions and I’m done with “the market.” I have highly paid professionals begging for alternatives to the stock market. They all love real estate right now. YEAH.
If you have your house paid for at an early age and have the remaining years of your working life to save, invest and actually enjoy a paid for vacation how would that feel? I think it would feel pretty damn good wouldn’t it.
No matter how you do it I think paying off your home as quickly as possible is the best way to go. Here is a recent article to help prove that it isn’t just me thinking this way. A lot of Americans are starting to see the benefits of being free from all debt and especially the home mortgage.
I think this guy, Dave Ramsey, has a lot going on in his debt free classes. A few years ago my wife and I went to his Financial Freedom class in Colorado Springs. We were basically on his program without knowing it. His word is true and if you stick with it you too will live like no one else so you can then live like no one else. Think about it. If you live frugally for several years to payoff all your debt it will allow you to live the rest of your life debt free. Plus along the way you will learn tricks (personal self control) that you apply once you become debt free that will save you money after you become debt free. In our society putting off our instant gratification so we could possibly live a better and more financially rewarding life in the future is a TOUGH sell.
I’m sure there are people out there that have different circumstances, needs and investment goals so this may not apply. But I believe for the average middle class person/family this is a viable option and should be explored. Just a few years ago talking about this to friends and clients was a dead end and they all thought I was a crazy person but now they seem to be coming out of the wood work to share their new goals of paying off their house.
Steven Beam is a CRS Realtor in Parker, Colorado. See client testimonials.
Steven Beam Social Media Connect.
Newlin Meadows Homes for Sale in Parker. Colorado
Meridian Village in Parker Colorado
Townhome for Sale in Parker Colorado
Lone Tree Colorado Homes for Sale
The Home Buyer Tax Credit is Going Away!
Apr 2nd 10
Home Buyer Tax Credit
I guess we can all kiss the government Home Buyer Tax Credit bye, bye, bye. From the reports I’ve read and information I’ve heard it appreas to be going away with not much of a chance for a second extension.
NAR , The National Association of Realtors, appears to have given up hope of getting it extend and posted this information on a website.
“NAR has had extensive discussions with congressional allies and concluded that an additional extension of the tax credit is unlikely. While lawmakers recognize that the tax credit helped stabilize the market, it appears that much of the benefit has been realized. NAR is now focusing on improving the availability of financing.”
Well that sure is a bummer but at least we know they are going to now try and work out the many wrinkles in the mortgage industry. This should be interesting going forward.
Congratulations to all you buyers and sellers that took advantage of the tax credit and received your benefits.
Steven Beam is a member of the National Association of Realtors.
Real Estate Miracle and it Happend the Day Before Thanksgiving.
Nov 25th 09
Miracle in Real Estate
Miracle? Yep I think so. Investment property miracle is what it really turned out to be. If it wasn’t a real estate miracle it was sure a great deal on a sweet little investment property. 57% of asking price is great in my eyes!
Last week I found a sweet little investment condo for a client of mine. This guy had his eye on a newer condo complex in Parker Colorado for over a year. Last year 1 & 2 bedroom properties were selling for between $90,000 and $110,000 in this complex. Just a little too much to cash flow so we kept watching the prices fall through the summer.
When I called him last week we ran over and looked at 6-8 of the available units and were searching for the best deal. Anyway we ended up finding a 2 bedroom, 1 bath unit without a garage that the bank had begun to make repairs on but had not finished. It came with all the appliances, AC and a nice main level patio which gave the unit double entry access. Perfect for a roomate situation if needed.
The bank was asking $95,000 which we knew was high in any market. He offered them $55,000 and they took the deal straight up. No counter no nothing. We were shocked to say the least. I’ve helped clients get great deals before and been amazed by some of them but this was an all time record.
“That was 57% of asking price!”
I’ll take two please!
Westminster Colorado Investment Property. Home for Sale
Nov 25th 09
Home for sale in Westminster Colorado
Home for Sale- 8741 Rutgers Street, Westminster, Colorado 80031. Download the MLS sheet here.
Extensive hardwoods and a huge master suite. Two bedrooms on the main level and two non-conforming bedrooms in the large basement. Over 2300 square feet. Large open fenced backyard with a covered patio and mature trees. This is a super investment property or for that first time home buyer looking to take advantage of the first time home buyer tax credit.
“This is a sweet investment property or first time home buyer residence. Ideally located just off The Boulder Turnpike and just around the corner from major shopping areas.”
This property is a Bank of America short sale Fannie Mae approved and ready to go. The bank has the file and is working it. We will accept one offer on the property at a time. You will not have to contend with multiple offers with us. First offer gets the house.
For more information Email Steven Beam or Call 303-941-4663.
Price $159,900.
- Hardwood Floors
- Updated Kitchen
- Covered Patio
- Large basement
- Fireplace in front room
- Workshop off garage
MAP: 8741 Rutgers Street, Westminster, CO 80031
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- Home for sale in Westminster Colorado
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- Kitchen updated
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- Family Room with Fireplace
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- Bathroom Main level
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- Master bedroom
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- Huge Master bedroom
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- Backyard 1
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- Backyard 2
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- Covered Patio
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- Workshop off garage
Parker Colorado Christmas Tree Lighting Festival November 27
Nov 24th 09
Parker Christmas Tree Festival
- Parker, Colorado Christmas Tree lighting festival.
- Friday, November 27th
- Starts at 5:00 and the tree lighting will begin around 6PM.
- The Lions Club will have their famous chili and the Children’s Choir will be singing.
- See you there. Dress warm!
For rent in Aurora Colorado $975 – 2 BR
Oct 6th 09
For rent in Aurora Colorado
Steve Beam
303-941-4663
Steve.beam@comcast.net
Sent from my iPhone
Posted via email from stevenbeam’s posterous
Parker Home for Rent.
May 20th 09
This is a great Parker, Colorado home for rent located on a large cul-de-sac. Available July 1, 2009. 3 Bedrooms, 2.5 Baths. he master bath is a five piece bathroom with tub, shower, two sinks in the vanity and a toilet room! 2110 square feet on the main two levels plus 1100 square feet in the basement. Two car garage. Recently updated kitchen with new and newer appliances. Owner will have the lawn cared for so you do not have to do any yard work. Formal living and dining rooms. The kitchen opens to the family room to create a nice family space. Eating space in the kitchen plus a breakfast bar. Nice private fenced backyard with a super patio.
MAP HERE! 10525 Mount Columbia Place, Parker, Colorado 80138
Call 303-941-4663 for information. $1550 per month.
http://www.vimeo.com/4750542[gallery]
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