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Thursday, May 16, 2019
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Buying a Vacation Home on Mt. Hood
Friday, January 11, 2019
Buying A Vacation Property On Mt. Hood? Now Is A Good Time!
Every year around this time, many homeowners begin the process of preparing their homes in case of extreme winter weather. Some others skip winter all together by escaping to their vacation homes in a warmer climate.
For those homeowners staying at their first residence, AccuWeather warns:
“The late-week cold shot should fade next week, but this is a warning shot for winter's return late in the month and early February."
Given this, it’s time to go and stock up on winter weather supplies! However, if you’re tired of shoveling snow and dealing with the cold weather, maybe it’s time to consider obtaining a vacation home!
According to the Investment & Vacation Home Buyers 2018 Report by NAR:
“72% of vacation property owners and 71% of investment property owners believe now is a good time to buy.”
It’s time to take advantage of the equity in your home. As the latest Equity Report from ATTOM Data Solutions stated:
“Nearly 14.5 million U.S. properties (are) equity rich — where the combined estimated amount of loans secured by the property was 50 percent or less of the property’s estimated market value — up by more than 433,000 from a year ago to a new high as far back as data is available, Q4 2013.
The 14.5 million equity rich properties in Q3 2018 represented 25.7 percent of all properties with a mortgage.”
This means that over a quarter of Americans who have a mortgage would be able to use some of their home equity to make a significant down payment toward a vacation home, and many are doing just that! According to the same report by NAR:
“33% of vacation buyers purchased in a beach area, 21% purchased on a lakefront, and 15% purchased a vacation home in the country.”
We have everything from Government Camp ski condos to rustic cabins in the woods dotting the Mt. Hood National Forest. Our supply stretches from Brightwood, Welches, and Rhododendron to Government Camp!
Many homeowners who are close to retirement will use some of their equity to purchase vacation homes, which may eventually become their permanent homes post-retirement!
Bottom Line
If you are a homeowner looking to take advantage of your home equity by investing in a vacation home, let’s get together to discuss your options!
Happy New Year
Tuesday, January 1, 2019
Here’s to a Wonderful 2019!
We hope 2019 is a great year for you, both personally and professionally!
Liz Warren
Mt. Hood 1031 Tax Exchange-Keep Your Funds Safe!
Sunday, March 1, 2009
Mt. Hood 1031 tax exchangers take note. Be cautious who you use as your 1031 tax exchange intermediaries. There have been many recent financial failures of 1031 companies going under and declaring bankruptcy leaving your funds in jeopardy. Intermediaries are the folks who hold your money before you find your next property to exchange and close on.
One of the biggest companies, Land America 1031 Exchange Services, recently went under and around $420 million in assets were frozen. The problem is when an exchange company gets into a financial problem they may try to use funds to pay creditors and there the trouble begins. You could be out your money!
How do you protect yourself? Look for companies that have a proven track record with recommendations from investors. Be sure the company has adequate insurance and is bonded and has errors and omissions insurance. Find out where the funds are held. If in a bank is it solvent.
Hopefully these tips will help keep your exchange funds safe.
1031 Tax Exchanges
Friday, September 5, 2008
There's a bit of buzz in the air about 1031 tax exchange intermediaries. While tax exchanges are quite common in the Mt. Hood area the FTC is under pressure from legitimate exchange companies to regulate their industry. This is due to significant fianncial damages done to some clients. Just like there was fraud in the mortgage industry, some exhange companies have "bad eggs" too. The FTC is not ready to step into this yet but as financial issues continue to unwind in regulations will surely come into play. As I mentioned in a previous post, the amount of tax losses from questionable exchanges alone should spur the Feds to regulate.
Be careful who you hire as your exchange intermediaries. They could bite you in the end!
1031 Tax Exchange Audits Are Coming!
Tuesday, February 12, 2008
Tthe IRS is taking a serious look at what is happening with 1031 tax exchanges. If you do an exchange your chance of an audit just went up. The IRS promises a new exchange auditing program soon. Minnesota will audit all 1031 exchanges starting this year.
What is this all about? Well, the IRS took a good look at six large exchange companies and discovered a whopping 875 million dollars in lost revenue due to sloppy paperwork and a lack of enforcement for incomplete or illegal tax exchanges. That is a lot of money for tax strapped states and feds to potentially get their hands on. That is probably the tip of the ice burg if you look at all the other small exchange companies!
Be prepared for all states to change their laws on how the exchangers or intermediaries are regulated. Laws are changing in many states requiring the exchangers to be "licensed, and bonded". Eventually, this will mean fewer exchange companies and much higher fees.
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