Wednesday, July 8, 2009
National apartment vacancy rate
Friday, June 26, 2009
Security deposit
State, Security Deposit Amt (months of rent), Days to return after move out
AZ/1.5/14
CA/2/21
CO/no limit/30
DC/1/45
FL/no limit/up to 45
IL/no limit/30-45
IN/no limit/45
ME/2/21 or 30
MD/2/30-45
NJ/1.5(*)/30
NY/?/?(reasonable time)
PA/Two months' rent for first year of renting; one month's rent during second and subsequent years of renting/30
TX/no limit30
Saturday, May 2, 2009
Property buying now?
. Inventory level is high.
. Property price in many area is at 10 year low.
. Interest rate is at historical low.
. In 2009, there is $8000 tax credit for first time home buyer.
Cons:
. Unemployment rate is high. Need to consider job security.
. Loan qualification requirements are high.
. Home price in certain area may go lower.
Thursday, April 23, 2009
Home sales down
March sales were down 7.1% year over year, and came in weaker than the 4.65 million rate forecast by analysts surveyed by Briefing.com.
==============================================================================
Friday, April 17, 2009
Best place to find job, low unemployment means good rental?
Madison, WI
D.C.
Salt Lake, UT
Lafayette, AL
Huntsville, AL
Wednesday, April 8, 2009
CA renter's credit is back in 2008
The Nonrefundable Renter's Credit is a personal income tax credit that can only be used to offset your tax liability; therefore, you must have a tax liability to claim the credit.
You qualify for the Nonrefundable Renter's Credit if you meet all of the following:
- You were a resident of California in 2008.
- Your California adjusted gross income (AGI) is $34,936 or less if your filing status is single or married/registered domestic partner filing a separate return; or $69,872 or less if you are married/registered domestic partner filing jointly, head of household, or qualified widow(er).
- You paid rent for at least half of 2008 for property in California that was your principal residence.
- You did not live with another person for more than half the year (such as a parent) who claimed you as a dependent in 2008.
- You are not a minor living with and under the care of a parent, foster parent, or legal guardian.
- You rented property for more than half the year that was not exempt from California property tax in 2008.
- If you are married, neither you nor your spouse/registered domestic partner was granted a homeowner's property tax exemption during 2008. (You can still qualify for the credit, even though your spouse/registered domestic partner claimed a homeowner's exemption, as long as each of you maintained a separate residence for the entire year in 2008).
Related information: Also see Homeowners and Renters Assistance. This is an assistance program available to qualifying senior and disabled individuals.
Wednesday, March 18, 2009
Multi-unit properties foreclosure rate is up
Many tenants with good rent payment standing may get evicted unexpectedly.
Fannie will sign new leases for the approximately 4,000 renters in its foreclosed properties, said spokesman Brian Faith. These tenants would otherwise face eviction, even if they had been paying their rent on time, because of the owners' failure to pay the mortgage on the property.
==============================================================================
Thursday, February 5, 2009
Questions to ask for buying a rental property
1. Is this real estate in a growing area?
2. Can I make money on this investment each month, or do I have to pay money each month to have this property?
3. Do I ever want to live in this house?
Friday, November 28, 2008
Property Manager in CA, needs license or not
1. If you are managing your own home or your own property, then neither a salesperson or broker license is required.
2. You may manage a property WITHOUT a license if the owner of the property agrees to let you do so under a "power of attorney", thus empowering another person to act on the owner's behalf.
3. If you are managing the homeowners association (not the individual units within the association for rent), then the property manager does NOT need to be licensed.
As with most states, an individual who seeks to sell, list, auction, or rent/lease real estate in California must be a licensed real estate broker or agent working under the supervision of a broker.
To own your own property management company and run it under your own name, you will need to be a broker, rather than a salesperson.
Friday, November 21, 2008
San Jose requires business license for residential landlords >= 3 units
Thursday, November 20, 2008
CA rent control cities
http://www.caltenantlaw.com/RCcities.htm
Sunday, September 28, 2008
Home price slide 5.3% in July, 2008
...
The national average rate on a 30-year, fixed rate mortgage rose to 6.26% on Monday up from 6.11% on Friday as details of the government's rescue plan remained in flux, according to financial publisher HSH Associates. The rate had fallen as low as 5.87% last Tuesday.
Monday, September 8, 2008
Mortgage rates down slightly
Five-year adjustable-rate mortgages (ARMs) averaged 5.97% this week, dropping from last week when it reported at 6.03% and from last year at this time when it was at 6.32%.
Thursday, August 14, 2008
Tax law change: Reduced home sale exclusion
===============================================================
Summary of Changes
Property Held For Rental or Investment First
Property held for investment purposes and then subsequently converted into a primary residence will be impacted the most under these legislative changes to Section 121.
The amount of time that the real property was held as investment property (non-qualified use) will no longer qualify for tax free exclusion under Section 121. Only the actual time that the real property was held and used as a primary residence (qualified use) will qualify for the tax free exclusion.
This will significantly affect those homeowners who had planned to move into investment property and convert its usage to their primary residence in order to take advantage of the 121 exclusion. The longer the real property was held for investment the greater the impact will be on the amount of capital gain that can be excluded from taxable income (i.e. the more capital gain that must be included in taxable income).
Property Held As Primary Residence First
The modifications made to Section 121 do not affect homeowners that move out of their primary residence and convert it to non-qualified use. The homeowner can still take the full amount of the 121 exclusion upon the sale of the property as long as they still qualify for the 121 exclusion.
In other words, a primary residence that is subsequently converted into investment property will still qualify for the tax free exclusion under Section 121 provided the property is sold no later than three (3) years after its conversion to investment property. The property will no longer qualify for the 121 exclusion once it has been held by the homeowner as investment property beyond the three (3) year window.
Saturday, August 2, 2008
America's Most Overpriced ZIP Codes - By Matt Woolsey, Forbes.com Aug 1st, 2008
Ten spots where buyers pay a huge premium to own relative to how much it would cost to rent.
In San Jose, Calif., home to Silicon Valley and some of the highest home values in the country, a bumper sticker reads, "Dear God, one more bubble before I die."
Chances are the car's driver lives in Willow Glen, a neighborhood with a small-town feel, Spanish-style single family homes and a main street with sidewalk cafes and locally owned shops. To live there, residents are paying the city's highest prices relative to what they could pay to rent similar properties in the same area. When you compare mortgage payments to the value of a similar home on the rental market, the price to buy is 26.1 times higher, one of the biggest differences in the country.
Willow Glen 95125: 26.1
Dallas 75209: 26.7
San Francisco 94122: 28.5
San Diego 92103: 30
West Hollywood 90038: 30.2
Seattle 98104: 30.3
Boston 02111: 30.5
New York 10013: 36.3
======================
Comment: San Jose 95129 31.0; Palo Alto 31.25; Sammamish 20.1
Tuesday, July 15, 2008
Good news if your home owner insurance is with Allstate
California insurance regulators have ordered Allstate Insurance Co. to cut rates for homeowners coverage by an average of 28.5 percent, representing a savings of $255 million for policyholders.
Allstate customers would save an average of $242 per policy per year, state Insurance Commissioner Steve Poizner said in a news release Thursday.
Friday, July 11, 2008
Not safe neighborhoods in SF Bay Area
. Area in East San Jose
. Some neighborhoods in and near Berkeley
. Oakland
. Richmond (oil refineries and crime rate)
Not nice neighborhoods in Seattle area
North Seattle avoid Aurora Ave. within the general vicinity. Alot of cheap motels, pawn shops, etc... used to be a hot spot for drugs and prostitution been cleaned up in the past few years none the less still a seedy area.
Central Seattle or Central District this area has changed in the past 10 to 15 years from a low income area to middle class area due to gentrification still some seedy areas along 23rd Ave.
West Seattle avoid anything in the general vicinity of Delridge Way heading toward White Center and also South Park
South Seattle avoid the general vicinity of Rainer Ave/Columbia City
Renton - near Wal-Mart
Lynnwood
Monday, June 30, 2008
Forbes: 2007 most affortable U.S. real estate markets
1. Indianapolis, Ind.
Median home price: $112,500
Median household income: $60,383
2. Cleveland, Ohio
Median home price: $122,900
Median household income: $57,472
3. Detroit, Mich.
Median home price: $154,600
Median household income: $63,052
4. Pittsburgh, Pa.
Median home price: $109,000
Median household income: $54,872
5. Cincinnati, Ohio
Median home price: $136,800
Median household income: $60,146
6. St. Louis, Mo.
Median home price: $134,400
Median household income: $59,950
7. Atlanta, Ga.
Median home price: $170,400
Median household income: $63,484
8. Greensboro, N.C.
Median home price: $145,100
Median household income: $50,447
9. Dallas, Texas
Median home price: $145,500
Median household income: $58,736
10. Austin, Texas
Median home price: $176,200
Median household income: $65,739
Saturday, June 28, 2008
U.S. rent control
Wednesday, June 25, 2008
California - Landlord and Tenant responsibility for repairs
The landlord is under an obligation to put and keep his rental units in a condition fit for human occupancy, except for those conditions caused by his tenant's want of ordinary care {Civil Code Secs. 1929, 1941} A building fit for human occupancy must have at least the following characteristics {Civil Code Sec. 1941.1}.
1. Effective weatherproofing of roof, exterior walls, and unbroken windows
2. Plumbing up to code and in good condition
3. Water supply up to code providing hot and cold water
4. Heating facilities up to code and in good condition
5. Electrical lighting up to code and in good condition
6. Building, grounds and appurtenances clean and free of vermin at the time of renting
7. Adequate receptacles for garbage
8. Floors, stairways and railings in good repair Install and maintain locks
9. Conforming locks {Civil Code Sec. 1941.3}
The landlord's obligation to repair dilapidations in the characteristics of habitable dwellings does not arise if the tenant violates his own legal obligations as to maintenance, provided these violations substantially interfere with the landlord's ability to do the repairs {Civil Code Sec. 1941.2}
Tenants are required by law to take reasonable care of their rental units, as well as common areas such as hallways and outside areas. Tenants must act to keep those areas clean and undamaged. Tenants also are responsible for repair of all damage that results from their neglect or abuse, and for repair of damage caused by anyone for whom they are responsible, such as family, guests, or pets.
Saturday, June 21, 2008
3 tips for buying foreclosure properties
1. Use web sites such as www.redfin.com, www.realtytrac, www.foreclosure.com.
2. Use a broker who is familiar with REO (Real Estate Owned) properties in the area.
3. Watch out for repair costs. Foreclosed properties could have been neglected and the prior owner was not able to upkeep it.
Thursday, June 19, 2008
Rent amount references
In Queens, NY - 2BR/2BA apartment - $1340/month
In Redmond, WA - 3 BR/2 BATH TOWNHOUSE - $1600/month
- Near Microsoft, I-520, shopping, trails, award-winning schools
- Water and landscaping included
In Cupertino, CA - single family house in great school district - $3190/month:
- National award school district: Lincoln Elementary, Lawson Middle, Monta Vista High
- 3 Bed/2 Bath/2 Car Garage, 1550 S.F. huge lot; almost 9000sq
- Completely remodeled, mint condition
- Dual Pane window
In Foster City, CA - condo - $2300/month
- 2 Bedrooms 2 Baths Condo, approximately 1350 sq, ft.
- Living Room with fireplace
- Secured One-car underground parking
- Swimming Pool
- Tennis Courts
In Fremont, CA - 1br apartment - $1250/month
- Pool
- Fitness center
- Cable TV and internet connection available
Sunday, June 15, 2008
Tenant credit and background check
The items to check include:
- Credit check
- Eviction records
- Criminal records
Thursday, June 12, 2008
What are IRS depreciation methods?
Please refer to IRS publication 527 for detail.
There are three ways to figure depreciation. The depreciation method you use depends on the type of property and when it was placed in service. For property used in rental activities you use one of the following.
-
MACRS (Modified Accelerated Cost Recovery System) for property placed in service after 1986.
-
ACRS (Accelerated Cost Recovery System) for property placed in service after 1980 but before 1987.
-
Useful lives and either straight line or an accelerated method of depreciation, such as the declining balance method, for property placed in service before 1981.