I'm a first time home buyer and planning to sell my business within same period.?
482743
No, if it is your principal residence, and you sell within 2 years.  However, if this is an investment property, and you are using that money to buy another investment property.  The transaction could be set up as Sec. 1031 exchange, which will result in a tax deferral.
1099265
What is the event in a homeowner's life that would cause them to want your service?  Is it routine maintenance? How often?  Or is it only when they're about to sell?\n\nYou want to find a way to align with that. You don't have enough money to tell the whole world, and they won't pay attention anyway. Instead, focus your dollars on the very few people who are ready to buy what you're selling. \n\nIf it's home sellers, you obviously want to hook up with realtors, home inspectors, and the like. There are "home spruce-up" services out there, see if you can work with them. Offer commissions on referrals - and pay them! It will still be cheaper than wasting money on newspaper ads that everyone ignores. \n\nHow about landscapers and lawn services? See if you can send a series of simple direct mail pieces to their customers, or better yet see if they'll "re-sell" your service under their brand name - they can make a markup and you get business w/ no ad costs. \n\nWhat's a typical job worth to you? What's your gross profit on a new customer? What's your referral strategy?\n\nCheck out www.dankennedy.com, and see if you can find his "Earl the Plumber" story, it's useful to you I think.\n\nBest of luck,\nScott
207299
Lease the land if you want an immediate begin to profits. Otherwise, depending on the economic development of the area, it may be best to just keep the land cleared and wait. It's value may increase greatly and you can then sell. The best thing would be to talk to a real estate developer.
519696
I believe you have a simultaneous closing. You sign all the paperwork for the two sales at the same time, and then record one immediately after the other. That way, you're paid by the first transaction, but don't have to close unless everyone is inline to fund.
667626
Do a lot of research in the area before you leap into this.  Make sure you know what type of repair work needs to be done ahead of bidding for it.\n\nIf you can do a lot of it on your own, then it's okay to live there.  If you can't do the work, get quotes and talk to people UP FRONT, not after the sale.\n\nBe careful of capital gains taxes on flipping homes, if you don't know what I'm talking about then you need to do a lot more learning before you do this.\n\nBasically it comes down to the market - timing, price, location.  Better do your homework, and I don't mean on line.  Buy some books and do some projects on your own before you think you can do this.
1045628
Yes. There are tons of options. The best one in my opinion is 100% financing. Contact a local broker who can give you the best rates due to the availability of being qualified with several lenders. They are all competeing for your business.
227921
You can do it.....but be VERY CAREFUL!!  There are loads of pits to fall into when selling a home especially these days where people are just looking for excuses to sue someone.  It is also a very dangerous venture to be "showing" your home to complete strangers.....real estate agents generally know who they are bringing into the homes they show.  BUT the answer to your question....there are websites that will give your suggestions, and your local library or book store has many books that can lead you through the process.  Good Luck, but be SAFE!!!!
703046
You say you don't have the equity to sell to an end user though a Realtor.... then do you have enough equity that an investor will be willing to buy it?\n\nFor someone to assume the loan, rather than get a new loan today, the interest rate must be worth it, and it needs to be a fixed rate.  Make sure that if someone offers to have you "transfer" the ownership to them, that they either get a new loan or actually qualify through your mortgage company to assume your loan and that you get a release of liability.\n\nIf you don't have enough equity for this, then rent it out to people with good credit until you do have the equity.
1167263
Here's the catch. When you sell a home, the transaction never goes beyond the county level. The only records the IRS will ever see are those provided by the bank, and what YOU tell them on your tax return. There is no space on the tax return that requires you to document how much PROFIT you made. You can buy a home for $100k, and sell lit 6 months later for $150k, but who's to say you didn't put $45k into repairs and remodeling, costs of selling, etc.? That means that you only have to declare $5k profit, IF you don't put it into another house. Don't volunteer any information, wait until they ask for it. They have to prove that you owe them money, you don't have to prove that you don't.
796144
I own my own business and it sounds to me like you have a great opportunity to sell what you have done.  Advertise it, you would be surprised at how many people would be interested, you have done all the leg work, I'm impressed and sorry that it is not working out for you.  Maybe you could sell it and pay off some debt and begin again.  It would be well worth it. Kudos to you.
138462
Lots to consider, what is the appreciation in the community that you are living? What does it look like for the next five years? With home ownership your interest is a deduction from your ordinary income? What is your present rent? Over 5 years.?\n\nWhat are present market value of the sold homes?\n\nGenerally home ownership is the way to go.\n\nGood Luck
747754
Surprisingly enough many of the businesspeople that I know scan the newspaper classifieds for finds. Many of them are interested in real estate but some buy businesses as well from there. I also have seen businesses listed on www.eBay.com for sale. There are also internet classifieds that will let you post an ad for free. www.craigslist.com would be one of those.\n\nWith each of these options you wouldn't have a business broker or real estate broker taking a cut of your sale but you have the drawback of having to sell it on your own. Please consult a local business or real estate attorney for advice on preparing the sale paperwork. They might also have some more ideas on how to market your business.\n\nI don't know if you have Sunbelt Business Advisors where you live but they are the biggest business brokerage where I live and they are nationwide. They are at www.sunbeltnetwork.com You will end up paying them a sales commission but you should have a hassle free transfer by going that route.\n\nBest of luck in your sale!
66123
I sell new homes for a living and I would say an older one.  But make sure you get a GOOD home inspector and warranty to ensure that everything is okay on/in the property and building.
32024
Refi may not be your best option. If you plan on staying in the house for at least 2 more years, get a home equity loan to make your improvments. Costs are less than a refi and you get the money sooner.\n\nYou say you may sell soon. It's important to note that it's hard to recoup your costs of selling in a two year time frame (depending on where your home is located). The East and West coast areas of the U.S. have appreciated alot in recent times.\n\n\nMaking improvements to a bath and kitchen are smart for resale. When thinking about improvements only make the ones that will pay you back $2 for every $1 invested.
156546
I bought my home with cash. I would highly recommend hiring a lawyer. He or she can handle all the little details that most normal people don't think about. Make sure you go to town hall and make sure the taxes are up to date, also. You can also get a realtor, preferably a 'buyers agent', to sort through the paperwork. A lawyer works 'by the hour'. A realtor on a percentage of the sale price (or most do.)
259251
I found this online - may be helpful - it's from 2 years ago but should still be generally applicable.  You should talk to a realtor.  \n\nHardship Can Reduce Capital Gains Tax Liability\nby M. Anthony Carr\n\n\nIf you sold your home last year you may owe capital gains taxes if you didn't meet certain criteria. The basics of exempting home sale capital gain from taxes is two fold: \n\n\nYou owned the house for at least two years, and \n\nYou lived in the home as your principal residence for two years out of the last five. \nIf a home seller doesn't meet this ownership and use criteria, then he or she may owe taxes. Frankly, the floor of the gain when taxes begin is so high that most homeowners will never owe capital gains taxes if they meet the two above exemptions. When you consider that the average home sale in 2003 was about $170,000 across the country, then that means most gain from houses sold in the U.S. will never be taxed. For single home sellers, the gain exclusion is $250,000 and for married tax payers, it's $500,000. \n\nHowever, you could owe taxes on less than that amount of gain if you don't meet the two-year exclusion test stated above. Thus, if you bought a house in 2002 and sold it in 2003, you may owe capital gains taxes. The issue of how much you could owe, depending on when you sold the property and for what price, is a book in and of itself. Especially when you consider that the capital gains tax rates changed last year with the new rates going into effect May 6, 2003 (any taxes on gains realized before that date are based on the older, higher rates). \n\nThis column is going to deal with the exemption rules above and how you may be able to bend them or waive them altogether. \n\nThe IRS is not heartless and for some homeowners who had to sell a house in less than two years, it may be possible to claim an exclusion but at a reduced amount, if certain criteria are met. This should answer the question from many of my readers who just can't believe that they might owe taxes on the sale of their home that they lived in for just a year. Well -- you might not owe those pesky taxes, if any of the following reasons are true. \n\nIf you did not meet the ownership and use tests, but the primary reason you sold the home was: \n\n\nA change in place of employment; \n\nHealth; or \n\nUnforeseen circumstances. \nYou may be able to avoid taxes, but you'll not get the full exclusion of $250,000/$500,000. The reduced exclusion is based on a calculation that you can find in IRS Publication 523, which takes into account how long you lived in the house and how long you owned the property to come up with a reduced exclusion amount. So instead of $250,000, it might allow you to exclude $100,000, for instance. \n\nFor those wanting a reduced exclusion because of change of employment, you'll need to at least substantiate that: \n\n\nThe change occurred during the period you owned and used the property as your main home, and \n\nThe new place of employment is at least 50 miles farther from your home than the former place of employment was. \nThe IRS will accept your call for a reduced exclusion for health reasons "if your primary reason for the sale is to obtain, provide, or facilitate the diagnosis, cure, mitigation, or treatment of disease, illness, or injury of a qualified individual," according to Publication 523. Now a qualified individual doesn't have to be the head of household or spouse, it could also include any of the family members listed below: \n\n\nParent, grandparent, stepmother, stepfather; \n\nChild, grandchild, stepchild, adopted child; \n\nBrother, sister, stepbrother, stepsister, half brother, half sister; \n\nMother-in-law, father-in-law, brother-in-law, sister-in-law, son-in-law, or daughter-in-law; \n\nUncle, aunt, nephew, or niece. \nHowever, the health card cannot be used if the sale of the house merely benefits a qualified individual's general health or we
590577
That is a great way to sell the properety and you are protected by the second trust deed on the property. It is not as difficult as most will have you believe.\n\nA title company will record your deed along with the first trust deed at closing.  Make sure there is a penalty for late payments also make sure there is a date that they must pay before. The amortization is up to you as well as the due date.\n\nYou need to find out if the lender will allow a 2nd mortgage on the properety even though you are willing to do one, some mortgage lenders want the buyer to come in with some type of down payment or clsoing cost. Find this out from he lender or broker that got the first mortgage for them.\n\nIf this is allowed, good then go ahead and record your 2nd deed. You might want to tell the closing agent that you want to be notified in the event that the buyers fail to make a pyment to the first mortgage. If they fail to make a payment you should make the payment to protect your position as the 2nd. Even if they fail to pay the first and keep paying you you can still foreclose on them. This is the reason for the notification.\n\nIn the event you are required to foreclose on the property for any reason to include them not paying the first or paying you, find a professional company to do the foreclosure for you. There are so many little laws and stuff that must be done, they will do it for you.  Whatever their fee for the foreclosure you can add to the mortgage that they still owe you so it will be free service to you. Don't be afraid, because they are set up to do this type thing and will protect your rights and you will get the house back in time. You may then re-sell the property again for the current appraised value.\n\nWhile in foreclosure you will be required to keep the 1st mortgage current, in the event the property does not sell at the foreclosure sale. Or let them know that you as the 2nd has placed the house in foreclosure and they will be paid upon sell of the property.  If you fail to make any payments to the first mortgage and the house fail to sell you would have to make a lump sum payment to them. \n \nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"