After using many fix and flip calculators, 8 Day Home Sale has built their own using formulas that we know work. Our house flipping calculator comes with no frills, no ads, and it just works. It even lets you print directly to PDF for sharing with others.
Enjoy our Ultimate House Fix and Flip Calculator.Read More
When it comes to owning a house, there are some benefits homeowners may see when they do their annual taxes. Along with other expenses related to your home that may be deducted, homeowners can deduct the cost of their property taxes and mortgage interest from their federal taxable income.
Mortgage interest is the amount of money homeowners pay in interest on their mortgage. Since interest rates vary depending on the terms of each individual mortgage, this number is different for every homeowner, and many rates will change throughout the life of the loan. When it’s time to prepare annual taxes, the amount of money that was paid in interest on a mortgage can be deducted from total income.
Property taxes are determined by the county in which you live. These taxes can include different taxes such as school, and city government taxes, combined into one payment. The county sets the property tax percent and the amount a homeowner pays depends on the value of their home. For example, if the property tax is 3%, a house worth $100,000 will pay $3,000 per year, while a house valued at $300,000 will pay $9,000. The taxes paid can vary if a home increases in value, or vice versa.
When you do your taxes, the money you paid for mortgage insurance and property taxes can be deducted from your total taxable income. If your taxable income is $50,000, and you paid $5,000 in insurance and taxes, you new taxable income is $45,000. The more deductions you have, the lower the taxable income is, and the more money you may potentially receive in a tax refund. Your accountant will know what can and cannot be deducted, so the best course of action is to keep track of all interest, taxes, and monies spent on your home.Read More
Finding the right tenants in the Maryland location, Virginia location, or Washington DC location is essential to having a good renting experience. Your property is an asset and you need to be able to trust your tenants to take good care of it. Approaching the search for tenants in a businesslike way is the key to finding the right people. Here are some tips to help you fill your rental with good tenants.
Know the Law
Every state, town, and county has its own rental laws. Make sure you understand the laws for the location your property is in. This will help you create a lease document that is lawful and fair for both you as the landlord, and your tenants.
Advertising your open property is a must to finding the right tenants, but be selective where you post your listing. There are sites such as rentals.com or zillow.com that may charge you a fee for your post, but will bring you better results than free sites such as Craigslist. Put up a sign in the window or lawn of the property, and advertise locally in stores or newspapers. Provide details and the rent to get responses from people who are actually interested.
Always have a rental application asking for names, social security numbers, income, and previous landlord references. Run a background check on potential tenants. Many renters expect to pay for this, so you can charge a one time fee to do so.
Strong Lease Agreement
Spend the time before you look for tenants drawing up a strong lease agreement that clearly details the responsibilities of both the landlord and the tenants, late rent fees, occupants, and terms for evictions. Even if something seems obvious, spell it out in the lease.
Set the Bar High
Just because ten people have applied doesn’t mean you have to choose one of them. Don’t lower your standards for a tenant just to get your property rented. Keep looking until you find a tenant you feel good about.Read More
When it comes to renting a house in the Maryland location, every state has its own laws laid out for both landlords and tenants. These laws protect both parties in various situations and provide the framework for rental agreements. If you’re looking to rent a house in Maryland, here are a few of the most important laws you need to know.
Maryland law puts a limit on how much money a landlord can require for a security deposit. A landlord cannot hold more than two months’ rent as a deposit and is required to return money owed within 45 days of the tenant vacating the property. A landlord who asks for more than the total of two months’ rent is breaking the law.
Did you know that in some cases, it is within your rights to withhold your rent? A rental agreement between a tenant and landlord lays out all the responsibilities of both parties. If the landlord does not uphold their end of the bargain, you can hold your rent money until they do. For instance, if a landlord refuses to take care of an imperative repair, such as a broken water heater, you can keep your rent until they do.
A number of laws are specifically geared toward protecting the tenant. One example a law that protect tenants from retaliation of the landlord when practicing their legal rights. If a tenant complains to the authorities about unsafe living conditions, landlords are not allowed to take action against them. Evictions, handling abandoned property, and fair housing rights are also all covered through Maryland laws.
In addition to state and federal laws, Maryland cities or counties could have their own laws as well. When looking for property to rent in Maryland, take the time to read tenant/landlord laws for the state as well as the county and town you’re looking to move to.Read More
Whether you’re planning to build an addition to your home, finally finish that basement, or add some bigger upgrades to boost your home’s value, home renovation projects can sometimes seem like nothing more than huge headaches.
But, no matter what your renovation needs are, if you’re properly prepared ahead of time with a smart home renovation plan, then your renovation project can go smoothly!
Design a Project Budget
Before you do anything else, create a project budget!
If you’re taking out a loan to pay for your renovation, decide what type of loan, how much to borrow, and how long it will take you to pay back so you can judge whether your renovation ideas are financially responsible or whether they’re a bit overambitious.
Make sure to plan an “emergency funds” section into your budget in case of any unpleasant surprises discovered during renovation!
Decide What You’re Doing Yourself
While home improvement shows may glamorize DIY renovations, look at your plans realistically before deciding to take on any tasks in your renovation.
Hiring a professional contractor might be a better financial decision than taking a week off of work to mini projects yourself.
Do Your Local Research
Before making any major changes to your home, check your local bylaws to see if there are any specific fees or other surprises you might run into after renovation. Checking with the building code and municipal bylaws of your area may also help you decide on a plan that further increases your home’s value by taking into account the neighborhood value.
Prepare for Life During the Renovation
Renovations can take a while, and can be quite loud and uncomfortable! Make a game plan for how you’ll adapt to your living quarters being transformed into a construction zone while the renovation is going on, or plan to move out temporarily!
Next time you’re thinking about that big renovation project, don’t dismiss the idea! With good planning and preparing, a major home renovation project can be a success!Read More
While we can’t ever predict the fluctuations of the market with absolute accuracy, it’s always a good idea to explore ways to be prepared for the next possible real estate market crash!
So, how can you protect yourself and your investments to weather the next real estate storm?
BE CAREFUL TAKING OUT LOANS
Buying a home is an investment. For many, it’s the single most expensive thing they’ll buy in their lives. But, in an unstable market, it’s much more difficult to judge whether your home with appreciate with time or not. It’s always smart to only take out a loan for what you can reasonably pay.
DIVERSIFY YOUR INVESTMENT PORTFOLIO
Don’t put all your eggs in one basket, as the saying goes! If you want to be prepared for a housing market downturn, you may want to diversify your portfolio with stocks, bonds, as well as with home equity.
CREATE A SAVING PLAN
To be better prepared for a sudden market downturn, it’s best to start saving for it. Build up an emergency savings account. You should save enough money for 3 to 6 months’ mortgage payments so you don’t need to worry as much about defaulting or a foreclosure.
LOCATION OVER DESIGN
If you’re worried you won’t be able to sell your home when the market crashes in the Maryland location, Virginia location, Washington DC location, or anywhere else, remember this simple phrase: “location over design.” Even when the housing market turns sour, people still need to buy homes. Good neighborhoods won’t suffer in a market downturn as much as bad neighborhoods.
GET A FIXED-RATE MORTGAGE
This is possibly the most important piece of advice to take away from this article. Fixed-rate mortgages give you a huge amount of security because, if the market goes down, your mortgage won’t go up. This is something worth sacrificing a bit of square footage over!
If you’re bettered prepared for the next housing market downturn, you can ride out the storm in relative security and comfort even while others scramble to sell their depreciated homes and try to find a way to pay their rising mortgages.Read More