Having a REALTOR is a good thing while navigating through a real estate purchase or sale. You need much more than just a ‘For Sale’ sign. You deserve a realtor who will be at your side all the way through the buying and selling process to the closing. Link here for brochure from the NAR.
Don’t forget to Explore Georgia even during the winter months. Without all the leaves, you can see and appreciate the hidden waterfalls and the grandeur of the mountains.
Currently Cloudland Canyon State Park is offering 25% off cabins, yurts and campsites. www.GaStateParks.org/cloudlandcanyon
Get out and enjoy what is around us.
Get to know your neighborhood. Do you want to know what your home and the ones around you are valued at in today’s market? What about the new community you have an interest in, do you want to know more about it? What about running some community comparisons? You can even check out the schools that are near your home to be.
It is a simple entry of a zip code and you will have a variety of market statistics at your finger tips. Link here for Ed’s website and start running your own stats.
Great information presented by the KellerInk Team on why it is good to consider purchasing property in college towns. Read on for the benefits from investing in property vs. throwing money at student housing. These are some good points to ponder as you sit down with your son or daughter to discuss college.
Have you considered investing in properties like College dorms or apartments? If so, you may have been looking at property rental listings in different areas. For example, Midtown and Downtown Metro Atlanta areas still have phenomenal investment opportunities that will pay off today, while students attends GA State or GA Tech, and roll on into tomorrow after graduation as rental property. Your student will graduate from college with much more than just a degree. You can consult property management services if you’re having a hard time to find a good property.
Contact Ed Corbett directly, if you would like to discuss these opportunities further.
Here is a link into downtown Atlanta housing to review while looking through college catalogues.
Three Reasons to Invest in Your Child’s College Housing
As the post-commencement rumble quiets, finances take center stage as many parents and students look at fall college expenses and budget for the inevitable. Continuing education is by no means cheap these days. While housing costs quadrupled at their peak, college tuition skyrocketed tenfold from 1980 to 2010. But there are ways to cut costs. For instance, ordering used books online can save you hundreds. Surfing sites like Craigslist.com for used furniture can help cut up front living expenses.
But, what if we told you there’s a way to save thousands? What if you could take one of the largest college expenses and turn it into a financial gain? Instead of paying for a dorm or renting an apartment, savvy college-bound students and their parents are choosing to invest in real estate with a buy-and-hold strategy.
According to the CollegeBoard statistics, average room and board at a four-year public school is about $7,000 per year and for a private school it’s close to $9,000 per year. That’s roughly $28,000 to $36,000 just to put a roof over Junior’s head and some food on the table. And what’s your financial return? Nada. Zilch. Nothing. Zero.
On the other hand, that $28,000 to $36,000 could go a long way as the down payment on an investment property for Junior and friends to live in. And the returns will be more than financial.
Three Reasons to Invest in Your Child’s College Housing
1. Cut Your College Costs: We see three options when it comes to your child’s living situation at school: 1. dorm or apartment rental, 2. single-family home or 3. duplex.
We’ve already agreed option one leaves you out at least $28,000 over four years. But, in a hypothetical analysis using our HOLD Property Analysis Worksheet, option two could generate an extra $2,300 cash flow come your student’s next graduation, not to mention nearly $32,000 in appreciation. And option three offers a cash return of almost $6,000 with appreciation of about $40,000. Of course you’ll want to run your own numbers based on your local price points and today’s mortgage interest rates, which are much more favorable than the 30-year average used.
This is a hypothetical analysis based on a 30-year median single-family home price of $170,000 and a duplex price of $210,000. It also uses a 20-year median interest rate of 6.94% and a historical appreciation rate of 4.4%.
Our colleague Danny Thompson bought a duplex for $190,000 just a year ago for his two college-age daughters. The girls live in one side, while a young couple in graduate school occupy the other. The property’s monthly mortgage payment is $1,218, and the couple in side two pay $1,050 a month. That leaves the sisters only paying $168 a month! And, if Danny wanted to convert his savings to earnings, he could charge one of the girl’s friends to live in the spare third bedroom and cash flow immediately. Not to mention in year one the property’s fair market value has increased $20,000 to $210,000.
2. Write It Off: If some spending money and a four-year financial return between $3,660 and $8,133 doesn’t quite do it for you, remember the investment can also be a valuable tax write-off on several fronts. Landlords are given several opportunities to write off investment property expenses. According to a property management services group, some of these include mortgage interest, some insurance premiums, property taxes, property depreciation, property management costs, settlement costs in year one and maintenance and repairs.
3. Continuing Education Times Two: What if at the end of four years your child already had a great line of credit, knew how to maintain a household and understood how to build wealth through real estate along with an academic degree? Going through the HOLD journey with your student could be the most rewarding reason of any to invest in your child’s college housing. Not only will you save thousands, but you will also instill life lessons that most of us never learned in college.
Of course one of the biggest advantages to investing in your child’s college housing is when it’s all over, you still have an asset. So even though you can opt to sell once the chick has flown the coup, you can also keep the investment and continue to cash flow it while other students pay down your mortgage and build your wealth. And why not stay on the wealth-building journey that you started four years ago? And, if you’re really feeling gracious, what better graduation present could you imagine?
Have you heard that beginning January 1, 2013, a new 3.8 percent tax on some investment income will take effect. Since this new tax will affect some real estate transactions, it is important to clearly understand the tax and how it could impact you and your purchase or sale.
Follow the link to the National Association of Realtors brochure to review different scenarios in which this new tax — passed by Congress in 2010 with the intent of generating an estimated $210 billion to help fund President Barack Obama’s health care and Medicare overhaul plans — could be relevant to your next purchase. Understand that this tax WILL NOT be imposed on all real estate transactions, a common misconception. Rather, when the legislation becomes eff ective in 2013, it may impose a 3.8% tax on some (but not all) income from interest, dividends, rents (less expenses) and capital gains (less capital losses). Th e tax will fall only on individuals with an adjusted gross income (AGI) above $200,000 and couples filing a joint return with more than $250,000 AGI.” Read more about this issue through the linked documents, but remember since this is pertaining to taxes and the IRS that it is best to consult with a tax advisor to make sure the tax is applied correctly in each individual case.
Read more at Daily Real Estate News.
The 3.8% Tax Real Estate Scenarios & Examples
There is a great mortgage program available for your review as you consider owning residential property. Contact the Corbett 2 Corbett Team to get further details about this program from Fidelity Bank Mortgage and secure your dream.
Contact Ed today – 404.909.2299 | edcorbett@KW.com
Ed Corbett, Realtor is a former Medical Sales Representative with an understanding for a doctor’s time and quest for information. Ed began his career as a Biochemist and spent many years as a representative across the Southeast. As KV construction LLC is also greatly known for their excellent house and industrial repair services.You can also contact them to avail the services.Along with little inspiration over 6 years ago, in an effort to spend more time with family, he decided to pursue a career in Real Estate specializing in Residential real estate in the North Atlanta Metro area. Since that time, he has successfully helped homeowners with both their primary and secondary homes. For queries on estates and estate planning, eXp Realty are the right people to contact!
When Corbett2Corbett’s preferred Real Estate Mortgage Specialist told us about their program targeted for Medical Doctors and Residents, Ed knew he had to reach out to his past market and let them know about this great program. Look at the information contained in the provided flyer. If you have a chance, follow the links and learn more (link here for the Fidelity Bank Mortgage flyer).
I would be happy to put you in contact with my Fidelity Bank Mortgage representative for additional specifics. This is a great time to purchase Real Estate in North Atlanta; all indications are that we are beginning the journey back, so let’s find your home today!
Fidelity Bank Mortgage | Doctor Program
100% Financing Available for Eligible Doctors.
• Loan Amounts:
> Up to $1,500,000 for medical Doctors who have
completed their residency.
> $417,000 for medical doctors currently in their
• Financing available for Primary Residences Only.
• No Mortgage Insurance Required.
• Program applies to Single Family Residences.