Davidbrown
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Location: 191 Paseo Vista Circle
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| owning real estate |
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What fees are involved with owning real estate?
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Fri Jul 10, 2009 5:06 am |
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coaster
Senior Advisor
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Joined: 11 Oct 2005
Location: Wisconsin
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Fees, taxes, or expenses? Or all three? Or how about one most people don't even consider: risk?
~Tim~
Eye Candy : Why Whimsy
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Sat Jul 11, 2009 3:49 pm |
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Jeremymetz
First Time Poster
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Joined: 16 Jul 2009
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| Re: owning real estate |
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quote:
Originally posted by Davidbrown
What fees are involved with owning real estate?
On top of the purchase amount, all real property is lawfully required to pay property taxes. Property tax amounts are dependent on geographical location. Some properties within communities will have monthly homeowner’s association (HOA) dues, which can range from $50-$900/month, depending on the community and amenities included. Mello Roos, or special property tax/assessment, in addition to the normal taxes, can be imposed on those within certain community facilities districts.
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Thu Jul 16, 2009 6:52 am |
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topseed66
New Member
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Fees in the investment.. well they are negligible. You are required to pay taxes and stamp duties. But the actual risk is in the fluctuation of the prices.
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Fri Aug 07, 2009 12:38 pm |
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shubh
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Location: India
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Stamp duties, transfer and registration fees are statutory fees that must be paid. Land Tax is payable on the unimproved value of land, where the property is not the principal place of residence. Additionally, some States charge higher stamp duty for investment properties. If a solicitor or licensed agent does the conveyancing there will usually be two components to the conveyancing fee charged. The legal fee charged for the time involved in providing the professional service, and the disbursements fee for out-of-pocket expenses incurred in enquiries, searches etc.
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Sun Aug 16, 2009 11:47 am |
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JoeDuggins
Member
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Joined: 30 Aug 2009
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| Land Investing |
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Buying a chunk of land and hoping it goes up in value is SPECULATING. Buying a property to collect high income in the form of rent is INVESTING. When you compare investors who speculated in Nasdaq stocks in 2000 (and lost it all) to those who invested in bonds and smartly collected income, the difference in risk between speculating and investing is obvious. Investing is a much safer (and smarter) way to go.
Money without intelligence is like a car without a road.
-Intelligent Investing-
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Sun Aug 30, 2009 7:08 pm |
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coaster
Senior Advisor
Cash: $ 1356.80
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Joined: 11 Oct 2005
Location: Wisconsin
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| Re: owning real estate |
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quote:
Originally posted by Jeremymetz
, all real property is lawfully required to pay property taxes.
Property taxes are such a joke. Anybody who wonders why I say that can do some research on where Thomas Jefferson came up with the phrase "the pursuit of happiness" which he used in the Declaration of Independence.
~Tim~
Eye Candy : Why Whimsy
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Tue Sep 01, 2009 3:21 am |
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awp354
New Member
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Property tax, maintenance fees, stamp duty, hassle.
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Fri Sep 04, 2009 11:47 am |
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Nick Brian
Full Member
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Joined: 08 Sep 2009
Location: New York
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quote:
Originally posted by shubh
Stamp duties, transfer and registration fees are statutory fees that must be paid. Land Tax is payable on the unimproved value of land, where the property is not the principal place of residence. Additionally, some States charge higher stamp duty for investment properties. If a solicitor or licensed agent does the conveyancing there will usually be two components to the conveyancing fee charged. The legal fee charged for the time involved in providing the professional service, and the disbursements fee for out-of-pocket expenses incurred in enquiries, searches etc.
That's a lot of payment to make. Big hassle for Realtors. And all day long paperwork.
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Tue Sep 08, 2009 12:00 pm |
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webreal01
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Realtors are quick to point out that home ownership allows a lot of tax advantages not available to someone who merely pays rent. A homeowner can deduct points used to obtain a mortgage when buying a home, mortgage interest paid during the year, and property taxes.
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Thu Jun 24, 2010 1:47 am |
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danielhenry31
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When comparing the investors who speculated on the Nasdaq in 2000 (and lost) that have invested in bonds and intelligence gathered on income, the risk difference between speculation and investment is clear. The investment is much safer (and smarter) to go.
Henrico Virginia real estate
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Fri Jul 09, 2010 7:24 am |
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amonialogin
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Joined: 06 Aug 2010
Location: India
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If you own Arizona investment real estate in your name, rather than through an entity such as an limited liability company, corporation or limited partnership, all of your assets and life savings are at risk and could be lost to a creditor if a problem occurs with the property. Because the LLC is the entity of choice today for holding title to real estate, the corporation and the limited partnership are infrequently used in Arizona to hold title to real estate.
Owning real estate for investment, especially residential and commercial real estate is inherently risky. Accidents happen. People can get hurt on the property. When people are injured or killed on property that does not belong to them, the injured victims and family members of deceased victims frequently sue the property owner for damages.
Insurance is the first line of defense to protect against claims arising from the property, but judgments can exceed the amount of insurance coverage and sometimes insurance coverage is denied. For example, if you have a $2,000,000 general liability policy and an injured tenant obtains a judgment against you for $3,000,000, you have a $1,000,000 problem that could have been avoided if your property were owned by an LLC rather than by you in your name.
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Fri Aug 06, 2010 6:27 am |
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