Post Tagged with: "Financing"

Here’s How You Can Ensure a Successful 1031 Property Exchange

Couple looking for home propertyIt might seem strange, but the government is your ally when investing in the commercial real estate. The state applauds your effort to house the masses, and provide office spaces for workers and manufacturers. To this end, the Internal Revenue Service or IRS makes concessions in the tax code to help you grow your investment in the sector.

Under Section 1031, you can defer paying taxes on capital gains if you reinvest the proceeds from a sale back into the commercial real estate sector. For a successful 1031 exchange in Idaho, you need to take a few precautions, notes 1031 Exchange Place.

Hunt for a Replacement Property Early

As with every property deal, you’re looking to build equity as quickly as possible. In a vibrant market, such properties are in short supply. Hence, it might take you several months to find the ideal replacement property when looking to make an exchange.

Given that you have 180 days to seal the deal, time is a luxury you can’t afford. The countdown begins once you close the sale on the current property. For the best results, begin your search long before putting your property on the market. That way, you can beat both the 45-day and 180-day deadline.

Have the Financing Ready

A property exchange allows you to buy properties worth up to twice the value of the current property. In such a case, it might mean that you’ll need a line of credit to finance the remaining amount. To avoid undue delays when the countdown timer is running, get pre qualified for a loan.

Otherwise, if the money doesn’t come through on time, the exchange falls through. If that happens, you’ll not only lose the opportunity but also have steep capital gains to contend with. To add insult to the injury, you’ll be saddled with costs incurred during the failed exchange process.

Taking part in a 1031 property exchange is a credible way to improve your real estate holding. However, you need to tread carefully to avoid common pitfalls that could ruin the entire process.

August 22, 2018 at 7:36 pmMind of Money

How Women Ought to Spend Hard-Earned Money

Gender differences in salaries between man and womanThe latest stats show that women are earning as much or more than their male counterparts. According to this post from Time, some 50 percent of non-farm jobs in the U.S. are being held by women. The number of female entrepreneurs is growing too, owning a third of U.S. companies.

If you are one of these feisty females enjoying economic power, how should you spend your money? Here is a list of smart purchases you ought to be making to maximize your earnings.

A good mattress and high thread-count luxury sheets

Durable and comfortable, not only will these last you a long time, they help you get a good night’s sleep, which you will need to take on a hectic day. The point is to invest in self-care so you can max out your productivity.

Versatile clothing and comfortable footwear

Even if you’re not particularly into fashion, slipping into something that fits well, is in style and can be appropriate for corporate or cocktails is essential in business.

A real piece of jewelry

A piece of custom jewelry here in Salt Lake City shops is an incredible investment. Not only can you use it to attract even more opportunities, but it also carries real economic value that will not depreciate over time. Buying jewelry you love is a great way to grow wealth.

This New York Times article lists down more reasons to shell out good money for jewelry.

Skin care products

By the time you hit 30 or 40, there is very little you can do to reverse the skin damage caused by a hectic lifestyle. If you can afford it, invest early in quality skin care products that protect and nourish your skin so you will not have to worry about them too much as time goes by.

Productivity tools

Anything that can help you do more in less time should be your next guilt-free purchase. It can be a high powered food processor in your kitchen, a scanner in your home office, smart lock systems for your doors, or cool cleaning gadgets for the lazy.

Investing in the right purchases can help preserve your wealth and allow you to do more with your unique talents!

October 19, 2017 at 1:00 amMind of Money