Never loan money to friends and family! Gosh, how many times have we heard that advice? But, what about being the borrower, that can’t be too bad, right? Well, to be sure, money exchanged between friends and family is often tricky.
If you are still working, check with your lender about insuring your mortgage. I have a policy that will defer my payments for two years if I am unemployed. I will still have to pay real estate taxes. The deferred payment means I can live on my unemployment benefits if I lose my job. This can make a big difference in your monthly cash flow. If you have a mortgage with FHA, HUD, FMHA or VA you may already have insurance. Check with the agency to see the help they can provide.
Fifth, consult your local accountant. Pay him or her the required fee so that they can tell you that you are set to sell. If you know what you are doing, then you can skip his step. If you are a novice its better to get help of a Realtor AND an accountant until you know for a fact what is involved with selling such a huge asset.
Fourth, you need to choose the lowest price to settle for. This amount must be all inclusive and remember to include the taxes applicable in your situation. Do not forget the Capital gains and the deferred property taxes that you accountant helped you make throughout the ownership of your property.
One place to look is your local Bar Association. There are many different bar associations in NYC (New York City Bar Association) and New York State. They have Lawyer referral services that provide free referrals for people searching for a Lawyer to Avoid Probate.
Get out the patching compound and fill in all those little holes. Be sure to eyeball each wall one at a time top to bottom for cracks. Now check the real estate lawyer wood around the windows. There are several quick drying multi purpose fillers on the market so get one that works on wood as well.
In such a climate, debt collection professionals have had to tighten their belts as well. It’s become much more difficult for them to do their jobs because folks who would ordinarily somehow come up with the cash, simply cannot. Bill collecting agencies are being forced, by necessity to become more creative and aggressive.
Government policies and regulations play an indispensable role in deciding on the REI. These policies and regulations include control the zone based bylaws, construction activities; property prices; rent control procedures; license dispensations and property transfers; taxes etc. Therefore, in order to easily get through all these scruples, you need to have a legal advice from a seasoned real estate lawyer, and more so, you should have the best advice in your hand, when you want to make income through your real estate investment.