Issue #217
In This Issue
Welcome / This Week's Special Offer
Welcome To The Latest Issue
Hello. It looks like the Feds will be raising rates AGAIN at their next meeting. Fortunately, rates haven’t gone up a lot YET. If you’re thinking of buying or refinancing, don’t wait or you’ll be paying a higher rate. …Last week I mentioned the fellow who knocked on my door and unknowingly attempted to start a conversation with my macaw parrot. Reader Maura sent in a couple of funny stories of her own. Click here to read them.
The World’s Most Expensive Private Home
In 2004, wealthy steel magnate Lakshmi N. Mittal paid £70 million (that’s U.S. $128.3 million!) for a 12-bedroom mansion in one of the world’s tiniest neighborhoods: Kensington Palace Gardens in London. The house has a ballroom, basement pool, and 20-car underground garage. The Kensington Palace Gardens houses are dubbed “Billionaires' Row”. Nearby are the London home of the Sultan of Brunei and Kensington Palace, where Princess Diana lived. Mittal’s personal wealth is estimated at $6.4 billion.
Interested In Positive Cashflow Apartments With No Management Hassles?
Want a hands-off real estate investment with consistent positive cashflow? Sound too good to be true? I've found a great investment opportunity that I'm personally investing in, as have several of my clients. If you have $100,000 to $3,000,000 to invest and want to find out more...Call me at (858)457-KENT or CLICK HERE for info on the Positive Cash-Flow Apartments
FREE MLS Online Search For A San Diego or Riverside Home
To search for a home right now, click here: Free MLS Homesearch.
Another Real Estate Myth Debunked
Myth: “I’m selling my home ‘As-Is’.”
Reality: Purchase contracts are contingent on the homebuyer approving the findings of a home inspection. And because no home is perfect, defects are inevitably found and the buyer will request the seller to make some repairs. To get a buyer to legally bind himself up front no matter what the inspection finds requires such a big price concession that it’s just not worth it. So home sales are almost never really “As Is”.
This Week’s Free Offer:
FREE Consultation For Homesellers With A Professional Home-Stager
You’ll be amazed how our Home-Staging Expert can put the finishing touches on or even dramatically transform your home. She’ll show you easy, profitable, often surprisingly simple changes & improvements so your home sells faster & for top dollar.
After your consultation, you have 3 choices:
1. Do nothing
2. Do your own staging
3. Hire our home-stager to use her imagination, time, effort & do all the work for you to maximize your home’s appeal & value.
Available for a limited time. For your free home staging, call me at (858)457-KENT.
Send This Free Newsletter To A Friend
Subscribe them with a quick email to Tell A Friend with their email address in the subject line.
Remember to email your questions, comments, compliments, corrections, critiques, & rebuttals to Questions.
Gary's Real Estate Seminars
FREE
SEMINAR July 27 / Thursday 6-8PM
At "Forum Hall" at the UTC Mall in University City
Homebuyer Seminar…details to follow
- - - - - - - - - -
It’s Back…
FREE SEMINAR June 28 / Wednesday 6-8PM
At "Forum Hall" at the UTC Mall in University City
"Discover Exactly Where I'm Investing MY Money In 2006"
Positive Cash Flow Apartments With Appreciation & ZERO
Management
- Want to build wealth through real estate?
- Want to buy real estate 10% below market value?
- Want an easy, hands-off investment you don’t have to manage?
- Want to enjoy a consistent positive cashflow?
- Want real estate that will appreciate?
- Want your only responsibility to be cashing your monthly check?
This is the best real estate opportunity I’ve found in 22 years in the
business.
I believe in it so much that my wife and I are investing a bundle of
our own
money. Over 2 years, 25 of my clients have invested and every one I
talk with
reports profits equal or better than promised. And 8 more are investing
this
month.
If you have 100K to 3M to invest and want to find out more about this
opportunity…
CLICK
HERE for flyer, more info, & free sign-up
Sandwiches & drinks provided + free dinner drawing. No obligation.
Come, listen,
ask questions, then you decide…
To RESERVE YOUR SEAT at this free presentation
now,
click
here or call (858)457-KENT!
Homebuying
Question
"Hi Gary. The only home I’ve ever
owned is a little condo I bought from my parents, so I’m a rookie at homebuying.
Now I need something bigger, with a yard for my dog, so I want to buy a house.
Can you tell me how much my deposit will be and do I lose it if I don’t buy the
house?"
***ANSWER:
Deposits are typically 1-3% of the sales price, in the form of a personal check
held by the agent when you write your offer.
Upon acceptance, the check is cashed by the escrow company (be sure you have the
funds in your account to cover the check!).
Your deposit is only at risk if you cancel your purchase without the right to do
so. Common rights to cancel include:
1. Contingency of your approval of your inspections and investigations of the
property
2. Contingency for getting a home loan
3. Disapproval of disclosures
All contingencies have time limits written in the contract. If you cancel too
late, you may be at risk to lose your deposit. And if you and the seller did not
initial the “liquidated damages clause” in the contract, you may be at risk to
the seller for damages. But it’s rare that a buyer ends up paying damages beyond
the deposit.
If you’d like our help finding you that house, call me.
“Dear Gary: Is it true that once you moved out of your primary house and then you rent that house and then you buy a bigger house - that you have so many months so you can sell that primary and be able to touch the money w/o paying taxes on the profit I make? Any advice is very much appreciated. Thanks."
***ANSWER:
What you’re talking about is IRS Section 121: sale of your primary residence.
The rule is that if you own and live in your home for at least 2 of the past 5 years, you may sell it and exclude all your gain up to $250,000 for individuals or $500,000 for couples.
That means if you’ve lived in and owned your home for 2 or more years, you can move out for up to 3 years (but not a day longer!) and sell it and get that tax break.
Also, you mentioned buying a bigger house. So that there’s no confusion, I want to mention that this law does not require you to buy another home at all. The old law that changed in 1997 let you roll-over your gain if you bought another, more expensive home. That rule no longer applies.
Note: there are exceptions to the 2-year rule. Depending on why you moved, if you move before owning and living in the home for 2 years, you may yet be eligible for a reduced exclusion that could still reduce your tax bill to zero.
For questions, email me GaryK@GaryKent.com or call me at (858)457-KENT.
Always verify any tax-related information with your tax professional.
Investing or Financing Question
"My friend recommended that I use you to sell my property. I have an 8 unit apartment building in Pacific Beach that I want you to sell. When I do, will I have to pay 25% capital gains?"
***ANSWER:
I’ve got bad news and good news and better news for you...
Bad
Many people I talk to about capital gains totally forget that taxes will be due to our great state of California. California’s maximum capital gains rate is 9.3%.
Good
The federal capital gains rate was cut several years ago to just 15% maximum.
Better
With the right information and planning, there are several legal ways you can lessen, delay, or even entirely avoid paying taxes when you sell.
Give me a call and I'll be happy to go over them with you. You can call me at (858)457-KENT...that's 457-5368. Please also see your tax advisor.
Hot Properties: Call Now On These Hot New
Listings &
Not-Yet-On-The-Market Properties
|
THIS WEEK'S FEATURED PROPERTY! | |
 |
Lovely End Unit in Upgraded 2 BR condo
|
|
For more information on this Wonderful Home Click here | |
"COMING SOON"
(Click Contact
Me to be contacted BEFORE these properties hit the market!)
- Clairemont – 2BR/2BA house w/ HUGE backyard, brand-new
eat-in
kitchen, FPL, vinyl windows, quiet street. 470K Contact Me
- Clairemont – - Clairemont – Remodeled 4BR/2BA house + granny flat. 2-car garage. Mid/high 500’s. Contact Me
- Lemon Grove – Remodeled 1700sqft
home on over 1/4 acre. Quiet street, 2-car garage, stunning kitch.
480-520K Contact Me
- Linda Vista – 3BR/2BA fixer-upper house w/ spectacular valley
& city
views! Priced to sell @ 459K! Contact Me
- Pacific Beach – Cute 3BR/2BA house in north
P.B. Should be priced to sell in the low/mid $600’s!
Contact Me
- Pacific Beach – Upgraded 2BR/2BA townhome 1 block to Tourmaline Surf
Park & Beach. Garage, quiet complex. Contact Me
NEWLY LISTED (Your Home Here!)
- Kearney Mesa/Clairemont – 2BR condo w/ yard.
Newer carpet, paint, flooring, appliances, tub/shower, more. Just 269K
- USD/BayPark/Mission Valley – Four
3BR/2BA condo conv, owner will
remodel & decorate to you specs. FPL, views. From 470K!
Look
here
- Bay Park – Great price for this 1400 sqft, 3BR house in
“Overlook
Heights”. Quiet street. 585-625K!
More
info
- Carlsbad – Newer 1766sqft, 3BR/2.5BA “Harbor Pointe” home on
culdesac near beach. Remod kitchen w/ granite. 695K-705K View
Pictures Here
- Clairemont – 4BR/2BA “Parkwest” home w/ family room across
from
Gershwin Park tennis, basketball. Well-priced @ 520-560K! Click here
- Clairemont – Cute, clean 3BR/2BA home w/ 2-car garage, FPL,
dbl-pane
windows, lots of upgrades, nice yard: 475K-525K
Take a Look!
- La Jolla – Newer 2BR/2BA condo, heart of downtown La Jollawalk
to shops, restaurants! Marble, granite. 650-725K Reduced! More Pictures Here
- Pacific Beach - Development Opportunity! 3BR home, approved
plans to build 2 condos. Resell or rent. Reduced: 775-850K Check out the Lovely
Backyard
- Phoenix, AZ - 12 apartments, 4x1BR, 4x2BR, 4x3BR. Fully
renovated.
Condo conversion opportunity? $1.068M.
Contact Me
- Phoenix, AZ - Cashflow apartments, zero management, 15%
under-market!. 1031 exchange OK. $100K to $2M down. Click here to request
more information
-SOLD/ Point Loma – Updated
3BR/2BA
house w/ detached 1BR/1BA guest house. FPL, garage, hardwood floors.
650-700K
Contact Me
- San Marcos – Large
1060sqft 2B/1.5BA condo w/ garage & private patio. Pool, spa,
tennis pets
allowed. 295-329K
Contact
Me
- Scripps Ranch- Handsome newer home
on quiet street! Offers 19' ceilings, travertine, hdwd floors, family
room.
700-750K. Take a
Look!
Call me at (858)457-KENT to find out
more or arrange a private
showing...
Thank you Richard S. for
referring someone to sell their condo…
Thank you Mike P. for referring your son to buy & sell a home…
Thank you Theresa H. for referring your parents to buy a home…
Thank you Jill M. for referring a friend to buy a home…
Thank you James & Lauren K. for referring a friend to buy a home…
Have a great week...
"The Agent You See EVERYWHERE"
All-Time #1 Agent/Team In San Diego County for RE/MAX
22 Years Experience -- 3,000+ Homes Sold
Gary Kent Team --- RE/MAX Associates
(858)457-KENT --- (858)457-5368
GaryK@GaryKent.com -- http://www.garykent.com/
Due to production and shipping expense, free items are available only to residents, owners, and people planning to purchase real estate in San Diego.
