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Posts by GraytonGirl

Aug 17

Shopping

Shopping:

Aug 17

Buying and Market Tips

VIP (very important property) – Let us know what is important to you: how many bedrooms, proximity to the beach, swimming pool, vacation rental possibilities, style, neighborhood preference, etc. Give us some ideas and let us send you some properties to get you started. Internet searches are an excellent way to preview real estate from your desktop! Be open to sleepers and diamonds-in-the-rough – we know where they are!
Pre-qualify (see how much you can afford) with your banker or mortgage company. If you need local recommendations we can provide contact numbers. Grayton Coast Properties has great relationships with a number of local lenders throughout the Gulf Coast.
Price Range – Give us a price range of what you are willing and able to spend. With over thousands of listings in our immediate area, it is imperative to narrow the property search.
Heads Up! Making Appointments – let us know when you will be in town and set aside time to go see your choices. Our area has many properties with vacation rental guests – so we have to make appointments, pick up keys and work around check-ins and check-outs. Stats show that viewing over 5 (maximum) properties per day is unproductive. Wear comfortable everything, hire a babysitter or bring one if possible….and have fun – you’ll be seeing some great real estate.
Hot Hot Hot! Market Conditions – there has never been a better time to buy.  Prices have dropped significantly over the last few years.  When we tell you a property is a deal – you must be ready to move.  Trust us, if we have noticed it, so have others and your incredible bargain at the beach might just remain a pipe dream.
Everything is negotiable – Today’s sellers don’t want to be asked – “What is the lowest you will take?” Make a written offer and that will get the negotiating started. If you are not ready to make an offer – accept the fact that the property may not be available later.

Aug 17

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1031 Tax Deffered Exchanges

Thanks to the “1031 Tax Deferred Exchange” real estate investors can essentially exchange investment property for a rental cottage at the beach and defer paying taxes on the realized gain until the property is sold in a subsequent taxable transaction.  The secret is knowing what type of property you may exchange, and staying within the proper time constraints.You must “identity” your replacement property within 45 days from the close of your first property and close on the replacement property within 180 days.  Sound confusing?  It’s not.  Give us a call and we’ll walk you through the process.

We even have information on a Reverse 1031 Tax Deferred Exchange (when you buy first, then sell.)  Sound complicated?  It can be – that’s why we’ll put you in touch with the expert 1031 exchangers.
The Six Basic Rules for a successful exchange are:

  1. Held for Investment – Property must be investment property – i.e. rental property, office building, apartment, vacant lot, mini-warehouse, strip mall and more. (NOT YOUR HOMESTEAD!)
  2. IRS Requires Qualified Intermediary (QI) – A professional intermediary facilitates the exchange.  (Don’t worry.  We can put you in contact with the experts).
  3. 45 Days – You have 45 days from the closing of your relinquished investment property to pick out your dream condos/home.
  4. Avoid Receipt of Sale Proceeds – You cannot accept the proceeds from the sale.  This money goes into an escrow account until you close on the replacement (new) property.  It is imperative that your hands not touch the proceeds! (unless you want the proceeds to be taxed!)
  5. Trade Equal or Up – Equal value and equity. If you buy something less in price, you will pay taxes on the portion you did not roll into the new property.
  6. 180 Days – Your new property must be closed within 180 days of the close of the relinquished property.
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