Tax-Deductions for Home-Flippers

If you’re like many of us after filing taxes, you’re wondering what you can do to take advantage of more deductions next year and how to lower your income-taxes.  If you already own a home and are claiming deductions there, you may want to consider investing in real estate to reduce your tax-burden.  Feel free to contact me on how to qualify for an investment property or for access to hard-money lenders in the DFW area (and how to still meet your income / profit goals even when utilizing a hard-money lender).  

Wondering exactly what you can deduct when flipping a property?  Take a look below (and remember to contact your CPA for specifics or tax-related questions).

So What can You Slam-Dunk Deduct?

Here is a very partial list of possible deductions a typical flipper can claim, each year, whether in a startup phase or not:

  • Interest on business loans.
  • Advertising and marketing costs.
  • Costs of an assistant or laborer (but not while they’re renovating a property, in which case labor costs are added to your basis).
  • The home office deduction (technically, “business use of your home”).
  • Mileage you drive checking on properties, scouting new neighborhoods, or meeting with buyers, sellers, vendors, agents and advisors. You can take 55.5 cents per mile you drive for business purposes. Keep a log and an appointment book in case the IRS audits you.
  • Business legal expenses (not personal expenses).
  • Tax preparation fees.
  • A salary for yourself as an owner/employee of a corporation (if you have a corporation).
  • Local and state taxes.
  • Office supplies. But not capital equipment such as printers and computers, unless you can get it in under Section 179. Remember, you must depreciate computers over five years.
  • Maintenance costs.
  • Consulting fees.
  • Health insurance for yourself as the owner/employee and your staff, if any.
  • Bookkeeping fees.
  • Exterminator fees.
  • Lawn maintenance charges on business property (but not landscaping fees, which are probably a capital investment).
  • Office space, if you lease an office other than your home.

Note: If you’re running your flipping business inside a self-directed IRA or other retirement account, then none of these are deductible, simply because there’s no taxable income from flipping operations to deduct.   Information above provided by:  , RealEstate.com.

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LOOK FOR AN INVESTMENT PROPERTY HERE

Amy S. Arey, Realtor | Halo Group Realty, LLC | 214.901.1341-Cell

AmyAreyDFWRealtor@gmail.com

SEE CLIENT COMMENTS AND RECOMMENDATIONS HERE

Preparing Plants For A Possible April Freeze

Amy Arey:

Great tip, notice!

Originally posted on CBS Dallas / Fort Worth:

FRISCO (CBSDFW.COM) - It sounds hard to believe in the middle of April, but North Texans are preparing for a possible freeze on Monday night. Employees at Shades of Green nursery on Coit Road in Frisco started moving their plants and flowers inside on Sunday. There are about 50,000 plants that will be unsellable if they get hit by the freeze.

Anyone who purchased and planted spring flowers recently, when conditions have been warm and sunny, will need to take steps on Monday to prevent those plants from freezing. It’s recommended that you water them now and cover the soil with mulch. Jeff McCauley, owner of Shades of Green, said that watering the plants creates an igloo effect. “Why do you water plants? So they don’t freeze dry, because once the water freezes at 32, it doesn’t get any colder than 32,” McCauley explained.

Frost clothes will be in high…

View original 134 more words

Often-Missed Tax-Deductions

Often-Missed Tax-Deductions. 

In honor of the day that so many of us look forward to as much as falling out of a roller-coaster, I thought I would remind everyone of a few tips and suggestions that may be helpful with the looming tax-deadline, especially if you own a home.  ;-)

FIND A HOME

Consult your CPA for specific tax-questions.

Generate Web Post on Tax-Deductions

Amy S. Arey, Realtor | Halo Group Realty, LLC | 214.901.1341

AmyAreyDFWRealtor@gmail.com

 www.Aarey.HaloAgent.com 

VIEW MY RECOMMENDATIONS

How to Revive Your Yard for Summer During Watering Restrictions

Reviving a yard after such a harsh winter will take some know-how.  Regardless of whether you are trying to prime your yard for the summer or wondering how to boost your curb-appeal to list your home for sale, read on for some helpful tips and techniques from guest-blogger Ryan Haralson, owner of A&H Landscaping.  Admittedly, I have been doing my own yard for a few years; it’s a “therapy” to me…but I can also say that I have not since won the HOA Yard-of-the-Month Award (two months in a row!) as I did when Ryan was tending to my oasis.  Regardless of whether you are looking for routine maintenance or a landscape-design artist in the collin county or surrounding area(s), A & H Landscaping is one to count on… 

View A & H Landscaping Design Webpage Before and Afters Here

Landscape

As everyone knows, Mother Nature has not been too kind over the past 5 years. We have been in a major drought and then combined with a few ice/snow events and sub-32 temperatures which have damaged just about everyone’s lawn and landscape, trees, flowers and shrubs. Another major problem are the City Water Restrictions. Please see next blog for our new defense mechanisms to beat the system and save your lawn, landscape and foundation.
Spring is finally here. I would start by scalping and bagging your grass, Scalping is essentially cutting your lawn very short and cutting the dormant thatch off the top layer. Make sure you bag the grass the first few mowings of the year. Regular mulching mowers will just cut the weeds and spread them across the lawn area which may cause more weed growth. It’s also time for a good granular fertilizer/weed and feed fertilizer. If you already have weeds that have appeared, I would use a good post emergent fertilizer. Pre-emergent fertilizers/weed killers are applied to prevent new weeds from growing. Remember, rescuing and having a green and plush yard does not happen overnight, its a process. You can always mix some weed store- bought weed killers in a pump sprayer and spot spray them. Make sure you do not use Roundup. That product isnt used on turf/lawns. A home remedy works too, mixing vinegar and water and applying that to individual weeds. Also, the good ole hands and shovel or weed popper will work great as well… When attacking weeds by hand with a shovel or butter knife, make sure you remove the entire weed by the root or your time is wasted and the weeds will return.
After you control your weeds, maybe apply a 16-20-0 fertilizer which will green-up the lawn and support the roots. I would suggest 5-6 applications of fertilizer throughout the year. Also sneaking in some extra watering sessions will always help. Hand and hose watering is permitted in all cities. All living material needs WATER. Think of it as a human, what if you went 2 or more days without water?? That wouldn’t be good.  I cannot stress watering enough. Once or twice every two weeks IS NOT gonna work, especially on anything that’s new or not established. WATER, WATER WATER… Also, do not water at night. It can cause root rot.  Again, please see our next blog for a new plan of attack for watering.  Protect your investments. We install full-landscape packages all the time and I will drive-by and check on them and in many cases, people do not do their homework and provide sufficient water.  We are also installing new Xeriscapes and Rock-decorative gravel landscapes. Xeriscapes, are very drought tolerant landscape materials. We can do some magic stuff with river-rock, boulders, flagstone and rock.. Please inquire within if you choose the professional route? Estimates are always free….
As for your bedding plants and flowers, Spring is a great time to cut-back and trim shrubs. You will have some browning which is freeze damage. Hand-prune or cut them with a hedge-trimmer. Then it’s time for a good heavy dose of a granular fertilizer. I use Color-scapes, Color Star or Osmocote. Most of those can be purchased at Home Depot/Lowes, or Wells Brothers Farm and Feed Store in Plano. Those are granular as well and easily applied by hand or a hand-spreader. They must be watered into the ground thoroughly…
Enjoy. Feel free to call, text or email me if you have any questions or want to let us help you professionally.
A&H Landscape
Ryan Haralson
214-729-6933
Thinking of selling your home and seeking other pre-listing tips or an agent in the Mckinney or surrounding area(s) to help you get top-dollar?  Feel free to contact me.
Amy S. Arey, Realtor | Halo Group Realty, LLC | 214.901.1341-Cell

 

 

Villas at Twin Creeks | Townhomes for Sale in Allen with Yards

The Villas at Twin Creeks  is a town home community in Allen at the corner of McDermott and Watters (just off of highway 75, for an easy southern commute!)  resembling custom homes.  The Villas at Twin creeks currently has 3-bedroom floorplans available from $259,000.  The Villas at Twin Creeks is in Allen ISD and the home of Boon Elementary, Ereckson Middle School, and Allen High School. 

SEE CURRENT AVAILABILITY AT THE VILLAS AT TWIN CREEKS HERE

Perhaps a lifestyle change or… desire for more of a “turn-key” lifestyle has you craving a change and looking into the possibility of townhomes and condos in the suburbs of Dallas.  You love your home…and you would miss the features that you can only (or can you?) get in a custom-home, but you want or need a change.

Welcome to the Villas at Twin Creeks!  

The Villas at Twin Creeks is built by Megatal Homes, who have multiple locations across the metroplex and are known for their “standard build” being LOADED with upgrades (such as):

-42-inch cabinets

-3 cm granite

-GE Stainless Steel Applicances

-Moen Rubbed Bronze Fixtures

-Royal Jetted Tubs

-Yards

-Fully Sodded front and Back with Bermuda Grass

-6 FT Stained Privacy Fence

CONTACT ME TO REQUEST A FULL LIST OF INTERIOR AMENITIES HERE

I WANT TO KNOW MORE

 The Villas at Twin Creeks also has jogging, biking trails, the Arnold Palmer Golf-Course, and a catch-and-release pond.  Great nightlife, shopping, dining is only minutes away at Watters Creek and Allen Premium Outlets!  So, enjoy relaxing at one of the two community pools and smile as you know…someone else will be cleaning it this time (while you’re enjoying dinner and your favorite glass of wine at Brio or one of your other favorites restaurants down the street)…

Remember…inventory may change at any time, without notice.

SEE CURRENT INVENTORY HERE

Looking for options in selling your current home and buying another? Feel Free to Contact me:

Amy S Arey, Realtor | Halo Group Realty, LLC | 214.901.1341

http://www.Aarey.Haloagent.com

View my Client-Recommendations Here

Mediterranean-Style Homes of North Texas

Mediterranean Style homes in Collin and Dallas counties are a rare commodity indeed if searching on your own (even more-so now with our limited inventory of ALL homes for sale in North Texas).  Websites are not updated, and you’re likely coming across homes that have already sold six months ago or longer.  You’re possibly starting to feel like you should “settle” on another style of home –but you shouldn’t give up yet!  There ARE ways to find these lovely, popular, and rare Mediterranean-Style homes in Texas.  

So…how does one go about looking for this particular style of home in Texas?  Find a Realtor who you TRUST, and have them get to work finding exactly what you love and want in your new home.  Direct access to MLS gives us the most up-to-date information possible…and even better-we can set you up on automated listing-searches so that you never miss out on a home again.  (We have a duty to make sure our MLS information is updated ((and are actually FINED by our licensing board if it’s not!)) whereas third-party websites are not bound by this strict compliance.  It always pays to have a Realtor represent you and look out for your best interests.  

VISIT MY WEBSITE TO LOOK FOR HOMES

or contact me directly to set up a customized, “Mediterranean-Style Only” listing-search

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Dreaming of a home with your own Terracotta Roof?

Feel free to contact me here

Don’t miss this beauty for sale in Plano for only $379,990!

(Click Photo below for more details)

(Availability may change at any time and without notice)

Or this Mediterranean-Style Home for Sale in Plano:

Have questions regarding Mediterranean-Style Homes for Sale in North Texas

or looking for a lot to build your dream-home (or need references for builders who build this style of home?)

Feel free to contact me:

Have questions regarding Mediterranean-Style Homes in Texas or would like to know more about builders who built this style of property?  Contact me for a list!

Amy S Arey, Realtor | Halo Group Realty, LLC | 214.901.1341

http://www.Aarey.HaloAgent.com

View My References from Past Clients Here

Fairway Village | Neighborhoods in Stonebridge Ranch under $350,000

Fairway Village is a neighborhood in Stonebridge Ranch in Mckinney at the intersection of Stonebridge Ranch and Custer Road.  Most homes in Fairway Village were built in the early 2000′s and range in price from $220k-$320k.  

SEE ALL HOMES CURRENTLY FOR SALE IN FAIRWAY VILLAGE HERE

Homes in Fairway Village are currently home of the exemplary-rated Mckinney schools of Eddins, Dowell, and Mckinney Boyd (growing at such a fast rate, make sure to check the latest zoning for school information).  

CURRENT HOMES FOR SALE IN FAIRWAY VILLAGE

VIEW ALL NEIGHBORHOODS IN STONEBRIDGE RANCH HERE

Looking for a Realtor in Mckinney to help you buy or sell your next home?  Feel free to visit my website below and contact me.  I would love the opportunity to earn your business.

http://www.MckinneyRealEstateInfo.com

VIEW AMY AREY CLIENT RECOMMENDATIONS HERE

Client-Recommendations and Comments

Mehdi Helped me buy a home

Amy is one of the most aggressive (in a very good way) Realtors you can hope for! My wife and I were looking for a house in the summer of 2012 and she did a FANTASTIC job. She helped us getting what we want for the price that we wanted to pay. I have recommended her to numerous people since then and everyone loves her!

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Brad Client, Seller

Amy is the consummate professional Realtor. Ive used several realtors in the past and have never had one that had near the work ethic of Amy. She is a relentless marketer using not only traditional marketing but is a social media expert as well. She doesn’t just stick a sign in your yard and post on MLS, she constantly promotes your listing to keep it visible. I can’t imagine ever using another Realtor. Thank you Amy for YOUR dedication and passion and for LOVING your JOB; it shows every day!!!   April 23, 2012

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J.P Client, Seller

As a real estate investor, I have worked with many Realtors and Amy is the most creative and has the highest integrity of any I have met. She is very charming and easy to work with, but result is the bottom line. Within 30 days of meeting Amy, she sold my property for full price and it was closed and funded. Great results through great work ethic and expert knowledge and high integrity. If you want a Realtor who will go the extra mile for you, Amy is highly recommended.  November 27, 2012

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Shannon Client, Seller

My husband and I hired Amy to sell our house and to purchase one after we sold ours. She did a great job marketing our house and it was sold very fast! We then purchased a home and Amy made our transactions (paperwork) for both homes fast and easy! Completely Satisfied :) November 27, 2012

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miranda Client, Buyer

So I don’t really know where to start but to say Amy made our first time homebuying experience amazing. She was absolutely awesome. She answered all my question even when I had like a million. Even if I emailed her late at night she was always very helpful and dedicated to my husband and I. I have already referred her to friends and will use her when the time comes to sell and buy again. Choosing Amy as your Realtor will be the first right step forward to owning your new home.

You can also view more recommendations on my LinkedIn Profile here.

Experience and Skills

Client Type: Home Buyers, Home Sellers
Property Type: Single Family Home, Condo/Townhome, Multi-family
Specialty: Residential sales, Luxury homes, First time home buyers, Horse properties, Relocation
Languages: English
Skills: Motivated Negotiator,Proven Success with Multiple Offer Scenarios,SEO Knowledge to Maximize Potential Online Buyers for Sellers,Results Driven,Relocation Experience, First Time Home-Buyer Patience :),Passionate about my Business,Maintain Great Network (Results!),Short-Sale Experience,Access to Advanced Multi-Media Marketing for Listings,Expert Marketer,Land Sales,Over Ten Years of Experience in DFW Market,Luxury and Million-Dollar+ Home Sales, Luxury Neighborhood Experience
Awards: Top 5% Sales Halo Group Realty
Interests: I love the excitement of helping first time home-buyers but have worked with both buyers and sellers from the 100k range up to over a million! :)

 

Journey of a First-Time Home-Buyer: Part 7-The Closing!

Join us as we follow the first-time home-buying experience of an average, American couple buying their first home (told from the Realtor perspective)… The entire experience will be documented–from our first meeting…all the way to the closing table (along with any “bumps”, roadblocks, or transaction difficulty along the way–and how we overcome them).

Remember to click on the top, right-hand corner to join the blog conversation and get email updates so that you do not miss a crucial part of the story. Not up-to-date on the story?

Click Here to Read Journey of a First-Time Buyer | Part 1

Click Here to Read Journey of a First-Time Buyer | Part 2

Click Here to Read Journey of a First-Time Buyer | Part 3

Click Here to Read Journey of a First-Time Buyer | Part 4

Click Here to Read Journey of a First-Time Buyer | Part 5

Click Here to Read Journey of a First-Time Buyer | Part 6

Many, many details and negotiations have passed since the home-inspection of my first-time buyers.  Luckily, we tackled a tree falling into the roof (when the previous owner had it), bowing rafters, termites, HVAC problems, and an entire electrical panel that needed to be replaced.  Once taken care of, my buyers were finally comfortable and ready to move forth to their big day of closing! This morning, I met Ben and Jerry at the home to do the final walk through.  I arrived just a few minutes prior and will never forget the look on Ben’s face (or a flash of him, I might say) running across the yard in his best “Oh-What-A-Feelin’ Toyota” impressionas I looked over my shoulder as I was unlocking the door. The fan on the patio still wasn’t working but all other major repairs were taken care of and they were happy and excited to finally call this their “home”.

A few minutes later, we met at Stewart Title in Allen, which, ironically, is located in the same building as my office (Halo Group Realty).  I could see the excitement growing on Ben’s face with each hand-cramp of signing the FHA docs.  Jerry, as always, had his poker-face on, that I as always, could not tell was fear, excitement or worry of the “unknown”.  They signed the docs, got a copy and proceeded out the door ready to embark on the next phase of their life.  :)

What a ride this transaction was…but in a strange way, I’m going to miss it.  It will definitely go down as one of my most memorable ones.  I actually felt a little sad.  I’m dropping a welcome home gift off this weekend to see how they are doing….and don’t forget to check back with us at the end of June as I follow up to see what they think about their new home after having time to get settled. 

I hope you enjoyed the story of Ben and Jerry’s experience of finding and buying their first home, and that it hopefully shed some light on the subject if you are thinking of embarking upon your own journey of buying your first home.  Should you have questions regarding buying or selling a home in North Texas, I would love to hear from you!  Whether it’s $100k or 10M, let’s find your dream-home!

*  Amy S. Arey, Realtor * Halo Group Realty, LLC * 214.901.1341-Cell *

Search for Homes Here

Have Questions? Feel free to contact me any time!

Make sure to check out “The Cliff Notes of Buying a Home” by Clicking HERE

 

A Designers Perspective and Tips on Buying and Selling a Home

Sometimes it helps to get an outside perspective from someone other than a Realtor when thinking of buying or selling a home in this competitive market we have here in Texas.  Surprised that a Realtor may suggest such an idea?  My reason is this–we, as Realtors are out “in” the market every day, yes, but other industry professionals-such as designers-are also seeing where the “demand” and current interior design trends are for today’s homes (ie:  they see what homeowners are wanting in their homes and know the top trends of what is selling before ANY of us know what will be “hot” in design-trends for the season (or longer).  They realize the value of being able to appeal to a wide audience, while updating your home to give it a “sell-able” appearance.

For this very reason, I would like to introduce guest-blogger Alan Hilsabeck from the national, award-winning design firm in Dallas, Hilsabeck Design Associates.  Hilsabeck Design Associates has been published in “Better Homes and Gardens”, “Dallas Fort Worth House and Home” and has been featured on HGTV and Houzz.com just to name a few. 

LEARN MORE ABOUT HILSABECK DESIGN FIRM HERE

“Hilsabeck Design Firm” specializes in Kitchen and Bathroom Remodels…below is a sample of his work:

“Before”

Kitchen - Before

After:

Kitchen - After

WOW!

More of Alan’s Work Here

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A Designer’s Perspective and Tips on Selling or Buying a home!

So, you are getting ready to put your home on the market or you are looking at several potential homes and cannot decide which one to buy?  There are several things that you may not have thought about that will help in either situation.  Putting these ideas into motion will not only help sell your home faster, but also will help you make a more educated decision to one of the most important milestones of your life. Let us look at putting your home on the market first and what will lead to a faster sale and getting the asking price if not pretty close to it.

When it comes to making your soon to be former home presentable to attract its next owner, there are the two most important areas that need to be explored are the Kitchen and Master Bathroom.  Out of all the areas in and outside the home, these are the top two areas looked at and become the potential decision makers to buy your home or move to the next one on the list.  In either space, grab a pen, paper, or your IPad and take an inventory of the following items and see what needs to be replaced or simply freshened up.  Depending on the existing condition of these items will help determine which direction should be taken.

The three major items that will make a major impact when putting your house on the market are the Countertops, Fixtures, and Paint.  Updating these three things will not only transform your kitchen and or master bathroom instantly, but provide a fresh welcoming experience for potential homebuyers.  Based on the overall value of your home; that your Real Estate agent or Realtor will help you determine, will provide the budget guideline as to what should be spent for these items.

For instance, when it comes to the Countertops, in today’s market most homes have either Granite or Engineered Stone.  When updating the countertops, select a material that coordinates with the rest of the space, has a bit of unique attributes, yet is not based on personal taste.  This does not mean it has to be generic and boring, the countertops have to have enough pizazz while being attractive to at least 80% of the people looking at the home.  A decorative backsplash can be an optional add; however, if you currently do not have one I would recommend letting the next owner add this since it can be a very personal item.

In regards to the Fixtures; which includes items such as Toilets, Sinks, and Faucets, these are items that can provide a quick update and provide a great impact to either the kitchen or master bathroom for a reasonable amount of both time and money.  Changing out these items with a current model, style, and or finish will not only enhance the overall space but also provide the perception that you have cared for the home in addition that the potential homeowner will have literally new products immediately upon move in.  When you think about how you live in a home, the fixtures and faucets are the most used items on a daily basis.

Of the three recommended items, Paint is the quickest and most economical change that one can make in getting a home ready to be put on the market.  In saying this, it is important to remember one single word: Quality!  Whether repainting an individual room or space like the kitchen or master bathroom or giving the entire house a fresh coat of paint, both the quality of the paint and then the painting task itself is of utmost importance.  The one thing that really will turn a potential homeowner off is seeing a poor quality job.

In regards to color selection, stay within the Neutral range of the rainbow of colors to select from.  A warm grey or beige are perfect choices contrasted with crisp white trim, base, and doors.  Also remember that in addition to quality, use the right type of paint for the job.  Walls in general areas should be an Acrylic Latex with at least a Satin or Eg Shel finish.

In areas such as the kitchen or bathrooms, the type of paint will be the same while the finish needs to be an Eg Shel or Semi-Gloss.  For ceilings, an Acrylic Latex in a Flat finish will be just fine for general areas while in wet areas (e.g. bathrooms and laundry rooms) the finish needs to be an Eg Shel minimum.  Trims, Base, and Doors should be painted with an Oil-Based Enamel with a Semi-Gloss or High-Gloss finish.  There are many paint companies to select from and usually the final decision will be based on the color desired.

In the end, making the decision and investment in your soon to be former home is the smartest thing to do, whether updating the countertops, changing out the fixtures, or simply adding a fresh coat of paint will provide the biggest impact. By doing these three things will make the home not only more desirable to potential buyers, but also make this transaction a more profitable one. The tips listed here for the homeowners’ homes you are looking at purchasing should also be on your checklist during touring homes and narrowing the final decision in addition to style, function, features, and size.    Hope this helps no matter which side of the contract you are on.

Alan Hilsabeck, CMKBD, RID, NCIDQ is President of the national award winning design firm of Hilsabeck Design Associates, Inc.  As both a Certified Master Kitchen and Bathroom Designer and a Registered Interior Designer in the State of Texas with over 20 years of experience, Alan and his firm provide both great design to their clients in addition to providing professional expertise to both local and national publications.

For more information about the firm please visit our website at www.hilsabeckdesignassociates.com.

Thank you!

Alan Hilsabeck, CMKBD, RID, NCIDQ
President
Hilsabeck Design Associates, Inc.
4317 Thames Court
Flower Mound, Texas 75028
P: (214) 995-3178
For you, my valued and loyal blog-followers…I would like to offer you a complimentary design consultation for a full kitchen or bath remodel by Hilsabeck Design Associates valued at $500.00. 
Thinking of buying or selling a home in DFW?  Need to know what homes are selling for in your neighborhood and how long they are staying on the market before selling?  Ask me for a complimentary analysis. I’d be glad to help!

 

 

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