Saturday, March 31, 2007
breather, taxes and no ceramic tile company
Well I am at the office the Saturday morning working on taxes. It appears that business slowed down a little the last few days giving me an opportunity to work on taxes.I suspect that we will break loose again in a few days.
I also just found out the ceramic tile company we have been talking about coming to Dyersburg has decided not to expand into our area. That is ok because there are about 10 other companies considering Dyersburg.
I also just found out the ceramic tile company we have been talking about coming to Dyersburg has decided not to expand into our area. That is ok because there are about 10 other companies considering Dyersburg.
Saturday, March 17, 2007
Business Just Super
Well I just returned from real estate convention in Franklin,Tennessee. The president of our local board(Jackie Keeling) and I attended this 3 day event. We attended several classes with the emphasis on ethics. From my prospective, it appeared that the biggest ethical problem facing realtors across the state is mortgage fraud. You have been hearing about it on the news with at least one big national mortgage company filing bankrupcy.
There are several very reputable realtors here that will not participate in any of this fraud. Business is good for the realtors that have done their homework and put in the long hours of study and preparation. I challenge all the Dyersburg realtors reading this to not participate in deals that are not on the up and up.
As I stated in the title of this post, business is great. Lots of out of town buyers moving in and most are stating,"these prices are cheap". I believe this is probable true if you are moving in here from areas that had big run-ups in prices. For the last couple of years we have experienced growth in the 3-5% range.
There are several very reputable realtors here that will not participate in any of this fraud. Business is good for the realtors that have done their homework and put in the long hours of study and preparation. I challenge all the Dyersburg realtors reading this to not participate in deals that are not on the up and up.
As I stated in the title of this post, business is great. Lots of out of town buyers moving in and most are stating,"these prices are cheap". I believe this is probable true if you are moving in here from areas that had big run-ups in prices. For the last couple of years we have experienced growth in the 3-5% range.
Friday, March 02, 2007
farm needed for 1031 exchange
I have a client needing to purchase a farm under the 1031 exchange program. In order to sell an investment property and not pay taxes on the gain, the IRS has created a way to reinvest gains incurred on the sale of a property.
In this case my client sold a piece of property and allowed his attorney to hold the proceeds from the sale. Then, this seller has 45 days to close on the purchase of another piece of investment property.
My client wants to purchase a farm between 100 and 200 acres. If the farm is suitable to him, my client will close immediately on this property using the proceeds from prior sale mentioned above.
In this case my client sold a piece of property and allowed his attorney to hold the proceeds from the sale. Then, this seller has 45 days to close on the purchase of another piece of investment property.
My client wants to purchase a farm between 100 and 200 acres. If the farm is suitable to him, my client will close immediately on this property using the proceeds from prior sale mentioned above.
Labels: Motivated farm buyer
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