Real Estate: Asset or Liability?
Real Estate: Is it an Asset or your biggest liability?
Most people think their property is their biggest asset because people always need a place to live.
Although prices of houses fluctuate (like every thing else) according to the phase in the economic cycle,
Real Estate on average, increases in value and doubles every decade or so – since records began.
However property is actually the biggest single liability people have because they do not own it until the banks get paid off to release their death grip (mortgage in Norman French) on foreclosure of your home {and still come after you for the shortfall for 12 years after foreclosure}. Property is still a liability for most people even after the mortgage is paid off because it still takes money out of your pocket regularly via
- Home owners association
- Insurance
- Maintenance of grounds & building
- Property based taxes such as home owners tax
- Utilities (Water, gas, electric, phone & broadband)
Unless you rent out part of your property for more than your total cost of having the property then property is your biggest single liability (your biggest liability is taxation to support the whims of the state & their banker bosses).
Successful Property investors learn to buy the right property, in the right location, at the right price using the correct option and to hold on to the profit without allowing the vultures in the IRS rob you when you get divorced, sued or die.
When you are ready to turn your property from a liability into an asset
email 4 Success (at) Ask Philip Allen.com with Property in the subject line or visit www.InvestintheStates.com
Tags: asset, biggest liability, property, real estate, right location, right price
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How much can I sell my dwelling house for to break even if I am habituating for sale by owner? I am having trouble selling my home in this market. I am using for sale by owner to minify the cost of the realtor commission. What part should I work out into my cut rate sale damage to walk away with a profit? I owe $235. I want to lower the terms so it will sell without suffering myself.
Alfred, a sale only occurs when the buyer & seller agree on terms for the exchange of value. The terms can cover anything from arrangement fee, to price, time of payment (lump sum or monthly income for years), time of moving, the furniture left for the next user. Now that banks are not lending in the aftermath of their Sub-Prime fraud another important term to negotiate on is finance as a large portion of the population will not get a new mortgage. Mortgage companies are more concerned with receiving their payments than who makes them.
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Solve the rent or own debate. Rent to own homes serve an important purpose in today’s gloomy economy: They provide us the opportunity to determine if they’d be happier as renters or homeowners.
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How long do you think it would take a home to sell in today’s economy?
Could be days, a couple of months or a decade
That depends on the type of property,
its location,
its condition & curb appeal,
the relative supply & demand
the terms you are willing to accept
Offering finance (where the Government do not make it Illegal) to the buyer will increase the pool of potential buyers,
and your ability to reach those willing and able to take the property off your hands.
Are things turning around? I’ve subscribed to your blog so I’ll definitely check back
Not if you are waiting for the Government to sort out their mess, they created over the past 40 years, because Governments are not designed to use resources efficiently for the benefit of the Population – which is why the Bankers bought the Government (of England in 1600 & of the USA in 1913) to prevent the country declaring bankruptcy.
Think BIG people…..small ideas equate to small results.
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