Categories
Commercial Real Estate Investment Real Estate

Rental Property Owners Must Issue 1099's

The Small Business Jobs Act that passed Congress last year requires all property owners that rent out properties to file a 1099 for each vendor who does $600 or more in work.  Even if you only rent out a single property, you must collect the following for each vendor:

  • name
  • address
  • Social Security or Federal Employer Identification Number

The details to the exceptions to this requirement have yet to be ironed out but the exceptions include:

  • burden:  if gathering the required information and issuing the forms create a hardship
  • duration: the property is only a temporary rental of your own residence
  • income:  your income from the rental doesn’t meet minimal threshold requirements (as yet unidentified)

If you are renting out a property, make sure you, your bookkeeper, and/or CPA have a way of tracking each vendor starting January 1, 2011.

Categories
Commercial Real Estate Investment Real Estate

Rental Property Owners Must Issue 1099’s

The Small Business Jobs Act that passed Congress last year requires all property owners that rent out properties to file a 1099 for each vendor who does $600 or more in work.  Even if you only rent out a single property, you must collect the following for each vendor:

  • name
  • address
  • Social Security or Federal Employer Identification Number

The details to the exceptions to this requirement have yet to be ironed out but the exceptions include:

  • burden:  if gathering the required information and issuing the forms create a hardship
  • duration: the property is only a temporary rental of your own residence
  • income:  your income from the rental doesn’t meet minimal threshold requirements (as yet unidentified)

If you are renting out a property, make sure you, your bookkeeper, and/or CPA have a way of tracking each vendor starting January 1, 2011.

Categories
Buying Mortgage information

Fannie Mae and Freddie Mac Increasing Interest Rates and Fees

Starting in March 1 for Freddie Mac and April 1 for Fannie Mae interest rates for loans over 15 years could almost double, even if you have perfect credit.

Remember, if you are a buyer the cost of owning a home is more important than the price of the home.  Obviously you don’t want to overpay for a home, but by waiting for prices to “bottom out” you may be overlooking the most important part of purchasing a property or home – interest rates.  Trying to time the real estate market perfectly is like trying to time the stock market.

…Thinking of Buying

You Have Heard It But Do You Believe It

Categories
Buying Commercial Real Estate Investment Real Estate

Miami Real Estate – If You Are Looking To Invest, Miami Is Top Choice

brickell from sobeAccording to Mark Vitner, an economist for Wells Fargo, Miami is his top choice of a market poised for economic growth.  How can that be?  We have one of the highest unemployment, foreclosure and number of underwater homes in the country.  However, Vitner stated that Miami is currently posting some of the highest taxable sales and number of jobs created in the state.

Miami has always been blessed with gorgeous weather, colorful landscapes, tourquoise waters, and beautiful beaches.  One of the main reasons our economy has been chugging along better than most is due to our popularity with tourists, especially international ones, who have helped both our tourism and retail industries.

Categories
Buying Florida Life Miami Beach

5601 Collins Avenue #810, Miami Beach, FL

IMG_0886According to AccuWeather.com, it was 29 degrees in New York and Boston yesterday, and 74 degrees on Miami Beach.   This is the view from every room in this beautiful one bedroom apartment, smack dab on the beach.  Instead of shoveling snow, you could be frolicking in the surf, playing volleyball or taking a leisurely stroll down the beach.

Wish you were here?

Categories
Freebies Things To Do

Free Things To Do Tonight

So many of my friends complain that Miami is an expensive town.  Like any city I know, it can be but there are also a ton of things that you can do for free or near free.

Here are some things to do tonight to get your weekend started:

  • Viernes Culturales – this event takes place the last Friday of every month in the Little Havana neighborhood of Miami.  In addition to an art walk, there is live music, domino competitions, and latin dancing lessons.
  • Visit the Wolfsonian – Free admission on Friday nights from 6-9 pm
  • Take a picnic to the park at the New World Center on Miami Beach, watch the large screen and see what everyone is talking about.

Categories
Buying Foreclosures Selling

Miami Real Estate – Condo Inventory Continues to Shrink

According to Condovultures.com, only 16% of the 22,231 condo units built in Greater Downtown Miami during the latest boom are still available for sale.  If you continue to wait for prices to drop further, you will probably find you missed the boat.  That doesn’t mean prices are going to appreciated rapidly, or at all, in the next year or two.  We still have short sales, older construction, and regular owner foreclosures (vs developer foreclosures) to work our way through.

Categories
Market Summary Selling

Waiting Until After The Super Bowl To List Your Home?

Common belief in the residential real estate industry is that nothing happens until after Super Bowl SundaySuper Bowl Sunday, which this year happens to be February 6.  Many sellers hold off on listing their home until after then.  That may be a mistake.  Sales are currently up.  In Miami-Dade County, 893 single family homes and 1,397 condos or townhomes have gone under contract since January 1.  Buyers are out there and you will have a lot more competition after Super Bowl Sunday.

Categories
Brickell/Downtown Miami Coconut Grove Florida Life Miami Beach Neighborhood News Things To Do

Miami ING Marathon Route – Plan Your Driving Accordingly

The ING Miami Marathon is this Sunday and, with a projected 20,000 runners, there will be traffic disruptions along the route.  Please plan accordingly or bring plenty of patience and courtesy.  This is a pretty big event that showcases our beautiful city and we want to roll out the welcome mat.  Traffic disruptions will probably start around 5:30 a.m. and last unit noon.

If you are a runner, consider joining the fun in either the 5K, 1/2 marathon or full marathon.

Categories
Neighborhood News Things To Do

To Really Appreciate Miami, Slow Down and Walk A Neighborhood

Today I was reminiscing over some things my nephew said last Sunday as we were walking home from the Fairchild

Enjoying Strawberry S'mores
Enjoying Strawberry S'mores

Chocolate Festival.  The whole walk, which according to mapmywalk.com was a little over a mile, he kept saying, “walking to your house is beautiful” and “this is so relaxing” and singing “it’s a beautiful day in the neighborhood”.  It was so much fun to see my neighborhood through the eyes of a 5 year old and his 3 year old brother.

The talk may have been sugar induced or the chocolate may have released a whole bunch of feel-good-endorphins, but the boys took enormous amounts of pleasure in watching a squirrel race down a tree, grab an acorn, hold it in his two little paws and nibble away; pointing out royal poincianas which aren’t even in bloom yet; and looking for Peacocks, lizards, turtles and fish in the canals.  It didn’t matter that the only animal we spotted that day was the squirrel.  Just knowing that they may have spotted different wildlife kept them interested.

They never once complained about being tired, asked how much longer, or said they hated walking.  This coming weekend, slow down, and enjoy your neighborhood.  If you are stressed and having a hard time being positive, take your children with you.  If you don’t have any, do what I did and borrow them from a family member or friend.  I guarantee that seeing South Florida through the eyes of a child will bring you a new-found appreciation of the wonderful place that we are lucky enough to call home.