June 26, 2007 Rentlaw.com: More than 1 million New Yorkers who live in a rent-stabilized apartment, you'll soon be paying more in rent.
The Rent Guidelines Board voted Tuesday night to grant another round of rent increases.
The Rent Guidelines Board voted 5-4 to raise the rent to more than 1 million rent stabilized apartments across the city.
Rents go up 3 percent for apartments on a one-year lease and 5.75 percent for apartments where the lease is two years.
The outcome was the same as in the past, as one would expect. Rents were set too high for renters and too low for landlords.
Last year, the landlords received an increase of 7.75 percent for two-year leases and 4.75 percent for one-year leases.
Read the rest of this article on Rentlaw.com - The National Landlord Tenant Guide
Wednesday, June 27, 2007
Military Lease Clause
The Military Clause
With a normal lease, your landlord is under no obligation to let you break your lease just because you have received new orders. When you enter into a lease agreement, be sure your lease has a military clause in it.
Your local base housing office should be able to provide you a form containing the clause or even a form contract you may be able to provide to your landlord. Many housing offices work local landlords.
Several states have laws which allow military members to break their leases in the event they must move due to military orders. In those states which do not have such laws, it is important that the active duty member ensure his/her lease contains a "military clause," (see example at end of article) which allows the member to terminate the lease in the event he/she must move due to military orders. Most bases require service members to have leases approved by the local military housing office. One of the reasons for this is to ensure that the lease contains an acceptable "military clause."
Read the rest of this article
With a normal lease, your landlord is under no obligation to let you break your lease just because you have received new orders. When you enter into a lease agreement, be sure your lease has a military clause in it.
Your local base housing office should be able to provide you a form containing the clause or even a form contract you may be able to provide to your landlord. Many housing offices work local landlords.
Several states have laws which allow military members to break their leases in the event they must move due to military orders. In those states which do not have such laws, it is important that the active duty member ensure his/her lease contains a "military clause," (see example at end of article) which allows the member to terminate the lease in the event he/she must move due to military orders. Most bases require service members to have leases approved by the local military housing office. One of the reasons for this is to ensure that the lease contains an acceptable "military clause."
Read the rest of this article
Thursday, June 21, 2007
Commercial Real Terms 2.0
New York City, June 21, 2007:
Rentlaw.com The National Landlord Tenant Guide announced today an updated Commercial Real Estate Glossary has been introduced.
David Dorfman, Publisher, stated that the update "covers everything from A-Z in Commercial Real Estate". From Abatement to Zoning ordinance, you can find it all on Rentlaw.com.
Dorfman first introduced Rentlaw.com in 1999. "We've come a long, long way." Rentlaw.com has always been free and our membership went from a few friends to over 100,000 at one point.
We began addressing the commercial real estate market at the request of our members and other vistors. There are many "small" landlords who have either moved up to larger properties or how have continued to buy 1-4 family homes. As such, their tax situations have changed and require more information.
We continue to add information on 1031 exchanges, Real Estate Investment Trusts and more. The world of real estate is full of knowledge.
Dorfman said, "You simply can't learn enough". You can talk to Donald Trump with his empire or the local deli owner who might own 1 or 30 rentals. You can learn from both.
"My advice", says Dorfman, "is to talk the real estate business and learn everyday."
Learn from everyone.
Rentlaw.com The National Landlord Tenant Guide announced today an updated Commercial Real Estate Glossary has been introduced.
David Dorfman, Publisher, stated that the update "covers everything from A-Z in Commercial Real Estate". From Abatement to Zoning ordinance, you can find it all on Rentlaw.com.
Dorfman first introduced Rentlaw.com in 1999. "We've come a long, long way." Rentlaw.com has always been free and our membership went from a few friends to over 100,000 at one point.
We began addressing the commercial real estate market at the request of our members and other vistors. There are many "small" landlords who have either moved up to larger properties or how have continued to buy 1-4 family homes. As such, their tax situations have changed and require more information.
We continue to add information on 1031 exchanges, Real Estate Investment Trusts and more. The world of real estate is full of knowledge.
Dorfman said, "You simply can't learn enough". You can talk to Donald Trump with his empire or the local deli owner who might own 1 or 30 rentals. You can learn from both.
"My advice", says Dorfman, "is to talk the real estate business and learn everyday."
Learn from everyone.
Section 8 - Housing Voucher
We complain about paying high taxes whether it be property, sales, or income tax. Some of that money makes it way back to helping those in need in one form or another.
We talk about money going to help the “developing” nations – such as in Africa or even Russia and China. We must realize, however , that right her in the United States, people are poor – extremely poor. Some people cannot just simply “escape” their environment due to circumstances beyond their control.
The purpose of many federal and state programs is to assist those less fortunate. Many programs come and go. One of the most basic and hardest requirements to fulfill is that of housing for the poor.
Public Housing Projects (1940 – 1960) were an idea whereby cities and states would build Public Housing “Projects” for the poor. While the idea was correct – it did not go far enough to “mainstream” (up and coming word) the poor (socially and economically) into another world. We simply lumped a group of economically disadvantaged people into one, new, government built section of a city – keeping them separate from the rest of the city socially.
Learn more about Section 8 and Housing Voucher Programs at:
Rentlaw.com's Guide to Section 8 Housing
We talk about money going to help the “developing” nations – such as in Africa or even Russia and China. We must realize, however , that right her in the United States, people are poor – extremely poor. Some people cannot just simply “escape” their environment due to circumstances beyond their control.
The purpose of many federal and state programs is to assist those less fortunate. Many programs come and go. One of the most basic and hardest requirements to fulfill is that of housing for the poor.
Public Housing Projects (1940 – 1960) were an idea whereby cities and states would build Public Housing “Projects” for the poor. While the idea was correct – it did not go far enough to “mainstream” (up and coming word) the poor (socially and economically) into another world. We simply lumped a group of economically disadvantaged people into one, new, government built section of a city – keeping them separate from the rest of the city socially.
Learn more about Section 8 and Housing Voucher Programs at:
Rentlaw.com's Guide to Section 8 Housing
Wednesday, June 20, 2007
Targeting Landlords using Google Earth/Maps - Belmar NJ
The New Jersey Shore town of Belmar New Jersey has launched a website called Belmarrentals411.com.
The purpose of this site is to inform the residents and renters of the variance rules and regulations for renting a home in the borough.
For years, the town was mostly a summer destination for many. Small bungalows, great beaches and bars were to be found. Over the past several years, with shore home and land prices increasing, the town has been evolving. Those little bungalows have been razed for 3 story homes. The number of rental units went from around 1000 units to 320. The goal of the administration was to upgrade the image of the town by ridding itself of he summer renters or rowdies.
The amusement center was sold. With it, minigolf. In it's place, several multimillion dollar homes.
Mcdonalds on the boardwalk left after its lease ended.
Don't get this wrong.Belmar is still a fun town. You jsut have to be a good renter.
Following is a response to the website that appeared in the local paper, the Asbury Park Press.
The Belmar Rental 411.com Web site does nothing but further prove that Belmar is using public funds to contribute to a pattern of segregation between homeowners and landlords who rent their homes to summer renters.
It amazes me that Belmar, which in 2001 was fined $14,000 in New Jersey Superior Court for violating the federal Fair Housing Act, continues to push the envelope with its Rental 411.com Web site hosted on our municipal Web site using taxpayer dollars.
Attorneys general throughout the United States have been fighting housing segregation for years, but it is now OK for a public entity to violate property owners' civil rights.
If you're only a landlord/taxpayer and rent your home out in the summer, you're now added to a special Belmar Web site list. All the other property owners in Belmar won't make it.
The Web site allows anyone to zoom in on a satellite picture of the borough's 320 summer rental homes to a street-level view of selected homes. Those viewing the site can click on the selected homes earmarked with a color and a window opens up displaying: the property owner's name, property location, number of noise violations, picture of the landlord's property and amount of bond that has been posted due to violations. Some pictures are of the homeowner's garbage cans, etc.
The Rental 411 Web site is reminiscent of how Hitler's Germany would most likely have segregated its population using today's technology. The site further assigns the rentals into colors and characterizations: the cop with the night stick (very bad), red (bad), yellow (close to bad) and blue ( good).
Absent from the Rental 411 Web site are things that people in Belmar would really like to see. Maybe orange could be used to flag the properties where drugs have been found or where a recent arrest was made. Black could flag a list of properties where sex offenders are living, and gray a list of wife beaters' homes. Maybe a passport image could be placed over the homes where illegal immigrants are known to be living, since they tax the schools with their children. Purple could flag the restaurants where the Board of Health found violations.
Brown could flag properties of year-round homeowners who rake their leaves in the street. Bright green could flag the public officials' homes, who are paid high salaries to think of Web sites such as this one. A beer bottle character with a rose could be used to flag all the bars in town that have been given sweet deals instead of closure. Foreign flags could be set up to identify the Irish, Italians and every other nationality. Maybe a new deadbeat character could be designed to designate the homes and property owners who owe the town back taxes, water bills or are deadbeat dads.
Where will it end? Once a pattern of segregation is supported by your local government, you and every citizen of the United States are the ones who are impacted and at risk. It's only time before you make the next list of segregation.
Lastly, just how new is the information on the Rental 411's site? I was astonished to see the home of a friend, Robert Sullivan, a veteran Jersey City police officer, on the red or bad list. Especially, since he has not rented his home in more than two years and died in the spring of 2006.
Not only is segregation going on in Belmar, but there is a lack of respect for its citizens who have met the supreme commander after years of public service.
Kevin J. Devine
BELMAR
The purpose of this site is to inform the residents and renters of the variance rules and regulations for renting a home in the borough.
For years, the town was mostly a summer destination for many. Small bungalows, great beaches and bars were to be found. Over the past several years, with shore home and land prices increasing, the town has been evolving. Those little bungalows have been razed for 3 story homes. The number of rental units went from around 1000 units to 320. The goal of the administration was to upgrade the image of the town by ridding itself of he summer renters or rowdies.
The amusement center was sold. With it, minigolf. In it's place, several multimillion dollar homes.
Mcdonalds on the boardwalk left after its lease ended.
Don't get this wrong.Belmar is still a fun town. You jsut have to be a good renter.
Following is a response to the website that appeared in the local paper, the Asbury Park Press.
The Belmar Rental 411.com Web site does nothing but further prove that Belmar is using public funds to contribute to a pattern of segregation between homeowners and landlords who rent their homes to summer renters.
It amazes me that Belmar, which in 2001 was fined $14,000 in New Jersey Superior Court for violating the federal Fair Housing Act, continues to push the envelope with its Rental 411.com Web site hosted on our municipal Web site using taxpayer dollars.
Attorneys general throughout the United States have been fighting housing segregation for years, but it is now OK for a public entity to violate property owners' civil rights.
If you're only a landlord/taxpayer and rent your home out in the summer, you're now added to a special Belmar Web site list. All the other property owners in Belmar won't make it.
The Web site allows anyone to zoom in on a satellite picture of the borough's 320 summer rental homes to a street-level view of selected homes. Those viewing the site can click on the selected homes earmarked with a color and a window opens up displaying: the property owner's name, property location, number of noise violations, picture of the landlord's property and amount of bond that has been posted due to violations. Some pictures are of the homeowner's garbage cans, etc.
The Rental 411 Web site is reminiscent of how Hitler's Germany would most likely have segregated its population using today's technology. The site further assigns the rentals into colors and characterizations: the cop with the night stick (very bad), red (bad), yellow (close to bad) and blue ( good).
Absent from the Rental 411 Web site are things that people in Belmar would really like to see. Maybe orange could be used to flag the properties where drugs have been found or where a recent arrest was made. Black could flag a list of properties where sex offenders are living, and gray a list of wife beaters' homes. Maybe a passport image could be placed over the homes where illegal immigrants are known to be living, since they tax the schools with their children. Purple could flag the restaurants where the Board of Health found violations.
Brown could flag properties of year-round homeowners who rake their leaves in the street. Bright green could flag the public officials' homes, who are paid high salaries to think of Web sites such as this one. A beer bottle character with a rose could be used to flag all the bars in town that have been given sweet deals instead of closure. Foreign flags could be set up to identify the Irish, Italians and every other nationality. Maybe a new deadbeat character could be designed to designate the homes and property owners who owe the town back taxes, water bills or are deadbeat dads.
Where will it end? Once a pattern of segregation is supported by your local government, you and every citizen of the United States are the ones who are impacted and at risk. It's only time before you make the next list of segregation.
Lastly, just how new is the information on the Rental 411's site? I was astonished to see the home of a friend, Robert Sullivan, a veteran Jersey City police officer, on the red or bad list. Especially, since he has not rented his home in more than two years and died in the spring of 2006.
Not only is segregation going on in Belmar, but there is a lack of respect for its citizens who have met the supreme commander after years of public service.
Kevin J. Devine
BELMAR
Thursday, June 14, 2007
Landlord Tax Deductions
Are you one of the many landlords who fail to take advantage of all the tax deductions available for owners of rental property? Do you keep poor records or rush to the accountant at the last minute? You could save money each year by being more diligent in your record keeping.
Do you know, or does your accountant tell you or ask you about your rental property expenses. Most accountants, or if you file your own return, overlook many deductions.
Rental real estate provides more tax benefits than almost any other investment.
A REAL ESTATE PROFESSIONAL may be able to deduct over $25,000. Read more here....
Small landlords have many tax deductions available to them - if you actively manage your property and your adjusted gross income is within IRS guidelines. Combined expenses can total $25,000. Losses over that can be carried ahead to the next tax reporting year.
COMMON LANDLORD TAX DEDUCTIONS
NOTE: ASK YOUR ACCOUNTANT WHICH SOFTWARE THEY USE. YOU MAY BE ABLE TO BUY THE SAME SOFTWARE OR COMPATIBLE FOR REPORTING PURPOSES. YOUR ACCOUNTANT MAY BE ABLE TO HELP YOU SET THIS UP.
1. Interest: Mortgage Interest for the investment property. Other interest from Credit Cards related to the Rental Activity. It is a good record keeping practice to have both personal and business credit cards (for the rental business).
2. Advertising: If you advertise your rental for rent, those costs are deductible.
3. Depreciation. Residential rental property must be depreciated over 27.5 years. For example, if you pay $200,000 for a home, you expense each year is $7272 per year. It is a "paper loss" that shields your income. A typical homeowner does not have this available to them. IF YOU OCCUPY 1/2 or any portion of the home, you deduction is reduced by the proportion you occupy (in a 2 family, 50% to you, 50% to the investment)
4. Professional Fees: The costs you pay to an attorney for eviction, a management company, engineer, CPA etc are deductible as they relate to the rental.
5. Home office: You can deduct a home office or workshop used to manage your rental property. Your garage may be storage for your tractor to cut the grass or to hold furnishings you supply. Certain requirements must be met, but are standard.
6. Insurance: Your costs to insure the rental property are deductible. ALSO, depending on how you structure your rental business, you may decide to cover your life and medical insurance as part of the rental business. Where medical insurance is not deductible when you work (and pay ) for medical insurance, structuring your rental property as a Limited Liability Company (LLC) may permit you to deduct these costs for you and your family. CONSULT YOUR TAX ADVISOR.
7. Auto: Your auto expenses are deductible as they relate to your rental business. You may travel back and forth collecting rent, looking at the house , doing yard work etc. Keep records. You may also elect to determine that a portion of the auto is related to the rental activity, the rest personal use - 25% rental activity and 75% personal use, as an example. The expenses are then deducted as to this ratio. You can deduct ordinary and necessary auto and travel expenses related to your rental activities, including 50% of meal expenses incurred while traveling away from home. You generally can either deduct your actual expenses or take the standard mileage rate. You must use actual expenses if you used more than four vehicles simultaneously in your rental activities (as in fleet operations). You cannot use actual expenses for a leased vehicle if you previously used the standard mileage rate for that vehicle. Consult your tax advisor.
In addition you may also incur charges for:
Do you know, or does your accountant tell you or ask you about your rental property expenses. Most accountants, or if you file your own return, overlook many deductions.
Rental real estate provides more tax benefits than almost any other investment.
A REAL ESTATE PROFESSIONAL may be able to deduct over $25,000. Read more here....
Small landlords have many tax deductions available to them - if you actively manage your property and your adjusted gross income is within IRS guidelines. Combined expenses can total $25,000. Losses over that can be carried ahead to the next tax reporting year.
COMMON LANDLORD TAX DEDUCTIONS
NOTE: ASK YOUR ACCOUNTANT WHICH SOFTWARE THEY USE. YOU MAY BE ABLE TO BUY THE SAME SOFTWARE OR COMPATIBLE FOR REPORTING PURPOSES. YOUR ACCOUNTANT MAY BE ABLE TO HELP YOU SET THIS UP.
1. Interest: Mortgage Interest for the investment property. Other interest from Credit Cards related to the Rental Activity. It is a good record keeping practice to have both personal and business credit cards (for the rental business).
2. Advertising: If you advertise your rental for rent, those costs are deductible.
3. Depreciation. Residential rental property must be depreciated over 27.5 years. For example, if you pay $200,000 for a home, you expense each year is $7272 per year. It is a "paper loss" that shields your income. A typical homeowner does not have this available to them. IF YOU OCCUPY 1/2 or any portion of the home, you deduction is reduced by the proportion you occupy (in a 2 family, 50% to you, 50% to the investment)
4. Professional Fees: The costs you pay to an attorney for eviction, a management company, engineer, CPA etc are deductible as they relate to the rental.
5. Home office: You can deduct a home office or workshop used to manage your rental property. Your garage may be storage for your tractor to cut the grass or to hold furnishings you supply. Certain requirements must be met, but are standard.
6. Insurance: Your costs to insure the rental property are deductible. ALSO, depending on how you structure your rental business, you may decide to cover your life and medical insurance as part of the rental business. Where medical insurance is not deductible when you work (and pay ) for medical insurance, structuring your rental property as a Limited Liability Company (LLC) may permit you to deduct these costs for you and your family. CONSULT YOUR TAX ADVISOR.
7. Auto: Your auto expenses are deductible as they relate to your rental business. You may travel back and forth collecting rent, looking at the house , doing yard work etc. Keep records. You may also elect to determine that a portion of the auto is related to the rental activity, the rest personal use - 25% rental activity and 75% personal use, as an example. The expenses are then deducted as to this ratio. You can deduct ordinary and necessary auto and travel expenses related to your rental activities, including 50% of meal expenses incurred while traveling away from home. You generally can either deduct your actual expenses or take the standard mileage rate. You must use actual expenses if you used more than four vehicles simultaneously in your rental activities (as in fleet operations). You cannot use actual expenses for a leased vehicle if you previously used the standard mileage rate for that vehicle. Consult your tax advisor.
In addition you may also incur charges for:
Cleaning and maintenance
Commissions
Repairs
Supplies
Travel
Taxes
Utilities
Private mortgage insurance (PMI)
Landscaping, Snow Removal, Trash Removal
Amounts paid to employees or independent contractors
Condo fees
Wednesday, June 13, 2007
Private Mortgage Insurance (PMI) by RentLaw.com
If you are a homeowner, you will want to be aware of a new law that establishes rights for homeowners and rules for lenders regarding private mortgage insurance (PMI) cancellation. With this knowledge, you may eliminate premiums you may be paying unnecessarily.
What is Private Mortgage Insurance (PMI)
PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home's value. In other words, buyers with less than a 20 percent down payment are normally required to pay PMI.
Canceling PMI : Once the principal is reduced to 80% of value, the LMI is no longer required. This can occur via the principal being paid down, home value appreciation, or both. Under HPA (Homeowner's Protection Act of 1998), you have the right to request cancellation of PMI when you pay down your mortgage to the point that it equals 80 percent of the original purchase price or appraised value of your home at the time the loan was obtained, whichever is less.
For more information on Private Mortgage Insurance, read the rest of the article in Rentlaw.com.
What is Private Mortgage Insurance (PMI)
PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home's value. In other words, buyers with less than a 20 percent down payment are normally required to pay PMI.
Canceling PMI : Once the principal is reduced to 80% of value, the LMI is no longer required. This can occur via the principal being paid down, home value appreciation, or both. Under HPA (Homeowner's Protection Act of 1998), you have the right to request cancellation of PMI when you pay down your mortgage to the point that it equals 80 percent of the original purchase price or appraised value of your home at the time the loan was obtained, whichever is less.
For more information on Private Mortgage Insurance, read the rest of the article in Rentlaw.com.
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