Las Vegas Loan Modification

I would like to know also what is the approximate cost per square feet to build a temple in Las Vegas. Would it fall under commercial real estate? Where can I go to find out answers for something like this? Do I call the city hall? Thank you.

Contact the Planning and Zoning Department for Las Vegas or the county. They will advise you on the steps that you need to convert from a residential use to a commercial use of the building.

Tax deductions are not the top priority for most individual real estate investors. They often work out of their home with no employees, other than those on-site at the property. Challenges (aside from tax deductions) include selecting what property to purchase, screening tenants, repairs, managing expenses, obtaining financing, and deciding when to sell. This articles addresses tax deductions sometimes over-looked by real estate owners. Tax deductions reduce taxable income but do not directly reduce taxes. For example, $10,000 in additional tax deductions will generate $3,500 in federal income tax savings ($10,000 X 35%), assuming a 35% federal income tax rate. Since most tax deductions require a cash expenditure, increasing actual expenses to increase tax deductions is not desirable. Let’s review fine-tuning the depreciation schedule and reclassifying existing expenditures to increase tax deductions. Real estate depreciation is a potent but underutilized source of tax deductions. Real estate depreciation schedules are commonly established by just separating land from the improvements. This is analogous to asking a world-class pianist to play a piano which is not tuned and has several keys which are not functioning. The results are just not as good as they should be. Congress has provided depreciation as a tax deduction to encourage real estate ownership and investment. Numerous court decisions have provided clear guidance for accurately and precisely depreciating real estate. Cost segregation can typically increase real estate depreciation by 50-100% in the first 5-7 years of ownership. Owners can claim a tax deduction windfall for properties owned more than one year by “catching-up” previously under-reported depreciation. After obtaining a cost segregation report, you can “catch-up” depreciation without filing any amended tax returns. Another meaningful source of tax deductions is to scrutinize any cash expenditures which are being capitalized. Have minor repairs been capitalized in error? Are there more significant repairs which do not clearly extend the life of a component? Discussing these items with your accountant can yield additional tax deductions. Also review items which were capitalized in prior years; can you claim any of them as current year tax deductions? Child labor can be good when they are your children and you claim a tax deduction. Consult your accountant or CPA but this can generate additional tax deductions of $5,000 per child, upon which they pay no taxes. (If they are feeling generous, they may return the money as a tax-free gift.) A tax-deductible vacation is an attractive option to make an expenditure deductible. Simply plan a vacation around a business trip for a meeting or seminar. Your airfare and hotel for the business period are deductible. Hotel before or after the business activity and your spouse’s airfare (assuming that your spouse is not involved in business) are not deductible. Half of meals during period with business activity are deductible. Reviewing personal expenditures can generate additional tax deductions. Items used for business such as computer, printer, office supplies, seminars, association dues, and business publications can be deducted. Long distance business phone calls can also be deducted. Self-employed persons can deduct the entire cost of health insurance premiums. Record keeping for tax deductions does take a modest effort. However, the federal income tax savings make it worth the effort. Cost segregation produces tax deductions and reduces federal income taxes across the country and in every size market. Below are just a few examples of cities where cost segregation generates meaningful tax deductions. City:

• Las Vegas, NV

• Boston, MA

• Tampa, FL

• Hartford, CT

• San Francisco, CA

• Memphis, TN

• Miami, FL

• Denver, CO

• Phoenix, AZ

• Orlando, FL

• Boise, ID

• Chicago, IL

• El Paso, TX

• Oxnard, CA

• Rochester, NY

• Cincinnati, OH

• Jackson, MS

• San Jose, CA

• Fresno, CA

• Charleston, SC

• Omaha, NE

• Oklahoma City, OK

• Buffalo, NY

• Albuquerque, NM

• San Antonio, TX

• Charlotte, NC

• Allentown, PA

• Austin, TX

• Baton Rouge, LA

• Jacksonville, TN

Cost segregation produces tax deductions for virtually all property types, including the following: Property Type:

• Used car lot

• Research and development

• Nursing home

• Lumber storage

• Truck stop

• Tennis club

• Hospital

• School

• Movie theatre

• Lodging

Almost every industry, including the following, can generate cost-efficient tax deductions by using cost segregation. Industry:

• Golf courses and country clubs

• Textile product mills

• Nondurable good wholesalers

• Durable good wholesalers

• Real estate lesser

• Electrical component manufacturing

• Textile mills

• Laundry facilities

• Automotive parts distributors

• Plastic and rubber products manufacturing

Patrick O’Connor
http://www.articlesbase.com/management-articles/tax-deductions-tips-for-individual-real-estate-investors-320904.html

I just got my real estate license in Las Vegas and I would like to join a company that does not require me to join the Realtor association.Also is ,can I belong to the MLS with out being a Realtor? is a big expense when you are starting and I will like to avoid it(the Realtor) until I get settled in the field. any information you guys can give me it will be greatly appreciated.

There is a difference between being a real estate agent and a Realtor. Realtors have to belong to the National Realtors Association, the state Reators Assn and the MLS.

You can't belong to the MLS unless you pay to become a Realtor. However, you can show the homes that are listed under the MLS. You can find the MLS listings but not all of the specific details on the internet, so it is not TOO bad.

I am sure there are private real estate agencies there. I certainly understand what you want to do, as I did it myself years ago in TX. You will have to search for the agency, and of course it will be with one that is not one of the national ones.

I am surprised that you were able to get your license without being affiliated with a broker. Rules must have changed. Check out with the local community college and ask someone in their business / real estate courses section, maybe they know of a broker that will let you be part of their company.

Good luck! ~ Suzi

Here's the scoops; my husband and I live in Las Vegas where house prices have plummeted. We bought a small condo brand new 4 years ago and the neighborhood has really gotten bad quick.

We would love to move but we'd have to rent our place out (since it is so far below what we paid for it).

We've never been landlords but we've read up on it quite a bit and believe we have the time and temperament to be successful at it. We don't have much of a down payment which is where I hesitate–if it weren't for the situation in our neighborhood I would say no way, but now our neighborhood is really just a hood.

We looked into renting but that the monthly amount for that is way more than buying a house directly would be.

Pros:
Get us OUT of this neighborhood
Room for our growing family (we had a bebe recently)
We'll have a garage(!), an office and a room for le bebe
We can get a house previously valued at 400k for around $175k or lower.
Nice investment for when the housing market comes back - in 10 or 12 years.

Cons:
The need to cover 2 mortgages/increased monthly expenditures
Have to worry about renters
I would need to get a part time job (which i don't mind too terribly since my husband works from home and can watch the baby while I'm working)

We would be looking to hold on to both houses for 10 - 12 years (but we'd be moving out of state in 5 years or so, so we'd have to rent).

What do you think?

I'd stay away from it. Your "con" list has some pretty vital items. And in the worry about renters, it's not only getting them but hoping they pay the rent and don't tear it up. And when you move, it gets even tougher.

Good luck.

The Ballen Group of Coldwell Banker Wardley Present this amazing short sale aka Las Vegas Pre Foreclosure for only $800000. This toll brother homes is upgraded, has 4 bedrooms, and a refreshing pool. More details at http://countrycove.theballengroup.com …

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Kendall Trotter with RE/MAX Platinum discusses the benefits and qualifying standards of FHA mortgages with Kim Marks from Hillside Mortgage. Excellent information for anyone who is interested in buying a home with a low or NO down payment. http://www.nevadahomepro.com …

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(800) 483-2631 Loan Modification Leads in Las Vegas NV Network Reverse Mortgage Marketing Foreclosure Direct Mail Sales Advertising Credit Repair Loss Mitigation Mailers http://www.amg-mortgage.net AMG MORTGAGE MARKETING is a one stop shop for loan modification businesses that need a back-end legal network to submit their proposals to and the marketing campaigns that deliver those consumers in need of a modification to them! Visit our website to get a view the high response direct mail …

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a lot of Canadians leaving homes to buy real estate in Las Vegas these days…should i go?

Houses have dropped in price considerably in the last couple of years. You can purchase a house in Las Vegas and if for the long term, would serve as a good investment. Real estate investments, as long as the homes are maintained, are never a bad idea in the U.S.

We purchased our first home in Jun 2006. It was $280,000. At the time, the average price for a home was just about $280,000. We decided on a 30 year fixed, with a 5% down payment as opposed to all the 80/20s and ARMs that were available. We were tired of renting after years of apartments, and were afraid that we would not be able to afford a home in a few more years –similar to California. We believed the mantra of 'American dream' and 'throwing money away on rent'. Now, our home is worth about $180,000. I hope. Nothing around here is selling. You can find many large, new homes, on big tracts of land, for low prices. Ours is a 3 bedroom, built in the late 70s. It was priced well at the time we bought it. I can continue to make the payments. But…I fear I am making a stupid decision—I will be a financial leper the rest of my life. I don't have any other debt. I think the best thing to do right now is cut my losses. But that seems wrong. Seems worse, though to risk my child's future on this 2006 sized LV mortgage. Do I keep paying, because I can? Or do I walk away? What are the consequences in Nevada? Maybe buy another house now (if someone will lend me th e$) and hope I make money on it and maybe the debt from this one comes out in the wash? Could my hubby and I divorce, one of us takes the debt, the other then still has ability to rent/buy?

First of all, it doesn't matter if you are 'underwater' unless you need to sell. Really, it doesn't.

People are 'upside-down' all the time on car loans and it doesn't freak them out.

The bank never agreed to be your financial partner and assume risk with you. The bank agreed to lend you money and you agreed that you would repay it. If you are able to do so, you should. If the property was worth 125% of what you paid for it (i.e. a 25% profit) would you be looking to share that with the bank? Why do you think they should take (or even share) YOUR loss? People walking away from upside down mortgages really have the potential to completely sink the financial sector!

You can't walk away with no penalty. That's because you borrowed the money and YOU agreed to pay it back. When you don't pay it back, it shows you are irresponsible with money and not a good credit risk.

There are four levels of things you can do if you have to sell. The further down the list you get, the more damage it does to your credit.

#1 - come up with the difference out of pocket at closing. Not terribly attractive, but does no damage to your credit.

#2 - get the bank to agree to a 'short sale'. From a bank's point of view a short sale is a loss mitigation technique - meaning they think they'll lose more if they don't do this. This is why they have means testing for a short sale and why you already have to be delinquent in payments.

#3 - deed-in-lieu of foreclosure. A 'voluntary' foreclosure. Saves the bank attorney fees and a court date. Trashes your credit. Similar to qualifying for a short sale, you have to be in distress for a bank to agree to this.

#4 - full foreclosure. The bank hires and attorney and goes to court to gain ownership.

In cases 2, 3 and 4 there is a deficiency. They can come after you for the balance. In some states it is difficult for them to do so and they may choose to forgive the balance. If they do, they will almost certainly send you a 1099 next tax season where the amount forgiven counts as income to you (and now you have a real tax problem). If the amount isn't forgiven, they can go to court and seek a deficiency judgement against you. After they get this, they can garnish your wages to get repaid (and garnish any tax return, etc., you might be owed).

There is no 'walking away'

good luck!

Quick general overview of the city of Las Vegas - coupled with specific financial analysis of a great deal on a Las Vegas home. …

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