5 Obscure Real Estate Laws

1. Watertown N.Y.-Attempting to address the problem of unwanted manure left in front of residential properties and businesses, a law is being considered requiring horses to wear diapers.

2. Residents of Illinois (excluding Chicago) are now permitted to paint their trees purple in order to keep trespassers off their property

3. Plattsburgh, N.Y.-Hedges and bushes encroaching on sidewalks have to be trimmed. The law allows the city to trim overgrown hedges and bill the property owner. Similar laws in Lockport, N.Y. And Harlingen, TX allow the town to mow the residents’ lawn when grass grows over one foot.

4. Pitkin County, CO-“Toy Ranches” are no longer considered agricultural property. A “toy ranch” is if the property around the house is used for grazing but the house itself isn’t integral to the ranching operation.

5. South Carolina-Homeowners who want to recycle copper pipes must obtain a permit from the local Sheriff’s office. The goal is to curb illegal stripping of copper for cash to recyclers.

Very cool———I now can buy coffee at Starbucks using their mobile iPhone App. All I do is purchase a Starbucks card, load it up with $$, and register it at their website. I then download the Starbucks App on my iPhone, open it up, press “card” and my new balance comes up. I hit “touch to pay” and a bar-code comes up, which is then scanned at the register.

I love this App.

The sale of a business (or other investment asset) whether it is real estate or capital equipment creates a large tax liability. A properly structured Tax Deferred Exchange under Internal Revenue Code §1031 allows businesses and individuals to defer capital gains as long as new assets are purchased to replace the existing assets (upleg) within specified guidelines.

What are the benefits of you, the Investor, of an Exchange as opposed to selling your property and “cashing out”?

Leverage: Exchanging from a high equity position or “free and clear” property into a much larger property with some financing in order to increase the return on your investment.

Diversification: Exchanging into other geographical regions or diversifying by property type such as exchanging from a duplex into a retail strip center.

Management Relief: Exchanging out of multiple properties, i.e. 10 single family residences, into a multi-unit complex with an on-site manager.

Deferring Payment of Taxes: The ability to defer the payment of income taxes allows the Real Estate investor to reinvest 100% of their equity in replacement investment property and consequently improve their cash flow and net worth.

1031 tax-Deferred Exchanges are wealth building tools.

Call me for more info!

Changes to HARP 2012

The Home Affordable Refinance Program was reinstated to continue through  12/31/2013. Along with that statement came relaxed eligibility guidelines in order to make the program more accesible to those who need it most.

Billed as HARP 2.0 the most significant change to the guidelines is the elimination of the 125% loan-to-value (LTV) cap allowing more underwater borrowers to refinance into lower rate loans. Other key changes include relaxed credit score and income requirements and relaxed occupancy requirements allowing borrowers to refinance their second home or investment property.

The government is also making efforts to speed up the approval process by eliminating the need for an appriasal in many cases.

Have you ever wondered why some people struggle with some issues that seem so basically easy to deal with? Or they just can’t seem to get their “act in gear”, be they teenagers or mid-lifers? Some folks get stuck in life and don’t know how to dig their way out.

In the past few months it seemed like everything had gone awry. Business was slow, I recently twisted my knee, a close friend was having health problems, and I have been traveling alot since my daughter’s wedding is planned for this summer. Shopping, cleaning and work all had to get done, no matter what. A dress for the shower? Carpool to my Activist meeting? Balance the budget? All seemingly simple activities, but add them to a full time career and it gets daunting

 The other day I was out and about in San Diego. I had a huge list of errands and some business related work to get accomplished. I thought of all the other things I needed to do, and for a moment I got a bit overwhelmed. But something kicked in and I was able to pick myself up, and forge ahead. 

 I owe alot to my mother for teaching me some “old school” Survival Skills.

Organize your life (clean your room, do your homework, prepare for exams)

Learn how to laugh at yourself (don’t take yourself too seriously–in the grand scheme of life, your’re not that important)

Stress management (cup of tea, hot bath and early to bed)

Create a positive life (help friends in need, volunteer and give back)

Balance your budget (taught me how to sew, plan meals, save babysitting money)

Create a nice home (fresh flowers, don’t save the good China for company)

Feel empathy for your enemies (no gossiping at the dinner table)

Don’t envy anyone (you never know what goes on behind closed doors)

Don’t give up—EVER!

In all of these skill sets, I was taught to deal with problems head on in a very old-fashioned framework, instead of allowing them to topple me.

Organize, laugh, de-Stress, stay positive, budget your $$, home sweet home, have empathy, don’t be jealous, don’t give up— –doesn’t that just about describe everything we need to be successful in life?

Do you remember these lyrics from Simon and Garfunkel’s song “Old Friends”?

Of course 70 is the new 50 (or so they say) and I am amazed that we thought 70 was ancient way back “in the day”. Many of us over 50 have parents and/or relatives well into their 80′s and up, leading productive lives, driving, and living independently.

But one problem I have seen is how the new technology affects our seniors. Now many are very savvy technologically, when they are sitting at a computer but what about out and about? (Virtually everything in So Cal is computerized, and this may not be so for other parts of the country.)

At a local supermarket I often use the self checkout, where I can breeze through in a few minutes. I look up all the codes of my produce, and scan the other items, bag it, pay and take my receipt. Many times I have seen a senior in front of me, trying to figure out how to scan some items, or find out the PLU# on other items. There’s always a person to help them, so that makes it much easier for them.

Yesterday, I was headed to a lunch meeting and pulled into an “unattended”  parking lot in downtown San Diego. I parked my cat and headed to the computerized station, where you insert your ceredit card and get a ticket. I saw an elderly gentleman staring at the screen in front of him, obviously with no idea of how to proceed. I will be honest…there are NO directions until you insert your card and press a button. Of course I could figure it out, since I have been computer literate for 20 years, but an elderly person? I took his card. His space # was concealed UNDER his car—how in the world could he find it? I counted back from my space,  and went through all the steps with him. Voila! I produced a coupon which he then had to be told to place on his dashboard. Yes, there were directions on the screen, but not very legible, and in bright sunlight, almost invisible. He simply needed an hour to park his car while he did an errand.

How I relate this to Real Estate: Senior clients do not have the technology skills we assume everyone has. If you have a senior client there needs to be a different set of parameters in order to get contracts, listings and other paperwork to them. Patience is key—–and remember, technology is new to them, old hat for most of us. Don’t ASSUME—you may lose a good client over a problem with a simple solution!

We all have it! Most of us have too much of it.

How does this relate to real estate?

The other day I was at a client’s house. It was a lovely, large sprawling home with unique windows and moldings. The problem was: there was “stuff” everywhere! I don’t mean laundry or dirty dishes or toys, but artwork and knick-knacks and statues from India and trays from Africa and wall hangings from China and prisms from Peru.

Have you watched that Real Estate program where the Seller’s house is critiqued by an agent with design experience and an eye for style? Well, I wish she could have helped these folks out. The problem is that most Sellers really like looking at their “stuff” and assume the Buyer will too. WRONG! Nothing turns a Buyer off more than a mass of souvenirs, artwork and photos in every conceivable space and on every wall. It detracts from the lines of the house and has a “cluttered” feel to it. Buyers like to imagine themselves living in the space and the more neutral the décor, the easier time the Buyer has.

So, I immediately went home and started to “declutter” my space and noticed how serene and peaceful my home looked.

A good lesson: in this tough economy we need to realize that “stuff” is just a waste of money and clutters up our life…and ultimately may cause a potential Buyer to head out the door.

If you follow my Blog posts, you will know that I believe customer service is crucial to being a success in business. You can know your product or service inside and out, and have 40 years experience but if you don’t have people skills you will not be the front runner in your industry. As a matter of fact, a less experienced person may take your business, just because they know how to deal with people.

I had to search for a Bridal Hair and Make-up Stylist in the NH./Vermont area for my daughter’s upcoming wedding on Labor Day week-end. I thought a few phone calls, a few conversations and some References would certainly do the job. WRONG! What I ran into was extremely frustrating——unreturned phone calls, or calls returned in a not so timely fashion and snippy comments.

One person said they don’t work on week-ends. Period. (This is a hair salon.) No exceptions, wedding or not, and certainly can’t go on location to the venue, they just “don’t do it”. The bride would have to come into the salon “a couple days before” (are you kidding me?). Another Stylist was booked solid, offerred no alternative names, no congratulations, nothing. Another one got back to me in a timely fashion, yet showed zero enthusiasm, or even that she possessed a personality of some sort. I mean, if you were having your hair and make-up done a few hours before your wedding ceremony, wouldn’t it be nice to have a stylist with a little warmth and humour to calm your nerves? Another Stylist called back, and gave me a rundown of her expertise, training and availability. Her manner was professional, her pricing competetive and you could sense her enthusiasm. Guess who deserves MY business?

Folks, if you don’t LOVE what you do, get out now–you will never be a success. Real Estate is not a business you can feel “lukewarm” about. It is just too intense and people-oriented.

Customer Service with a huge smile and a warm welcome—our clients deserve it!

Requirements-

Requirements for establishing a Domestic Partnership in California

Both persons file a Declaration of Domestic Partnership with the Secretary of State.
Both persons share a common residence.
Neither person is married to someone else or is a member of another domestic partnership.
The 2 persons are not related by blood in a way that would prevent them from being married to each other in this state.
Both persons are at least 18 years old.
Either of the following-
A) Both persons are members of the same sex
B) One or both of the persons meet certain eligibility criteria under the Social Security Act and one or both are over the age of 62.
Both persons have the capacity to consent to the domestic partnership.

Rights of Domestic Partners

Registered domestic partners in California shall have the same rights, protections and benefits, and shall be subject to the same responsibilities, obligations, and duties under law whether they derive from statutes, administrative regulations, court rules, government policies, common law or any other provisions or source of law, as are granted to and imposed upon spouses.

Income Tax Returns

When filing their state income tax returns domestic partners in California should use the same filing status as is used on their federal income tax returns. Earned income may not be treated as community property for state income tax purposes.

Vesting

The statutes do not specify a manner of holding title for domestic partners in California. Vestings that mirror vestings for husband and wife will be accepted.

Examples
John Jones and Dave Smith, domestic partners as joint tenants
Martha Bell and Mary Smith, domestic partners, as community property.

Contact Ivan Solis for all your Title needs.

Contact me for all your real estate needs.

When I read articles online about retirement, I am sure they are not meant for me. The gold watch, the diamond pin, and the end of careers for those who have turned 65. Now I am willing to accept the fact that I am in complete denial about my age…..somewhere north of 50…….BUT I am also astounded at how “young” many of the people I know who are over 50. To think of them playing canasta by the pool with other “seniors”, staying home all day and watching t.v. or just buying into the myth that your working days are done at 60+ is comical. These are people with vibrant careers, good health and skills that they have accumulated over the years.

 I sense a paradigm shift in the way our system has evolved over the past century. A Long Bright Future by Laura Carstensen, Ph.D is a great book which has a refreshing view on aging and the way our culture is not currently organized to maximize the 30+ years many of us will have after the age of 65. Due of course to the advances in modern medicine, living to 100 years old may not be so preposterous after all. I am not sure if that is my goal in life BUT I sure would like to have ALL my later years be healthy and productive ones.Which brings me to the topic: My career in Real Estate. How fortunate am I that when I approach 65 and beyond that I can work as many or as few hours per week, with my age being 100% irrelevant to my job? No glass ceiling? Work that can be intertwined with my personal life–Dr.’s appointments, lunch with friends, working out at the gym, week-ends away with my significant other? No need to “clock in” or “call in sick”. Where my age and experience are benefits, not drawbacks?

Every day you make your schedule to accomodate your clients and yourself. You have some weeks where that is not possible, but as you wind down your schedule, your autonomy in this business is truly astounding.

 Sure, we have had to put up with economic cycles, bank meltdowns, failed escrows, cranky clients, uncertainty and years of no/low business. But in the long run, I think I have a “retirement proof” (and one of the best) careers on the planet!