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Buying Your Dream House For A Lower Price
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Real Estate Investment - Invest The Right Way
Real estate investment is going through its best period ever. Many real estate investors are seeking old run down and neglected properties, giving them a face lift and reselling these properties for huge profits.
This type of real estate investment is more the experienced investor rather than a new comer as it requires certain amount of knowledge about finding the right property, redoin... Read real estate article
Commercial Real Estate
Eastern Connecticut leads the State in job growth and likely will continue for the next tens years. Economic growth in Eastern Connecticut is booming with major projects underway or proposed. Half way between Boston and New York and 30 minutes to Providence. Home to Foxwoods Resort and Mohegan Sun casinos, Eastern Connecticut is very similar to central Florida when Disney World opened.
... Read real estate article
Buying Your Dream House For A Lower Price
Did you ever dream of buying your own house?
Of course, everyone does! But the question is, can you afford it? For an average income earner, buying an affordable house is a $64 question. How can you save money out of a salary which has been allotted to fixed expenses like phone bills, electric bills, credit cards, health cards, taxes, etc.
You need not despair because there is a way to calculate your ability to buy your dream house.
We will use the lenders guidelines in determining your maximum mortgage amount. They call it debt-to-income ratios, which is the percentage of your monthly gross income (before taxes) that is used to pay your debts per month. There are two calculations, one is the "front" ratio and the other is the "back" ratio. Accordingly, "the front ratio is the percentage of your monthly gross income (before taxes) that is used to pay your housing costs, including other charges..." the back ratio is similar except that it includes your monthly consumer debt. The format is 33/38 wherein a borrower's housing costs use 33% of their monthly income, then add their monthly consumer debt to the housing costs which should take at least 38% of their monthly income to meet those obligations.
First, calculate your income per month. The shortest way to determine your monthly income is by getting your W2 form for the last 2 years. Add your salaries together then divide by 24. Simple.
The method may vary depending on your occupation. If you are paid hourly, multiply your rate by 40, multiply total by 52, then divide by 12.
Second, start working backward. Multiply your monthly income by the back ratio for your loan which is 38%. The product will tell you the maximum the lender wants you to spend on your housing and consumer debt per month.
Third, guess how much you qualify for. Assuming you can guess the price you might qualify for, you may now calculate an estimate of your yearly property taxes and insurance cost. Afterwards, you calculate the equivalent per month and deduct it from your maximum housing cost on a monthly basis.
Other types of housing units might entail additional expenses such as association dues and the like.
Fourth and last, pray hard that lenders will approve. The last step needs you to pray hard and ask the help of the lenders to approve the amount you need for your dream house. For your information, lenders are very well-versed with regards to "stretching" a client to the max if they need it. They are more than willing to help you achieve your dream house.
Now, if luck smiled upon you and you get the amount that you need for your dream house, do not hesitate to grab the opportunity. All you have to do is go for it, work hard for it, and always remember that nothing is impossible in this world if you put heart and mind into achieving your dream.
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Inheritance - Estate Planning Through a Family Limited Partnership
A Family Limited Partnership (FLP) is a powerful tool that you can use in estate planning. An FLP can protect you from outlandish lawsuits, liability claims that are false in nature and general litigation that is not your fault.
Lawsuits have more than doubled over the past 30 years. The law profession has grown because so many people are trying to sue each other for stupid things that aren't even valid and they are winning at an alarming rate. America is being called the "Country of Litigation" and the effects of this attitude on suing are driving people to the poor house.
You can establish an estate plan through a Family Limited Partnership and thereby get around inheritance taxes. It's a shame that most people get taxed when they inherit the property or assets of a loved one that is deceased. It's definitely not comfortable dealing with the probate courts concerning anything regarding estate taxes.
By establishing a Family Limited Partnership, you are allowed to keep control of your assets while at the same time protecting your assets from creditors. Creditors have made the financial system a mess by attacking families and individuals with various schemes to get money. When you set up an FLP as a major component of your estate planning, you are providing optimal protection for your assets. Even if you get sued and a judgment is determined against you, the creditor may not be able to collect money from your partnership. This forces a person to settle rather than go through the legal process.
The first rule is to create your plan with a lawyer with expertise in this field. Most lawyers don't like to deal with estate planning because that means that they must read about past cases. Most lawyers will tell you that Family Limited Partnerships don't exist which is wrong. The FLP is an extended hybrid title whose roots lay in a Limited Liability Partnership.
A partnership, by the Internal Revenue Code, is defined as "a syndicate, group, pool, joint venture, business or other unincorporated organization through or by means of which any business financial operation or venture is carried on." When you are creating an FLP to control your estate assets, you need to construct your partnership using two types of participants - general partners and limited partners.
A general partner maintains control of the FLP. For estate planning, the courts will examine how the FLP is structured. The ration or percentage of general partnership interest can vary but not go over 100%. If you were married, you and your spouse could have a general partnership interest of 20% and your children could have a limited partnership interest of 80%. You would still control all the activity because you are the general partner.
Estate planning without an asset protection plan is a waste of time. It's best to find out what types of benefits are available when you do an estate plan. Many lawyers, don't like to combine them but more people are starting to get the information that would help them understand what an estate plan is and how an FLP could be used to protect assets.
Creating a Family Limited Partnership plan is NOT expensive and you don't need to be a millionaire to do it! The FLP plan will help you discover that you can eliminate income taxes and protect your family ad business from risk. This plan can really assist and help you to protect the wealth that you accumulate over the years while you are living on this side of the green grass.
Estate taxes can be killer expenses that the "average Joe" can't afford to pay. When you have an FLP, estate taxes can provide tax reduction and savings. Also, if you are sued and a creditor is trying to collect a judgment against you, your home and other assets can be in the FLP. A general partnership cannot break up because of one partner that is being sued. A creditor cannot touch the assets of the partnership assets in the FLP. In a court disposition, plaintiffs look to use "charging orders" that would entitle the plaintiff only to any distributions you would receive as a general or a limited partner.
The best estate planning is to plan your estate by using this model. You can include your home, business, stocks, companies and other assets into this type of planning. This is the best way to protect you and your assets without losing everything to a litigation system that now specializes in suing people.
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Buying Your Dream House For A Lower Price
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