http://factoidz.com/profile/donphelan/ Don Phelan articles on Factoidz en-us http://factoidz.com/why-are-real-estate-values-so-important/ http://factoidz.com/why-are-real-estate-values-so-important/ Recently, I was invited to speak to a high school business class on the topic of real estate, home values, the $8,000 tax credit and the economic stimulus program in general. To start my presentation, I asked for questions from the students. What questions do they have about real estate, ... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/images/user/10125.jpg http://factoidz.com/8000-tax-credit-will-it-be-extended-part-2/ http://factoidz.com/8000-tax-credit-will-it-be-extended-part-2/ Hot off the Presses! The following information has been distributed by the National Association of Realtors and may be of interest to you regarding the latest on the Tax Credit Update. Congress is discussing whether the $8,000 tax credit to first-time home buyers, curren... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/images/user/9589.jpg http://factoidz.com/todays-top-realtor-is-tech-savvy-too/ http://factoidz.com/todays-top-realtor-is-tech-savvy-too/ Today, choosing the right Realtor for you is far more complex than it was just 10 years ago.  It has always been important to find a Realtor whose personality works well with yours, someone who really listens to you, someone who is experienced in and knowledgea... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/illegal-real-estate-flipping-schemes.jpg http://factoidz.com/short-sale-do-homeowners-owe-income-tax-on-the-amount-of-mortgage-debt-forgiven/ http://factoidz.com/short-sale-do-homeowners-owe-income-tax-on-the-amount-of-mortgage-debt-forgiven/ One question I am asked frequently regarding short sales is this: “Must I pay taxes on the amount my lender writes off on my mortgage loan?” A “short sale” is the sale of a property which nets the lender less than the outstanding... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/strategies-behind-the-1031-transaction.jpg http://factoidz.com/8000-tax-credit-will-it-be-extended/ http://factoidz.com/8000-tax-credit-will-it-be-extended/ As the November 30 deadline approaches and first-time home buyers are beginning to realize they may be too late to take advantage of the (up to) $8,000 tax credit, the question on many minds is: “Will the tax credit deadline be extended?” The answer from Washington is: “... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/images/user/9343.jpg http://factoidz.com/five-great-reasons-to-buy-your-kid-a-house-right-now/ http://factoidz.com/five-great-reasons-to-buy-your-kid-a-house-right-now/ Since Congress passed the $8,000 (maximum) tax credit to first-time home buyers, I have received several calls from Moms and Dads with some variation of this question: “My daughter (son) just graduated from college and started a new job. He (she) can’t qualify for a mortgage yet.... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/what-is-a-short-sale-and-is-it-right-for-me.jpg http://factoidz.com/real-estate-investing-through-self-directed-ira/ http://factoidz.com/real-estate-investing-through-self-directed-ira/ The heavily-discounted properties and bank-owned real estate properties we see for sale today represent a tremendous opportunity for buyers to take advantage of today's real estate market.  With lenders becoming more restrictive and interest rates on the rise, customers have been s... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/buying-a-foreclosure-buyer-beware.jpg http://factoidz.com/8000-tax-credit-now-may-be-used-for-your-down-payment/ http://factoidz.com/8000-tax-credit-now-may-be-used-for-your-down-payment/ Hot off the presses! Seriously big news about the $8,000 tax credit!  READ THIS! The Federal Housing Administration (F.H.A.) is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment. "We all want to enable FHA consumers to access the home buyer tax cred... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/8000-tax-credit-now-may-be-used-for-your-down-payment.jpg http://factoidz.com/moving-day-how-to-make-moving-easier/ http://factoidz.com/moving-day-how-to-make-moving-easier/ Years ago, a major truck-rental company's slogan was "Adventure in Moving."  "How awful!" I thought back then!  Who wants their move from one home to another to be "adventurous?"  Can you imagine someone saying, "Our move from Michigan to Colorado was, well, a real adventure!" and think it was a ... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/moving-day-how-to-make-moving-easier.jpg http://factoidz.com/have-we-reached-the-bottom-of-real-estate-values-yet/ http://factoidz.com/have-we-reached-the-bottom-of-real-estate-values-yet/ Have We Reached the Bottom Yet? That seems to be the question on everyone’s mind lately. Will homes continue to drop in value or have we started to see prices level off? Every market is different a... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/have-we-reached-the-bottom-of-real-estate-values-yet.jpg http://factoidz.com/radon-what-it-is-and-why-you-should-test-for-it-when-buying-a-home/ http://factoidz.com/radon-what-it-is-and-why-you-should-test-for-it-when-buying-a-home/ What is radon? Radon is a cancer-causing, radioactive gas. Radon is the by-... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/radon-what-it-is-and-why-you-should-test-for-it-when-buying-a-home.jpg http://factoidz.com/selling-your-home-in-todays-market-seller-beware/ http://factoidz.com/selling-your-home-in-todays-market-seller-beware/ There are only two good reasons to sell your home in 2009: You MUST, and Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/selling-your-home-in-todays-market-seller-beware.jpg http://factoidz.com/buying-a-foreclosure-buyer-beware/ http://factoidz.com/buying-a-foreclosure-buyer-beware/ Every day, I see the media touting what great deals exist today are on “distress sales” -- foreclosed homes and “short sales.” The reports I’ve seen tend to minimize the downside of buying di... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/buying-a-foreclosure-buyer-beware.jpg http://factoidz.com/why-do-i-always-recommend-certified-public-accountants-cpas/ http://factoidz.com/why-do-i-always-recommend-certified-public-accountants-cpas/ In many of my real estate articles, particularly those relating to real estate investing and tax issues, I recommend turning to a Certified Public Accountant (C.P.A.) for advice. Recently, someone who ... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/images/p/business-1.jpg http://factoidz.com/real-estate-investing-five-steps-to-figuring-out-what-its-worth/ http://factoidz.com/real-estate-investing-five-steps-to-figuring-out-what-its-worth/ Whether you are thinking about buying a single-family rental, a duplex or four-unit, or a 200-unit apartment complex, there comes that moment when you must decide a dollar figure to write in the purchase ag... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/real-estate-investing-five-steps-to-figuring-out-what-its-worth.jpg http://factoidz.com/foreclosures-vs-short-sales-what-is-the-difference/ http://factoidz.com/foreclosures-vs-short-sales-what-is-the-difference/ “Confusion” is the watchword when most consumers hear the terms “foreclosures” and “short sales.” Most consumers don’t understand their definitions and even more don’t understand how di... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/foreclosures-vs-short-sales-what-is-the-difference.jpg http://factoidz.com/buying-foreclosures-buyer-beware/ http://factoidz.com/buying-foreclosures-buyer-beware/ The current feeding frenzy over foreclosed properties -- fueled by media hype that buyers are getting outrageously good deals -- has caused many uninformed buyers to leap headlong into the foreclosure arena wi... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/buying-foreclosures-buyer-beware.jpg http://factoidz.com/estimating-home-repair-costs-don%e2%80%99t-forget-the-%e2%80%9coops-factor%e2%80%9d/ http://factoidz.com/estimating-home-repair-costs-don%e2%80%99t-forget-the-%e2%80%9coops-factor%e2%80%9d/ Twenty years ago, a real estate investor friend of mine were walking through a dilapidated property he was considering buying. As we walked, he jotted notes as to what repairs the home needed and scrib... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/images/p/default-10.jpg http://factoidz.com/important-update-on-8000-tax-credit-hot-off-the-presses/ http://factoidz.com/important-update-on-8000-tax-credit-hot-off-the-presses/ The IRS has just released a new form (Form #5405) to adress the new $8,000 tax credit and  it appears buyers WILL be able to claim the credit on their 2008 taxes if they close on a home prior to submitting their 2008 taxes (on or before April 15, 2009). ... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/images/p/default-15.jpg http://factoidz.com/four-ways-to-pay-less-commission-when-selling-your-home-1/ http://factoidz.com/four-ways-to-pay-less-commission-when-selling-your-home-1/ In our challenging economic times, many of us are trying to keep our spending to a minimum -- at least until we see evidence the economy is turned in a more positive direction. Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/four-ways-to-pay-less-commission-when-selling-your-home-1.jpg http://factoidz.com/your-home-is-an-investment-and-so-much-more/ http://factoidz.com/your-home-is-an-investment-and-so-much-more/ In all of this talk of foreclosures, bailouts, short sales and refinancing, what is sometimes lost is that money spent buying real estate is an investment, and, like any investment,its value can go up or down. Why is the prospect of losing our homes so damaging to our economy but even more devastati... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/images/p/default-8.jpg http://factoidz.com/stimulus-8000-tax-credit-to-first-time-home-buyers/ http://factoidz.com/stimulus-8000-tax-credit-to-first-time-home-buyers/ There seems to be a great deal of confusion over the $8,000 tax credit for home buyers which President Obama plans to sign into law tomorrow.  Who qualifies for the tax credit?  Is it for anyone or is it limited by income?  Will I be required to repay the tax credit?  When ... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/images/p/default-2.jpg http://factoidz.com/buying-a-home-get-good-advice/ http://factoidz.com/buying-a-home-get-good-advice/ Buying a home? Get good advice. W... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/buying-a-home-get-good-advice.jpg http://factoidz.com/for-sale-by-owner-fsbo-should-you-sell-your-home-by-yourself-or-not/ http://factoidz.com/for-sale-by-owner-fsbo-should-you-sell-your-home-by-yourself-or-not/ In today’s tough economy, we all want to save money. Homeowners who have lost equity in their homes as a result of declining values may feel the only way to salvage what is left of their equity is to sell the home themselves and pocket what they would otherwise pay in commission. In today’s t... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/for-sale-by-owner-fsbo-should-you-sell-your-home-by-yourself-or-not.jpg http://factoidz.com/five-crazy-ideas-to-save-our-economy/ http://factoidz.com/five-crazy-ideas-to-save-our-economy/ Forgive me if I appear to be stating the obvious, but our free-market economy is based on a delicate balance of supply and demand.  Usually, with minor ... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/five-crazy-ideas-to-save-our-economy.jpg http://factoidz.com/eight-steps-to-powerful-negotiating-in-a-buyers-real-estate-market/ http://factoidz.com/eight-steps-to-powerful-negotiating-in-a-buyers-real-estate-market/ In today’s real estate market, Buyers have plenty of inventory to choose from and sellers have lots of competition up and down their streets. Buyers can get good deals, no question about it. But how do you get... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/eight-steps-to-powerful-negotiating-in-a-buyers-real-estate-market.jpg http://factoidz.com/how-your-family-pet-can-hurt-your-homes-value/ http://factoidz.com/how-your-family-pet-can-hurt-your-homes-value/ How much is that puppy in the window worth? Having a dog or cat as a member or your family is one of life’s joys. It can also very costly. Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/how-your-family-pet-can-hurt-your-homes-value.jpg http://factoidz.com/home-staging-sell-the-sizzle/ http://factoidz.com/home-staging-sell-the-sizzle/ Did you ever walk into a restaurant and smell the steaks on the grill and hear the sound of one sizzling as it hits the metal steak plate? Mouthwatering, isn’t it? Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/home-staging-sell-the-sizzle.jpg http://factoidz.com/how-are-realtors-like-broccoli/ http://factoidz.com/how-are-realtors-like-broccoli/ Remember when potatoes were just potatoes, not Idaho potatoes or Michigan potatoes?  Remember back before California had dancing raisins, before bananas dressed up like Carmen Miranda and Orange juice commercials featured Donald Sutherland voice-over... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/how-are-realtors-like-broccoli.jpg http://factoidz.com/the-revolution-of-marketing-mass-media-vs-the-internet/ http://factoidz.com/the-revolution-of-marketing-mass-media-vs-the-internet/ Once upon a time, in a village far away, there lived a man. His fellow villagers would make things, bring them to the man and he would tell others about the things his villager friends made.  He called the things "products" and the villagers who made the products "manufacturers." Each day, he ... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/the-revolution-of-marketing-mass-media-vs-the-internet.jpg http://factoidz.com/never-sell-with-blah-blah-when-you-can-sell-with-blah/ http://factoidz.com/never-sell-with-blah-blah-when-you-can-sell-with-blah/ Yesterday, I overheard a salesperson selling.  Well, selling may not be the right description.  Overselling might be a better word.  It was at one of those furniture stores; you know, the ones where they pounce on you the second you walk through the door?  Then never leave you alone to wander th... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/never-sell-with-blah-blah-when-you-can-sell-with-blah.jpg http://factoidz.com/9-steps-to-improving-your-business-writing-skills/ http://factoidz.com/9-steps-to-improving-your-business-writing-skills/ Most business people know how to talk.  Writing, however, is quite another matter. Writing is an essential communication tool and it is sad to see otherwise bright, articulate people shy away from writing because of their lack of confidence in doing so.  It is j... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/9-steps-to-improving-your-business-writing-skills.jpg http://factoidz.com/passed-over-how-to-get-the-promotion-next-time/ http://factoidz.com/passed-over-how-to-get-the-promotion-next-time/ As a former ad agency executive, I knew what my bosses were looking for when I hired a new staffer. They expected me to hire promotable people, not just those with talent. Pro... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/passed-over-how-to-get-the-promotion-next-time.jpg http://factoidz.com/quick-story-and-a-tip-in-business-take-time-to-sharpen-your-axe/ http://factoidz.com/quick-story-and-a-tip-in-business-take-time-to-sharpen-your-axe/ Once upon a time there were two lumberjacks, Lars and Sven. Each of them was the best lumberjacks in their camps and every year, the two camps would meet and challenge one another to determine the bes... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/quick-story-and-a-tip-in-business-take-time-to-sharpen-your-axe.jpg http://factoidz.com/facing-home-foreclosure-first-dont-panic/ http://factoidz.com/facing-home-foreclosure-first-dont-panic/ Faced with the possibility of losing your home, panic is an understandable -- and common -- reaction. Denial is another. Unfortunately, neither of those reactions will save your home nor will they mitig... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/facing-home-foreclosure-first-dont-panic.jpg http://factoidz.com/what-is-a-short-sale-and-is-it-right-for-me/ http://factoidz.com/what-is-a-short-sale-and-is-it-right-for-me/ This is a "short sale:"  The net proceeds of the sale fall short of the mortgage balance but the lender is willing to accept those net proceeds as full payment of the loan. Under certain conditions, usually hardsh... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/what-is-a-short-sale-and-is-it-right-for-me.jpg http://factoidz.com/foreclosure-rescue-schemes-what-they-are-and-how-to-avoid-them/ http://factoidz.com/foreclosure-rescue-schemes-what-they-are-and-how-to-avoid-them/ Rescue schemes take various shapes but one of the most common is this: An investor offers to help you "save your home" by purchasing it on a land contract and leasing it back to you until you can re-... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/foreclosure-rescue-schemes-what-they-are-and-how-to-avoid-them.jpg http://factoidz.com/myths-vs-facts-about-selling-your-home-in-a-buyers-market-part-ii/ http://factoidz.com/myths-vs-facts-about-selling-your-home-in-a-buyers-market-part-ii/ Yesterday, I debunked 5 myths about selling your home in a buyer's market.  Here are a few more: Myth 6:  "We can always come down but we can't go up in price." Fact:    You can do anything you want - down, up, s... Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/myths-vs-facts-about-selling-your-home-in-a-buyers-market-part-ii.jpg http://factoidz.com/myths-vs-facts-about-selling-your-home-in-a-buyers-market/ http://factoidz.com/myths-vs-facts-about-selling-your-home-in-a-buyers-market/ After 20 years of selling real estate, I have a considerable collection of "Myths vs. Facts."  In today's “buyer’s market,” it is essential to separate fact from fiction Myth #1:  "Houses just aren´t selling." Wed, 31 Dec 1969 18:33:29 CST donphelan http://factoidz.com/wp-content/themes/gabtheme/images/myths-vs-facts-about-selling-your-home-in-a-buyers-market.jpg