Upcoming Speakers
September 18-Paul Votta
“Disputing your real estate taxes”
http://sjoberg.lawoffice.com/
Rhode Island Real
Estate Investor’s Group
August 2008
Formal education will
make you a living.
Self-education will
make you a fortune.
~Jim Rohn~
Important news that very, very few people know. There has
been a change to the $250,000 /$500,000 tax free sale of your personal
residence (See The Article of the Month for details)
1 - Our next meeting
2 – Guest Speaker
3 - Upcoming Speakers
4 - Upcoming Seminars
5 – Membership
7 – New Members
8 - Volunteers
9 – Website of the month
10 – Some thoughts on seller financing from the Big Kahuna
11 - Article of the month
The Rhode Island Real Estate Investors Group is not in the
business of giving advice. We are not licensed or competent to do so. We
disclaim any liability for the action or inaction taken or not taken based upon
communications among its’ members. You all should consult your own advisors
when considering the purchase of any real estate related investments.
Our Next Meeting
Our next meeting is Thursday August 21, 2008. The meeting
place is the R.I. Association of Realtors. 100 Bignall Street in Warwick. Click
here for directions; http://www.rirealtors.org/aboutriar/directions.asp
o 5:45 P.M. The
doors open for networking
o 6:30 P.M.
Announcements, questions, opportunities
o 6:45 P.M. Rick
Cohn-Another tool for you-The many opportunities in seller financing.
o 7:15 P.M.
Attorney Glenn Andreoni
o 8:30 P.M.
Meeting Closes. Room remains open for Networking till 9:00 P.M.
Guest Speaker
August 21- Our Speaker will be attorney Glenn J. Andreoni.
Glenn will be discussing private / hard money, how to access funds and how to
offer to lend money.
Mr. Andreoni received his doctorate in Law from The New
England School of Law in 1992. Since that time Mr. Andreoni has been lending
monies and has represented several clients whom are private lenders. Since
March of 1993 the Law Offices of Glenn J. Andreoni, Inc., in Woonsocket, RI
& Lincoln, RI has concentrated on real estate closings and title matters,
the firm has conducted over 25,000 closings.
www.RIRealEstateLaw.com
Upcoming Speakers
September 18-Paul Votta
“Disputing your real estate taxes”
http://sjoberg.lawoffice.com/
Upcoming Real Estate Seminars
Free Educational Seminar How to invest using a Self-Directed
IRA
Tuesday August 19, 2008 6:30 PM – 8:30PM Warwick Public
Library
Seating is limited visit www.IRAEvent.com or call
401-305-2031 to register.
The Learning Connection - 800-432-5520 -
www.Learnconnect.com
Buying Foreclosed
Property [510007]
Thursday, 7:00 PM - 9:00 PM; 1 session on September 17, 2008
Tax Saving Strategies for Real Estate Investors [510089]
Monday, 7:00 PM -
9:00 PM; 1 session on September 22, 2008
How to Negotiate Anything!
[510111]
Wednesday, 6:00 PM - 9:00 PM; 1 session on July 30, 2008
Check Out That Property!
[510140]
Monday, 7:00 PM - 9:00 PM; 2 sessions starting August 18,
2008, ending August 25, 2008
Monday, 7:00 PM - 9:00 PM; 2 sessions starting October 20,
2008, ending October 27, 2008
Monday, 7:00 PM - 9:00 PM; 2 sessions starting December 1,
2008, ending December 8, 2008
8-Steps to Closing the Sale [510148]
Friday, 7:00 PM - 9:00 PM; 2 sessions starting October 3,
2008, ending October 10, 2008
Rhode Island Association of Realtors
www.riareducation.com
A few dozen courses-Too many to list.
Peter Fortunato
http://www.peterfortunato.com/
Real Estate Acquisition
Held in San Francisco CA.
Oct 11& 12
Dyches Boddiford
http://www.assets101.com/
LLC, Corporation & Partnership Class
Held in Atlanta GA. September 26 – 28
Membership
$60 per year. The first meeting is always free.
Spouses are welcome to attend with members at no additional
charge.
You can find an application at www.RIREIG.com or
http://finance.groups.yahoo.com/group/rireig/
Welcome New Members
William White
Thanks to our Volunteers
Here are the folks who maintain the member data base, answer
tech questions, find presenters, get the newsletter out, count the money, write
the jokes for Rick (so don’t blame him), stop the deadbeats at the door, let
you know about upcoming seminars, take care of nametags so you can remember who
you are, and keep the web page up to date.
Plus some other folks who do something that remains
unidentified. If you see any of these folks ask them for money. Their response
may surprise you.
In short, we’d be in the dark ages if it were not for the
help of John Blanchet, Lou DiMario, Mary Dolan, Marty Eerhart, June Reardon,
Bob Roy, Debbie Spivak, and Mike Tortolani..
Websites of the Month
http://www.naarealestateauctions.com/consumer/index/mls
This site allows you to learn of upcoming bulk auctions.
That is, a lender hires an auctioneer to sell a number of REO houses in a few
hours. Like everything else, there may be opportunity here. But some
preparation is required.
For example, on Aug 19, the firm of Williams & Williams
will be auctioning 19 Rhode Island houses in one day.
Another tool at your
Disposal
There are many investors who feel that today’s housing
crunch is because mortgage lender’s are
making it difficult for buyers to get a loan. So I’m thinking that if you, when
you are a seller, could offer financing, you would have a far larger pool of
buyers.
Well, how can you
afford to sell and not payoff the mortgage when you sell? Quite simply, focus
on getting seller financing when you buy. Among
the advantages:
No points, no credit check, no qualifying, no bank fees, no
appraisal.
Low or no interest payments, sell on a wraparound, sell with
a second mortgage, and buy the mortgage from the seller at a discount. The
seller loan can be structured so there is no due on sale clause and no personal
liability.
We’ll discuss
more at the meeting.
Thanks,
Rick Cohn
Article of the Month
With The New Housing Law, the $250,000/$500,000 Capital Gains Exclusion has changed
Dan Green
http://www.themortgagereports.com/2008/08/with-the-new-ho.html
… Buried deep on
page 690 of the 694-page law, for example, is an important change to the
Capital Gains Exclusion rule that could cost home sellers across the country a
pretty penny.
Under the former
Capital Gains Exclusion rule, home sellers could claim $250,000 of home sale
profits tax-free ($500,000 if filing jointly) provided they physically lived in
the home for 2 of the previous 5 years.
Savvy real estate investors exploited this tax rule by moving between
residences every two years.
Even "regular" homeowners were coached to stay in
their homes for at least 2 years for tax reasons.
Under the new Capital Gains Exclusion rule, however, this
sort of tax-minimizing behavior is rendered impractical. The new Capital Gains Exclusion formula is
not an all-or-nothing proposition.
Instead, it's a ratio.
In other words, if a home seller occupied a property as a primary
residence in 2 of the last 5 year, under the new system, he would be entitled
to 40% of his capital gains tax-free versus 100 percent of those gains before
the new housing law passed.
The effective date for the new Capital Gains Exclusion rules
is January 1, 2009 so homeowners selling in 2008 are exempt. This should lead to flurry of housing
activity prior to the New Year because home sellers will want to capture as
much of their real estate gains as possible tax-free.
See you at the meeting
John Blanchet
Email: John@StillwaterInvestors.com
Phone: 401-765-3630
If you wish to unsubscribe, please alert us at
RIREIG@cox.net
Telephone: 401-640-4261
Email: rireig@cox.net
Copyright
© 2007 Rhode Island Real Estate Investors Group. All Rights Reserved.
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Rhode Island Real Estate Investors
Group does not give legal, tax, economic, or investment advice. Rhode Island
Real Estate Investors Group disclaims all liability for the action or inaction
taken or not taken as a result of communications from or to its members,
officers, directors, employees and contractors. Each person should consult
their own advisors as matters concerning real estate and other investments.
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