“Who Wants To Win A $25 Gift
Certificate to Delmonico Grill?"
Take advantage of downtown Rapid City businesses
You missed out on a great chance to call in and win last month! There is no obligation, I won’t pester you for any information or an appointment. Call and see if you can win! Last month’s question was:
How fast do the fastest messages transmitted by the
human nervous system travel?
a) 280-300 MPH b) 55-75 MPH c) 130-150 MPH
d) 90-110 MPH e) 180-200 MPH
The answer is letter “E,” an amazing 180-200 MPH. So let’s move on to this
month’s trivia question…
How many eyes or eyespots do most starfish have?
a) Two b) One c) Five d) Four e) Three
The person to call me with the correct answer will win! 391-7086
How Many Pointers Were On The Very First Clocks With
Hands – Made In the 14th Century?
a) 3 Pointers b) 4 Pointers c) 2 Pointers d) 1 Pointer e) 5 Pointers
Call me right now with your answer and you could win too! 391-7086
Real Estate Corner…
Q. Q. We’re considering buying a second home for vacations and eventually for retirement. What are the pros and cons of doing this?
A. A. Second homes are becoming an increasingly popular investment due to the great tax advantages. Before you buy, it is a good idea to consult a tax expert, but in most cases up to $1 million in mortgage debt insurance is deductible in addition to points and property taxes. As a bonus, you may collect rent for up to 14 days per year without claiming it as income. Be sure that you don’t go over that 14-day limit or you will have to abide by a whole new set of investment property rules. The Taxpayer Relief Act of 1997 also allows you to keep up to $500,000 in profit from the sale of the home as long as you have lived in it for two of the last five years and haven’t sold another home in the past two years.
Although these tax advantages may sound great, there are some pitfalls associated with the purchase of a second home. Financing on second homes is often more expensive than for a primary residence. Lenders raise the interest rates because during hard times, most people will let the mortgage payments for their second home falter before they risk losing their primary residence. You will need to shop around to find a good mortgage broker. Often brokers close to the purchase site will give you a better deal. Also, consider seller financing or co-ownership to ease the financial burdens.
When buying a second home you need to concentrate on the location very carefully. Look for the cheapest home in the best area in order to maximize your value and appreciation potential. Be sure that you choose something close to the activities and amenities you love. If you are thinking of selling or buying soon, and need friendly representation, please call me at 391-7086.
THANK YOU
for reading my Service For Life! ® personal newsletter. I wanted to produce a newsletter that has great content and is fun and valuable to you. Your constructive feedback is always welcome.
-Tristan