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Michel Delos Santos's Blog

Michel Delos Santos

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Minorca condos sold in December 2017 in NSB

by Michel Delos Santos

*  Minorca condos sold in Dember 2017 in NSB  *

 

1.  250 Minorca Beach #404, 2/2, 1590 sq.ft, DOM 157, 395K.

2.  250 Minorca Beach #705, 3/2, 1810 sq. ft, DOM 233, 575K.

3.  259 Minorca Beach #802, 3/2/1, 2358 sq. ft, DOM 216, 655K.

 

*  Minorca condos currently for sale.

*  Contact us.

Planning for Retirement

by Michel Delos Santos

It can be shocking to hear how many people spend more time planning their vacation or next mobile phone purchase than planning for retirement. It is hard to imagine that they are expecting Social Security will take them through their golden years. A person who has paid in the maximum each year to social security can assume to receive about $30,000 a year.investable assets.png

Every adult in the work force, should go to SSA.gov to find out what they can expect based on their planned retirement age. Since it probably won’t be the amount you need to retire comfortably, at least you’ll know how much you’ll be short so that you can devise an investment plan.

There’s an easy rule of thumb used to estimate the investable assets needed by the time they retire to generate a certain income. The target annual income is divided by a safe, conservative yield to determine the investable assets needed.

A person who wants $80,000 annual income generated from a 4% investment would need investable assets of $2,000,000. If a person had $500,000 now, they would need to accumulate $1.5 million more by the time they retire. They would need to save about $100,000 a year to be ready for retirement in 15 years.

If saving that amount does seem possible, an IDEAL alternative could be to invest in rental homes. The familiarity of rental homes like owning a personal residence can reduce some of the risk. Rentals also enjoy other characteristics like income from the operation, depreciation in the form of tax shelter, equity buildup from the amortization of the loan, appreciation and leverage from the borrowed funds controlling a larger asset.

Some investors explain the strategy by buying good rentals with mortgages and having the tenant to retire the debt for you. Single family homes offer the investor an opportunity to meet their retirement and financial goals with an investment that is easily understood and controlled.

An Retirement Projection calculator can give you an idea of how many rental homes you’ll need to supplement your social security and other investments.

How to manage real estate insurance premiums

by Michel Delos Santos

The benefit of insurance is to transfer the risk of loss to a company in exchange for a premium. The deductible is an amount the insured pays out of pocket before the insurance starts covering the cost of the loss. The challenge is to balance the risk an insured can accept with the premium being charged.28227782-250.jpg

To manage insurance premiums, policy holders often consider adjusting their deductibles. Lower deductibles result in less money out of pocket if a loss occurs in return for higher premiums. Higher deductibles will lower premiums but require that the insured bear a larger amount of the first part of the loss.

Insurance companies offer deductibles as a specific dollar amount or as a percentage of the total amount of insurance policy. The amount is usually shown on the declaration page of homeowner and auto policies.

A small fire in a $300,000 home that resulted in $5,000 of damage might not be covered because it is less than the 2% deductible which would be $6,000. If the homeowner can afford the cost of repairs in exchange for lower premiums, it might be worth it. On the other hand, if that loss would be difficult for the homeowner, a change in the deductible for higher premiums could be considered.

Raising deductibles can save money in the present when paying the premium but could cause problems later if a claim occurs. Homeowners should review deductibles with their property insurance agent to be familiar with the amounts and make any changes that would be appropriate.

The New Tax Law affects Homeowners

by Michel Delos Santos

The new tax law that was signed into effect at the end of 2017 will affect all taxpayers. Homeowners should familiarize themselves with the areas that could affect them which may require some planning to maximize the benefits.

Some of the things that will affect most homeowners are the following:

  • Reduces the limit on deductible mortgage debt to $750,000 for loans made after 12/14/17. Existing loans of up to $1 million are grandfathered and are not subject to the new $750,000 cap.40009294-250.jpg
  • Homeowners may refinance mortgage debts existing on 12/14/17 up to $1 million and still deduct the interest, so long as the new loan does not exceed the amount of the existing mortgage being refinanced.
  • Repeals the deduction for interest on home equity debt through 12/31/25 unless the proceeds are used to substantially improve the residence.
  • The standard deduction is now $12,000 for single individuals and $24,000 for joint returns. It is estimated that over 90% of taxpayers will elect to take the standard deduction.
  • Property taxes and other state and local taxes are limited to $10,000 as itemized deductions.
  • Moving expenses are repealed except for members of the Armed Forces.
  • Casualty losses are only allowed provided the loss is attributable to a presidentially-declared disaster.

The capital gains exclusion applying to principal residences remains unchanged. Single taxpayers are entitled to $250,000 and married taxpayers filing jointly up to $500,000 of capital gain for homes that they owned and occupied as principal residences for two out of the previous five years.

Not addressed in the new tax law, the Mortgage Forgiveness Relief Act of 2007 expired on 12/31/16. This temporary law limited exclusion of income for discharged home mortgage debt for principal homeowners who went through foreclosure, short sale or other mortgage forgiveness. Debt forgiven is considered income and even though the taxpayer may not be obligated for the debt, they would have to recognize the forgiven debt as income.

These changes could affect a taxpayers’ position and should be discussed with their tax advisor.

Ocean Walk condos sold in December 2017 in New Smyrna Beach

by Michel Delos Santos

Ocean Walk condos sold in December 2017 in NSB

​Ocean Walk condo is still very popular because of all the amenities available:  2 pools, 2 tennis courts, 2 clubhouses, movie theater, deeded access to beach, kayak trail, bocca and shuffle board courts, covered garage, outside grills, non driving beach.

These 2 units sold in December 2017:

Unit #2-207, 3/2, 1768 sq ft, 275K.

Unit #15-601, 3/2/1, 3843 sq ft, 480K.

Please contact me for more information, or click here to preview all the Ocean Walk condos currently for sale in New Smyrna Beach. 

Best 2BR Ocean Walk condos for sale in New Smyrna Beach

by Michel Delos Santos

Best 2BR Ocean Walk condos for sale in New Smyrna Beach

* # 9-202, 2006, 1584 sq ft, $229,000.

* # 6-303, 2002, 1675 sq ft, $234,899.

* # 16-202, 2006, 1525 sq ft, $239,900.

* # 5-305, 2002, 1453 sq ft, $245,000.

Let me know if you want to look at these properties. 

Michel Delos Santos, Realtor, (386) 689-4684.

mikeytherealestateman@gmail.com.

Click here to view all Ocean Walk condos for sale.

 

3 Best Priced 2BR Minorca Condos for Sale in New Smyrna Beach

by Michel Delos Santos

* 3 Best Priced 2BR Minorca Condos for Sale in New Smyrna Beach *

1. 250 Minorca Beach Way # 203, 350K.

2. 265 Minorca Beach Way # 404, 399K.

3. 263 Minorca Beach Way # 404, 418K.

 

Click on head title to preview these units (valid for 90 days after date of publication).

Click here to view all Minorca condos for sale.

Contact us.

3 Best Priced 3BR Minorca Condos for Sale in New Smyrna Beach

by Michel Delos Santos

* 3 Best Priced 3BR Minorca Condos for Sale in New Smyrna Beach *

1. 265 Minorca Beach Way # 403, 3/2, 399K.

2. 265 Minorca Beach Way # 305, 3/2, 425K.

3. 265 Minorca Beach Way # 201, 3/2/1, 449K.

 

Click on head title to preview these units (valid for 90 days after publication).

Click here to preview all Minorca Condos for Sale.

Contact us.

3BR Minorca Condos Sold since the Beginning of the Year

by Michel Delos Santos

* 3BR Minorca Condos Sold since the Beginning of the Year *

1. 250 Minorca Beach Way # 901, 3/2, 685K.

2. 259 Minorca Beach Way # 602, 3/2, 640K.

3. 253 Minorca Beach Way # 303, 3/2, 500K.

 

Click on head title to preview these units. (valid 90 days from publication) 

Click here to preview all Minorca Units currently for sale.

Contact us.

3 Best Priced 2BR Ocean Walk Condos for Sale in New Smyrna Beach

by Michel Delos Santos

* 3 Best Priced 2BR Ocean Walk Condos for Sale in New Smyrna Beach *

1. Ocean Walk # 6-205, 2/2, 219K.

2. Ocean Walk # 7-306, 2/2, 224K.

3. Ocean Walk # 6-406, 2/2, 228K.

 

Click on the head title to preview these properties. (valid for 90 days from date of publication).

Click here to preview all Ocean Walk condos for sale in New Smyrna Beach.

Contact us.

Displaying blog entries 1-10 of 599

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