Can you write off uncollected rent when a deadbeat tenant doesn’t pay? Murry Bradford of the Bradford Tax Institute was recently asked this questions and answered thusly: “No.” Bummer, huh? Not really. As Bradford explained, since you never declared the income of that unpaid rent, you can’t write off that which you never got. Makes… CONTINUE
BUT I BROUGHT IN A FULL PRICE OFFER!
Its Wednesday again, and on this edition of War Story Wednesdays we find a real estate broker who thought he had a deal in the bag and a hefty commission to go along with it! But not so fast, apparently cash isn’t always king. Watch the video to hear the complete story.
HAPPY NEW LAWS! 2016
It’s that time again, when the hangover remedies have worn off, and you have to start gearing back up for work. At least the “fitness resolutions” have another three weeks to go before they fall to the sidelines. So, while everyone is still groggy, it’s time to hit you with what you’ll have to be compliant… CONTINUE
CALL THE COPS, THE ROBBERS ARE IN TOWN!
All is fair in love and war; but also in real estate? For this one seller, it seemed so. But, hold on there partner. The long arm of the law will reach out and grab you when you get too darn tricky for your own good. Just as it did here. Need a lesson when dealing with… CONTINUE
Criminal “Independent” Real Estate Professionals
The California Real Estate Commissioner just issued the following warning letter to all California real estate professionals, especially those who are conducting property management businesses. Be forewarned, and do give me a call if the DRE has targeted you. Licensee Alert Issued 9/1/2015 Disciplinary Warning to Real Estate Salespersons Who Act, Conduct Themselves, and/or Advertise as… CONTINUE
Liar, Liar, Pants on Fire
Here’s a remarkable story about a commercial real estate broker who tried to make a fast profit by flipping a property. Now normally, there’s nothing wrong with that. But this wasn’t normal. Watch the video to learn about the giant whopper he told, and what the consequences were. What do you think?
Crazy Real Estate Topics?
Over the years, I have picked topics to wax poetic about in these posts. Now, it’s your turn. Let me know what you would like to hear about. It can be topics as a diverse as emerging rent control in the San Francisco area – as a result of the sky rocketing housing costs. Or… CONTINUE
Top DRE Audit #10: Written Disclosure Statement
Another often-cited violation is Section 10240 of the code which requires brokers to provide a borrower with a mortgage loan disclosure statement within three business days after receipt of a completed loan application or before the borrower becomes obligated on the note, whichever is earlier. Real estate brokers often fail to provide the Mortgage Loan… CONTINUE
Techno-Geek Rancher
This is the story of a software engineer who decided he wanted to shift gears and move to the country, where he’d raise avocados and live peacefully. Unfortunately, it didn’t quite turn out that way, and he ended up suing his broker, and the farmer who sold him the property. There are all kinds of lessons… CONTINUE
Top DRE Audit #9: Commingling
A broker shall not commingle with his or her own money or property the money or property of others which he or she receives and holds. Common causes of this violation are the deposit of trust funds received into the broker’s general business account or maintenance of over $200 in broker funds in a trust… CONTINUE
Who Pays When “It” Hits the Fan?
Some things never change, it seems. Here we have a story from 1925 where a broker ran off with the 50% deposit that the buyer had entrusted him to give to the seller. Yes, that thieving broker was the buyer’s broker, so you’d think the buyer had lost his deposit. Not so fast. The buyer made the… CONTINUE
Top DRE Audit #8: Trust Account Withdrawals
Commissioner’s Regulation 2834(a) states that withdrawals may be made from a trust fund account of an individual broker only upon the signature of the broker or one or more of the following persons if specifically authorized in writing by the broker: A salesperson licensed to the broker. A person licensed as a broker who has… CONTINUE
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