6 Common Mistakes Executors of Estate Make – Local Records Office

Local Records Office, Olympia, WA – Being appointed, as the executor of an estate is a serious responsibility. Most executors have the desire to handle every step of the probate process appropriately, but many of them don’t have the experience or knowledge they need to do this, which is why it’s almost always a good idea to hire probate lawyers if you are the executor of someone’s will says, Local Records Office. If you are determined to handle the process yourself, be sure you aren’t making these common mistakes:

  1. Not Filing The Right Legal Notices

Local Records Office says, “When handling an estate, you have to file the appropriate paperwork during every step of the process”. You’ll have to obtain a death certificate and file it with the court, then draw up legal notices that need to be sent to all beneficiaries and all creditors. You’ll also need to post a notice in at least one newspaper allowing potential heirs and creditors to step forward. Finally, you’ll need to file a proof of publication. All of these documents have to follow specific formats, which probate lawyers will be familiar with. If you want to file these yourself, be sure they are worded correctly and that everyone is properly contacted.

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  1. Confusing Properties That Is Covered By The Will With Property That Isn’t

Not all property is covered by even the most detailed will. If the person who has passed away had life insurance policies that are payable to specific beneficiaries, these are considered separate from the estate says, Local Records Office. Other assets included in this category may include jointly owned property and certain types of retirement accounts. Because the laws surrounding these assets can be complex, it’s best to consult with probate lawyers for any clarification needed.

  1. Improperly Handling Tax Issues

This is one of the most confusing aspects of being the executor because tax laws, particularly those that affect estates, can be difficult and convoluted. This is an area where consulting with probate lawyers who are well versed in tax law can be a tremendous help so that you don’t unfairly burden the heirs with incorrect or excessive tax liabilities says, Local Records Office.

  1. Improperly Interpreting The Will

Reading through the last wishes of someone who has passed away should be relatively straightforward, but many people make their wills unnecessarily complex, leaving various stipulations open to interpretation. Sadly, this can lead to family feuds and long, drawn-out litigation that drains the estate of funds. By hiring probate lawyers, you can often avoid these complications.

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  1. Making Distributions Too Early

Local Records Office, “While the heirs will obviously want the estate to be closed and their proceeds distributed as soon as possible, it’s a mistake to do this too soon”. If the executor closes out the account before all of the obligations and debts are paid off, he or she could then be held liable for outstanding debts that are filed, leaving them in the unenviable position of trying to get money or property back from the heirs. Estate lawyers can help you determine when it’s time for distribution.

  1. Not Consulting With Probate Lawyers

While most executors try to handle the job of executor conscientiously, common sense and honesty aren’t always enough to ensure a will is handled appropriately says, Local Records Office. By hiring probate lawyers who are familiar with the laws in your state, you can ensure that every step of the process is handled appropriately and that the heirs each inherit what they are entitled to.

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To learn more about real estate and Local Records Office go to www.LocalRecordsOffices.com

 

Real Estate: Hiring a Commercial Construction Company in Olympia WA – Local Records Office

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Local Records Office, Olympia, WASHINGTON – If you are looking to build a business, the best way to go about this is to hire a commercial construction company. They are well trained and specialized in non-residential buildings says, Local Records Office. Think of them as the architects of reliable and safe buildings. Instead of residential buildings, they are much larger. It could be a shop, a public school, local government buildings, and so on.

Local Records Office: The Bigger the Project, the Bigger the Tools Needed

Local Records Office says, “Due to the fact that they are getting contracted for a larger project, a commercial construction company is more prepared with larger machines”. Whether they specialize in demolition or building, they have everything you would think they might need. They also make sure that they have the manpower to truly get the job done. Smaller projects usually require fewer workers. Large buildings may have fifty workers working on it at one time to make sure that they are making deadline as best as they can. Or, at least close enough to deadline.

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Local Records Office: Paying For Reliability

Most companies that need to hire a commercial construction company hire the ones that have proven time and time again that they are reliable says, Local Records Office. Reliability is almost priceless when it comes to these types of buildings. They need to be reliable enough to strongly consider safety and notice when something seems a little off. They also need to be experienced enough to notice little details that could cause big problems in time.

Why is Olympia Washington is Being Targeted by Local Records Office ?

Local Records Office: Governmental Contracts

If you need a public building or park built, you will be providing a governmental contract to the commercial construction company says, Local Records Office. There are businesses out there that specialize in this type of work. Word of mouth or working with contractors that you have used before can be a great way to skip all of the drama of finding an ill prepared team of workers.

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The People That Make Up a Team

Local Records Office says, “There are various aspects to building a team equipped for this type of work”. There are actual architects that need to help with building from scratch. They need to design the building in a safe way. Then there are going to be people that are trained in HVAC and other aspects of the buildings. The people that make the team up must be conscious of regulations and how all aspects of the buildings will end up working together says, Local Records Office. Think about how often things can go wrong with any type of building. Having a commercial construction company that knows what they are doing will help to get the job done properly first. It will make sure that the building is not only safe but will also not end up costing much more than the specified budget.

To learn more about real estate and Local Records Office go to www.LocalRecordsOffices.com

 

Is This the Right Time to Buy Real Estate? Local Records Office

Local Records Office, Olympia, WA – For many new families and individuals ready to find homes of their own, they begin to wonder if it is really time to buy real estate says, Local Records Office. While it may be for some people, it may not be for others. The housing market is actually pretty great for those that would like to buy, but that doesn’t mean you have the money to do so at this time. Sometimes it’s more important to take into account your own financial standing before you worry about the current market conditions. If you are in the market to purchase a new home or even commercial real estate, you may just be able to find the location of your dreams with a little effort, but you also need to make sure this is the right time for you.

 

Why is Olympia Washington is Being Targeted by Local Records Office ?

 

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Are You Financially Stable?

Local Records Office says, “The first question that you must ask yourself is whether you are financially ready to purchase your new home”. If you have a steady income and a nice amount of savings, this could be a great time to make this type of commitment. There are banks that offer loans for people that would like to buy one and there are even tax breaks for new homeowner. This could offer a lot of help towards reaching your ultimate goal.

If you have a lot of savings and can swing an amazing down payment, you will be able to have a lower monthly mortgage says, Local Records Office. While in the grand scheme of things you are not saving any money with lower payments, you will be able to offset a hefty monthly mortgage. This certainly makes it a lot easier to maintain the home.

 

READ MORE: Local Records Office Spotlights Benefits of Buying a Home over Renting

 

Some may recommend paying the minimum so that you can put your money into maintenance and what you will need for the move. If you are capable of doing both having the high down payment and affording what you will need outside of that, there is no real need to have a smaller down payment says, Local Records Office.

Make Sure to Save Money

If you would like to save some extra money, you can shop around for your mortgage lender. This is when you will need to compare everything from interest rates to penalty fees. You can pick the one most suited to your needs easily when you know the facts.

Local Records Office says, “Due to the fact that this market is becoming so affordable for people that have the money to do it, there should not be a problem finding a home with a deep discount”. Use your Realtor and Internet research skills to make the best decision possible. This may help you to find the best price for the best home. If you are about to buy real estate for the first time, it may not be your first home anyway. So, if you want to have a “first home” you do not have to make a huge purchase.

 

READ MORE: Four Common Mistakes By First Time Homebuyers

 

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People Are Buying Properties to Rent Out With Low Rents. This is Why – Local Records Office

Local Records Office – In this article, I am going to tell you how you can make money with low rents; the two primary reasons why landlords keep their rent below market; and how you can profit handsomely because of it says, Local Records Office.

I am a value investor. What does that mean? That means I look for opportunities in the marketplace where I can buy a property that has a small problem, fix that problem and make a bunch of money because of it. In the market place, this is called “value add.”

If you want to maximize your return on your real estate investments, you should be buying a property that has a value add component says, Local Records Office.

One of my favorites “value add components” is buying a property that has low rents. Of course, when we buy a property with low rents, we are going to buy the property based on the actual cash flow of the property. Therefore, we are going to buy based on its actual numerical value.

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I stress this because some brokers and sellers try to sell properties based on “pro-forma” numbers. If you swap the word “pro-forma” for the word pretend, they you will understand the value of these numbers.

With income properties, we always determine value based on actual cash flow. This is step one to making money with low rents.

The next step is to understand why those rents are low. When I say low, I mean they are not at the market rate, but below it. Typically, rents are kept low for two reasons.

Local Records Office says, “The first reason is landlords are afraid to increase rents because they are afraid tenants will call and ask for repairs to be done to their properties”.

This is crazy because if common repairs are not done on a regular basis, those repairs will get worse and will cost a lot more money to fix. The money to fix them could have come in the rent being brought to market.

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Plus, the more wear and tear an apartment has, the lesser quality tenant you will get who will accept that type of living condition. Now not only do you have a property that has lost value because of needed repairs but also you have less quality tenants who will turn over more often, costing the owner lost rent from vacancies.

The second reason is landlords are afraid the tenants will move out if they raise the rents. Well, if you are taking care of your tenants like you should be, treating them like the gold that they are– let’s face it, your tenants are you business’ cash flow, and you’ve got to take care of that income stream– and you raise your rents to the market rate, your tenants will not leave.

Why won’t they leave? Because you are taking care of them properly and they won’t be able to get a better deal somewhere else with the same quality ownership says, Local Records Office.

So we scour the markets for owners who have these erroneous mindsets and buy their properties from them based on the current cash flow stream.

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When we take over the property, we do an evaluation of the property. We make the necessary repairs, if any are needed. Sometimes there are some needed and sometimes there are not. Then we have the management company start raising the rents as the leases start to renew.

Since leases are typically a one-year term, and all lease contracts are transferred to the new owner, it takes a full year to raise all of the leases. But as the year goes by, your cash flow is getting higher and higher and more importantly, the value of the property is getting higher and higher. And, all you did was do what the previous owner should have done– do regular repairs on the property and raise the rents.

5 Early Warning Signs That You Should Stay Away from a Property – Local Records Office

Local Records Office, Olympia WA – There is nothing like the sad realization that your dream property is not as great as you first thought. Indeed, finding out that you have several thousand dollars worth of home repairs is no one’s idea of fun.

While a complete home inspection and a good dose of common sense will help you avoid the worst, there are some things that you should also be wary of. Here are five warning signs to heed before you sign that contract to buy your dream home.

  1. Internal Property Complication

Some internal problems for properties are easy to identify, such as termites, damp spots, and cracks in the walls and ceilings. Other problems are equally as serious yet often hidden by the sellers. For example, cracked tiles in bathrooms may indicate water damage, mold that there are ventilation problems, and brown areas that the wiring connection is poor.

Read More: 12 Red Flags That Should Raise Concern on Inspection

Other things to consider include water pressure, sticking windows, pipe and drain leaks, insulation levels, and pests of various kinds. It is best to run through these items like a checklist, seeing which areas you may need to obtain a professional inspection to check.

  1. External Problems

Likewise, there are various external problems for properties that are hidden from the overexcited homebuyer. One crucial element is orientation. For example, if you will be working from home and yet the property’s study receives very little natural light, you may want to reconsider.

Other elements include the condition of the fuse box, signs of asbestos, blocked drains, roof damage, garden watering systems, condition and age of nearby trees, and pollution levels. Once again, when you have done an initial assessment, you can then hire a professional for an official assessment.

Read More: Landlord From Hell – Local Records Office
  1. Missing or Incomplete Documentations

If you think you can’t be a victim of fraud, think again. If you choose to buy your property without having all the necessary documents, you could be in a very dangerous situation, not just financially, but legally and emotionally too. The best bet to avoid such a scenario is to hire a solicitor to help with your purchase. The couple thousand that you may pay is well worth it compared to how much you could lose if you go about it by yourself.

  1. Sketchy Property History

When was the property first built? What was on the land before? Why have there been so many different tenants? If you are unable to find out the answer to these questions, either because you cannot access the information physically or the seller is giving vague answers, think twice. There is a high chance they may be trying to cover up a shady past or incident. You are best to avoid such properties. If for some reason you still want to buy the property and want the “complete” history on the property make sure you contact “Local Records Office”.

  1. Unethical Real Estate Seller

Furthermore, if the sellers, whether a person or real estate agency, cannot answer even basic questions regarding the property for sale, you may want to reconsider your purchase. An unwillingness or lack of knowledge in answering questions suggests that either the sellers are hiding something or else not interested in selling the property. You should not pursue such properties further.

To learn more about property history and Local records Office go to www.LocalRecordsOffices.com