Real Estate Property; Buying Your First Home

There are several instances where realtors can use coaching or mentoring skills. One is with their own team and the other is with sellers or buyers. Before we talk about the skills themselves, though, I need to differentiate clearly between them. Coaching and mentoring are not the same thing and there is a lot of misunderstanding about that. Briefly, mentoring takes place when you are sharing your experiences and helping a mentee avoid all of the pitfalls that you know to be in your profession and/or in your organization. Coaching takes place when you ask open ended questions to get the coachee to perceive or think about things in a different manner so that they can move forward to reach their goals.

Construction Spending is forecast to have declined by 0.5% in September, more than reversing a 0.4% gain in August. Given the high vacancy rates in commercial Realtor, and the big overhang of existing homes for sale, a decline in construction spending is to be expected, and I would not be surprised to see it come in even weaker than forecast.

We’ve all heard about staging your home and most people think, “Ok, I’m going to have a realtor come in, I’m going to get rid of the clutter, focus on the entryway, and that kind of thing.” A lot of people are not thinking of the photos and staging the photos.

If you sell your residence, the first $250,000 is exempt from gain or $500,000 if you are married. Remember, this requires that the residence was used as such for two of the last five years.

The rules and regulations of the LLC are found in the Operating Agreement. This document is the equivalent of the bylaws of a corporation. The good news is the typical operating agreement for the LLC does not require the member to do much. The bad news is most single member LLCs have the wrong operating agreements that can result in sham claims being found credible by a judge.

Two areas we all have the potential to face one day in our lives are tax problems and/or medical bills. One or the other can be devastating. I had open heart surgery in July 2006 and if it wasn’t for a super medical insurance program, I might have had to sell our house. The bills were enormous.

The single member LLC is a viable and legal entity. That being said, it is absolutely critical that you set it up correctly. The courts will recognize there is opportunity for abuse since there is only one shareholder. As a result, they will look closer at the entity than they will with others. Make sure you have yours in order or you may be found personally liable for its debts.

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