Spring is in the air, and tax season is in full swing. What better time to write about taxes? But the taxes I’m talking about in this article aren’t income taxes, or even transfer taxes, but the property taxes you will pay every year on every property you own...
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First-time Homebuyer Credit Extended Through April 2010
Before we review the changes in the First-time Homebuyer Credit for 2010, we need to summarize the prior law. In August, we wrote an article explaining the “American Recovery and Reinvestment Act of 2009” which expanded the previously created first-time...
Seven Things You Need to Know Before You Buy Rental Property — Thing Four: Your Tenants
Most of the time, we do not buy rental property which is vacant. We buy with at least some existing tenants, so we can enjoy immediate cash flow from the property. Banks generally prefer to loan against existing cash flow, instead of taking your projection as...
PROA Board Meeting December 2009
The Board of Directors of the Pennsylvania Residential Owners’ Association met December 3, in Camp Hill, outside of Harrisburg. The Officers, Grant Nelson, President, Rita Dallago, Executive Director, Jean Yevick, Vice President, John Baldwin, Treasurer, and...
Seven Things You Need to Know Before You Buy Rental Property — Thing Three: Your Municipality and its Rules
Many inexperienced landlords find a great property at an unbelievable price in a nice neighborhood, and hurry to buy before the Seller realizes he or she has priced the property far below its value. Only after closing on a real steal does the buyer realize that...
2009 Mechanic’s Lien Law Changes
A mechanic’s lien is a security interest in personal or real property for those who have supplied labor or materials without being fully paid. In Pennsylvania and most other states, these liens are statutory in nature. These protective devices exist to provide...
Seven Things You Need to Know Before You Buy Rental Property — Thing Two: Leases
Some people think that any lease is a good lease, or that all leases are created equal. They couldn’t be more wrong, and it is a very expensive lesson to find out after you buy a rental property that the lease or leases on which you depend for the income to pay...
PROA Needs Your Help For its Legal Defense Fund to Fight for Real Estate Investors Statewide
Why does it matter to a landlord in Pittsburgh or Philadelphia what a small town council does in the middle of the state? Why should an investor in Erie worry about the result of a lawsuit in Common Pleas Court in Lackawanna County? The answer to these...
Seven Things to Know Before You Buy a Rental Property — Thing One: Utilities
As a real estate lawyer for 25 years, I have watched many investors come and go, and some stay and prosper for the long haul. I have helped them with contracts, closings, evictions, contractor troubles and sales, among other things. Each time someone calls me...
Mortgage Fraud Task Force Indicts More Investors and Professionals in July
In March, Assistant U.S. Attorney Brendan Conway spoke to the ACRE meeting in Pittsburgh, told us about the indictments the Mortgage Fraud Task Force had made to date, and promised that more investigations underway would lead to more indictments. In July,...