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Stories tagged: Tom Kelly


Tom Kelly: Think twice before restarting your mortgage clock

Many mortgage professionals would like to see more programs today in which loans emand borrowers to have sizable down payment in exchange for a benefit of a moveable mortgage down …


Tom Kelly:

Most real estate investors are familiar with tax-deferred exchanges. This practice allows the seller of an investment property to defer the gain on a sale by purchasing property of equal …


Tom Kelly: Rules of thumb for judging future ‘rent-by-owner’

If you bought an investment home there now and rented it out, is there a way of knowing if it will appreciate? And, is there a break-even formula to use …


Tom Kelly: Empty house on the market may cost more to insure

Because a primary residence was unoccupied, vacant and headed for sale, its insurance premium had jumped to nearly eight times the normal rate.


Tom Kelly: Looking for a quick credit fix? Co-signer usually not the answer

Co-signers, or co-borrowers, can help bring you up to the income needed to qualify for a loan, but guidelines can be very specific depending on the type of loan. Usually …


Tom Kelly: Mid-week rentals … and travel insurance

While family and friends can be the key to a successful vacation rental property, they also can be a major pain in the backside.


Tom Kelly:

While rent-by-owner agencies say it’s a snap to find renters for your family cabin on the internet, the best way to ensure your sanity – and your second-home’s safety – …


Tom Kelly: No personal use with IRA-purchased properties

The rules for purchasing real estate with an individual retirement account are specific and differ greatly from those that govern conventional rentals and second homes.


Tom Kelly: Can your lender challenge loan data after closing?

Lenders are more focused on the proper verification of a borrower’s assets. But just how long is the information stated on your home-loan application considered valid?


Tom Kelly: Father’s gift was more than summer vacation

The fondest memories of my youth are of warm days on those family trips.


Tom Kelly: Marriage and home ownership for tax purposes

The U.S. Tax Court recently ruled that the cap on mortgage interest deductions applies in the same way to unmarried couples as it does to married couples, affirming a ruling …


Tom Kelly: Should known crimes return to sellers’ disclosure forms?

But to what extent should the property’s known history, or stigma, be included?


Tom Kelly: No tax deduction for paying Mom’s mortgage?

Have you moved into your mother’s home, paid her monthly mortgage yet have been unable to take a mortgage interest deduction on your federal tax return because you are not …


Tom Kelly: Some tax extenders bring more confusion than help

Most of the breaks included in the Bipartisan Budget Act of 2018 did little for consumers, which was probably the reason it passed so quickly.


Tom Kelly: It’s more than adding space when mom moves in

Knowing and accepting that a parent or older (perhaps disabled) family member is coming to live with you is one thing. Finding a way to finance that accommodation is a …


Tom Kelly: Be honest about remodel needs for aging in place

Before deciding on and executing the typical major renovations – roof, bathroom and kitchen – plus other applications that are often needed to age in place, remember that any renovation …


Tom Kelly: Can’t borrow more? FHA home-improvement program could work

FHA Title 1 loans of up to $25,000 are available to owner occupants and investors who want to repair or improve their property.


Tom Kelly: B&B becomes national example for barrier-free living

The 3,700-square-foot bed and breakfast situated on 18 acres was built for the purpose of improving the quality of life for people living with physical disabilities, providing creative options for …


Tom Kelly: Evaluate a property by proposing a lease-option

A lease-option allows the vacation renters to buy time to research the area while getting a portion of the monthly rent credited toward the down payment if they decide to …


Tom Kelly: VA loan could be used for your next home

Even though retired naval officer Jim Kelley purchased his present home with a loan insured by the Department of Veterans Affairs, a Navy buddy told Kelley it would be possible …


Tom Kelly: What will children remember about holidays at home?

How will my childhood holiday memories compare with those of our four children – now only occasional visitors – in the place they had called home? That thought comes to …


Tom Kelly: Investors benefit from roof ‘repair’ year-end deduction

If you are a rental property owner looking for a year-end tax deduction on a property, you might want to consider doing that needed roof repair/replacement before the end of …


Tom Kelly: Revisit second home possibility during off-season

If you have used the excuse of poor weather to support the notion that “we’ll never use it enough anyway” to delay your decision of seeking a second home, turn …


Tom Kelly: Let’s keep seniors from falling through the cracks

But some people – even those who desperately need the funds and whose homes are owned free and clear – have been unable to go through the reverse-mortgage process and …


Tom Kelly: IRA funds proved key to waterfront investment

Here’s an interesting story about a young couple who used their IRAs to buy a waterfront parcel on a Montana lake.


Tom Kelly: Honesty and other drawbacks of a home-based business

For Bill King, 56, a genuine response to an insurance-related question sparked a chain of events that cost money and anxiety and brewed frustration and mistrust for the industry.


Tom Kelly: Home-equity loans come in different forms

The loans have given lenders the incentive to smooth over the unpleasant connotations of “second mortgage” and create a new atmosphere surrounding “home equity.”


Tom Kelly: Condo financing taking dead aim on renters

A court case sent a message that condo associations should be careful on how owner-occupant ratios are achieved.


Tom Kelly: Personal touch getting lost in mortgage marketplace

Why do business with a company that refuses to speak to you? Regardless of how much information is available online and on the phone, if I pay for a service, …


Tom Kelly: Homebuilders take hotel service to heart

The nation’s top homebuilders have sought counsel from service-oriented leaders like Ritz Carlton in an attempt to corral loyalty and its incredibly powerful result – marketable referrals – to subdivisions …