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Friday, June 5, 2020  Spokane, Washington  Est. May 19, 1883
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Stories tagged: tom kelly


Tom Kelly: Scammers seem to target seniors during tough times

Like the coronavirus, crooks tend to target seniors. That has not changed in real estate.


Tom Kelly: Mortgage forbearance is not forgiveness, but it could be an option

Given the occurrences of the past several weeks, most lenders will bend over backward to help borrowers who are behind. Many have long-standing, alternative loan payment programs available while others …


Tom Kelly: Taking an extra step to keep senior deferral in place

Why eliminate, or curtail, any senior benefit until researched estimates are compiled – especially if we are at, or near, the bottom of a crazy, virus-slowed housing market?


Tom Kelly: Staging, virtual tours vital in today’s market

Home staging is not reserved for the rich.


Tom Kelly: Bargain basement mistake – selling too low to your child

When you deal the wonderful getaway to a child or close relative at too low a price, however, the IRS red flags begin to surface.


Tom Kelly: Exit strategy for keeping the cabin in the family

Has the recent winter weather left you feeling “too old” to run up and inspect the family cabin? Is it time you made a decision on the future of the …


Tom Kelly: Choosing a getaway you don’t plan to rent out

The best way to choose a community in which to purchase a vacation home is to begin with yourself and your family.


Tom Kelly: Buying basics to think about when you are homebound

If you have taken some time during your sheltering at home to dream about a possible real estate investment, try to target how it will be used.


Tom Kelly: Adverse possession … and the remote getaway

Even though a second home may be placed on your mental “back burner,” make sure you stay current on all zoning, land use and legal guidelines. If you wait too …


Tom Kelly: U.S. not alone in reverse mortgage arena

Older homeowners with significant home equity in several countries around the world are facing similar challenges. Many of them do not have the cash needed to fund their senior years …


Tom Kelly: Playing ball with City Hall

If you decide to enhance an outbuilding, build on a newly created lot or attempt a simple subdivision, you will be spending a lot of time at your local City …


Tom Kelly: Keeping the peace when dividing your getaway property

If you want to slice off a piece of your second-home property for the kids or sell a section to a long-time neighbor, keep the big hammer in the back …


Tom Kelly: Convert an old 401(k) plan and buy property

Investing in real estate individual retirement accounts has been available, legal and helpful since 1974. Still, consumers attempting to nail down a piece of property with their IRA continue to …


Tom Kelly: Investing in real estate abroad? Take a look at your IRA

If you think property in Spain, Ireland or another foreign country is an absolute bargain, yet you have no money to purchase a property there, do your research and then …


Tom Kelly

According Freddie Mac’s Primary Mortgage Market Survey, interest rates on home loans have ticked down in six of the past eight weeks. While this has been good news for owners, …


Tom Kelly: Rent out your home to get best of cash, tax worlds

If you are concerned about Uncle Sam taking a chunk of your home sale and you have the wherewithal of renting out your primary residence for two or three years, …


Tom Kelly: Home sale exclusion unlikely to rise

In order to qualify for the $250,000 exclusion ($500,000 for married couples) you must have owned and used the property as your principal residence for two out of five years …


Tom Kelly: More possible options to finance your New Year dream

In a recent column, we discussed some creative financing options when considering the purchase of a second home. Here are three more possibilities, including one in which you only have …


Tom Kelly: Options to finance your holiday present – a second home

If your New Year’s gift to yourself is to begin the research on the purchase of a second home, here a couple of creative options that might not be on …


Tom Kelly: Year-end deduction: Tax court eases definition of ‘roof repair’

If you are a rental property owner looking for a tax deduction, you might want to consider doing that needed roof repair/replacement now.


Tom Kelly: Some owners of fire-destroyed properties finally get a break

Tax code ruling will assist some owners whose one-time principal residences were turned into investment homes and destroyed by fire and then subsequently sold.


Tom Kelly: Viewing your second home as a potential retirement residence

According to the National Association of Realtors, about one-fifth of all second-home owners see the home as a potential retirement residence. If you are considering buying a vacation home that …


Tom Kelly: A second residence differs from an investment property

Because there is a diversity of motives connected with the decision to buy a vacation home, the process of choosing a community is less straightforward than it is in the …


Tom Kelly: It’s difficult to prove false property description was deliberate

Do you steam when you follow up on a listing for a “cozy cottage” and find a falling-down fixer? Can the term “waterfront access” accurately describe a public boat launch …


Tom Kelly: Waiting for another rate drop? You may lose your dream home along the way

While mortgage rates are not expected to leap any time soon, it’s usually better to close on a loan and start accruing home equity via appreciation than to gamble that …


Tom Kelly: Looking for an investment? Put yourself in the renter’s shoes

Your ability to maximize the net income you receive from a property purchased specially for investment depends on choosing the right property in the right community.


Tom Kelly: Where to buy? Evaluating basic vacation, investment possibilities

Whether you plan to personally enjoy the use of a property or are looking to derive income from its ownership, where you buy will go far in determining how well …


Tom Kelly: Reverse mortgages proposed as option for long-term care challenges

Should reverse mortgages become a more encouraged option to solve long-term care challenges? Is there a better place to turn to explore funding solutions to the escalating health care issue …


Tom Kelly: Tracking down the landlord became a mystery

Landlords can be a pain. Some have crossed the line from forgetful to clueless. At the top of the list was an absentee gentleman who enabled a typical living arrangement …


Tom Kelly: Long-term, fixed-rate loans are not the only option

If your adjustable rate mortgage is about to adjust from its initial rate and term and you definitely want to stay in your home for an extended period of time, …