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Saturday, October 19, 2019  Spokane, Washington  Est. May 19, 1883
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Stories tagged: tom kelly


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, …


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: Purchase real estate with a converted 401(k) plan

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


Tom Kelly: College faculty, staff, grads often need housing

If you want to invest in a college rental yet would prefer not to rent to undergrads, take a day and meet some of the department heads and other resource …


Tom Kelly: College bound? Suggestions for off-campus living

If you will be dropping off a college student for the fall term, it might be worth your time to check the prices of homes for sale near campus. The …


Tom Kelly: Older homeowners tend to be prime scam targets

Mortgage fraud is not on the uptick. However, be wary of investors willing to take over your payments or attempting to persuade you to subordinate your position on a loan.


Tom Kelly: Mother-in-law units helpful, but check requirements

While building codes vary, many jurisdictions allow one accessory dwelling unit per single-family residents.


Tom Kelly: How do drugs affect an on-site septic system

Several people believe a woman’s cancer medications, ingested and then flushed, helped to accelerate a septic system failure. Experts in the business say the drugs probably were not the only …


Tom Kelly: Off-the-radar seniors provide housing stability

The Market Enhancement Group, a research team based in Southern California, broke down data supplied by the U.S. Census Bureau. It came as no surprise that not only do seniors …


Tom Kelly: Building a second home in the trees takes some preparation

While real estate typically is a good long-term investment, vacation-property buyers should be cautious when buying vacant land or raw land, even if there clearly is marketable timber on the …


Tom Kelly: Part-time, full-time rental income rules differ

Do you have to declare the rental income from your home or vacation cabin to the Internal Revenue Service on your annual income tax return? How much is too much …


Tom Kelly: Don’t panic over last-minute cancellation

A last-minute rental can be an unexpected goldmine for a vacationer and a pain in the pocketbook for a second-home owner.


Tom Kelly: Second-home extra spaces can pay dividends

In a recent column, we addressed the underestimated pool of friends, neighbors and business associates who would rent your getaway because they have an idea that they would like what …


Tom Kelly: Never underestimate your circle of friends

A former neighbor, Edith Ekert, once said the best way to fill her vacation cabin near a popular ski lift with responsible families was to insert a notice in the …


Tom Kelly: Living trust can be a flexible alternative

In a recent column, we explored the use of a life estate and the complexities of selling a home when both the life tenant and remaindermen have real interests in …


Tom Kelly: Tax-free cash to rental owners under 14-day rule

According to the Internal Revenue Service, an owner can derive tax-free income from renting a property, provided the owner rents it out for 14 days or fewer and doesn’t claim …


Tom Kelly: Creative tools bolster vacation rental industry

An old friend of mine who owns and operates a small development company showed up in town for a weekend event. We blocked out some time to revisit the old …


Tom Kelly: Revisiting the way our nation approaches housing

A study presented by the American Enterprise Institute, or AEI, believes the U.S. housing system fails because government support of funding encourages overbuilding and speculation and relieves investors of risk …


Tom Kelly: Second-home owners look to alternative financing

Many second-home owners – especially those in the full-time vacation rental business – are looking to purchase another property but are facing stringent financing guidelines. The same challenges, even with …


Tom Kelly: Second-home owners ‘go creative’ to fill vacancies

With the summer rental season right around the corner, second-home owners hoping to rent out their getaways to travelers and vacationers are looking for creative ways to fill remaining vacancies …


Tom Kelly: Where’s the buyer loyalty when open-house agents surface?

Corporate transfers often surface in the first quarter of the year. While some companies bend over backward to accommodate and facilitate, many workers are on their own to find a …


Tom Kelly: Charitable remainder trust as exit strategy

Defer tax on rental, but when must you pay? Real estate investors, especially small-time players with one or two rental properties, may have more exit options available to them with …


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: Double-check a couple of deductions before April 15

Both the mortgage interest and home office topics need to be double-checked before the April 15 deadline.


Tom Kelly: Living trust can be a flexible alternative

In a recent column, we explored the use of a life estate and the complexities of selling a home when both the life tenant and remaindermen have real interests in …


Tom Kelly: Does a life estate have cash value?

What, exactly, is a life estate? Does it have any value? The question surfaced recently when the stepmom of three siblings talked about the possibility of moving into an assisted-living …


Tom Kelly: Early bird just a part of the competition

An interesting purchase-sale controversy surfaced recently when the first person to make an offer on a home wound up in second place.


Taking the cash: Luxury raffle winners usually decline ‘sizzle’

The big fundraiser at our parish raffle every year was a new car “donated” by a local dealer. The pastor said the winner usually decided to take the cash alternative …


Tom Kelly: Big difference when home raffle includes essay contest

While recent nationally syndicated stories have raised hopes about the possibilities of alternative selling methods, home raffles and essay contests remain problematic.


Tom Kelly: Some timelines for residence exemption are confusing

If you’ve traded for a lakefront getaway condo and now think you would like to live there, make sure you own it for five years before attempting to pocket a …