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Hollywood Real Estate Law Blog

What is the median price of a home in Hollywood?

Do you think it's time to buy a home in Hollywood, Florida? Maybe you have been renting for a few years and it costs around the median price of $1,995 per month. You are tired of seeing all of that money disappear with nothing to show for it, so you want to buy a home. How will the prices compare?

The exact amount you pay on a monthly basis depends on the terms of your mortgage loan. To start digging into it, though, let's take a look at the median cost of a home in the city. It comes in at $284,400 as of October 18, 2019.

Ways to reduce taxes as a real estate investor

Real estate investors are wise to do what they can to reduce their tax liability. This can allow them to reinvest a larger share of their profits into new investments, giving them a greater potential to grow their business.

While 1031 exchanges are a common way for investors to defer their tax liability, there are many other strategies that real estate investors should explore. The following are some common ways to avoid tax liability when buying and selling a property.

How to avoid issues in a 1031 exchange

It's a well-known fact that 1031 exchanges are a great way for property investors to legally defer paying capital gains taxes during the process of selling a property to buy a new one.

If you want to go through a 1031 exchange when selling your property, understanding the common pitfalls allows you to avoid them. The following are some ways to help you avoid issues in a 1031 exchange.

Tips for buying your first rental property

Buying a property for the purpose of renting it out can be a great financial decision. It can mean that you will be set to make a profit after making mortgage repayments, and at the same time, you will hopefully be benefiting from a gradual rise in the value of the property.

However, it is important that you take the time to understand the potential risks of investing real estate for rental purposes, and that you are aware of the hurdles you will likely face. The following are some tips to observe when investing in your first rental property.

The pros and cons of starting businesses for property investments

Setting up a limited liability company (LLC) is a common way for real estate investors to isolate investments. This way, one failed real estate investment will not have an effect on their personal assets or other investments that they have made within other LLCs.

If you are considering investing in real estate in Florida, you may have questions about how forming LLCs could benefit you, and if there any ways that it could hinder you. The following are the main pros and cons associated with forming an LLC for a real estate business.

Tips for negotiating a successful commercial lease

When you are interested in leasing a property for commercial purposes, and you are confident that the property in question is a smart choice for you, it is time to start the process of negotiating the lease. Signing a poor lease agreement will be sure to create problems for you in the future, so it's best to invest time into negotiating the details upfront.

If you are not already familiar with the types of commercial leases available, it's a good idea to start by looking over these. Some leases cover maintenance and insurance, whereas others make the tenant responsible for all associated costs of residing in the space. The following are some tips for successful negotiation after you have decided which type of lease is best for you.

Understanding real estate escrow in Florida

Escrow is one of those terms that can confuse and overwhelm people going through a real estate transaction. However, it does not need to be so confusing. By understanding the terminology associated with escrow, as well as the reason why it is so important, you will feel more prepared to go through the process.

Going through escrow efficiently requires that you have a good overview of all aspects the process. Take the following steps when starting to address escrow.

Things you may not know about 1031 exchanges

An increasing number of people are choosing to invest in property. When done right, it can be a lucrative way to gain a significant income with relatively little effort. However, if you do not take action to find alternatives to paying capital gains taxes, your profit margins will narrow.

One of the most common ways to legitimately avoid capital gains tax as a property investor is to go through a 1031 tax-deferred exchange. Going through a tax-deferred exchange essentially means that you use the funds gained from one property to reinvest them into another. As a result, it is possible to defer your capital gains tax. However, there are certain rules to which you must adhere to be eligible for a 1031 exchange.

What can I do to protect myself when investing in real estate?

Starting to invest in real estate can be an exciting and exhilarating endeavor. It's likely that when you are first starting out, you will feel overwhelmed with how much there is to learn. However, anyone can be a successful real estate investor as long as they are diligent and understand how to protect themselves from failure.

Any individual real estate investment has the potential to go wrong. As an investor, you are never able to fully control or predict the future conditions of the market. However, it is possible to protect yourself from personal liability if an investment does go wrong. The following blog outlines one of the most common ways to protect yourself as a real estate investor.

4 advantages of real estate investing for retirement income

Florida is no stranger to people moving to the Sunshine state for retirement. Retirees enjoy the warm weather and easy access to multiple beaches. Some of those retirees also are looking for a way to generate retirement income and buying a commercial or rental property is one way to do that.

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Hollywood, FL 33021

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