Besides buying up as much Reno Homes and Reno Income Properties as my greedy self in this once in a lifetime Nevada real estate opportunity, may I suggest the following:

• Transfer real estate to heirs while the cost basis is low. You will need an appraisal, make sure they use actives, pendings and solds. You are shooting for a low value here, actives and pendings tend to be lower in a buyers market, opposite of course in a sellers market.
• Settle estates, divorces, partnerships, lawsuits, judgements and anything else that would benefit from a lower value.
• Lower your assessed value; easier said than done, you may want to take the Incline Village approach and do a group approach. I did this (fought the appraisor) back in 83 in California, thanks to prop 13, my basis is the same on some of my long term holdings from that epic battle with the assessor. For Nevada Property taxes; we have a hybrid of Prop 13 that I think is great as it probably won’t create Mello Roos districts etc; there is a 3% cap on primary and a 5% cap on income when they assess (generally they assess on a multi year basis).
• If you need cash and you have real estate in a real estate Roth IRA, now may be a good time to roll it over.
• Sell this year if you are one of the lucky ones to be having a good year.
• Sell this year and roll over your losses to offset the great years forthcoming.
• If you anticipate a better year next year, do a lease option. Check with me on the lease option thing, I have done a lot of them, there are some caveats to say the least. I can e mail you my PowerPoint presentation and some other information on them.
• Take advantage of Reno foreclosures, short sales, bank REOs (real estate owned) et al, again, not for the inexperienced.
• Buy a home or condo using a lease option, a simple search of Craig’s List for Reno homes lease options, Reno lease options, or Reno condo lease options will get you quite a few. Again, extreme caveat here as many scammers are in the lease option world. They are excellent leverage; instead of putting $40,000. down on a purchase, you can tie up 6 lease options at $5,000. option money each with $10,000. for carrying costs. Or just gamble $5,000. on just one home and walk in a year or two if the market declines. It beats losing the $40,000. (or more).
• Refinance or put a home equity line for college, expenses, stocks or other real estate while we are at historic lows again.

Disclosure: I am not giving tax advise, this is of a general nature, check with your accountant and or Attorney.

Now, if you look at this market with opportunity you will not have to look back at missed opportunity, happy investing, don’t be a chicken/aka: “the herd”!

Reno Realtor selling Reno homes

Ron Bell

www.ronbellrealtor@hotmail.com

775-750-5256

Filed under: CURRENT STRATEGIES