Dan Askins

Just because you are still enamored with your extensive Barbie collection, don't assume that everyone else is as well. As a full-time Realtor for the past 10 years, I have seen some great houses that wouldn't sell, simply because the owners couldn't get their own personalities out of the way. Below is a list of things you can do to help sell your house, and most of them cost little or no money.

Decorations

I wasn't kidding about the Barbie collection. My buyer clients and I walked into a house that was decent enough and met their basic criteria. Then we walked into the master bedroom. It was a shrine to Barbie. Literally dozens of Barbie's, still in their boxes, took their place of prominence on every horizontal surface in the room. In a bachelor's house. It's sort of that feeling you get when you walk in on your parents. Even though the house met my clents' basic criteria, they took it off the list, because they couldn't see past the Barbie display. You might think my buyers were immature, but you must understand that they are in control of whether they buy your house, not you. Sometimes buyers make big decisions using little details to guide them. While you might love your Barbie collection, others probably don't, so get out your "It's Moving Day" Barbie and store those collectibles away. Leave room in your house for the buyer to mentally move in their own things. Quite often I see military families make this mistake as well. While I am quite proud and supportive of our troops, I don't recommend displaying pictures or plaques that remind people of some disturbing scenes. Home is a sanctuary. Keep it quiet for the buyers by removing anything that might disturb their peace.

Clutter

Recently, I came into a house as a potential listing agent to interview for the listing. Long ago, I made the commitment to speak my mind, politely but firmly, about what issues I find. I have no desire to list a house I can't sell. This particular home was beautifully redone, from top to bottom, and sat in a very good section of town. It had been on the market, however, for two years. Obviously something was wrong. Besides being overpriced, the house was absolutely packed with furniture. The couple had married and combined furniture, so literally there were two houses of furniture in one space. Even though they were all very nice pieces, it made the house look llike a furniture showroom, instead of a home. Buyers need to be able to place their own furniture into a room, without tripping over yours. It is far cheaper to rent a mini-storage and pack away a few of your things, than to let your house sit on the market for two years. After the sellers moved out some of their stuff, the house went under contract in 28 days, and we got a backup offer as well.

Age Spots

My house is full of carpet stains. We manage to hide most of them, and if you don't like the rest of them, don't come over or clean 'em yourself. That's a fine attitude for us, because we aren't planning to sell. If you have pets, if you smoke, if you have kids (or husbands) who like to run with peanut butter and jelly, this will be a hard area for you to fix. It is SO important though. Getting those spots cleaned up will keep your potential buyers from forming a negative opinion of your home. It shows a pride of ownership, which puts the buyer's mind at ease about the rest of the house and the parts she can't see.

Messy rooms

There is nothing worse than coming into a bedroom and seeing dirty underwear. Clean underwear isn't much better. If you are really serious about selling your house, pick up everything, everyday. Clean and put away the dishes. Put toys in the right place. Your dog's favorite bone needs to be tucked away. The litter box should be clean. The toilets should be spotless. Selling your house is a pain. You are under the microscope 24/7, and you never know when a Realtor will drive up unannounced with a car full of buyers and want to see your house with little or no notice. Although we try not to let that happen, sometimes circumstances don't work out that way. If a buyer can't get in right then, quite often they will take the home off the list. I know that's not fair, but buyers are not always fair. Buying a home can be just as stressful and overwhelming as selling one.

Bad paint

Just the other day, I walked into a house with some buyers, and I nearly threw up. Somebody got the "I'm an HGTV star" complex and starting painting and changing the carpet. I kid you not, when I say the room was a combination of mauve carpet and pink walls. It looked like a collision of Pepto and Grape Nehi, and we got the indigestion. While you live in the house, paint the whole thing purple, if you want to. But when you decide to sell it, you need to begin to move yourself out of the house. That includes your tacky paint colors. Spec builders use beige for a reason. It sells. That also brings to mind a real pet peeve I have with homeowners. Just because Lowe's says you can "Do-It-Yourself" doesn't make it so. If you don't know how to keep wall paint off the ceililng, if you don't know how to properly caulk nail holes, if you don't know how to cut a straight line, this is for you: "STEP AWAY FROM THE PAINT BRUSH!!!!" Your bad paint job will cost you thousands of dollars, much more than the cost of a professional painter. When people see what a bad job you have done, they will price in a new paint job, even if they like the colors you picked.

Smelly house

Sometimes we have 20-30 houses to look at over the course of only one or two days. Imagine trying to remember all those houses. The last thing you want the buyer to associate with your wonderful home is how smelly it was. Your cigarettes must be completely undetectable, and you won't be able to discern that. Only a non-smoker who is not acquainted with your house will be able to tell. The litter box must be clean. Cat pee is a sure-fire way to ruin a first impression. Scented candles in every room is almost worse than the cats. The scent is overpowering and makes people think you're trying to hide something. One house had so many candles burning, we had to leave the front door open for ventilation. That house got crossed off the list. It's a little unfair, but the buyer is the one who makes that decision. Don't give her a reason to walk away with her nose in the air, firmly pinched between two fingers.

Dogs and cats

Here's where I get in trouble. I know you love your pet. I know he's precious. I know he's just being affectionate. I also know that the buyers don't want to be bothered with Fido and Sparkles. Barking dogs will turn away a buyer, even if that buyer has pets of his own. If there's any way to get your pets out of the picture, it would be a bonus. If not in a kennel, then in the garage or outside. If you have a large or somewhat aggressive dog, this is especially important. Do you want the buyers to remember your house as the one with the mean guard dog or as the one with the beautiful hardwood floors?

Price

Maybe you've noticed by now that I haven't mentioned price. It's the elephant in the room. We all know price is important, but it's not the only factor. In fact, it's one of the few things on the list over which you have little control. The market dictates price, not your mortgage amount or your bills that are piling up or your upcoming world cruise. This is a harsh reality, but you must respect the market. Quite often people will stubbornly stick to an unreasonable price for their houses and miss real opportuniites to sell. For every month you overprice the market, you are making yet another interest payment. Add those up and pretty soon, you've spent a great deal more money than you would have spent, if you had lowered the price to a reasonable level in the first place. Get an objective opinion of value. Your 1970s Brady Bunch era ranch with orange shag carpet and harvest gold appliances might really trip your trigger, but don't expect anyone to pay top dollar for it. Just because you don't mind a tiny bathroom with a pink tub, don't expect everyone to feel the same way. And just because you took out a huge line of credit to pay for that new bass boat with cruise control and XM radio, don't expect anyone to be willing to pay for it through an inflated house price.

Selling a house is like a going on a blind date. You never know if this buyer is "the one", so make your house ready every time. An attractive, well-priced house will sell, regardles of the market conditions.

When Dan isn't out selling real estate, he likes to hang out at Panera. You can find him there or via email: Dan@DanAskins.com.

It's amazing to me, as I look at all the safety paraphernalia that my two girls have accumulated, how much we "protect" our children from everything. Somehow I survived childhood without the use of helmets, car seats or even seat belts. Riding in the back of daddy's pickup truck was a given, even on the highway. We use anti-bacterial soap, even though recent studies suggest it has a negative impact on "good" bacteria and almost no impact on "bad" bacteria. The Department of Social Services would take away my Daddy License if I allowed my kids to drink from a garden hose.

All that is to preface the fact that within the span of a few days, both my daughters sustained life-altering wounds while playing. Elizabeth, 9 years old, was riding her bike at a campsite on High Rock Lake. She is not the steadiest thing on two wheels, but seemed to be OK as I rode just ahead of her. As we started down a little hill that she had already travelled many times before, she all of a sudden lost control, of her mind, and splayed out on the asphalt, bruised and bewildered. It was nothing too serious, so I got her back on the bike and we rode back to our campsite to lick our wounds. The very next day, at 8 AM on Sunday morning, I was preparing breakfast, when a sleepy-eyed fellow came walking up to our campsite with Elizabeth in one arm and a crashed up bike in another. Her little basket was smashed and she had cuts and bruises on her nose and cheek, just below the left eye. As the report came in, I discovered that she had been on the same hill, and this time was fortunate enough to find a parked golf cart to run into, in lieu of that nasty pavement. We forgot to bring her helmet that weekend. After a little ice and some parental lovin', she was alright and even got back on the bike again, although never venturing near Killer Hill. Her new nickname is Elizabeth "Crash"kins, which she really likes.

The very next week, we decided to take a family walk down the street. We stopped at the corner, where a friend of mine owns a vacant rental house. In the front yard sat a pear tree pregnant with beautiful, bigger than my fist, pears. The girls immediately scurried up the tree and were happily playing as we talked to a friend who happened to be driving by. All of a sudden I heard a "I'm really hurt. Come now!!" kind of scream. It was Katherine, my 7 year old. She had fallen out of the tree and was holding her left arm, sobbing and screaming bloody murder. We got her back to the house and made a splint out of her soccer shin guards and an Ace bandage. After calling our friend who is an x-ray tech, we determined that waiting until the morning was the best option. The emergency room would just add to the misery, and they wouldn't be able to do anything until the swelling went down. It was probably broken, but not badly, so after stabilizing it, we medicated and got her in bed. After a very long and sleepless night, we got to the doctor's office, where they confirmed she had a small buckle fracture to the radius and would need a cast. Evidently some doctors don't even prescribe a cast for these types of fractures in children. Katherine's new nickname is "Cast"erine.

I guess we really can't protect our kids after all. After being scolded for "loose living and hard drinking", W.C. Fields, the early 1900s film star and comedian, reputedly remarked, "There'll be a lot of healthy people who get really mad when they die of nothing." While I am no hurry to see my daughters die, or even get hurt for that matter, I do tend to allow them to explore their limits. We have taught them some very basic things. They know about strangers. They know about playing in traffic. If the stick wiggles, it's not a stick. And if they forget to use anti-bacterial soap every now and then, we just let it ride. I think they'll be alright, and if they aren't, well there's always therapy.

When Dan isn't nursing some wound his daughters have sustained, he sells real estate with Fore Properties. You can reach him at 910-528-7003 or email: Dan@DanAskins.com.

As part of my series, "How to Safely Invest in Real Estate", I wrote about the importance of surrounding yourself with great people who were leaders in their respective fields. One of the most important people to have in your Mastermind Group, MMG, is a competent real estate accountant.

I asked Monica McDonald of Busby & Co. in Southern Pines, NC, write about some tax issues.

Monica earned her Bachelors Degree in Accounting from The University of North Carolina at Pembroke in 1988, where she double majored in Business Management. She has been in the accounting industry and employed by Busby and Co., CPAs since 1988. She earned her certificate and has practiced as a CPA since 1994. She resides in Aberdeen, North Carolina with her husband and two children.

Tax Tips When Owning Rental Real Estate

Depreciation is one of the major deductions when owning rental real estate. The cost of the real property can be depreciated over a period of 27.5 years as long as 80% or more of the gross rental income is from dwelling units. So, essentially any building that is residential rental property falls under this category.

It is important to consider the cost of various elements of the building, known as cost segregation. Some of these elements can be treated as personal property and can be depreciated at an accelerated rate for a shorter period of time. How do you determine what is personal property? Is the item a structural component (real property)? Of course the answer to all tax questions is....it depends! The owner must look at the specific facts related to each element in question. Is the item related to the operation and maintenance of the building? If so, then it is probably a structural component. Following is a list of some items that have been determined to be structural components and therefore part of the real property: bathtubs, boilers, ceilings, central air and heating(including HVAC unit), chimneys, doors, electrical and wiring, fire escapes, floors, hot water heaters, light fixtures, paneling, partitions(unless removable), plumbing, roofs, sinks, sprinkler systems, stairs, tiling, walls and windows.

Remember, that appliances and, in most cases, emergency generators are not structural components and may qualify as section 179 property. If they do qualify, they could possibly be written off in the year of purchase.

One last note related to the segregation of property. If the building is sold or transferred in a like-kind exchange, gain will be triggered to the extent that these items were segregated and depreciated at a faster rate. For more information about depreciation, you can go to http://www.irs.gov/pub/irs-pdf/p946.pdf.

I will be bringing in more experts from my MMG in future blogs. If you want to hear about something specific, please let me know.

Dan.

Below is a list of some of my favorite eating spots for lunch in Moore County. They are in no particular order.

Please feel free to add to the list.

My Favorite Lunch Spots

Squire's Pub. I hate fast food. I refuse to eat it, unless there is absolutely no other alternative. When I'm in a hurry, I call ahead to Squire's Pub and ask for the loaded baked potato with steak and mushrooms. With tip, it's about $8, and I get a great meal faster than a trip around the Mickey D's drive through.

Panera Bread. They made it on my breakfast list, too. I like to get the half sandwich and cup of soup, especially the potato or french onion. The service is excellent, the food is good and fast. They also have a great grilled cheese sandwich for kids.

Corfu's. You've got to try their pan-seared grouper with lemon caper cream sauce. My mouth waters just typing the description. If the weather is nice, I like to sit outside and imagine I'm in some little Mediterranean seaside village. The funeral home across the street brings me back to reality, but the food is still awesome. I usually order water and come out for less than $10 with tip.

Caterino's. I am a Southerner. A good ol' boy redneck from South Carolina. I honestly did not know that people drank unsweet tea until I was in college. The very idea...Imagine the culture shock I received when I met real live Yankee restaurant owners here in Moore County. Nick Caterino is one of those guys. He is a little brazen, but underneath that tough exterior is one mighty fine baker and sandwich maker. His bread is baked fresh daily and the portions would choke a horse. Even I can't finish the meal. Sometimes. I just let them build me a sandwich. They're all good. The Philly is amazing. The Meatball sub comes in bread that has this impossibly thin layer of crunchy goodness that gives way to a chewy center. (He also makes some pretty good homemade wine.)

Eastwood Diner. Remember that part about being Southern? This is where I go to get back to my roots. Eastwood Diner is one of the few places in Moore County that I order tea. And I don't have to tell them sweet, either. Their buffet will make your tongue slap your forehead, trying to lick your lips. Fried chicken, collards, sweet potatoes, banana pudding (pronounced nanner puddin'). This is absolute paradise for only $8.

When Dan isn't stuffing his face, he sells real estate in the Moore County area with Fore Properties.