Escrow and Your Property Taxes
Escrowing property taxes is very common in the United States. Here you will learn how it works and whether it’s an option for you.
What Does it Mean to Escrow Property Taxes?
Escrowing your property taxes is a simple concept and useful tool for many property owners. When you escrow your property taxes, your lending company will assess you an extra amount over and above your mortgage payment each month. The amount and the fact that it is to be escrowed will be clearly delineated on your monthly mortgage statement. These payments are placed into an escrow account where they accrue and remain until it is time to pay your property tax bill. Over time, you will have paid enough in small amounts to cover the taxes. When property tax bills are mailed out, your mortgage company will receive the actual bill and will pay it on your behalf. You will receive a notice of property taxes due from the taxing body. You’ll also be informed when your taxes have been paid. Many mortgage lenders require their clients to escrow their property taxes, much the same as they require title insurance. When setting up your mortgage payment plan with your lender, you’ll learn whether or not you’re required to escrow your property taxes. If you are not required to do so,you may opt to anyway.
To Escrow or Not to Escrow?
Escrowing property taxes is popular for its simplicity and ease of use. Rather than remembering to save money for property taxes on your own, it is already written in to your mortgage payment. Paying a small portion of the taxes each month is often preferable for many people to coming up with thousands of dollars in property taxes when they are due. An added benefit is that your mortgage lender also takes care of physically paying the taxes. You do not have to worry about getting funds out of an account and then getting them to the appropriate taxing body. On the other hand, there are property owners who do not escrow their tax payments. These individuals, firstly, are not required by their lender to do so or they may not have a mortgage. They also do not have trouble coming up with property tax payments when the bill arrives or they prefer to save the money on their own and earn interest in a private banking account. Consider Your Money Habits There is no right or wrong choice. It comes down to your personality, spending and payment habits. If you’re not a saver, are lax in your bill-paying or know you won’t have the lump sum available for your property taxes when they are due, then you are probably better off escrowing your taxes. If you are a conscientious saver, don’t see a problem with having the lump sum available at tax time or prefer to handle tax payments on your own, then you may prefer not to escrow your property tax payments. Your lender will be able to advise you about your options regarding property tax escrow. If you have a choice, be sure to carefully weigh the pros and cons and make sure it is the best decision for you.
What does football have to do with real estate? Strategy plays a big part in football -----and so it does in Real Estate.
A large side of my business is helping my clients by finding tenants, and managing their single family homes, condos or townhomes until they are ready to sell. I then get the listing and it is a "win-win" for all of us. Managing property is a tough business. Since I have been an Investor/Landlord for 20+ years I have honed my PM skills for a while. But I am always trying to find time saving methods to accomplish things.
Finding tenants can be a time sapper and a drudge, if you ask me. The phone calls, the irritating questions, the "lookie-loos", the going back and forth to the property for the umpteenth time, only to have a no show. Add to this the high cost of gas, several vacant properties and you have a crazy lady 
running around on empty!
This is my plan. I run the ads, and will only accept e-mail inquiries. I have "NO PHONE CALLS PLEASE" in the body of the ad. If I had to answer the phone 20 times per property, you can only imagine how I would spend much of my time. 99.99% of people are fine with that, and the other .01% are probably not my market anyhow.
I then set up a "showing" at say, noon on Friday. (I usually wait 3-4 days after the ad is running to do this, to accumulate enough interest.) I also pre-screen by e-mail to make sure they don't own a baby elephant or 8 kids (in a 3 BR home). I also insist they drive by the property, familiarize themselves with the area and its convenience and safety for them. When I find out their basics I tell them the showing time. Some are disgruntled and say they cannot make it because they have to work or they are out of town. Well you know what? I have to work too and if this place is really something you think will fit your needs, rearrange YOUR schedule. Take an early lunch or change your plans--and some have done that. I do not show at night--- for safety reasons and to not disturb my tenants at dinner time.
The point is, a well-priced listing will rent itself if you set up the parameters to pull in the right people. I usually rent on the first "open house" and have deposits and applications in hand that day.
One important caveat: PRICE-----make sure it is competitively priced for the market, this is key.
As always, if you build it they will come!
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Summer is one of the most popular seasons for holding a yard sale. It’s a great way to declutter your house, get ready for a move that may be in your future, or simply put a little spending money in your pocket. But simply holding a yard sale doesn't necessarily mean it’ll end in success. If you're considering holding a yard sale this summer, here are 10 tips to help make your yard sale a bigger success: 1.. Start your yard sale earlier than other yard sales in your area so shoppers will start their shopping day with you. And remember, a successful sale is also a safe sale. Keep money in a pouch around your waist instead of in a cash box (which could get stolen while you are helping shoppers), don't accept checks (which could bounce), and never allow strangers inside your home to use the bathroom or telephone. Follow these tips, and you'll be well on your way to having less clutter in your home, and more cash in your pocket! |
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June 3 thru 5, Wings over Gillespie
Time: 8:00 am - 5:00 pm
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June 3 thru 5, 28th Annual Temecula Valley Balloon and Wine Festival kids fair, arts & crafts and commercial booths.
Time: Fri., 5:00 pm - 10:00 pm, Sat., 6:00 am - 10:00 pm, Sun., 6:00 am to 6:00 pm
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June 3 thru 5, St. Spyridon Church Greek Festival
Time: Fri., 5:00 pm - 10:00 pm, Sat., 11:00 am - 10:00 pm, Sun., 11:00 am - 9:00 pm
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May 15, Annual North Park Festival of the Arts
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May 15, Escondido Street Faire
Time: 10:00 am – 6:00 pm
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May 15, Annual Navy’s Original Bay Bridge Run/Walk
Time: 7:30 am – 11:00 am
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Time: 9:00 am – 9:00 pm
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May 22, Annual Festa Siciliana
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Real Estate Problem Solver. First time "newbie" Investors Program Property Management of Single Family Homes and Tenant Specialist.
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May 21, OB Beach Ball
