“Hi Gary. I’m from New Jersey, which has the highest property taxes in the country. I’m living here and looking to purchase a home and I want to know how much are property taxes?” ***ANSWER: California’s Proposition 13 limits your property taxes to 1% of the assessed value + voter approved local bonds, all totaling

“When I was a kid in the 60’s, my dad was in the navy and we moved a lot. When we sold a home, my mom baked bread when people were coming to look. The whole house smelled great and my folks said it helped with the sale. Now I’ll be selling soon, but I

“Hi Gary, my wife and I really enjoy your newsletter. We own a condo right now that I inherited, so I’ve never bought a home. But my wife and I want to buy a house. Do you think it’s a good idea to stick with one agent or work with several agents to find the

“Hello Gary… We’re interested in selling our investment properties. We like the 1031 exchange concept. However, we are scared off by the 45 day identification process.” ***ANSWER: I understand the hesitation due to the 45-day period you have from closing your sale to “identify” the property(s) you want to buy. While everyone has this same

“I’ve been interviewing agents to sell my mother’s home. After talking with five, I’ve come to the conclusion I really have no idea how to tell who I should hire. Help!” ***ANSWER: I’m going to tell you something you already know, but perhaps in all the confusion have forgotten. The best predictor of future performance

“My friend is looking at a house that’s listed for $550,000, but was appraised for $575,000. He thinks it must be underpriced, but I’ve heard that appraisals aren’t always accurate. Do you agree?” ***ANSWER: Yup. The appraisers I know are hard-working, smart professionals and usually the figures they come up with are right on or

“I’m planning to exchange my San Diego rental house for an apartment building in Texas. I know there’s different kinds of exchanges. I heard I should do a Starker Exchange. What exactly is that?” ***ANSWER: The name is from a 1979 court case: T.J. Starker vs. US. A Starker exchange is one name for a

“My uncle is very sick and I’m his only heir. He’s deeding me his home now to make it easier for me to sell it after he’s gone. Of course he’ll stay there as long as he lives. Is there any downside to what we’re planning to do?” ***ANSWER: STOP! Do nothing until you consult

“Gary, I’ve heard the term sweat equity before. What is it?” ***ANSWER: Sweat equity is the increase in equity (value – loans = equity) you get from improving a home. So if you buy a fixer upper for $350,000 and the value goes to $400,000 after you fix it, you’ve gained $50,000 in sweat equity.

“Hi Gary. We’re shopping agents to sell our home in P.B. What fee do you charge?” ***ANSWER: I get that question a lot. And that’s the worst way to find an agent. Here’s why… What if I told you, “I’ve got a house you can buy for $500,000.” Would you want to buy it??? Or