Ways To Get Highest Profit Buying Tax Lien Properties
If you are a married couple buying a house together, either outright or through tax liens, you will normally be joint tenants. This indicates that you both own the whole of the property and if one expires the other inevitably inherits.
But if you are a cohabiting pair, you would be sensible to choose the tenants in common option, in which you each own half the tax lien or property. Where this occurs, it is vital for each partner to make a will stating that, on death, the deceased's half of the property goes to the survivor. Or else, it just goes into the estate. Inheritance tax does follow, however, as the only exception is for married couples leaving property to one another, or same-sex couples who have declared a civil partnership.
I purchased three properties jointly with my spouse, who died suddenly in 2004. Because we had each made a will particularly stating that the survivor would own the houses, I likely inherited them on his death. Alternatively I would have had to sell them to administer the estate. The issue of joint or common ownership is very important indeed when buying property and tax lien certificates and cannot be left to chance.
There are other important issues when you are investing in property with somebody else, such as: Does one person have possession and if so, what rights does the other person have?
Who pays the mortgage and how will this influence the equity on resale? What occurs when one party wishes to sell and the other does not? What comes up in the event of death? How are expenses to be distributed? What about life insurance? What happens if there is negative equity? Who pays for maintenance?
Before you ever start investing with another person, whether this is your wife, partner or friend, it is essential to draw up a legally binding documents. If you are a close friend or intimate partner, it can seem harsh and calculating to do this, but it is helpful.
If my late partner and myself had not prepared a Deed of Covenant and each one amended our wills, there would have been a confusing muddle on his death. It is also essential to draw up these documents in case of splitting up, or the friendship nearing an end.
If you have decided that the best and most secure way to invest in property is to use your own home, you must be very wise that you are not seen to be running any sort of property development business for gain, as HM Revenue and Customs will take quite dim view if you are, and tax you subsequently.
The main methods of using your own home as an investment are:
Choosing a place in an up-and-coming area, living in it for some years, then selling it on at, you hope, a vast profit;
Purchasing a wreck, doing it up and then selling it on, whenever living in the place in the meantime;
Developing your own home from scratch, staying in it and then selling it on when completed;
Having lodgers or paying guests;
Renting out your home to foreign visitors as a holiday let when you are not there yourself;
Buying a location that has a self-contained flat in the basement or in the loft, or upgrading part of your home into a self-contained flat;
Letting out your property to TV and film crews;
Having a small hotel or B&B as well as living in the place yourself.
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