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☆ I'm a New York real-estate agent who's not worried about losing guaranteed commission. Here's what I'm doing to replace those funds.
▼ + stars: | 2024-04-19 | by ( Ananya Vahal | ) www.businessinsider.com time to read: +6 min

This as-told-to essay is based on a conversation with Mukul Lalchandani, a 44-year-old real-estate agent from New York. I decided to become a real-estate agent so I could prevent other immigrant families from going through the same situation. I've lived in New York for 23 years and have been a real-estate agent for over 15 years. One of the rules is that the seller no longer has to pay a commission to the buyer's agent. Here's what the new commission rules meanThere is a lot of confusion around the commission rule and what it means, especially for buyers.

Persons: Mukul Lalchandani, It's, I've, REBNY, they'll, towners, Sellers Organizations: Service, Business, National Association of Realtors, NAR Locations: New York, Hong Kong, NY

Yet when Bragg walked quietly onto the stage, it took a second or two for the audience to realize he was there. In his dark blue suit and dark-rimmed glasses, he blended into the dark blue curtains behind the lectern. He was flanked by poster boards with flow charts, but that was as far as the showmanship went. But Bragg studiously avoided mentioning sex or hush money during the 13-minute event, focusing instead on 34 counts of falsifying business records to cover up the payment. Bragg looked frequently at his notes while he spoke, mostly in a monotone.

Persons: Bragg, Donald J, Trump, Bragg studiously

☆ Mark Zuckerberg owns over 1,200 acres of land. Here's a look at his properties across the US, from a Hawaiian doomsday bunker to Lake Tahoe estates.
▼ + stars: | 2024-04-07 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Mark Zuckerberg has been quietly snapping up massive chunks of real estate for years. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementMark Zuckerberg is one of the world's richest people, and his multimillion-dollar real estate portfolio reflects that. AdvertisementZuckerberg's real estate portfolio has an assessed value of around $200 million, according to Business Insider calculations based on property assessments. Here's what we know about his real estate.

Persons: Mark Zuckerberg, He's, —, he's, Zuckerberg didn't Organizations: Service, Facebook, Forbes, Iconiq Locations: Silicon, California

☆ They celebrated their 25th anniversary with a trip to Paris and ended up buying a stone house in the countryside for $100,000. Now, they're dreaming of retiring there.
▼ + stars: | 2024-04-02 | by ( Amanda Goh | ) www.businessinsider.com time to read: +9 min

Michael and April Meyer bought a stone house in France for about $108,000 in 2022. "It was like our Tour de France," Michael said. Michael and April Meyer/@FrenchStoneHouseLifeThey made the offer in July last year when they were only a third through their planned six-week trip, Michael said. Embracing French cultureThe couple is also committed to immersing themselves in the French way of life — they're even taking French language classes back in the US. Michael and April Meyer/@FrenchStoneHouseLifeTheir French stone house is a vacation home at the moment, but the couple is toying with the idea of possibly retiring there in the future.

Persons: Michael, Meyer, —, April Meyer, @FrenchStoneHouseLife, Michael said, — they're, They've, That's, it's, Bernice, it'd, you've Organizations: Service, de France, Social, Social Security Administration, YouTube Locations: France, California, Europe, Hawaii, Paris, Sacramento, Michael, zipping, Burgundy, Bordeaux, Loire, Limoge, America, agoh@businessinsider.com

☆ The reason luxury travel is so expensive these days
▼ + stars: | 2024-04-01 | by ( Monica Pitrelli | Helen Iatrou | ) www.cnbc.com time to read: +3 min

Luxury hotel rates reached "peak levels" this year, with average daily rates up 70% compared to 2019, according to the luxury travel company Virtuoso. The price for luxury train travel is also soaring, with rates for Accor's yet-to-be-opened La Dolce Vita Orient-Express climbing 75% in 16 months. When money is 'no object'As inflation and rising costs abate, luxury travel prices are holding firm. Wealthy travelers also value new and different experiences, such as luxury train travel, he said. Booking early can save money on airfares, but hotel pricing works differently, he said.

Persons: aren't, Belmond, Accor, Henry Harteveldt, Harteveldt Organizations: CNBC Travel, Dolce Vita Orient, Orient, Express, Atmosphere Research Group Locations: Italy, Venice

☆ Trump’s Financial Squeeze
▼ + stars: | 2024-03-26 | by ( Maggie Haberman | ) www.nytimes.com time to read: +1 min

Donald Trump has 10 days to come up with a $175 million bond in his New York civil fraud case. After that, he may be on the hook for the full penalty in the case: almost half a billion dollars. The New York attorney general, Letitia James, sued Trump and the Trump Organization in 2022. She accused them of committing widespread fraud over a decade by inflating the values of properties, at times by as much as $2 billion a year. Trump has insisted that since his lenders weren’t stiffed, there were no victims, and that he considers the judgment corrupt.

Persons: Donald Trump, Letitia James, Trump, James, weren’t Organizations: New, Trump Organization Locations: New York

☆ Trump stares down first derailment of his campaign-to-courthouse strategy
▼ + stars: | 2024-03-23 | by ( Phil Mattingly | ) edition.cnn.com time to read: +11 min

Yet even if the higher-end estimate is accurate, as Trump’s lawyers have made clear in sober, detailed filings, it wouldn’t be enough. And at least some of the money Trump does have is tied up in loan agreements that include terms requiring him to have tens of millions of dollars in cash on hand. One insurer, Chubb, underwrote a $91.63 million bond just two weeks ago in another Trump legal loss – E. Jean Carroll’s defamation case. In the past week, the insurer informed Trump’s team it could not accept property as collateral. In total, 30 insurers contacted by Trump’s team declined to pursue the effort to secure a bond.

Persons: Donald Trump’s, Letitia James, Trump, It’s, ”, –, James ’, “, Trump’s, Joe Biden’s, Biden, haven’t, SSRS, “ He’s, mused, Chubb, underwrote, Jean Carroll’s, ” Trump, Charlie Rose, “ You’re, I’m, ” Biden, ‘ Mr, ‘ Donald, ’ Organizations: CNN, New, White, New York, Trump, Republican, House, GOP, Senate, Capitol, Biden, Trump’s, Trump Media, Technology Group, Truth Locations: New York, York, Westchester County, Manhattan, Pennsylvania, Michigan, Dallas

☆ A 35-year investing veteran explains how to accelerate retirement returns that beat the S&P 500 by transferring part of an IRA into a real estate fund. Plus, the 3 main risks.
▼ + stars: | 2024-03-16 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

Investing without owningLike real-estate investment trusts (REITs), real-estate funds provide exposure to the tangible asset class without owning and managing property. Investing directly through a private real-estate fund would take a few extra steps. The process requires an investor to identify a real-estate fund of interest. Once that's completed, funds from the retirement account are directly transferred into the real-estate fund. It's also important to read the terms of each fund; some may have added costs for repairs, expenses, and maintenance, which your IRA funds would cover.

Persons: Paul Daneshrad, Daneshrad, He's, we're, Dow, there's, Roth, that's, Gary Diamond, Fishman, Diamond, It's Organizations: Starpoint, Business, Federal, CPA

☆ A tax expert shares 3 little-known concepts every real-estate investor should know about, including one that could eliminate capital gains taxes
▼ + stars: | 2024-03-14 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

"It's section 1250 in the tax code, and that tax rate is 25% at the federal level, regardless of whatever marginal income tax bracket you're in." In addition to owing capital gains tax on the $500,000 of appreciation they experience, they're also subject to depreciation recapture tax. As a DST investor, you essentially own fractions of the investment properties, typically high-grade institutional properties, owned by the trust. A step-up in basis can reduce or eliminate capital gains taxesA "step-up in basis" can help heirs reduce or even eliminate capital gains taxes. That means, if the surviving spouse wants to sell, they can save big on capital gains taxes.

Persons: —, Austin Bowlin, they're, Bowlin, aren't Organizations: Service, Real, Business, IRS, Midwest, Investors Locations: Delaware, Texas, Arizona , California , Idaho , Louisiana , Nevada , New Mexico , Texas, Washington, Wisconsin

☆ Renters face a competitive spring market: What to know about 3 kinds of properties you may see
▼ + stars: | 2024-03-14 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

"In a condo or co-op building, upfront costs and fees are determined at the building level and they can vary significantly," Romero said. To compare, for a typical rental building, according to New York state law, the application fee is capped at $20, and the security deposit is limited to one month's rent, Romero said. Rhode Island has a new state law that prohibits landlords, rental agents and property managers from charging application fees to rental applicants beyond the actual cost of conducting certain background checks if needed. What to know about renting a condo or co-opTo be sure: condos and co-op properties are primarily targeted to people who want to buy. If you come across condos or co-ops in your rental search, here are a few things to consider: 1.

Persons: " Romero, Romero, Frank Dong Organizations: Getty, Rhode, Ruby Locations: New York, . Wisconsin

☆ Airbnb bans use of all indoor security cameras to 'prioritize the privacy' of guests
▼ + stars: | 2024-03-12 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

It said Monday that the changes, which will come into force from April 30, simplify its policy around monitoring devices and "continue to prioritize the privacy" of Airbnb users. Cameras were previously allowed in areas such as hallways and living areas as long as they were disclosed by the property owner. Airbnb also required the cameras to be clearly visible and not located in sleeping areas or bathrooms. Airbnb announced it will ban the use of indoor security cameras in any property listed on its site, and bring in new restrictions on outdoor cameras and noise monitoring devices. "These changes follow extensive consultation with guests, hosts, privacy experts and advocacy groups," Airbnb said in the statement.

Persons: Airbnb Organizations: Airbnb, decibel Locations: United Kingdom

☆ Regional banks were all ‘guilty until proven innocent’ after Silicon Valley Bank, Citizens CEO says
▼ + stars: | 2024-03-10 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +9 min

Other regional bank stocks got slammed: By the end of the day, most saw their stock down by double-digit percentages. Kori Suzuki/ReutersIt’s been exactly one year since that fateful day marked the start of a string of subsequent bank failures. Because of that, “there will be bank failures,” Federal Reserve Chair Jerome Powell warned senators in his semi-annual testimony last week. Bruce Van Saun: People like to call last year’s bank failures regional bank failures. Office real estate is just one component of commercial real estate, albeit the most worrisome to banks and economists.

Persons: Bruce Van Saun, NYCB, Kori Suzuki, Reuters It’s, it’s, Jerome Powell, Van Saun, Richard Drew, didn’t, Michael Nagle, Joseph Otting, Otting, CARLOS BARRIA, we’re, we’ve Organizations: New, New York CNN, Citizens Financial Group, New York Community Bank, NYCB, Reuters, CNN, Signature Bank, Silicon Valley Bank, Citizens Financial, Providence, Financial Group, Bloomberg, SVB, we’re, SoFi, Citizens, OneWest Bank, CIT Group, REUTERS Locations: New York, Silicon, San Francisco , California, Providence , Rhode Island, Covid

☆ A real-estate investor with a 311-unit portfolio breaks down the tax rule that's saved her hundreds of thousands of dollars — and even allowed her to claim a $167,000 check from the IRS
▼ + stars: | 2024-03-08 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

So when she heard about a particular tax strategy on a podcast about two years ago, it surprised her that she'd never come across it. Cost segregation. According to Rocket Mortgage, a cost segregation study takes about a month or two to complete. AdvertisementIt's also worth keeping in mind the rules around cost segregation from the Tax Cuts and Jobs Act of 2017. AdvertisementThen there's the cost of a cost segregation study.

Persons: Anne Curry, she's, hasn't, she'd, Curry, Bernard Reisz, you've, Reisz, It's, it's, —, there's, I'm, who's Organizations: Service, Rocket Mortgage, Internal Revenue Service, Business, CPA Locations: New York City

☆ Real-estate investors are using a little-known tax strategy the IRS approved in 2004 to exchange properties for a more passive investment while deferring taxes indefinitely: 'Most people don't even kn
▼ + stars: | 2024-03-05 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

Austin Bowlin, a CPA and partner at Real Estate Transition Solutions, is finding this out among his investor clients. "But a 1031 exchange in and of itself isn't the sole answer because now they have to figure out, 'What would I exchange into?'" If they buy another investment property, they're back where they started: actively managing a different property. And, thanks to a 2004 ruling by the IRS, DSTs are 1031 exchange eligible. That said, "most of those risks are what the owners are accustomed to, having owned and managed investment real estate.

Persons: —, It's, Austin Bowlin, they're, He'll Organizations: Service, Business, CPA, Real, Delaware Statutory Trust, IRS, SEC Locations: California, Delaware, Texas, Florida, Washington, Nevada

☆ 'Clean' property, private lenders could be Trump's best option to get $540 million for legal judgments
▼ + stars: | 2024-03-05 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +6 min

A more important factor could be whether Trump's real estate assets are already mortgaged, said law professor John Coffee. "He would have to come up with clean real estate property that is not already securing something that some other bank has a lien on," Coffee said. Michele Eve Sandberg | AFP | Getty ImagesIn New York City, the value of Trump's real estate holdings totals $690 million, according to a September 2023 estimate by Forbes. New York Attorney General Letitia James, who brought the fraud case, said she would seize Trump's real estate assets if he cannot pay his civil penalty. They instead offered to post a $100 million bond, but New York appeals court Judge Anil Singh rejected the proposal.

Persons: Donald Trump, Justin Sullivan, Trump, Jeff Bezos, Elon Musk, Chris Kise, haven't, Eric Talley, Talley, Alina Habba, Jean Carroll’s, Carroll, Jane Rosenberg, John Coffee, Jones, Michele Eve Sandberg, Letitia James, Anil Singh, Jean Carroll's, Neil Pedersen, Pedersen, Caitlin Ochs Organizations: Fox News, Greenville Convention Center, Getty, Columbia University, Trump, Manhattan Federal, Trump Organization, Trump National Doral, AFP, Forbes, New York, New, Sons, CNBC Locations: Greenville, Greenville , South Carolina, New York, New York City, Trump National Doral Miami, Miami , Florida, York, Manhattan, New York City , New York, U.S

☆ The 3 states where 'Big Short' investor Kyle Bass is buying real estate to capitalize on migration trends
▼ + stars: | 2024-03-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Kyle Bass is investing in Texas, Florida, and Tennessee, he said in a recent interview with the Investor's Podcast Network. These states should benefit from migration to lower-cost states, a trend that's already happening. Bass has been buying rural land to capitalize on demand for environmental credits. By then, the price-per-acre of rural land had appreciated 123% over the decade, the outlet cited. "When I think about gold versus rural land again, I have the population demographic in my tailwind," he said in 2022.

Persons: Kyle Bass, Bass, he's, isn't Bass Organizations: Service, Bloomberg, Hayman Capital, Equity Management Locations: Texas , Florida, Tennessee, Florida , Tennessee, Texas, West Coast, California, New York, China

New York CNN —Donald Trump is facing a cash crunch as deadlines are quickly approaching to find over half a billion dollars he owes in judgments. The scramble over the past week reveals challenges Trump is facing in raising the combined judgments totaling $537 million. It’s unclear how much cash Trump has on hand. Trump offered to post a $100 million bond to cover the New York attorney general’s case, but the appeals court judge rejected it. The sheer size of the judgments raises practical questions about how the Trump could feasibly come up with the cash.

Persons: Donald Trump, Trump’s, Jean Carroll, Trump, hawking, Chip Somodevilla, ”, Adam Kaufmann, Carroll, —, general’s, feasibly, –, CNN’s, Greg Garrabrants, ” Kaufmann, Jeremy Saland, “, Barbara Jones, Jones, David Shick, Shick Organizations: New, New York CNN, Trump, White House, Vornado, Deutsche Bank, Signature Bank, Capitol, Axos Bank, Lawyers, Trump Organization, Fidelity Association of America, ProSure, Underwriters Locations: New York, York, California

☆ Here’s why regional banks have so much commercial real estate exposure
▼ + stars: | 2024-02-29 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

New York CNN —It’s no secret that commercial real estate (CRE) has become a source of stress for banks. Regional banks were on high alert recently after New York Community Bancorp (NYCB) reported steeper-than-expected future losses on commercial real estate loans. So why is it that the smaller, regional banks are so much more exposed to commercial real estate? Office real estate is among the bank’s smaller commercial real estate subcomponents. Robbins of Valley National Bank told CNN “we remain comfortable with our diverse and granular commercial real estate portfolio.”Office real estate is just one component of commercial real estate, albeit the most worrisome to banks and economists.

Persons: New York CNN —, Goldman Sachs, Fitch, Banks, BankRegData, Flagstar, “, JPMorgan Chase, —, Michael Brochstein, it’s, Ira Robbins, Robbins, CNN “, Carlos Barria, ” Organizations: New, New York CNN, New York Community Bancorp, Flagstar Bank, Federal Deposit Insurance Corporation, National Bank, JPMorgan, Getty, Valley National Bank, CNN, Fitch, FDIC, Reuters Locations: New York, Morristown , New Jersey

☆ Homebuyers are flocking to areas most exposed to extreme weather risk and pushing prices higher, JPMorgan says
▼ + stars: | 2024-02-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

But the firm says rising insurance costs could eventually dampen demand. The researchers then gave each county a composite climate risk score, measured against each area's house price index. AdvertisementA positive relationship also emerged between higher climate risk and population growth, indicating that more people were migrating in than leaving these areas. Others may simply have no intent on selling, and consider themselves too old to experience these rising costs. But changes to property insurance may force prospective buyers to give more attention to climate risks, JPMorgan noted.

Persons: Alexander Wise, Jan Loeys, Risks, Redfin Organizations: JPMorgan, Service, Foundation Locations: Florida

☆ Thousands evacuated in English city before unexploded WWII bomb moved
▼ + stars: | 2024-02-23 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +1 min

CNN —Thousands of residents have been evacuated in Plymouth, southwest England, as authorities work to remove an unexploded 500-kilogram (1,102-pound) bomb discovered in the city. Members of HM Coastguard Search and Rescue gather after homes were evacuated when a suspected WWII explosive device was discovered. Matt Keeble/PA Images/Getty ImagesThe bomb will then be disposed of at sea, Plymouth City Council said Friday. It was discovered in a garden in the city’s Keyham area. Authorities added that the city’s trainline would be closed, ferries suspended and buses diverted.

Persons: Michael, Matt Keeble, It’s, Phil Williams Organizations: CNN, Authorities, Ministry of Defence, Twitter, HM Coastguard, Plymouth City, Cornwall Police, Residents Locations: Plymouth, England, Keyham, Devon

☆ The American who bought a home in Italy and found ‘big surprises’ inside
▼ + stars: | 2024-02-16 | by ( Silvia Marchetti | ) edition.cnn.com time to read: +8 min

CNN —Buyers from all over the world are snapping up charming old houses in isolated villages in Italy. Chicago-based saxophonist Joshua Shapiro, 48, embarked on the quest for la dolce vita as the first step toward a change of life. Many empty homes featured on the local website where owners meet buyers are sold or rented with furniture, but what eventually ends up being left inside is usually negotiated between parties. Courtesy Joshua ShapiroThere was also a bizarre encounter when he first went to take a peek inside the house he had just bought. Accompanied by Castellano, the deputy mayor, Shapiro says he was surprised to find it had tenants inside – a group of elderly nuns.

Persons: we’ll, Stanley Tucci, Joshua Shapiro, “, ” Shapiro, ”, Shapiro, MC Newman Shapiro, Latronico, he’d, –, – it’s, Vincenzo Castellano, – Shapiro, Castellano, Latronico’s Organizations: CNN, intel Locations: Italy, . Chicago, United States, Latronico, Basilicata, Europe, Florence, Rome, Bari, –, American, Chicago

Not fun.”Many scientists who study the intersection of climate change, flooding, winter storms and sea level rise agree the kind of damage Levy experienced was more of a sign of things to come than an anomaly. Climate change is forecast to bring more hurricanes to the Northeast as waters warm, some scientists say. In the Northeast, the problem of climate change is especially acute because of forecasted sea level rise here, said Hannah Baranes, a coastal scientist with the Gulf of Maine Research Institute's Climate Center in Portland, Maine. “This is a real moment to consider how much flooding is in several feet of sea level rise,” Baranes said. Vermont, which also suffered heavy damage in Hurricane Irene in 2011, is working to establish statewide floodplain standards, Moore told the Maine Climate Council.

Persons: Haim Levy, ” Levy, “ It's, Levy, Hannah Baranes, it's, Baranes, ”, ” Baranes, Joe Biden, Patrick Keliher, Janet Mills, “, we've, ” Mills, We're, Julie Moore, Hurricane Irene, Moore, hasn't, Irene, Laura Dwyer, Dwyer, Conrad Ferla, Ferla, Charles Krupa, Rodrique Ngowi, ___, Patrick Whittle, @pxwhittle Organizations: Haim, United Nations, European Union, of, state's Department of Marine Resources, Democratic, Maine Climate Council, Vermont Agency of Natural, Coastal Resources Management, Associated Press Locations: PORTLAND, Maine, Hampton , New Hampshire, New Hampshire, New Jersey, Massachusetts, of Maine, Portland , Maine, New England, Vermont Agency of Natural Resources . Vermont, Hurricane, Vermont, ”, North Wildwood, Rhode Island, Narragansett , Rhode Island, South Kingstown

☆ Home prices are 65% higher in places with high-risk air quality as climate change warps the housing market
▼ + stars: | 2024-02-12 | by ( Aruni Soni | ) www.businessinsider.com time to read: +1 min

Home prices are 65% higher in places with high-risk air quality as climate change warps the housing market, Redfin report says. The median sale price in a high-risk metro was $563,710 as of December, far above the $341,483 price in low-risk metros. Metro areas where air-quality risks are high are seeing median sale prices soar by 65%, according to a Redfin report published on Monday. That's a median price of $563,710 in high-risk areas as of December — far above the $341,483 median sale price in low-risk metros. Unsurprisingly, most of those high-risk areas are concentrated on the West Coast, an area that has recently been prone to disastrous wildfires.

Organizations: Service, Business Locations: West Coast, Metro, Los Angeles

CHARLESTON, W.Va. (AP) — A Virginia bank that is seeking to recover more than $300 million in longstanding unpaid business loans to the family of West Virginia Gov. Jim Justice is planning to auction off land at a sporting club located at the governor’s posh resort. The notice said that an auction involving the Greenbrier Sporting Club lots is scheduled for March 5 at the Greenbrier County Courthouse in Lewisburg. The Greenbrier Sporting Club is a private equity club and residential community that opened in 2000. Photos You Should See View All 45 ImagesMessages left with the governor’s office and with the Justice companies weren’t immediately returned Tuesday afternoon.

Persons: Jim Justice, Worth Carter, weren’t, Joe Manchin, Manchin Organizations: West Virginia Gov, Carter Bank & Trust, Charleston Gazette, Greenbrier Sporting, Justice, Carter Bank, Republican, U.S, Senate Locations: CHARLESTON, W.Va, Virginia, Martinsville , Virginia, Greenbrier, Lewisburg .

☆ Real-estate investors who are cash-flowing thousands of dollars share 3 strategies they use to find profitable rental properties: 'Look for the ugly houses'
▼ + stars: | 2024-02-04 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

Business Insider has spoken with a handful of real-estate investors who own profitable properties and asked what they look for in the acquisition phase. Go for multi-family propertiesA multi-family is a single building divided to house more than one family living separately and ranges from duplexes to triplexes and fourplexes. The idea is that your tenant's rent will cover some (or all) of your housing costs. Note that not all markets have an abundance of multi-family properties. "When you're looking for an investment property, you're looking for something really under market that you can renovate."

Persons: Dana Bull, Bull, Nyasia Casey, she'll, Casey Organizations: Business, Agents Locations: New England, Baltimore

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