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  • Actual for You - HUD-1 As a Marketing Tool - For Realtors

    Sense Of Urgency To Create Your Life - Tap Into The Real Power
    "You must take action now that will move you towards your goals. Develop a sense of urgency in your life.- Les Brown"You have only one life and one opportunity to create what you truly want. You can create anything you desire, but it takes total commitment to make it happen. This quote by Les Brown brings to mind how important it is to focus and take action.Get clarity in what you want. Once you are totally clear that your goals are what you want then put the Law of Attraction to work for you. Remember the Law of Attraction will bring you what you focus on regardless of rather it is wanted or unwanted. It is entirely about focus.The fuel behind the Law of Attraction is emotion. When you set a goal that is scary or exciting or motivates you to take action, then your chances of the goal manifesting increase dramatically. You can not get excited about something without a sense of urgency.Turn on the emotion of urgency, give absolute focus to your goal and just watch it manifest. But, take care in how you focus. You MUST see yourself as having what you are focusing on. Focusing on what you need and what you want will create more need and want and the end result is disappointment. Focus on the end result only. Focus on having, focus on being the person in possession of your goal and focus on how it feels to have it. Once you tap into this energy you will create the urgency of having it.With directed emotion, such as urgency, you will be more open to the opportunities presented to you. The Universe (God) will put the wheels in motion to make it happen. If you are not fo
    ions), Line 6 – Real estate taxes deduction Line 1003, 1004

    Schedule E (rental income), Line 20 – Depreciation (cost of property is required) Line 101, 102

    Schedule E (rental income), Line 12a – Mortgage Interest Deduction Line 901, 802

    Schedule E (rental income), Line 9 – Insurance 903, 1001, 1002

    Schedule E (rental income), Line 16a – Real state taxes 1003, 1004

    Schedule E (rental income), Line 18 – Other deductions 703, 801-811, 1005, 1101-1110, 1201-3, 1301-1302

    Schedule D (capital gain) Part I, II, Column d – Sales Price 401, 402

    Schedule D (capital gain) – Part I, II, Column e – Cost or other basis 101, 102

    Form 6252 (installment sale), Line 8 – Selling price 401, 402

    Form 6252 (installment sale), Line 8 – Cost or other basis 101, 102

    Interested In Entertainment Industry Jobs? Read On!
    There are entertainment industry jobs available for just about anyone who wants to be an extra in a movie. Extras are always needed for every kind of films, and a specific look is not always required. Producers will be interested in all types of people, and though most of these entertainment industry jobs do not have speaking parts, they do give people without necessarily any type of acting ability a chance to participate.When we’re young and full of ideals, we consider only the cream in the world of entertainment industry jobs and, if we feel entertainment is our calling, aim for acting, directing, or maybe writing roles. But there are also thousands of other equally important positions available, from the grips to the CGI assistants to the editors, of both the writing and the film. And this is just for the movie industry. What about those reality shows like Survivor and The Amazing Race? Take just the singers alone, how many different styles and types of entertainment industry jobs are there? There are the cruise ship singers, the piano lounge singers, the so-accused Chippendale and Karaoke performers and many more. Put another way, not every one is cut out to be a rock star or a pop icon. And again, that reference is to just one show, one niche in the industry, one genre, one example of millions possible.That's just television alone. There’s also film, music, theatre, etc. Then think about the entertainment industry jobs within subordinate yet collaborative niches: take for instance, what besides Survivor or any other hot shows, is one of the biggest selling events on Televis
    How Can HUD-1 Help You Generate Business?
    -----------------------------------------

    HUD-1 is a standard form you use very often. The form serves not just as a settlement closing statement, but also as a proof of payment of different tax deductions. Understanding the form and the tax deductible items and communicating them to your clients will help your clients to minimize their taxes and help you to build trust and get more business exposure.

    What is the HUD-1
    -----------------

    HUD-1 is a form used by the settlement agent (closing agent) to itemize all incoming funds and all charges paid and accrued by a borrower and seller for a real estate transaction. When is the HUD-1 Issued?

    The Real Estate Settlement Procedures Act (RESPA) requires that the form be issued in all real estate transactions in the United States which involve federally related mortgage loans. RESPA states you should be given a copy of the HUD-1 at least one day prior to settlement.

    When Do Clients Need HUD-1 For Taxes?
    -------------------------------------

    Clients use the information included in the form when they file their annual taxes. The filing deadline is normally April 15 of every year for the proceeding year. To allow the client enough time to file taxes using the HUD-1 information, it is recommended that a copy of the HUD-1 will be sent to the client in January.

    Because the real estate transaction takes place during the year, usually long before filing the tax return, the HUD-1 given to the client at closing time could be lost or misplace. Sending the client a copy of the HUD-1 with a cover letter will be very helpful and time savings to the client.

    HUD-1 Client Sample Letter
    --------------------------

    The following is a sample letter you can use to send your clients:

    [Date]

    TAX TIME IS COMING

    Dear [Client’s Name]:

    Tax time indeed is just around the corner, and the first thing you will need is a copy of the Closing Statement on your property. Moving can be a very busy time, and you may have misplaced this very important document.

    I would like to be sure you avail yourself of all the tax advantages possible from our transaction. If your accountant has any questions, please have him or her call me (if you need a referral to an accounting you can trust, I’d be happy to provide you with one).

    I look forward to continuing as your realtor and providing you the highest level of service possible.

    Yours sincerely,

    [your name]

    Oh, by the way… If any of your friends or relatives are thinking about buying or selling a home, I'd love to be of service to them. So, when you think of these people, just give me a call with their name and number. I’ll be happy to follow up and tend to their Real Estate needs.

    Which HUD-1 Information Is Important For Your Client’s Taxes?

    The information reported in the HUD-1 relates to the following tax statements and schedules:

    Tax form HUD-1 line

    Schedule A (itemized deductions), Line 10 - Annual mortgage interest deduction Line 901

    Schedule A (itemized deductions), Line 10 – Points deduction Line 802

    Schedule A (itemized deductions), Line 6 – Real estate taxes deduction Line 1003, 1004

    Schedule E (rental income), Line 20 – Depreciation (cost of property is required) Line 101, 102

    Schedule E (rental income), Line 12a – Mortgage Interest Deduction Line 901, 802

    Schedule E (rental income), Line 9 – Insurance 903, 1001, 1002

    Schedule E (rental income), Line 16a – Real state taxes 1003, 1004

    Schedule E (rental income), Line 18 – Other deductions 703, 801-811, 1005, 1101-1110, 1201-3, 1301-1302

    Schedule D (capital gain) Part I, II, Column d – Sales Price 401, 402

    Schedule D (capital gain) – Part I, II, Column e – Cost or other basis 101, 102

    Form 6252 (installment sale), Line 8 – Selling price 401, 402

    Form 6252 (installment sale), Line 8 – Cost or other basis 101, 102

    The Art of Delegation
    Lets begin by understanding a little more about delegationHopefully this short piece will allow you to assess your own approach and review its effectiveness or otherwise.Definition - Delegation is where part of your own job consciously passed to a subordinate whilst retaining accountability.As management is really about getting things done through people, successful delegation is vital aspect of a manager's job. The more senior you are the more you really delegate and the more effective you become. You're doing more strategic work as you progress upwards within your organization and doing less transactional work.Delegation is something one needs to make a conscious decision about. Looking at your own time and how successful can you be doing everything yourself? Perhaps delegating makes sense to clear your desk of things that you don't have to be doing yourself.Select a subordinate who is not only capable of doing the tasks but will be able to use the experience to grow their own career. This is a win-win experience. Of course you may not have the luxury of selecting your own subordinate and have to take what you get.Then of course strike a balance between delegating too little or too much.What to delegate and to whomDivide work into meaningful tasks and then allocate them to specialists or people who will benefit from the experience.Allocate the workThis is the hardest and most important stage of delegation and generally involves a number of issues:The subordinate must understand why the work needs to be done Where the applica
    ll real estate transactions in the United States which involve federally related mortgage loans. RESPA states you should be given a copy of the HUD-1 at least one day prior to settlement.

    When Do Clients Need HUD-1 For Taxes?
    -------------------------------------

    Clients use the information included in the form when they file their annual taxes. The filing deadline is normally April 15 of every year for the proceeding year. To allow the client enough time to file taxes using the HUD-1 information, it is recommended that a copy of the HUD-1 will be sent to the client in January.

    Because the real estate transaction takes place during the year, usually long before filing the tax return, the HUD-1 given to the client at closing time could be lost or misplace. Sending the client a copy of the HUD-1 with a cover letter will be very helpful and time savings to the client.

    HUD-1 Client Sample Letter
    --------------------------

    The following is a sample letter you can use to send your clients:

    [Date]

    TAX TIME IS COMING

    Dear [Client’s Name]:

    Tax time indeed is just around the corner, and the first thing you will need is a copy of the Closing Statement on your property. Moving can be a very busy time, and you may have misplaced this very important document.

    I would like to be sure you avail yourself of all the tax advantages possible from our transaction. If your accountant has any questions, please have him or her call me (if you need a referral to an accounting you can trust, I’d be happy to provide you with one).

    I look forward to continuing as your realtor and providing you the highest level of service possible.

    Yours sincerely,

    [your name]

    Oh, by the way… If any of your friends or relatives are thinking about buying or selling a home, I'd love to be of service to them. So, when you think of these people, just give me a call with their name and number. I’ll be happy to follow up and tend to their Real Estate needs.

    Which HUD-1 Information Is Important For Your Client’s Taxes?

    The information reported in the HUD-1 relates to the following tax statements and schedules:

    Tax form HUD-1 line

    Schedule A (itemized deductions), Line 10 - Annual mortgage interest deduction Line 901

    Schedule A (itemized deductions), Line 10 – Points deduction Line 802

    Schedule A (itemized deductions), Line 6 – Real estate taxes deduction Line 1003, 1004

    Schedule E (rental income), Line 20 – Depreciation (cost of property is required) Line 101, 102

    Schedule E (rental income), Line 12a – Mortgage Interest Deduction Line 901, 802

    Schedule E (rental income), Line 9 – Insurance 903, 1001, 1002

    Schedule E (rental income), Line 16a – Real state taxes 1003, 1004

    Schedule E (rental income), Line 18 – Other deductions 703, 801-811, 1005, 1101-1110, 1201-3, 1301-1302

    Schedule D (capital gain) Part I, II, Column d – Sales Price 401, 402

    Schedule D (capital gain) – Part I, II, Column e – Cost or other basis 101, 102

    Form 6252 (installment sale), Line 8 – Selling price 401, 402

    Form 6252 (installment sale), Line 8 – Cost or other basis 101, 102

    Opening a Business Successfully
    Opening a business can be frustrating and rewarding all at the same time. Unfortunately many potentially successful businesseses close their doors because they are not prepared for handling all the issues that arise out of running a business. No matter what your reason for opening your business, you must be sure you are prepared to handle any crisis that may arise. In this article, I will give you some general tips to think about when opening a business.-Research, research, research. Before I opened my business, I spent over a week finding whatever information that I could on being a Virtual Assistant. Much to my husband’s happiness (or lack of), I printed every article I could find on the business of Virtual Assistance.-Have a plan. You can have a formal business plan, or you can have an outline of what you plan for your business. My original business plan was written solely for my guidance purposes and it was 7 pages printed. It was informal, and referenced many of the articles I read. The plan helped guide me and keep me on track. Remember to be flexible, and change your plan when the need arises. No matter if you’ve been in business for 3 months or 10 years, figure out where is the next step your business is going, don’t let it stagnate.-Establish policies and procedures. How are you going to handle payment? Are you going to have a contract (I advise, YES)? How will you handle communication with a client? How do you plan to communicate project needs? What about payment, what forms will you accept? I could go on and on with questions you need to have answered BEFORE you open your dooopy of the HUD-1 with a cover letter will be very helpful and time savings to the client.

    HUD-1 Client Sample Letter
    --------------------------

    The following is a sample letter you can use to send your clients:

    [Date]

    TAX TIME IS COMING

    Dear [Client’s Name]:

    Tax time indeed is just around the corner, and the first thing you will need is a copy of the Closing Statement on your property. Moving can be a very busy time, and you may have misplaced this very important document.

    I would like to be sure you avail yourself of all the tax advantages possible from our transaction. If your accountant has any questions, please have him or her call me (if you need a referral to an accounting you can trust, I’d be happy to provide you with one).

    I look forward to continuing as your realtor and providing you the highest level of service possible.

    Yours sincerely,

    [your name]

    Oh, by the way… If any of your friends or relatives are thinking about buying or selling a home, I'd love to be of service to them. So, when you think of these people, just give me a call with their name and number. I’ll be happy to follow up and tend to their Real Estate needs.

    Which HUD-1 Information Is Important For Your Client’s Taxes?

    The information reported in the HUD-1 relates to the following tax statements and schedules:

    Tax form HUD-1 line

    Schedule A (itemized deductions), Line 10 - Annual mortgage interest deduction Line 901

    Schedule A (itemized deductions), Line 10 – Points deduction Line 802

    Schedule A (itemized deductions), Line 6 – Real estate taxes deduction Line 1003, 1004

    Schedule E (rental income), Line 20 – Depreciation (cost of property is required) Line 101, 102

    Schedule E (rental income), Line 12a – Mortgage Interest Deduction Line 901, 802

    Schedule E (rental income), Line 9 – Insurance 903, 1001, 1002

    Schedule E (rental income), Line 16a – Real state taxes 1003, 1004

    Schedule E (rental income), Line 18 – Other deductions 703, 801-811, 1005, 1101-1110, 1201-3, 1301-1302

    Schedule D (capital gain) Part I, II, Column d – Sales Price 401, 402

    Schedule D (capital gain) – Part I, II, Column e – Cost or other basis 101, 102

    Form 6252 (installment sale), Line 8 – Selling price 401, 402

    Form 6252 (installment sale), Line 8 – Cost or other basis 101, 102

    Stationery
    Stationery is defined as the products made of paper to be used for personal and office supplies. Stationery is usually decorated and/or personalized to enhance its look. It has been commonly confused with another term ‘stationary’, which actually means 'standing at a place'.Be it New Year, school time, Christmas vacation or business trip, Stationery is the core of all these activities. It is used in arts and crafts, calendars and diaries, letters and envelopes, office supplies, and promotional products etc. For holidays, special Stationery material like cards, envelopes and notepads are commonly seen. Even non-paper products like pens, pencils, staples and staplers, crayons, markers, adhesives, tapes, file holders, math sets, craft and office scissors, chalks, bookmarks, stamps and stamp pads, glue sticks, memos and paper clips, stencil sets and calculators all fall under the umbrella of Stationery.By and large, the main ingredient in Stationery is the paper. To some extent, use of computers has reduced the consumption of paper and Stationery. For making Stationery, a number of paper types are available, like Bond, Text, Uncoated Book, Coated Book and Cover. These distinctions are based on a grading system and weight of the paper being utilized. Stationery made from recycled paper is also in vogue and serves a valuable cause of protecting our environment from depletion. Even handmade papers are used by some.After selecting the paper, it is a good idea to decorate and design the Stationery to increase its appeal and aesthetics. A theme or a textured paper can be selected for the base paper, which can lato continuing as your realtor and providing you the highest level of service possible.

    Yours sincerely,

    [your name]

    Oh, by the way… If any of your friends or relatives are thinking about buying or selling a home, I'd love to be of service to them. So, when you think of these people, just give me a call with their name and number. I’ll be happy to follow up and tend to their Real Estate needs.

    Which HUD-1 Information Is Important For Your Client’s Taxes?

    The information reported in the HUD-1 relates to the following tax statements and schedules:

    Tax form HUD-1 line

    Schedule A (itemized deductions), Line 10 - Annual mortgage interest deduction Line 901

    Schedule A (itemized deductions), Line 10 – Points deduction Line 802

    Schedule A (itemized deductions), Line 6 – Real estate taxes deduction Line 1003, 1004

    Schedule E (rental income), Line 20 – Depreciation (cost of property is required) Line 101, 102

    Schedule E (rental income), Line 12a – Mortgage Interest Deduction Line 901, 802

    Schedule E (rental income), Line 9 – Insurance 903, 1001, 1002

    Schedule E (rental income), Line 16a – Real state taxes 1003, 1004

    Schedule E (rental income), Line 18 – Other deductions 703, 801-811, 1005, 1101-1110, 1201-3, 1301-1302

    Schedule D (capital gain) Part I, II, Column d – Sales Price 401, 402

    Schedule D (capital gain) – Part I, II, Column e – Cost or other basis 101, 102

    Form 6252 (installment sale), Line 8 – Selling price 401, 402

    Form 6252 (installment sale), Line 8 – Cost or other basis 101, 102

    Finding Your Target Market
    Achieving sales is probably the biggest challenge a web business owner has. It requires a balanced mix of the right products, competitive pricing, optimal web design, aggressive advertising and attracting the right online visitors.While all of the above are equally important in achieving abundant sales, none of them will work at all if you don't target the people that are most likely to buy your products or services. These people are known as your target or niche market. Focusing in on your niche market will allow you to find only those that are ready, willing and able to buy what you have to offer.Your niche market provides you the competitive edge over larger corporations because larger companies tend to market to a much broader range of people. Their promotions are more generalized and less focused. For them, the smaller markets are not worth bothering with. This now becomes your opportunity to capture those highly defined niche markets that they left behind.Defining your MarketIn order to find these people you must first determine who they are. This might sound like a simple or perhaps insignificant question at first but it can possibly make or break the success of your sales if you don't give it some serious thought. Here's how to get started.Think about the following and jot down all those that might apply to people interested in your products or services. Don't rule out any category completely. Think about each group of people and how they might apply.Age Group:infants, Children, teens, young adults, baby boomers, middle aions), Line 6 – Real estate taxes deduction Line 1003, 1004

    Schedule E (rental income), Line 20 – Depreciation (cost of property is required) Line 101, 102

    Schedule E (rental income), Line 12a – Mortgage Interest Deduction Line 901, 802

    Schedule E (rental income), Line 9 – Insurance 903, 1001, 1002

    Schedule E (rental income), Line 16a – Real state taxes 1003, 1004

    Schedule E (rental income), Line 18 – Other deductions 703, 801-811, 1005, 1101-1110, 1201-3, 1301-1302

    Schedule D (capital gain) Part I, II, Column d – Sales Price 401, 402

    Schedule D (capital gain) – Part I, II, Column e – Cost or other basis 101, 102

    Form 6252 (installment sale), Line 8 – Selling price 401, 402

    Form 6252 (installment sale), Line 8 – Cost or other basis 101, 102

    Form 4797 (sale of business property), Part I, Column d – Cost or other basis 401, 402

    Form 4797 (sale of business property), Part I, Column f - 101, 102

    HUD-1’s two sections
    --------------------

    Section J, Summary of Borrower's Transaction

    This section contains 6 sections, and basically summarizes the entries made to the section L (Settlement charges, see below).

    • Section 100, Gross Amount Due from Borrower

    • Section 200, Amounts Paid By or In Behalf of Borrower

    • Section 300, Cash at Settlement From/To Borrower

    • Section 400, Gross Amount Due to Seller

    • Section 500, Reductions in Amount Due to Seller

    • Section 600, Cash at Settlement To/From Seller

    Section L, Settlement Charges

    That's where many entries are tabulated before being brought forward to page 1. Columns contain charges that are paid from either the borrower's or the seller's funds. Your closing statement probably won't have entries in all lines.

    • Section 700, Agency Commissions

    • Section 800, Items Payable in Connection with Loan

    • Section 900, Items Required by Lender to be Paid in Advance

    • Section 1000, Reserves Deposited with Lender

    • Section 1100, Title Charges

    • Section 1200, Government Recording and Transfer Charges

    • Sections 1300 & 1400, Additional Settlement Charges and Totals

    Line By Line Description

    Section 700, Agency Commissions

    701 Commissions paid to real estate agencies

    702 Commissions paid to real estate agencies Section 800, Items Payable in Connection with Loan

    801 Processing or originating loan fees. If the fee is a percentage of the loan amount, the percentage will be stated.

    802 "Points" charged by the lender. Each point is 1% of the loan amount.

    803 Appraisal fees. If paid with loan application before closing, it should be marked "POC," (paid outside of closing). The amount would be shown, but would not be included in the total fees you bring to settlement.

    804 Cost of the credit report if it is not included in the Origination Fee.

    805 Inspections fee, done at the request of the lender.

    806 Private Mortgage Insurance (PMI) application fee.

    807 Assumption fee, when buyer takes over seller's existing mortgage.

    808 Miscellaneous items connected with the loan, such as fees paid to a mortgage broker.

    809 Miscellaneous items connected with the loan, such as fees paid to a mortgage broker.

    810 Miscellaneous items connected with the loan, such as fees paid to a mortgage broker.

    811 Miscellaneous items connected with the loan, such as fees paid to a mortgage broker.

    Section 900, Items Required by Lender to be Paid in Advance

    901 Interest collected at settlement for the time period between closing and the first monthly payment.

    902 Mortgage insurance premiums due at settlement. Escrow reserves for mortgage insurance are recorded later. If your mortgage insurance is a lump sum payment good for the life of the loan it should be noted.

    903 Hazard insurance premiums due at settlement. It is not used for insurance reserves that will go into escrow.

    904 M

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