Buying in Germany: first property

Good things should be recommended and one of the largest knowledge platforms in Germany, is definitely one of them, more precisely: Immobilien-Erfahrung.de. Tip. Use the Google Translator to translate the know-how into your language!

• Read Immobilien-Erfahrung.de in English

3 typical mistakes of first-time buyers

Thorsten Bader, expert at B&B Optimal GmbH and managing director of Immobilien-Erfahrung.de, recommends potential buyers to consider their first property exclusively as a capital investment instead of using it themselves. In this case, there is namely the risk that the management costs, such as insurance, property tax and operating costs, which in addition increase in their amount every year by an average of 5 percent, affect the financial independence.

Purchasing without accurate knowledge of the market

Mistake number two is to engage in the purchase of a property without accurate knowledge of the market. Here, there is a risk of buying a condominium at an overpriced price or spending more on renovation work than actually planned. Therefore, potential buyers should carefully plan their finances in advance and be aware of the current market value and the costs involved.

Condition of the property

Mistake number three is not getting enough information about the condition of the property. Here, one should not only check the appearance, but also the technical condition and the structural substance in detail. Hidden defects such as moisture damage or problems with the electrical system can lead to unexpected costs later. A well-done appraisal by an expert is also advisable here.

In summary, when buying their first property, interested parties should make sure that they consider it exclusively as a capital investment, have precise knowledge of the market, inform themselves about the condition of the property and plan their finances carefully. With these tips, a financially sound capital investment in a condominium can be realized.

Why is a capital investment “better”?

Living for rent and renting out your property?

Real estate as an investment offers several advantages over using it as your own home:

1. Renting
2. Increase in value
3. Financial security

Renting instead of owner-occupying

Real estate can be rented out, which can generate regular income. Your tenant pays the installments of your financing with the monthly rent. At the same time, as a tenant, you have to take care of virtually nothing yourself. Self-use, on the other hand, means: If your salary fails, the repayment of the financing fails. If the heating is defective, you have to take care of everything and, so to speak, always have double damage.

Increase in value

Increase in value: real estate tends to have a stable increase in value, which allows the owner to enjoy an increase in value.

Financial Protection

Financial security: renting a property can provide financial security in retirement.

However, it is important to note that any investment carries some risk and it is important to consider an investor’s specific needs and goals before making a decision.

Investing in Germany

Learn more about interesting and attractive locations in Germany here:

• Capital Investment Atlas

Want to learn more about the real estate market in Germany? Use Google Translator to translate the know-how into your language!

• Read real estate-experience.com in English

With a few clicks you can translate the content of the knowledge platforms for German real estate into your language

Der Beitrag Typical mistake! Buying your first property: What can go wrong? erschien zuerst auf ℄ Real Estates.

Buying Real Estate Rental Property – Best Investment Strategies

More and more people are choosing to buy rental property as a lucrative way of receiving passive income, with many opportunities for further investments, massive profits, and a life of luxury and opulence. There is much to consider and research before you make any investment in rental property, but you’re likely going to be quickly looking at cash flow and a realtor lifestyle you could only have dreamed of.

Is Buying a House to Rent a Good Investment? Advantages Disadvantages of Rental Property

There is not one clear answer to whether buying rental property is a good investment. It depends on many factors such as location, the behavior of the market, the tenants, unexpected costs, etc. Therefore it is impossible to say whether it is a good investment for you until you inform yourself as best as you can, and make an educated decision.

Advantages of Rental Property Investments – Tax Deductions, Financial Security

Being a landlord often sounds like a dream job. Essentially you’re being paid because people are living somewhere. It is the most famous and infamous source of passive income. This is perhaps its biggest advantage. In terms of how much work you have to put in per dollar earned, it can be extremely lucrative. Another advantage is that the real estate market tends to be quite stable, which means that the majority of properties (bought in good areas) increase in value. That means, while you’re making a passive income, one day the mortgage will be paid, and despite having made money off of your investment, you can sell it at a higher price than you bought it!

Rental Property Taxes – What Taxes do Landlords Pay?

For one, rental income is not subject to social security taxes. The social security tax rate is currently 12,4% split by employer and employee, meaning that when owning rental property you are paying 6,2% less taxes.

Disadvantages of Rental Property Investment – Difficult Tenants

The biggest downside is dealing with difficult tenants. These can be those that are harmful for the atmosphere (e.g. by being loud), those that damage property (high repair costs), and those that do not pay their rent on time. Another downside is also that you are legally bound quite heavily, as renters are strongly protected by the law. That means that difficulties can arise, and cause a lot of stress. Of course it’s important to decide in what real estate to invest, because if you buy a house, these issues tend to be less serious.

• Damaging Tenants
• Tenants who do not Pay Rent

What does a Landlord Do? Tasks, Responsibilities when Owning Rental Property

In short, a landlord is in charge of general upkeep. That means repairs in the house such as plumbing or electricity which the landlord has to fix. Other things include maintaining the more general facilites. For example, if you own rental property you have to make sure common areas are cleaned, the doors, elevator, etc. all work, and more. Then comes the problem of rent. Some tenants can be quite a hassle when they don’t pay rent on time, in which case you have to contact them and collect the rent yourself.

• Repairs in home
• Maintenance of Property
• Collecting Rent

Financial Planning for Becoming a Landlord

That means paying off all debts, making sure you have enough saved up for a downpayment, and securing your finances for the long-term future. It is also probably a good idea to secure a separate business account.

• Save enough for a Downpayment
• Job Security

Six Steps to Purchasing Rental Property – Buy House, Apartment

The five steps to owning rental property begins with your finances. Next, research and strategy. Where do you want to invest, how is the market in that area, what type of real estate you want to invest in, the general turn of the economy and much more! Now your strategy with short-term vs long-term rentals, buying a house or apartment, etc. Step 4 is finding the property you want to purchase. Step 5 means buying the property (and getting a good deal!). And lastly, perhaps most difficult, find tenants!

1. Order your Finances
2. Research
3. Strategy and Investment Planning
4. Find the Property
5. Purchase Property
6. Find Tenants

Step 1: Order your Finances – Landlord Bank Account, Savings

The most important thing before buying a house or buying an apartment is to get your finances in order. That means having paid off all debts, or nearly all, having a good credit score (otherwise get ready for mortgage insurance). Then, you will want to open a separate account. This can of course be done by registering a real estate LLC in which case you would buy the property over the company. Otherwise you will have to open a new account.

Step 2: Research – Where to Buy, When to Buy Rental Property

This is an important step, as you will need to get a lay of the land of where you want to invest and how. There is no universal manual because, e.g. if you buy a house in New York, it’s different than if you buy an apartment and then even more different if you buy an apartment in L.A. It’s also critical to know about the more specific location, there are always up-and-coming neighborhoods in every city. The top USA real estate neighborhoods are spread out all over, and you could be living near one without knowing! We’ve tracked down the best locations for the biggest players in American real estate:

• Top Neighborhoods: New York
• Top Neighborhoods: Los Angeles
• Top Neighborhoods: San Francisco
• Top Neighborhoods: Miami
• Top Neighborhoods: Las Vegas

Step 3: Strategy, Investment Planning – ROI, Value

The typical question for real estate and rental property investment is the ROI. ROI means return on investment, which is typically expressed in a percentage. It just tells you how much money you make in proportion to how much money you spend. You should know that, unlike stocks, or REITs, rental property will not be valuable or a good investment because it is constantly rising in value. Rather it is an additional income on the side, apart from your normal investments.

• ROI = Return on Investment
• Real estate is about cash flow

Step 4: Find the Property – House Hunting, Realtors

Next step is to find property, this can turn out to be quite difficult or quite easy depending on the region. Typically this is also the point where you will decide whether you choose a fixer-upper or a ready house. For experienced investors this is a normal thought, but if you are just starting out, a fixer-upper can be extremely risky and bankrupt you. Unless of course you want to get into flipping houses.

• Fix-Up or ready house?

Step 5: Purchase Property – Mortgage, Cash, Downpayment

Of course with a cash purchase you can circumvent a lot of the additional real estate purchase costs, but not all (think mortgage tax and transfer tax, and moving expenses). Still, as soon as you purchase with a mortgage you will be paying more in the form of mortgage interest. There are different opinions on the specifics, but it is always important that even if you are absolutely in love with a house, to let cooler heads prevail. There are many reasons to buy a house for rental property, but these are all related to finances and strategy.

• Real Estate Closing Costs
• Logic should decide whether you buy

To learn more about what happens when you get to the point of actually buying a house, you can take a look at our article on all the taxes you will pay when you buy a property or real estate.

Real Estate Purchase: All Taxes

Step 6: Find Tenants – Advertising, Location

This is the point that it can get very very frustrating, or very comfortable. If you’re living in a place like L.A., this can be quite easy with very high demand making a good tenant easy to find. In other places you may have to wait for the right one. Important though, if you get the feeling that the fit isn’t right, don’t sign a contract! It is near impossible to force a tenant out legally, and one more month without the extra income won’t make the difference.

• Don’t rush the search
• Easier in bigger cities, with higher demand

Top 5 Tips for Buying Rental Property! LLC, Saving Taxes

There are many things to be aware of, and things to take into account for buying rental property for real estate investment. It’s important that you research a lot so as to make a smart decision. Still, there are a few secret tips that are very important to ensure quick profit from rental property!

1. Do the Math!
2. Landlord Insurance
3. Found a Company
4. Buy or Finance?
5. Go out of State

Do the Math! Research, Calculation of Costs for Rentals

This is critical. Of course, before investing in rental property the most important thing is extensive and intensive research. This does not only consist of informing yourself about e.g. mortgage or mortgage interest, and a downpayment. The main question is: for each dollar that you invest in this real estate rental investment, how much will you get back. Factor in the time, and then compare to your finances. It is possible that your investment strategy only offers returns after two years. Can you hold out that long?

For each dollar you invest, how much will you gain? When is your investment profitable?

Get Landlord Insurance! Recover Lost Rental Income, Liability Protection

There are going to be accidents, unwanted injuries and more on your property. You need to protect yourself from this. One possibility is with a limited liability company or the similar s corporation (see below), but this is not going to protect you legally, rather than just make sure that a legal action does not bankrupt you. So you have to get landlord insurance! A landlord insurance covers lost rental income (great for the rare difficult tenant), damage to the property, and of course, as mentioned liability protection against injuries or worse on your property. Remember, itemizing insurance costs is one of the top methods of real estate tax deductions!

• Protection against lost rental income
• Damage to property
• Liability for injuries on property

Found a Company – LLC, S Corp or C Corp

As mentioned above, it’s important to protect yourself from possible liabilities. Even with landlord insurance, you should likely put in the effort and cost to found a real estate entity which owns the buildings in your place. The main examples are the LLC, S corporation, C corporation, and Limited Partnership. These all differ in the degree to which they protect you from liability, but also to the degree in which they prevent double taxation, a common problem with other real estate investment entities.

• LLC
• S Corp
• C Corp
• Limited Partnership

Buy or Finance? Mortgage or Cash for Rental Investments

You will hear many voices insuring you that the only smart choice for buying a rental property is to finance it, in other words to buy it using a mortgage. This is true in most cases, but if you have the money available, buying cash can be even better. No mortgage interest, no uncertainty, and you profit right away. Of course you’ll be a few thousand dollars lighter, bt this comes in with rental income over time. It’s also seemingly forgotten at times that a house purchased with a mortgage still requires a substantial downpayment, as well as significant additional costs buying real estate, which means even with a mortgage, where, e.g. a 20-year plan can hound you for years, you have some saving to do before starting to invest and reap profits.

• Buy with mortgage
• Consider alternative cash options

Go out-of-state! Rental Investments Far away – Is it Profitable?

Many first-time investors make the decision to buy close to home. They hear a great offer for a house nearby in an up-and-coming neighborhood and choose to buy because it’s just a few minutes drive away. It’s true of course that this has its advantages; if a renter has an issue or a repair, you can come by quickly and fix it, you can give personal house tours with no problems, etc. At the same time, it’s a calculation game. There are extremely profitable neighborhoods in many parts of the country. Buying a rental there can give you much larger profits in much shorter time. These profits would offer the possibility of a property manager, reduces your involvement and makes the now-larger income even more passive.

• Advantages to buying nearby
• Far away can be much more profitable

Gross Rental Income – Top Tip for Saving Taxes

Easily explained: rental income is taxed as your normal income would be taxed. That means you add it to your salary as you would a normal job. Rental income can include the following types of payments: Advance payments of rent, non-returned deposits, services provided in exchange of rental income. Now we know what the income consists of, but the question is how can you pay less of it?

What can be Deducted from Rental Income? Itemizing Tips

You can deduct more than you think from your rental income. That includes things like the mortgage interest of your property, the insurance costs and property taxes. Along with these it is also typically possible to deduct fees such as those for advertising your properties, and those for legal assistance and for the Homeowner’s Association.

• Depreciation
• Property Manager Payments
• Mortgage Interest
• Insurance Costs
• Property Taxes
• Advertisement Fees
• HOA / Condo Fees
• Legal and Professional Fees

There’s so many more tax deductions you can use when you own real estate, whether as residence or as a landlord!

Real Estate Tax Deductions

Best Gross Rental Income Deduction! Depreciation

The most important concept here is depreciation. Depreciation is the answer to every time you wondered why real estate moguls and landlords pay so few taxes. Large items bought for business purposes can be deducted from your taxes, but not all at once. That means e.g. a property worth $250.000 which is deducted from taxes over a 27,5 year period, leads to a reduction in your taxable income of

$250.000 / 27,5 y = $9.090

per year! Add that to all the other possible real estate tax deductions, and many owners pay no taxes on their rental income!

Der Beitrag How to Buy Rental Property – Becoming a Landlord, Investment and Purchase Tips erschien zuerst auf ℄ Real Estates.

Virtual realtor: Real estates 4.0

When you ask architects, builders and other people in the real estate industry what inspires them, it is usually the future. Future, is the change of reality and always brings different aspects.

While the world of real estate keeps turning over the years, buildings become more modern, require less energy, create different cityscapes, the presentation of real estate has often remained at a standstill, in the classic real estate exposé.

Future architecture: just one example from Berlin

To stay in the example of architecture, architectural firms such as Graft in Berlin show how to design modern buildings for future-oriented cities. Urban development that is no longer expressed in the typical, boring facades, but in elements, shapes and materials that bring completely new visual hotspots to the city architecture.

For example, if you look at the villas built by the architects in Berlin, for example in Grunewald, you can see this unique architecture from hundreds of meters. As well as the “Villa M”, a cube made of ceramic plates, each one unique. From the outside, the entire architecture is reminiscent of a giant erratic block. A true one-of-a-kind, as is the outer ceramic casing. In all of Berlin Grunewald, a unique object. Such pioneers are needed so that new ideas can emerge.

But pioneers do not only exist in architecture. There is now also the first real estate portal, with virtual avatar “Ella”, for presentation.

Change in presentation: virtual exposé

What if you could present any property, without an extra visit to the site, moderated? Be possible in 2021!

Digital avatars present real estate

First, what is a digital avatar? Digitalization is on the rise. In architecture, as described above, in building technology and also in presentation. So virtual, digital people are taking over presentation and moderation.

Especially for supra-regional realtors, who have properties not only in their own area, but in other cities, states or even countries, the presentation of a property involves a relatively large amount of effort. Travel must be organized, not only for the realtor himself, but also for the potential buyer, in the further step.

• Model agency: Ella (VR)

With this new technology, the entire laborious process can be skipped, the property is presented by a digital avatar.

Example: Real estate portal with digital presentation

Pictures say more than a thousand words, so here is a small video:

Source: GetKey

Here, for the very first time in the world, a virtual avatar presents a property. Absolute top performance! Here technology combines with one of the largest economic sectors of this planet, the real estate industry.

Program code & CGI design: making ideas real

Digital avatars are animated from program code, partially post-processed with CGI design. This is how ideas are turned into reality, virtual persons who can then travel to places, talk about topics and much more.

In fact, we are thus only at the beginning of the journey in the real estate industry.

XXL precast factories and 3D printers

XXL Prefabrication Factories – Today, the first factories are being developed to develop entire prefabricated parts for high-rise buildings, for entire housing developments, not just the individual prefabricated house.

3D Printers – 3D printers are now shaping houses so that building materials no longer need to be purchased at great expense, everything comes easily and quickly from 3D printing. Here’s a short video demonstrating how a 3D printer builds a house in no time.

Just as construction companies, developers and the building industry are changing, so will the marketing of real estate, in the wake of digitalization.

Presentation of house & apartment through videos: Supraregional

Until now, real estate exposés were preferred by almost everyone. No between technology of presentation he has really prevailed, for example, 360 ° house tours. Why? It lacks the human element, someone to guide through the property.

Of course, as a real estate realtor, you could cover the presentation with a video, so prospective buyers see the property before visiting (just from photos). But this has two disadvantages. Either you have to moderate yourself, that is also be on site, or someone else has to do it and convey the same spirit, the same still know how, as the real estate realtor. Another disadvantage, the language. Do you know Israeli? Spanish? French?

In short, the presentation of the property has different factors, from location to languages. So, as soon as properties need to reach a national or international audience rather than just a regional one, the effort of presentation increases.

Lure new target groups: Marketing tool for real estate realtors / portals

Just as in the entire economy, the real estate industry is also about supply and demand. The new generation of future real estate owners, by purchase or inheritance, has grown up with the Internet. They jump on other carriers (trigger factor).

Therefore, new concepts are needed, also in real estate marketing. On the one hand in the marketing of condominiums, which are sold individually to private persons, for example over real estate portals, just as with the sales of luxury real estates, which are now times more difficult over a badly made Immobilienexposé, as PDF to sell.

If you also want to show innovation, you can’t avoid new marketing strategies. Bill Gates (founder of Microsoft) gave the Internet only a few years in the beginning. Today, more than 20 years later, many real estate realtors, realtor offices and real estate portals are using social networks such as Facebook and Instagram (Social Marketing [external]).

Strategy: Reaching Generation Z

In Israel, a new project has now been launched that has never been seen before in the world. The above already to see in the example video, real estate are presented by “Ella” here.

Source: GetKey

Voice use in technology – Putting digital people in commercials, breathing emotion into them, a really difficult job. The next stage was now to integrate speech, so that Ella becomes a multi speech talent. As seen in example video (above), for example in Hebrew. This way, Israeli customers are specifically adressed on the website.

Der Beitrag First real estate portal with virtual realtor (digital human): Marketing & technology erschien zuerst auf ℄ Real Estates.

Where do the Richest People Live?

If you’re a millionaire, you want a house befitting of a millionaire. That’s why we’ve collected everything you need to know about the places with the most millionaires, the most billionaires, the most expensive cities int he world and the country. This is the definitive luxury list. London is the city with the most millionaires in the world, with 357.000, the size of a small city! Keep reading to find out where the richest of the rich buy their property…

List – Cities with Most Millionaires

One way to measure where the richest people live is to see how many millionaires live in the city. The more millionaires, the more luxurious, expensive and high class the city is bound to be. What makes up a city to have a lot of millionaires? First and foremost, a lot of people. That means that in a city with 5 million inhabitants, you’ll likely have 5 times more millionaires than in a city with 1 million inhabitants. It’s also about where there’s luxury real estate though, because millionaires want to live like millionaires.

Worldwide – Top 10 Cities with Richest People

So, without further ado, it’s time to look at the cities which are home to most millionaires. No surprise, New York is near the top with 357.000 millionaires . It’s a playground if you want to buy luxury New York real estate. The top 5 are rounded out by London at the very top, and three asian cities following. The top 10 cities with the most millionaires worldwide are:

1. London, UK – 357.000 millionaires
2. New York City, USA – 339.000 millionaires
3. Tokyo, Japan – 279.000 millionaires
4. Hong Kong, HK – 228.000 millionaires
5. Singapore, Singapore – 217.300 millionaires
6. San Francisco, USA – 180.300 millionaires
7. Los Angeles, USA – 173.300 millionaires
8. Chicago, USA – 135.000 millionaires
9. Frankfurt, Germany – 128.300 millionaires
10. Beijing, China – 122.000 millionaires

USA – Top 10 Cities with Richest People

The USA is well-represented in the top 10 cities worldwide, making up 3 of the top ten. That’s not bad. In total the USA has over 18.000.000 millionaires, more than 4 times as much as the nearest competitor, China. With this many millionaires, they have to live somewhere, a lot of them in NYC, San Francisco, and Los Angeles obviously, but where else? These are the top 10 cities in the USA with most millionaires:

1. New York City, NY – 339.000 millionaires
2. San Francisco, CA – 180.300 millionaires
3. Los Angeles, CA – 173.300 millionaires
4. Chicago, IL – 135.000 millionaires
5. Washington, DC – 120.000 millionaires
6. Boston, MA – 110.200 millionaires
7. Philadelphia, PA – 109.000 millionaires
8. Houston, TX – 98.500 millionaires
9. San Jose, CA – 90.700 millionaires
10. Detroit, MI – 90.100 millionaires

Most Popular Destinations for the Ultra Rich – Las Vegas, L.A., and more

So you want to learn more about how the richest of the rich live? Well look no further. The richest can be found in Las Vegas Bellagio Suites, Miami Penthouses, and New York Lofts. This is how the richest of the rich live.

Las Vegas – Where the Millionaires live

Las Vegas is home to the richest man in Nevada and the richest man is: Sheldon Adelson, owner of the Las Vegas Sands, a luxury resort chain. It is home to the world’s biggest and best Casinos, and some of the most prime real estate you can imagine. Las Vegas has more gated communities than water in the ocean, and each is more luxurious than the last. That makes it attractive for people looking to have some fun, but also people who are looking to invest smart.

$18.5 mil. Mansion – Villa Tour in Las Vegas

One example of a property in Las Vegas. Typical for the city: decadent furnishings, modern and sleek style, combined with lush greenery, and of course… a golf course in immediate proximity. It also has 7 bedrooms, as well as pool with its own 21 foot waterfall.

• Location: 93 Spanish Gate Drive, Las Vegas, NV 89113

What is the Most Expensive Neighborhood in Las Vegas? The Ultra Rich

It’s a bit of a complicated matter, with Summerlin and Henderson probably being the residential areas with the most >$1 mil. transactions. Although these are not strictly within city limits, we’re just going to count it as Las Vegas. So, the most expensive residential area in Las Vegas is ‘the Ridges’, located in Summerlin. Prices range from $2 mil. and $7 mil. for a house. It is also the area in Las Vegas with most house sales >$1 mil, with the most expensive on the market at the time of writing being $30,4 mil. The full list of most expensive communities in Las Vegas below:

1. The Ridges: $2.000.000 – $7.000.000
2. Anthem Country Club: $1.200.000 – $4.400.000
3. Macdonald Highlands: $1.000.000 – $4.200.000
4. Southern Highlands Country Club: $1.000.000 – $3.000.000
5. Seven Hills: $1.000.000 – $2.700.000

Las Vegas Luxury Real Estate – Property Investments in Sin City

In Las Vegas, real estate is a commodity like in any other city, except with the difference that the city is filled with people looking to make a quick buck, and ready to take a risk. What real estate is concerned it’s an interesting market, and is likely going to be a growing niche in the national markets. Learn more about the hottest neighborhoods, the best places to live, and what you have to know about Las Vegas:

Las Vegas Luxury Real Estate

Miami – Billionaire Row in Florida

Miami is a tropical mega city, and has all the luxury and decadence to show for it. From manmade islands, to the best restaurants in the world, as well as a booming arts scene, and postcard worthy views at every turn. It’s hard to top this city for atmosphere. No wonder it’s home to thousands of millionaires who happily take a seat overlooking the clear turquoise blue waters. If you want to live among the ultra-wealthy, Miami is the place to go.

Designer Mansion in Florida – Millionaire Miami House Tour

Just outside Miami is Tommy Hilfiger’s ‘Fun House’. Here, nestled between ocean and palm trees is a mansion that looks more like a luxury resort. Estimated to be worth around $25.000.000, this probably isn’t easy to purchase. But it is on the market right now! Designed by Martin Lawrence Bullard, this beach villa tour is bound to leave you speechless.

Most Expensive Areas – Where do Millionaires live in Miami?

You may have heard of millionaire’s row in Miami. But Millionaire’s Row isn’t what it used to be. Not since the 90’s have the richest people in Miami lived in this stretch on Collins Avenue between 41st and 63rd Street. Nowadays the ultra-wealthy are heading towards Indian Creek Island, where the biggest and most expensive houses can be found.

List – Where do Millionaires live in Miami?

In Miami, millionaires tend to live in a few top neighborhoods. Although arguably all of Miami Beach is a massive luxury suburb, there’s some neighborhoods you won’t believe. As mentioned the most expensive, hottest, most billionaire, CEO, model, Actor place is definitively Indian Creek Island. Also popular are the Venetian Islands, manmade islands with some of the east coast’s most exclusive properties. Another area to keep in mind: Fisher Island, another of the famous islands lining Miami’s coral-blue waters. These are the richest neighborhoods in Miami:

1. Indian Creek Island: $15.000.000 – $47.000.000
2. North Bay Road: $7.500.000 – $45.000.000
3. Star Island: $7.100.000 – $28.000.000
4. Hibiscus Island: $1.200.000 – $14.200.000
5. Venetian Islands: $1.000.000 – $25.700.000

Where to Buy Property in Miami – Real Estate Investment Florida

To make smart investments, you need to know the situation. From Florida property taxes, mortgage, renovations, etc. everything you need to know about buying a house in Miami, can be found in our article on the top investment areas for Miami. It also details real estate market explanations, and steps to buying real estate, houses, apartments, etc. in Miami, Florida’s hottest, richest, biggest, city.

Miami Luxury Real Estate

Los Angeles – Richest, Celebrities, and CEOs

Los Angeles is maybe one of the most famous cities in the world. If you want to buy real estate in L.A., you may want to look away now. L.A. isn’t just famous because it’s home to Hollywood, Bel-Air, and Beverly Hills. This mega city has everything from art, world-class restaurants, stadiums, beaches, and the list goes on. It’s truly a playground for the richest of the rich.

Top 10 Richest People in L.A. – Who are L.A’s richest inhabitants?

The richest people to live in L.A. are mostly businessmen. There are few women, and also few from the film industry. Although the famous movie director Steven Spielberg is at 12th, and music mega-producer and owner of Geffen Records, David Geffen is at 6th position. The richest people living in L.A. are Elon Musk ($197 bi0.), pharma mogul Patrick Soon-Shiong (6,9 bio.), and Sean Parker ($3 bio.). To spot for the richest people in L.A., the full list of wealthiest Angelenos:

1. Elon Musk
2. Patrick Soon-Shiong
3. Sean Parker
4. David Geffen
5. John Tu
6. Eli Broad
7. Stewart & Lynda Resnick
8. Tamara Hughes Gustavson
9. Steven Udvar-Hazy
10. Rick Caruso

Most Expensive Property in Los Angeles – Luxury Home

This massive property has been dubbed the most luxurious house in the USA. Being worth over $250 million, and including a prviate helicopter, personal chefs, masseuses, 24/7 security, and much more, it makes sense that this property is as expensive as it is.

• 21 Bathrooms
• 12 Bedrooms
• Location: 924 Bel Air Road
• Price: $250 mio.

Where do the Rich Live in Los Angeles? Most Expensive Areas in L.A.

Everyone’s heard about the mega-mansions in Beverly Hills, or the villas lining the palm-lined streets in Bel-Air. There’s probably a lot of areas you’ve never heard of though, that are home to the richest and most luxurious houses you can imagine. Topping the list, Beverly Hills with the average home here costing aroun $9.990.000. Note, if you want to buy an apartment in L.A., it won’t be this expensive! Below the list of most expensive neighborhoods in L.A.:

1. Beverly Hills – $9,99 mio
2. Bel-Air/Holmby Hills – $5.7 mio.
3. Malibu – $5,49 mio.
4. Brentwood – $4,5 mio.
5. Pacific Palisades – $4,7 mio
6. Beverly Hills Post Office – $4,4 mio.
7. Santa Monica – $3,6 mio.

Buying Real Estate in L.A. – Most Expensive

For Luxury Real Estate in L.A., for example if you want to buy a house in L.A., you’re going to want to get informed first. That’s why we have our full overview below. It tells you everything from the current state of the market, the things you should look out for, where to buy real estate in L.A., and pretty much everything else you need to know if you’re thinking about buying property in the city of angels.

Los Angeles Luxury Real Estate

New York – NYC Billionaires Real Estate

If Los Angeles is one of the most famous cities in the world, New York City is the most famous. It is synonymous with metropolis, America, and everything you could ever want or imagine exists in this mega-metropolis. It’s home to some of the tallest buildings in the world, the richest people in the world, the best condos and apartments, and the best bars and restaurants. Apart from some extremely high property taxes, New York City is a gift for real estate investors.

Condo tour in New York – Luxury Apartment Walk-Through

This apartment can be found in the world’s slimmest skyscraper, and gives you a view of central park. It’s seemingly endless luxury begins with the plaster walls, true-wood flooring, a bar with marble countertops. If you’re packing your bags, slow down though, as you’re going to be looking at the hefty price tag of $28.750.000.

• Price: $28.750.000
• Location: 111 West 57th

What is the Most Expensive Neighborhood in New York? The Richest in the Big Apple

It’s no surprise that almost all of the most expensive properties in New York are going to be found in Manhattan. Famous for big companies, its crazy income tax, and skyscrapers to no end. Remember that these prices are for buying an apartment in New York, if you want even more luxury, try buying a house in New York. The ultra-luxurious and high-class areas in this part of the city are world-famous. SoHo, TriBeCa, and Hudson Yards can be heard in movies and songs every year thanks to their iconic status in culture. The most expensive neighborhood in all of NYC is NoHo, with the average house costing around $3.250.000. On a side note, the most expensive area in Brooklyn Cobble Hill is around $1.600.000, and in Queens, Ditmars Steinway is $1.100.000.

1. Noho – $3.250.000
2. Hudson Yards – $3.201.875
3. Tribeca – $3.150.000
4. Central Park South – $3.050.218
5. Nolita – $3.002.146
6. Theatre District – $2.970.000
7. Bowery – $2.350.000
8. Soho – $2.330.000
9. Civic Center – $2.270.000
10. Hudson Square/West Soho – $2.050.000

Luxury Real Estate New York – Expensive and Luxurious

Buying real estate in New York is surely no easy task. If you’re thinking about investing in New York real estate, or even just want to get informed about the real estate market in New York, we have the perfect reading for you. In the article below we detail the best neighborhoods to live in New York, where to buy real estate, how to get into the real estate market, and what you need to look out for. It’s part of our series on buying a house and buying an apartment.

New York Luxury Real Estate

Der Beitrag Where do the Richest People Live? Millionaires, Billionaires and USA Mega-Mansions erschien zuerst auf ℄ Real Estates.

General Partnership: Formation, Advantages and Disadvantages

Many people want to go into business with a partner. This has many advantages over working alone. You have someone to carry you through struggles, and someone to turn to for decision-making. There’s also the fact though that you have someone who is interfering with the decisions that you would like to make. This can be hard to handle, but can be worth it. In the following we show you what a general partnership is, its advantages, how it is formed, and much more.

Definition and Basics: What does a General Partnership Mean?

The official definition, according to the state of California is “a form of business entity in which two or more co-owners engage in business for profit”. In practice it means two individuals share liability, profits, and losses from real estate investments. Important: this form of doing business is unincorporated, meaning that it is not separate from the people doing the business. It also has, by definition, more than one owner.

• A form of business entity in which two or more co-owners engage in business for profit

Forming a General Partnership: Business Name, Licenses, Agreements, etc.

In forming a general partnership, the first step is to choose a business name for the partnership. This is important, as you need to make sure that the name is not taken by another company or partnership. To do this you search your local district’s registry, the state secretary’s and so it does not infringe on a trademark or service mark the United States Patent and Trademark Office and the Register of Trademarks and Service Marks. Next, you draft and sign a well-written partnership agreement.

Next, back to the secretary of state, where you file a statement of general partnership. Many people skip this, as it is not obligatory, and you can avoid the $70 filing fee and the $15 fee. In the same step, you register the name of the partnership at the local level by obtaining a fictitious business name. Next you must set up a separate bank account for your partnership. You should try to keep your personal finances separate from your business finances. Finally you obtain the local business licenses and specialty real estate licenses (these differ between states).

Process summarized:

1. Choose a Name
2. Create a Partnership Agreement
3. File Statement of General Partnership and Register Name
4. Open a Partnership Account
5. Obtain Permits and Licenses

Documents:

• Partnership Agreement
• Statement of General Partnership

Advantages: Filing Fees, Stress and Flexibility

The first advantage is not the most significant, but perhaps important for partnershiips with limited time and finances (we do not recommend this). A general partnership is not as legally binding as other forms of business entities, and therefore is not necessary to be filed at the state level. Therefore you can skip the filing fee and hassle with the secretary of state. It is also in general a less stressful form of business, as there is less bureaucracy and it is less legally protected. Lastly, the biggest advantage of a general partnership is that it is very easy to convert to an LLC. This makes it a great stepping stone for those not ready for the total commitment of an LLC.

• No filing fee
• Less stressful
• Flexible to convert

Disadvantages: Structure, Liability and Disagreements

The main reason most people form a business is to avoid liability. This is unfortunately not the case for general partnerships which are not subject to liability protection, as they are not entities separate from their owners. An additional problem comes from the fact that general partnerships are often formed between two individuals who already know each other. Even when this is not the case, a common problem, as there are only two people in the partnership, is that owners disagree. This can lead to conflict and far-reaching issues. The lack of structure is another and the final disadvantage of general partnerships

• No liability protection
• Owners can disagree
• Lack of Structure

Real Estate General Partnership: Advice, Tips for Real Estate Partnerships

Different from other types of ownerships like C corporations or S corporations, a general partnership is considered the original partnership, and is also the least complicated. There are still a few details to keep in mind. Including how to structure a real estate partnership (whether limited or general), and the utmost importance of a partnership agreement. Lastly, we also answer the common question, if general partners are a necessary part of a partnership.

1. Structuring a Real Estate Partnership
2. Partnership Agreement
3. Does every partnership need a general partner?

Structuring a Real Estate Partnership

The structure of a real estate partnership can be a complicated thing. It is important to take your time with planning this, and making every step of it as perfect as possible. To avoid mistakes, get a primer on how to structure your partnership with the video below.

Partnership Agreement – Most Important Part of a General Partnership

When investors in a general partenrship buy a property, each general partner has an equal right to participate in the management and control of it. From a practical perspective, this means that determining how disagreements that arise in the ordinary course of business will be handled is of paramount importance. The partnership is free to designate a different method of decision-making and provide for it in writing either in the partnership agreement and/or an amendment thereto. In the partnership you will detail how decisions are made, how votes are made, and if you need e.g. a majority or unanimous vote.

The partnership agreement is make or break!

Does Every Partnership Need a Partner?

Yes. Every partnership, including limited partnerships, and limited liability partnerships (not to be confused with limited liability company), need at least one general partner. This is the person that makes day-to-day decisions, and takes the brunt of liability. They also make all legally binding decisions, as it is them who are liable for any legal consequences.

• Yes, every partnership needs at least one general partner who makes day-to-day decisions

Taxes: Pass-Through Structure

There are a few benefits to taxes in tthe world of general partnerships. Firstly, general partnerships, unlike corporations, do not pay income taxes. We go in-depth on the details you need to know, below.

1. Are Partnerships Tax Exempt?
2. Do all Partners pay the Same Amount of Taxes?

Are Partnerships Tax Exempt? Tax Structure of General Partnerships

Yes. General partnerships are tax exempt. The business itself does not pay any income taxes. Rather, the general partners pay income taxes. In other words, profits, losses, etc. all pass through to the partners directly.

• No, all income and losses pass through directly to partners and are taxed as their incoome tax

Distribution – Do all Partners Pay the Same Amount of Taxes?

This can be decided by partners. Otherwise, the IRS taxes every partner equally. This can be advantageous, e.g. if you are an existing partner and a new partner joins, in which case the amount of tax reduces. If you are made a partner though, then you become owner of the partnership’s assets, and also liable for taxes.

• Partners decide whether everyone pays the same amount

General Partnership – The Original Partnership

The general partnership is the classic, the original type of partnership. It is attractive often mostly for beginners or those who are not yet certain that they will enter an LLC or the direction their business will take. It has many advantages though, and is a good decision for many who choose it.

Comparison: What is the Difference between a General Partnership and Limited Partnership

The difference between a general partnership and a limited partnership is that a general partnership consists only of general partners, all of whom carry liability. Limited partnership has additional partners who are not liable (so-called limited partners). General partnerships and limited partnerships are often misconstrued, due to the important difference between a partner and partnership. A limited partnership also has general partners.

• Limited partnerships are general partnerships with additional partners who do not carry liability (limited partners)
• General partnerships consist only of general partners

See Limited Partnerships – Real Estate

Der Beitrag General Partnership: Real Estate, Forming, Advantages / Disadvantages & Taxes erschien zuerst auf ℄ Real Estates.