real estate investing duplex

When is the best time to close?

Real Estate Investors often ask "Is there a best time of month to close on my real property capital goods? "Recently one of our readers wrote to ask some advice about the importance of a closing date in the real estate transaction I was looking. His letter stated: "I'm about to close on a duplex and had heard there was a time of the month that was more advantageous to the closure and then another. Could you shed some light on this? "

The importance of the closing date is often overlooked. It is often articulated as the lender has approved the loan and not pay attention to the time of the month. However, most experienced investors say the real estate closing near the end of the month has the greatest advantages for the real estate investor.

Here are some reasons why:

One reason is the depreciation. The IRS allows an investor of real property to claim the entire month of depreciation, but close to, for example, on the 30th. If you close on day 1, will miss the depreciation a whole month, and therefore lose hundreds or even thousands of dollars in depreciation, depending on cost of ownership. Your tax advisor should be able to give more details along this line. Another reason for the help: by the closure near the end of the month, he said rents and deposits can be collected by you and not the previous owner.

An important thing to remember is that rents are collected in advance and mortgage payments are collected in arrears. If you are taking more of an existing loan closing at one end of the month, prorate the mortgage payment interest from the date of closing. In other words, if you close on April 30 for a loan exists, is usually a payment due on May 1. the seller should be responsible for this payment because it is of interest earned during the month of April and May 1. Your title company can provide all the details.

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Real Estate Investment – - Duplex With Tenants $170,000