Today, I decided to send the best email of 2024 for your review again. Has many important ideas to consider.

Have a great 2025!

GIFT TAX VIDEO:

THIS IS A SHORT VIDEO I RECORDED BECAUSE SO MANY PEOPLE I MEET DO NOT UNDERSTAND ONE BASIC RULE. THIS IS IMPORTANT TO YOU AND YOURS.

THIS VIDEO ANSWERS AN IMPORTANT QUESTION:

IF I GIFT MORE THAN $17,000 TO ANYONE IN ONE YEAR, WILL I OWE TAXES IN THAT YEAR? WATCH IT HERE

RENEW YOUR REAL ESTATE LICENSE:

Read and test online; 45 hours special, only $65 that's $1.44 an hour, (textbooks available-$90) For Information and Pricing CLICK HERE

Add Our Optional Review by Webinar and Renew Your License the Easy Way. For Information and Pricing CLICK HERE.

NON-RECOURSE LOANS:



·   CA Code Section Code of Civil Procedure 580b is an important section for taxpayers in California. It states that lenders on most homes in California will never get a deficiency judgement. They must look only to the collateral (the home). 

·   An excerpt from the Code: "No deficiency shall be owed or collected under a deed of trust on a dwelling for not more than four families given to a lender to secure repayment of a loan that was used to pay all or part of the purchase of that dwelling, occupied entirely or in part by the purchaser". The loans are non-recourse. 

·   This is a California Code. Currently, there are twelve states that have some form of Non-recourse Regulations. They are: AL, AZ, CA, CT, ID, MN, NC, ND, OR, TX, UT, and WA. Interesting to me that 10 of the states are west of the Mississippi and there is no Florida, New York, Indiana, or Wisconsin. 

·   The list of states can change if the State Governments decide to do so and the regulations vary from state to state. I have been told that California protects only homeowners while Texas protects only home equity loans. 

·   An excerpt from CCP 580b concerning refinances: "A new credit transaction shall be deemed to be a purchase money loan except as to the principal amount of a new advance". This is a change that was effective on January 1, 2013. 

·   In California the non-recourse rules cover 1st trust deeds, second trust deeds, third trust deeds, land sale contracts, All-inclusive Trust Deeds, and so forth.

·   What does this mean in simple terms? All the people who bought homes before the Great Recession had in most cases Non-recourse Loans. They could have "walked away from the property". It would have eliminated many sleepless nights and arguments. 

·   At the time the homeowners were warned that their credit would be ruined for many years. This did not happen. It was not a very long time until lenders were making loans to homeowners who had lost their home to foreclosure. "Lenders have to lend".

·   The lender cannot get a judgment on a Non-recourse Loan even if they use the famous Judicial Foreclosure. 

·   If the lender uses a Non-Judicial Foreclosure (Trustee Sale), they cannot get a judgment even on a Recourse Loan,

·   A lender might be able to get a judgment if they can prove BAD FAITH WASTE, defined as reckless or malicious injury to the property, reducing its value. 

Let's all of us try to educate the generation that will be next buying homes and tell them about NON RECOURSE LOANS. They will be glad you did. So many homeowners and prospective homeowners do not know these regulations. Sad but true.

BECOME A SALESPERSON

PASS THE FIRST TIME!!

We have the Qualifying Courses to become a Salesperson click below for more information:

Salesperson Courses Needed & Pricing



Become a Broker

• Complete 8 required courses, and pass the State Broker exam
• Must have two years full time sales experience or experience in a related field.
• Call our office (800) 439-4909 to see if you may have already completed any the courses in college or when you got your Salespersons license. We here to help.

  CLICK HERE for more information and pricing.

IRS Tax Tip: What To Consider When Selling A Home

IRS has an amazing Tax Tip email service. Real estate people should study them and use them as handouts to your clients. This is information from the source. I would register for their tax tip email and then google IRS TAX TIPS ARCHIVES to check what has been sent out in previous years.

This is good information in today's market, because many homeowners are selling their homes at a gain. Will they owe tax? Agents and MLO's read this, absorb this and send it out to your homeowners or future homeowners or past homeowners. Anyone is a future prospect.

1. To receive the full $250K (single) or $500K (joint) exclusions the homeowner must have owned the home and lived in it as their main home for at least two years out of the last five. This means you can qualify in two years or live in it for two years and then rent it out.

2. If you should experience a loss when you sell it, the loss is not deductible.

3. You can only exclude the gain on your main home.

4. To calculate gain you can add the cost of improvements during ownership to your purchase basis.

5. If you exclude all your gain, you do not have to report the sale.

6. There are possible exceptions for some individuals (disabilities, some military, Peace Corp. and others)

To learn more about selling a home read, IRS Publication 523, Selling Your Home, CLICK HERE.

And, to subscribe to IRS Tax Tips CLICK HERE.

REAL ESTATE LICENSE STATE EXAM PREP COURSE

• Very HIGH passing rates. Money-back guarantee.
• Live Webinar - Students love it. Our instructors are experienced producers.
• Simulated Practice Exams, Online Flash Cards, 369 Page Text, Test Tips.

View upcoming webinar schedule CLICK HERE

BECOME A NOTARY OR TIME TO RENEW

Use our 6 Hour State Approved Course. This Seminar meets requirements for new and renewing Notaries.

Cost- $129.00, includes Notary Handbook, Course Outline, Sample Forms Booklet, Practice exams and Instruction from an experienced Instructor.

View our LIVE Seminar Schedule - CLICK HERE

Two Important Words

When you are considering buying any type of rental, you must understand the two words Estoppel Certificate. You want to know the exact conditions of all tenant agreements. The best place to get this information is from the tenant.

Wikipedia says: "An estoppel certificate provides confirmation by the tenant of the terms of the rental agreement, such as the amount of rent and security deposit, and the expiration date. I would add paid to date, personal property, pets, occupants, and any other claim. You also make a condition of the purchase the right to examine all leases and other agreements. But leases do not tell all.

Example: Many years ago on my first month of working in the Income Sales Department of Forest E. Olson in Canoga Park (corner of Sherman Way and Topanga), I was extremely lucky and got an as-listed offer on a 46 unit N. Hollywood Apartment House at first showing. We looked at the 46 leases and examined 92 bathrooms. The buyer was a CPA whom I had met years before and he was thorough.

This sale allowed me to start my own business, but I remained in close contact with FEO (never burn any bridges). Two years later my buyer (Tom Segar) called with a problem. A tenant had a signed statement from the previous owner showing an additional deposit of $400.00 for a pet. This was made after the lease was allowed to roll over. Tom, being thorough, contacted every holdover tenant and found another. He wanted $800.00 for the two deposits.

Does not sound like a lot, but $800.00 in 1963 has the purchasing power of $6,854.00 today. Went to talk to Chuck Hilton, the FEO attorney. He said that it was probably an innocent error by the seller and the cost of chasing the seller would be costly. He then said the words that I have heard so many times in Real Estate. Split it 50-50. We did and since that time I have gotten the right to examine leases and the right to receive an Estoppel Certificate from any tenants. Even on a single family rental.

WE ARE A CALIFORNIA SPECIFIC EDUCATION COMPANY: 

Why is that good for you? Many companies offer courses all over the United States and are not well versed in the nuances of getting licensed in California. You can be assured our staff, instructors, and authors know the confusing regulations of California well, and we provide proper and up-to-date courses. Also, our in-house staff will answer any of your questions and provide excellent service throughout the process.

Testimonials

• Perfect execution! Best way to get your renewal! BE

• Teachers were very knowledgeable and answered all my questions. Learned a lot today. VG

• Been taking courses with Duane GOMER for past 3 years and will take course again with Duane. Instructors very knowledgeable. UF

• Loved it! AM

• This is my third time taking this class with Duane Gomer to renew my NMLS license. The 8–hr. MLO Webinar was very informative and easy. MP

•  My 4^th year coming back with Duane Gomer RE school and I’ve had nothing but the best experience. Their staff and Teachers are so awesome! Can’t wait to see you next year! FC

• I have had the honor and privilege of attending live and on Webinar for 40 years now. I found the content/material to be relevant and presented in good decorum. I have recommended DG training to hundreds in my circle of influence and will continue to do so. Continue On!  DL

CONTACT US

Call (800) 439-4909 or (949) 457-8930

Visit us at: www.DuaneGomer.com 

Email us at: info@duanegomer.com