Federal prosecutors say a Florida man held five real estate broker's licenses and received thousands of dollars in disability benefits without disclosing that he made money renovating and flipping homes.The U.S. Railroad Retirement Board began paying a former railroad employee a retirement pension after he claimed he had been unable to work since 1995 due to a disability, according to court documents.The Sarasota resident became eligible for a “total and permanent disability pension” in December 1995 and continued to work “in various capacities” after that, according to prosecutors.He is accused of stealing $271,124 in disability benefits over several years that…
Author: Private Lending Agent
No matter how fun and easy it may seem on HGTV, flipping a house is not for the faint of heart. One startup wants to simplify that process by offering another way to borrow money to fund those purchases. Founded in late 2020, Backflip offers a service to help real estate investors secure short-term loans. In addition to helping users secure financing, Backflip's technology also helps investors find, track, compare and evaluate potential investments. Think of it as a mix of Zillow and Shopify. Backflip originates loans through its subsidiary, Double Backflip, LLC. Interestingly, the company's processing team includes former…
Key takeaways Mortgage rates are affected by market factors like inflation, the cost of borrowing, bond yields and risk. Mortgage rates are also affected by personal financial factors, such as your down payment, income, assets and credit history. Mortgage rates have thrown Americans for a wild ride in recent years, plunging to record lows during the pandemic and then nearly tripling, to just over 8 percent in October 2023. Since then, they’ve fallen and stabilized, with the benchmark 30-year fixed mortgage hovering between 6.5 and 7.3 percent so far this year. Bankrate forecasts they’ll eventually decline further, though the timing…
Once a pillar of economic stability and growth, China's real estate sector is now facing a crisis of unprecedented scale. The industry accounts for about a third of the country's GDP, and major players Evergrande and Country Garden have gone bankrupt amid a broader market slump. The crisis not only threatens the stability of the domestic economy, but also poses significant risks to global markets. As the world's second-largest economy grapples with this turmoil, understanding the causes and impacts of this real estate crisis is essential for investors and policymakers alike. The cultural and economic appeal of real estate in…
Backflip has raised $15 million in a Series A funding round to expand its platform for real estate investors. Backflip said in a press release on Monday (April 29) that its real estate and fintech platform aims to provide capital and tools to entrepreneurs who collectively flip 400,000 homes a year in the U.S. “We're putting information, support and capital products designed for entrepreneurs into the hands of more individuals in an industry that has historically offered too many barriers to successfully starting or scaling a business,” Backflip CEO Josh Ernst said in the release. According to the release, Backflip's…
For a more detailed overview, please see our previous client alert, ” Cancellation of Debt Income for Commercial Real Estate Partnerships .” Qualified Real Estate Business Debt ExceptionForgiven debt is not includible in gross income for taxpayers other than C corporations if the forgiven debt is qualified real estate business debt.[.]” IRC § 108(a)(1)(D) (emphasis added). Qualified real estate business indebtedness (QRPBI) is defined in IRC § 108(c)(3) as indebtedness that: Encumbrances or assumptions made before January 1, 1993, in connection with real property used by the taxpayer in a trade or business and secured by such real property; or…
When starting a landscaping business, the first step is to create a plan. It doesn't need to be as comprehensive as a traditional business plan, but it's worth outlining a general idea of what areas you plan to serve, the services you plan to offer, your areas of expertise, the tools and equipment you'll need to get started, your budget, and how you plan to market your business and acquire customers. For example, here is a list of items you will need to start a landscaping business: Pickup truck: $30,766 Lawn mower: $350 to $1,499 Trimmer: $169 to $249 Edger:…
Charles “Todd” Hill, who starred in the HGTV show “Flip It to Win It,” was sentenced to prison in California for committing real estate and financial fraud against 11 victims, according to prosecutors. “The concept of the show was that he would buy dilapidated homes, renovate them, and sell them at a profit. Instead, Hill spent millions on over-budget renovations, laundered the profits, and pocketed millions of dollars of his fraudulent gains,” the Santa Clara County District Attorney's Office wrote. A judge last week sentenced Hill, 58, to four years in prison and ordered him to pay about $10 million…
In this article, we will introduce the 25 richest billionaires in the real estate industry. If you want to skip the detailed analysis of the real estate market, you can go directly to the 5 richest billionaires in the real estate industry.Global Real Estate IndustryAccording to a Savills report, global real estate, including residential, commercial properties, and farmland, was worth $379.7 trillion in 2022. The market experienced a decline in value from 2021 to 2022 due to rising interest rates and inflation. However, the market value in 2022 increased by 18.7% compared to the pre-pandemic period. The residential sector accounted…
Karl and Mindy Jensen have tried a variety of investment strategies, from picking stocks and buying index funds to investing in mobile home communities and distilleries.They've made a lot of money together over the past decade: They've built up a net worth of $5 million, according to screenshots of their investment accounts viewed by Business Insider, and consider themselves financially independent. Carl left his job as a software engineer in 2017, and Mindy works part-time as a podcast host for BiggerPockets.In real estate, the Jensens have had great success flipping homes, specifically buying a home, renovating it while living in…