Winter Olympics & It’s “Funny” Effect on Foreclosure Properties
According to an article in the The Spokesman-Review, a Washington-area newspaper, three weeks before the Winter Olympics started in Vancouver, lenders of an area ski resort foreclosed on the property. As the journalist notes:
If you are going to schedule a foreclosure sale, you might as well do it when the world is coming to your door.
Reading between the lines, it’s impossible not to wonder if they lender would have gone this route had the Olympics not been in town.
Foreclosure for the Big Guys; A Boon to Area Residents (the Little Guys)
In an ironic twist of fate, it seems that at least this once, the little guys are making out like bandits. According to the article, homeonwers inthe are are renting their properites for up to $2,500 per night. And, get this — it’s tax free income for U.S. residents who may have purchased and are now renting out their homes. How/why? It’s explained this way:
According to the IRS, owners can pocket any fair-market rent as long as the term is 15 days or fewer and they don’t claim any of the tax deductions typically allowed on rental property, such as for depreciation or maintenance.
Sweet!
Read the entire article, Whistler foreclosure fails to curtail Olympic rental rates.
P.S.: Read how one foreclosure cleaning business owner makes up to $40,000/wk.
P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.
Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.