不可避免的:死亡和税收

Photo credit goes to “American Money” by 401(K) 2013 is licensed under CC BY-SA 2.0

死亡和纳税，两件不可避免的事. In a capital-intensive industry like commercial real estate, taxes and interest rates are the two largest expense factors driving the returns for all properties and property types. 当然, we are all aware of the dramatic escalation in property taxes in the past decade, as the appraisal districts push “valuations” higher and higher. It has become a necessity for every property owner to protest their valuations each year, and most employ a property tax consultant for commercial properties.

1031税收递延交换

Property taxes are a perennial problem but capital gains taxes only pop up when there is a sale of your property. 1031税收递延交换 has been widely used in commercial real estate since its origination in 1921. 幸福100年^th 1031年的生日,! 你们可能知道, this IRS provision allows the Seller of commercial property to make a like-kind exchange into another commercial investment property, if you follow the basic rules: use a Qualified Intermediary, designate your new property within 45 days from the sale of your original property and close the new purchase within 180 days of the first sale, 加上一些需要满足的附加条件.

拜登政府的目标是1031交易所

Now comes the Biden Administration, hungry for new tax revenues and wanting to target the well-to-do. The 1031 Exchange has long been a target in politics and this year is no exception. 4月29日^th Biden tax proposal includes limiting the maximum that could be deferred to only $500,000. Considering most commercial real estate transactions run into the millions, 甚至几千万、几亿, this would become a severe damper on real estate investments and sales. 幸运的是, there is a very large group of lobbyists for real estate in general and commercial property in particular who have rallied strongly to oppose this legislation. IPX的卡尔·皮库斯, 一家专门从事1031交换便利的公司, 告诉我他的线人说1031公路很安全, and the push to limit the amount of deduction probably will go no-where. 唷!!

市场持续强劲

So, 好消息是，投资房地产, pre-development land and even recreational property are on a tear right now. 格林大街, 国际顶级房地产分析师, 总体说, properties are up 7% in the first half of the year alone. 在圣安东尼奥, 未来的公寓用地, 细分土地, 零售场地, 凡是你能想到的, 有工作机会吗?, 甚至是多次出价. Investment properties are relatively hard to find, because most owners don’t want to sell. What would they do with the money, beside buy another property that they don’t know nearly as well? Finding value add / fixer uppers is very difficult and takes special skills honed over years of experience. 所以请耐心等待, 把你的租金提高2%，并支付@#$%的税, 或者转交给你的租户, 那么谁付不起更高的租金呢. Think of the Tax Man as your silent partner in your investment; one who always has first preference on your income; and is your highest operating expense by far, 毕竟.

美联储的贷款购买狂潮

I got into this business in 1984 at the tail end of the Big Boom of the 1980’s when Savings & Loans in the Sunbelt were pumping out far too many construction loans. 这在7年的RTC时期结束得很糟糕, a very real depression in real estate in Texas where prices fell over 50%, 甚至90%. 然后, 二十年后的2004-2008年, 房利美(Fannie Mae), 房地美(Freddie Mac), CMOs and CMBS were pumping far too much money into the housing market, 结果在大衰退中惨败. But now we have the Federal Reserve of the United States as well aa central banks around the world, 向市场注入了数万亿美元, 推高股价, 压低债券价格，推高房地产价值. The FED is purchasing $120-Billion in loans every single month! And $40-Billion of that is in mortgages, keeping interest rates ultra-low. 问题是， why are they juicing an asset class that is not in trouble? Rather, just the opposite – homes sales are through the roof. 建得不够快. Perhaps the answer is “politics,” but that is not my area of expertise.

持续的不确定性

所以我们都想知道，这将如何结束? Many expect this excessive amount of money in the economic system to cause an increase in inflation. They also expect the FED to keep interest rates lower for longer, maybe too long and this will cause real damage to the economy and our personal lives.

通货膨胀的利弊

Real estate generally benefits from inflation because rents can be raised to match the rise in consumer prices. Most real estate is highly leveraged with as much as 75% of the price set in the mortgage at the purchase. 这很有帮助利率目前处于历史低点使您的利息支出非常低. 再次感谢美联储. Your mortgage balance only goes down as the mortgage is gradually paid off by the tenants’ rents. 随着抵押贷款的减少，你的资产净值会增加. Your mortgage payment stays the same regardless of inflation, 如果净收入增加, 所有这些增长都归于股东25%的股份. 租金上涨1%会被放大四倍. And much of your income is tax sheltered by depreciation write off. 然后, your increasing income causes the overall value of the property to rise. 每1美元.00 that the net operating income goes up, the value of your property increases by $13.33，假设是7.5%资本化率. 当你的财产增值时, 所有增加的收入也都归业主所有, 而不是抵押持有人. A 25% increase in the value of your property doubles the value of your equity /down payment.

While inflation raises rents, it also increases property taxes and other expenses. Historically inflation-pushed rents have more than outpaced other expenses, 增加你的净营业收入, 而增加的部分只归业主所有, 不是贷款人.

意想不到的后果

因此，我们将面临长期的高通胀? Will this strong economic snap-back we are experiencing level off? 或者耗尽精力? 我们生活在一个非常有趣的时代. Surprising events and unintended consequences seem to be the new normal.

不可避免的:死亡和税收