Pinnacle Team March/April 2010 Newsletter

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Pinnacle Team Newsletter
Inside this issue:
FHA UFMIP Will Increase in April
M a r c h / A p r i l 2 0 1 0

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Spring Forward
Our team has been extremely fortunate to kick off 2010 with a bang. We’ve sold 12 properties, added a team 2 members, and hosted 2 Real Estate Seminars. We are confident that the remainder of year will be just as lucrative. As our team closes some of our first sales of 2010, we’re reminded daily how important it is for our team to partner with only the best in the industry—we have an amazing team of attorneys, lenders, and inspectors (as well as other specialists) that we are very proud of . Please reach out to us if you ever need recommendations on anything real estate (or non-real estate) related— we have quite a thorough list. We hope that you are staying warm and are ready for Spring. Don’t forget to turn your clocks forward an hour on Sunday, March 14— Daylight Savings is just around the corner. Stay tuned for our May/ June Newsletter as it will include the much sought after Summer Festivals Calendar. We hope this finds everyone well!

Recipe: Natchitoches Meat Pies

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Restaurant: Birchwood Kitchen

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Keeping the IRS out of Your Wallet

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Homebuyer Tax Credit Deadline is Near

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FHA UFMIP Will Increase in April
Over the past few years, FHA has become a significant financing option for home buyers and now accounts for over 30% of all mortgages. FHA offers financing for borrowers with as little as a 3.5% down payment and 620+FICO score. Unlike conventional financing, FHA has two types of mortgage insurance. FHA charges a relatively small monthly mortgage insurance and a large UFMIP (up front mortgage insurance premium). The UFMIP is currently at 1.75% of the base loan amount ($1,750 for every $100,000 financed). However, the UFMIP can be financed and added to the base loan amount. Starting with FHA case number issued after April 5, 2010 FHA is increasing the UFMIP from 1.75% to 2.25%. The change in the UFMIP will help FHA meet their statutory reserve requirement that has been diluted over the last few years. If you are in the market to purchase a property with FHA financing, now is the time to act before FHA loans get more expensive. Please call me if you have any questions.

An Ever 4 Growing Team

Pinnacle Team 5-6 Listings

Todd Johnson VP of Mortgage Lending Guaranteed Rate [email protected]

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Natchitoches Meat Pies
Andrea Miller, Wicker Park
 

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  1/2 cup plus 1 tablespoon shortening 4 cups plus 2 tablespoons flour 1/2 pound ground beef 1 1/2 pound ground pork 2 large onions, chopped 6 green onions, chopped 3 tablespoons parsley, chopped Sea salt & freshly ground pepper, to taste 2 teaspoons baking powder 2 eggs Milk Vegetable Oil Heat 1 tablespoon shortening in large fry pan and add 2 tablespoons flour and stir constantly until light brown in color. Add meats and onions to roux, cook thoroughly. Add parsley, salt and pepper to taste. Cool. Sift 4 cups flour and baking powder; add 1/2 cup melted shortening and eggs. Add enough milk to make stiff dough. Roll very thin. Cut circles of dough, using large biscuit cutter. Fill one-half full with meat mixture. Fold dough over; dampen edges with water. Crimp edges with fork. Fry in vegetable oil degrees heated to 375 until golden brown. Pies may also be baked. Yield: 18 pies

Birchwood Kitchen
The Pastoral vets behind this cozy BYOB know the secret to making a sandwich more than just a sandwich: sourcing. That's why they let a brunch plate of smoked salmon take its cues from creamy Zingerman's goat cheese and why Mint Creek Farms lamb gets sliced onto a baguette, then dipped in a sweet jus. And now that burgers have been added to the menu on weekdays—including a turkeyburger with chipotle-sage aioli and a salmon burger with pickled ginger—we're beginning to consider the shaded back patio more as our personal backyard. While a number of expected sandwiches make their appearance on the menu, Birchwood offers a few tasty curveballs. On the cold side, offerings vary from a speck (prosciutto) sandwich with celery root cream and truffle oil for $8.75, to a goat cheese sandwich stuffed full of bright piles of beets, with walnut pesto and citrus arugula rounding out the flavor for $8.25. The most surprising might be the vegetable sandwich – its spiced cashew butter, carrots, pickled red onion and sprouts can win over even the staunchest meatatarian. On the hot side, the roast beef and blue cheese ($8.50) has big caramelized onion chunks to complete the savory taste bud attack, and the grilled gruyere has its cave-aged namesake matched with caramelized onions and Dijon mustard for $6.75. A few salads are available for those watching the carbs, and a bakery case has cookies, lemon bars, and other delights for those who aren’t. For the weekend crowd, there’s also a small brunch menu, with quiche, smoked salmon, croquet madame, and other items available for $8-12. And if you’re not of the teetotaler variety, you’ll be glad to know you can pair your sandwich with the appropriate beer of your choice – it’s BYOB, and there’s liquor store just a few steps away. The neighborhood: Wicker Park is a neighborhood northwest of the Loop, south of Bucktown. From dusk to dawn, Wicker Park offers smorgasbord of dining, retail and entertainment options for North Side residents. At night, the only hurry is getting to a table at one of the 30+ restaurants or entertainment hot spots found in this historic area. Today, the neighborhood is best known for its numerous commercial and entertainment establishments and being a convenient place to live for downtown workers due to its proximity to public transportation and The Loop. Property values have gone up, increasing the wealth of property owners and making the neighborhood attractive to real estate investors.           2211 W. North Ave. www.birchwoodkitchen.com

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Keeping the IRS Out of Your Wallet
There are several ways for small businesses to reduce their taxable net income. Here are some lesser known, but highly effective deductions small business owners can use. Office in the Home: This is a powerful deduction; it allows the taxpayer to deduct a portion of their housing expenses, such as utilities, internet, homeowner’s insurance, rent, alarm system, etc. The room must be used exclusively for business on a regular basis and used as the taxpayer’s principal place of business. Home office expenses may be deducted if the office is used for the administrative or management activities of the business if these activities are not substantially conducted at another location. The IRS loves to attack the office in the home deductions, so these expenses must be documented! Business Use of Your Car: You can either deduct your car’s business related expenses (gas, oil, tires, repairs, depreciation, insurance, etc.) or multiply your business miles times the standard mileage rate (55 cents per mile in 2009, 50 cents per mile in 2010). Whichever method you use, keep a mileage log and exact records of expenses. Health Insurance Premiums: Most people cannot deduct their medical expenses due to the 7.5% Adjusted Gross Income floor. For example, if your AGI is $100,000, you cannot deduct your first $7,500 in medical expenses. However, if you are self-employed (a sole proprietor, single member LLC, or S-Corp), you can deduct your health insurance premiums paid for yourself and your family without regard to the 7.5% AGI floor. Meals & Entertainment: You can deduct 50% of all business related meals and entertainment expenses. For example, taking a client or your CPA out to lunch to discuss business. You must document these expenses; this is another deduction the IRS loves to attack. Hiring Your Children: This is an effective tool to shift income taxed at your bracket down to your child’s lower tax bracket. If the child is under 18, their salary is not subject to social security or medicare, a 15.3% tax savings! This earned income also qualifies the child to start a Roth IRA, which is an effective tax savings retirement tool. Entity Selection for Your Business: Sole Proprietorships and Single Member LLCs are simple; all income and expenses are recorded on Schedule C of your Individual tax return. However, net income from these entities is subject to both halves of selfemployment tax (15.3% in addition to regular income tax). Shareholders from an S-Corp. do not pay social security or medicare taxes on dividends from the corporation. The shareholder should still take a reasonable salary (subject to FICA) to avoid IRS scrutiny. S-Corps and Partnerships do not pay tax at the Federal level. Partnerships provide the taxpayer with greater flexibility for distributing profits and losses.

Elliott Freirich, CPA EF Tax Consulting [email protected]

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Homebuyer Tax Credit Deadline is Near
As we find ourselves drawing near April 30, 2010, the deadline for being under contract on some buyer’s first (or possibly 2nd or 3rd) home is weighing heavily on the mind. For many buyers that qualify for the credit - meaning their individual annual adjusted income falls below the $145,000 or $245,000 for couples filing jointly - they are thinking that they have 8 weeks to achieve this task. The purpose of this article is to provide additional insight to current market conditions that will ideally give you a different perspective. In looking at market activity, speaking with real estate attorney’s that service our clients, and factoring in our experience, it is estimated that 1 in 6 contracts executed by both buyer and seller never make it to the closing table. Of course there are various reasons for this, but some examples include: irreconcilable inspection concerns, appraisal discrepancies, financing hang-ups, and of course, cold feet. With this in mind, we are hopeful that this information will give our readers a more realistic picture of the stability of the market and will drive you to give yourselves a deadline of, let’s say, April 8, 2010 to be under contract on a property. This will serve buyers in several ways, but here is what we think are the most important: 1) If for some reason the purchase contract does fall apart, you will have time to identify another property. 2) It is arguable that sellers will feel they have the upper hand in negotiation in the last two weeks of April, as they will be aware of the nearing deadline. 3) Having a solid contract put together going into the second half of April will give insurmountable peace of mind. As we all know the advantages of proper planning, we are well equipped to help serious buyers meet the deadlines mentioned above. Whether or not you use a Realtor from The Pinnacle Team, your agent should have a strong track record of putting together solid real estate transactions. Please don’t hesitate to reach out to us with any questions.

An Ever-Growing Team
As our business continues to grow, we are also growing our team. We are excited to announce our newest addition, Hillary Deck. Hillary came to @properties with a passion to help people find their dream home in Chicago. Her real estate expertise is complimented by her previous experience as a mortgage consultant and public relations executive. Hillary knows the city and its diverse neighborhoods and is anxious to provide the top notch client service that she’s known for. As a member of The Pinnacle Team, she will have our full support as she works with her clients and we are certain that she will fill the learning gap very quickly. Please feel free to reach out to Hillary and welcome her to our team. She can be easily reached at [email protected] or 312.607.6447.

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Pinnacle Team Listings
New Listing! 901 W. Madison, #622 $324,900 This 1 bed + den condo is in mint condition and ready for its new owner. Upgrades include premium granite, cherry cabinets, hardwood floors, and $2k window treatments. This large condo gets great light with floor/ ceiling windows and the balcony is perfect for grillin and chillin. Heat bill, what heat bill? Gas is included in assessments and indoor heated parking is in the price! Easy to show! http:// tours6.vht.com/Viewer/PhotoGallery.aspx? ListingID=1220364&Style=IDX New Listing 1264 W. Winona, #3B $269,900 Beautifully appointed, top floor, 2 bed, 1 bath condo in the heart of Andersonville. Walk to shops, restaurants, Red Line, grocery in minutes. Recently rehabbed, this home features hardwood floors thru-out, granite counters, 42" cabinets, stainless steel appliances, security system, Kohler fixtures, crown molding, and window treatments. Home is in mint condition and move-in ready. XL storage is included! http://tours6.vht.com/ Viewer/PhotoGallery.aspx? ListingID=1220797&Style=IDX Price Reduction! 1048 W. Byron, G $254,900 Very high garden unit in hot Wrigleyville! Features grade level separate entrance on front and rear. This 2 bed, 1.5 bath condo is well maintained and has been nicely updated. Large rooms. Master bedroom features private half-bath. PARKING INCLUDED! Unbelievable outdoor space for entertaining. Walking distance to train, restaurants and bars, Lake Michigan, this location is primo. Priced to sell! http://tours5.vht.com/Viewer/ PhotoGallery.aspx? ListingID=1208710&Style=IDX Price Reduction! 6157 N. Sheridan, #18K $135,900 Gorgeous 1 bed, 1 bath condo on Lake Michigan, north of downtown Chicago. Desirable floor plan w/ generous room sizes & panoramic lake views from the bedroom & living room. Freshly painted, new blinds & oak flooring thru-out. Updated kitchen with new maple oak cabs, countertops, apps. Seperate dining area. Updated bathroom with marble tiles, new sink and toilet. 24/7 doorman, parking available, sundeck. Steps away from transportation! http://tours5.vht.com/API/ T1208540 Price Reduction! 6400 N Sacramento, 3 Units - $109,900 - $124,900 These wonderfully finished 1 bedroom, 1 bath condos offer luxury and affordability. The intimate 16 unit building offers parking included in the price, storage, and an elevator. Each condo is finished standard with double ovens, marble baths, Kohler fixtures, granite counters, central heat & air, oak floors, 42” cabinets, and Jacuzzi tub. Exceptional value! FHA and VA Approved! http://tours5.vht.com/Viewer/ PhotoGallery.aspx? ListingID=1184844&Style=IDX For our commercial investors, we also have a storefront for sale: 3008 W. Devon - $224,900

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Pinnacle Team Listings
SOLD! 1528 W Jonquil, D3 - $283,000 This amazing 2 bed/2 bath condo is just under 1500 Square feet. Built in 2005, this 6 unit building is on a beautiful tree-lined street on Chicago's northern edge. Just steps from the beach, the red/purple line, Evanston, and Jarvis Square, this Rogers Park find is one of the best deals in Chicago! Featuring hardwood floors throughout, cherry cabinets, and garage parking - this condo is ready for its new owner! FHA Financing Available! http:// tours5.vht.com/Viewer/PhotoGallery.aspx? ListingID=1174724&Style=IDX SOLD! 1060 W. North Shore, #1 - $184,000 Rare opportunity to live lakeside! Vintage charm with modern updates and only 60 steps to the beach. Large 1 bedroom with sunroom that could double as an office/guest room. Separate dining room and large living room that is wired for surround sound. Hardwood floors throughout, updated kitchen with newer cabinets, and ss appliances. Tons of build-ins throughout. Two custom closets in master. Parking included. FHA Financing Available! http://tours5.vht.com/Viewer/ PhotoGallery.aspx? ListingID=1183534&Style=IDX

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