I have accepted the role of real estate broker along with that of free-lance writer, college business teacher, and TV host. I gained my license and am practicing in Arizona. My advise, however, is good anywhere.

While you will find other articles I have written on real estate, one I refer my “i need your help on this real estate problem” queries to is “remember, you have a building with walls, a kitchen, bathroom and backyard along with garage or carport.

Just like a commercial space can be occupied by any number of different types of businesses, a HOUSE is a house ONLY when used as one. As a building, the structure can be used as a [depending on zoning] school, church, testing lab [careful about hazardous chemicals], photo studio, business incubator, assisted care facility, mini apartment complex [rooms for rent if not prohibited by law] and a dozen other purposes.

My going on and on about this is to show to both my peers in real estate and to real estate owners, that if someone feels a need to sell their HOME, and if there is slim to no demand for a HOME, you can also offer your structure as a ………[see above for different uses.]

Over a decade ago, before the tax law changed, one could own a home and take losses off the home as a tax shelter. Those in Washington decided that giving billions of dollars to weak nations was a better use of tax dollars so they stopped permitting home owners to take
tax or income losses on residential real estate under different conditions/circumstances.

However, for the “little man/woman” that Ms. Helmsley did not like, one’s domicile can be used for different purposes and if marketed assertively while conducting the business successfully, a home’s value can sky rocket. Many homes in Phoenix now are selling for 3x what their residential value alone is compared to their use as an assisted care facility.

The one weakness with this is the state of Arizona. I bought a luxury home a few years ago and got county clearance in 1 week but the state said “we have 40,000 applications to go through, so give us a year before we can issue a new permit, Mr. Kemper.”

One could have a real estate office, assisted care operation, school and more, all under the same roof.

NOW you know, that if you lose your job and you need money to make house payments, THINK different uses of the house. A home occupation [run by you or the next home owner] can make the home more valuable immediately!

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