Financing Life Transitions with Real Estate

Five women, with one focus, share wisdom about how to use real estate in financing life transitions. This recaps the latest episode of Women On Money ™, on local station 26 CMCM-TV, exploring how to upgrade and even convert residential property into partial or full rental use, or for sale, to raise cash following such life events as retirement or divorce. The advice offered by the guests can even help families trying to stretch their square footage to include a nanny or granny unit, or a small rental apartment to finance a child’s college studies.

The host and producer of the show, Kathleen Nemetz, MBA, CFP, is a Marin County resident with a passion for educating women about money. Joining me for the real estate discussion are Tina Marie Humphrey, owner, Buildergirl Construction; Rachel Ginis, founding director, Lily Pad Homes, Mary Jo Lafaye, reverse mortgage expert, Retirement Funding Solutions, and Renee Marcelle, family law and real estate attorney and current candidate for Marin County judge.

The show’s air dates will be
+ Tue 6/14/2016 5:00:00 pm Channel 26
+ Mon 6/20/2016 6:00:00 pm Channel 26
+ Sun 6/26/2016 11:00:00 am Channel 26

Replays will be available at www.womenonmoney.com, after the show's airing.

Guests explored a number of points, including:

Junior apartments and permitting under current land use and zoning codes: Rachel Ginis has led a number of legislative initiatives on this subject. Her nonprofit aids property owners navigate the necessary permits. A junior apartment is defined as one having all basic amenities, such as private access door, bathroom, and sleeping area, and a small kitchen – but one that by definition will not include a full range or oven.

Designing spaces to share while also preserving privacy: Tina Marie Humphrey has made a specialty practice of design details that can make even small spaces warm, inviting and friendly. These details may also greatly enhance the rental or resale value of the property.

Reverse mortgages: These can be an alternative means of financing upgrades designed to create rental income of a portion of a primary residence. Reverse mortgage lender Mary Jo Lafaye talked about the uses and tax benefits of these type of loans by people over 62 with a large amount of equity to leverage.

Landlord/tenant relations: This is always a tricky subject. Real estate attorney Renee Marcelle made it navigable. She pointed to the need for property owners to get good advice when drafting lease agreements.

Tax consequences need to be understood: Financial planner Kathleen Nemetz reminds viewers to check with a tax expert about the effects converting primary residential to rental property in any degrees, as this can change the amount available for exclusion from capital gain tax upon the eventual sale of the house. Newbie landlords also need to be careful to report rental income and to account for repairs and depreciation.

For information about the show please contact Kathleen at knemetz@mcclurgcapital.com, or call her at 415.472.1445 x 306.