Handyman's Special

!: Handyman's Special

When buying a handyman's special, there are certain things to consider. While a handyman's special, or fixer-upper house, is generally priced much lower than other houses in the area, prior to buying, it is important to know what needs to be fixed and how much it is going to cost.

In many cases, those selling a handyman's special will not allow a home inspection. The homes are usually advertised "as is" which means that there are substantial repairs needed. If you are getting a mortgage, chances are your mortgage lender will want to make sure that the house is inhabitable before lending you the money to purchase the property. Lenders usually order an appraisal of the property before lending you any money. The appraiser is not a home inspector, but can ascertain approximately how much the house is worth by comparing it to the sales price of existing homes in the area.

Some of the things you should look for when choosing a handyman's special is mold or toxicity in the home. In many cases, the cost of removing mold and other toxic waste can far outweigh any resale profit you may be expecting to receive.

Costly repairs in a handyman's special include heating, such as a broken furnace, roof repair, foundation cracks, termites in the wood, and electrical or plumbing problems. The costs of repairing these items must be taken into consideration when investing in a handyman's special. Those with solid trade skills in the above areas can sometimes get a good bargain with a handyman's special as they can generally fix these items themselves.

Other, less costly repairs include broken windows, holes in drywall, poor flooring and problems with fixtures or appliances. These repairs generally cost a lot less money and are generally easy enough to be repaired by someone who considers themselves a weekend handyman.

A handyman's special can be a great real estate investment, as long as you know what is wrong with the home and how much it will cost you to repair. If at all possible, offer to pay for a home inspection before buying. If you are dead set on purchasing the property, take along a person with some trade knowledge when inspecting the property on your own.

Handyman's Special

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Are Special Purpose Vehicles (SPVs) Legal?

!: Are Special Purpose Vehicles (SPVs) Legal?

A special purpose vehicle (SPV) or a special purpose entity (SPE) is a legal entity created by a (sponsoring) firm for a specific and limited purpose: To house a risk, to carry out some transactions, to own assets, to minimize risks and to maximize profits for the sponsoring firm, sometimes by taking advantage of differences in the legal, regulatory or accounting environment.

There are usually no offices, management or employees. SPEs often consist of a set of legal documents. They can be financing subsidiaries, or a holding company, a limited liability company, a new corporation, a trust, or a partnership. Only imagination is the limit.

SPEs are usually "bankruptcy remote". If the sponsoring firm has financial problems, its creditors cannot seize the assets of the SPE.

Are special purpose vehicles (SPVs) legal?

SPVs are perfectly legal, and almost all major (and well respected) corporations use them. It is not the SPV itself; it is the way it is used that can be illegal.

Special purpose entities are used in financial risk management, as they are excellent ways to segregate specific activities (risks) from a firm's core operations. By isolating high risk projects from the parent organization and by giving to new investors the opportunity to take a share of a very specific risk in a firm with a simple and clear balance sheet (as it is created for a single purpose only, and there are no debt obligations), SPEs definitely can help both, firms and investors.

According to the European System of Central Banks (ESCB), SPEs can be investment funds, financial vehicle corporations, financial corporations engaged in lending, financial holding corporations, security and derivative dealers and "others".

SPEs can be illegal, and can be used for tax evasion, avoidance of regulatory restrictions, money laundering, misstatement of earnings and concealment of problems.

Red flags Is the SPE incorporated in a tax haven? Why? Is the SPE incorporated in a place where there is no activity of the sponsoring firm? Is the SPE raising debt without making it obvious to the investors of the sponsoring firm?

Are Special Purpose Vehicles (SPVs) Legal?

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