Posts Tagged ‘First Time Home Buyer Tax Credit’

The #1 Secret to Getting Your Buyers Funded

Apr 13th, 10 / 3 Comments

We had an EMERGENCY webinar several weeks ago.
Did you miss it?…

Why was it an emergency? Because, if you don’t know how to do this, you are going to miss out on this VERY short lived opportunity. This is real.
It has a REAL deadline, set in stone by Congress and our President…
Now, we are really down to crunch time…

Can anyone really do this?…

Yes… absolutely!

Even if you have absolutely zero experience in real estate or have never done a single deal and don’t have the slightest clue where to begin you need to hear this information. We did the webinar live several weeks ago… but, we are bringing it back because this program expires very soon.

If you DO have experience buying and selling (or trying to sell) houses, you MUST get on this encore call. I just personally did this on two of my houses and sold one in about 2 weeks…. converted the other one from lease option tenants into real buyers.

I have good news for you though. If you missed the webinar the first time around, enter your name and your e-mail address below to get signed up for our encore call.
We have it setup for you right now.

If you are struggling to find buyers or to finally make money in real estate, you’re definitely going to want to hear what Tony has to say…

Why?

You see the reason most investors fail is simply because they are afraid to take action because they are afraid that they can’t sell the property quickly!

I get that.

Buying houses has never been easier than it is today, especially for those that understand how to buy creatively, without bank loans or writing huge checks.

What if you could learn how to actually have the I.R.S. help fund the deal for your buyers and you won’t need to get your buyers qualified?

I know Tony is doing that today, in this market, and selling his houses in days, not weeks or months, at full retail price, with No Contingencies….

I don’t want you to miss your chance to finally make money in real estate. Because on this webinar Tony and I will take you by the hand and show you how to get your own Investor Stimulus Package…

So… go check it out.

Do you want to grab some of the cash that the Obama Administration is literally handing out?
Due to the time sensitive nature of this information, you don’t even need to schedule this. We were able to get an on-demand recording setup for you.

Tony and I will tell you how he is doing it!… Just sign up below for the encore webinar.
As soon as you confirm your e-mail address, you will be taken straight to the webinar.

By the way… The Investor Stimulus Package
is designed for ANYONE to have success in real estate…

You DON’T need to know any real estate jargon

You DON’T need to have money to advertise

You DON’T need to have any technical know how

You DON’T need to have “connections” in real estate

You DO need to be on the Webinar!

Disclosure: The webinar training is totally complimentary. However, if you decide to purchase the course from Tony, he will pay me a commission for the sale. This will not affect your pricing AT ALL. In fact, you are getting a better deal than the general public on this product because I beat Tony up on the pricing for my list. I will also include some bonuses if you purchase the Investor Stimulus Package, just e-mail me your receipt.

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Marketing your real estate

How to Get a Six or Eight Thousand Dollar Raise in the Month of April by Investing in Real Estate

Apr 13th, 10 / 0 Comments

I’m sure you are aware of the First Time Home buyer
tax credit expiring…

It’s also for folks that already owned a home in the recent past…
(The maximum a recent owner can get is $6500)

This program goes away at the end of April.

Were you aware that the next 2.5 weeks are going to be crazy with
people scrambling to try to secure a home so they can get their credit?

After all, it’s up to $8000 and that is a CREDIT not a deduction.
That means, even if they owe ZERO in taxes, they will still get the
tax credit money.

How would you like to get that money funneled into your pocket while

helping someone attain their dream of homeownership?

You could go out and purchase a property this week or next and still get
that property under contract with your buyer before the credit expires!

This could be the easiest way to make a $6000, $6500 or even up to $8000+
pay increase in the month of April
(Well, you’ll have to wait on the IRS, but still!)

Were you also aware that you can do this type of deal with your
current tenants?

Did  you know you can do it with them or anyone else even if they
have credit issues?

I did a webinar with a friend of mine several weeks ago where we
discussed the ins and outs of the program and how to get YOUR
stimulus.

I asked him today if we can rebroadcast the webinar because so many
people are trying to learn how to do this before the program expires…

and he agreed to post it again.

So, sign-up here with a valid e-mail address.

As soon as you confirm the e-mail address, you will be forwarded over

to the webinar recording.



Then, just click the play button on the recording to
start viewing.

Since this is so time sensitive, go watch it right away and see how
you can incorporate this into your business model immediately….

before the credit expires.

While the previous credit was extended, I do not believe it will be
extended again.
Many industry experts agree that it likely will NOT be extended either.

So, you better jump on this now.
This is not some BS marketing scarcity technique.


It’s a law and it goes away in about 2 weeks.
Get on this now and figure out how to do these deals right and not have them blow-up
in your face.

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Marketing your real estate

Well that’s it, goodbye homebuyer tax credit

Mar 30th, 10 / 0 Comments

If you have not taken advantage of the homebuyer tax credt yet, you are running out of time.

Here is the deal, you MUST have a home under contract before the end of Apirl, 2010.

If you write up a contract on May 1, 2010, you are out of luck.

Check out this article from CNN Money today.

http://money.cnn.com/2010/03/30/pf/taxes/homebuyers_last_chance/index.htm

Then, you need to close on the home before June 30th (Well, actually you have until June 30th, but don’t schedule your closing for that day.  You will very likely have problems getting the deeal done.

If you are looking for a home or thinking about looking for a home, go join my buyers list and I will see if I can help you or if one of my associates can help you find a place.

I’m personally in the Cincinnati, OH area, but my network is spread out all across the U.S.

I can help if you are looking for a house to purchase with your own financing, or if you are looking for a land contract or lease option.

Here’s the link.

====>  http://www.Butler-Homes.net

See you on the other side.

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Marketing your real estate

Why Buying and Holding Isn’t The Same Anymore…

Jan 21st, 10 / 2 Comments

Guest article written By: Sean Carpenter

Are you finding deals are getting tougher to close with the new restrictions banks are pushing on applicants?

Is it taking longer to get a deal done? Have you stopped looking for new projects to acquire?

The last year has been a very difficult period in real estate history. Some markets have declined upwards of 50% in value with no light at the end of the tunnel. Not very good news if you started your “buy and hold” in 2007, but will certainly work better for you now in 2010 as you pick properties up for a fraction of their price two years ago.

Not to mention cap rates are heading into the two digits in larger metropolitan areas. For some, this is an area of the market they have never experienced.

So what can we do to get some of these declining assets?

The banks that were lending up to 125% a few years back have either left the market or cap an acquisition at 70% loan to value. The remaining 30% is up to the investor. But raising the 30% slows down transactions and your friends in Congress have attempted to help.

In July 2008, the President signed the Housing & Economic Recovery Act (HERA), which among other things, provided $4.5B to all 50 states, some territories like Puerto Rico and the Virgin Islands, and the District of Columbia, to combat neighborhood declination by foreclosure.

These funds, known as the Neighborhood Stabilization program, were supposed to help investors, both for and non-profits, buy and rehabilitate foreclosed buildings in order to prevent the stable households from losing too much value. In February 2009, Congress added an additional $4.5B to the program, now known as NSP II, to further carry out the NSP mission.

This is nothing new. The federal government has been investing in real estate for years, at least since HUD was conceived during the Johnson administration in 1965 as part of the Great Society initiative.

HUD allocates through the individual States and territories upwards of $20B per year to facilitate economic development and housing activities. Additionally, many states have programs of their own that can match federal funds in addition to over $5B in tax credit programs available to stimulate acquisition, rehabilitation and new construction of real estate projects.

Buying and holding certainly isn’t what it used to be, but now the government wants to help you out more than ever. You just have to know WHERE to find the money and HOW to get the funds.
–

Sean Carpenter is the nation’s leading expert on Government Deal Funding for Real Estate Investors and Developers and has spent the last 12 years both consulting and getting funding for his own deals. I’ll be hosting a special interview with Sean coming up on Wednesday, February 24th, 9:00 PM EST. Find out more and pre-register for the call by entering your name and e-mail address below:

UPDATE: Since this webinar was a few weeks ago, if you register below, I will send you the encore webinar information as soon as you confirm your e-mail address.

______________________________
Disclosure: If you click on a link on this website, you may be using an affiliate link. This means I may be compensated if you purchase something from the company on the other end of the link.

Disclaimer: This is not legal advice or even financial advice. The opinions and information here are written to entertain and inform you of my experiences from Real Estate Investing. I can’t possibly know your financial situation or whether you will have the ability, motivation or determination to put forth the effort that is required to put a system or idea in motion to profit from it.

Before embarking on any business venture, you should consult with your financial advisor, accountant, lawyer and other professionals to help you determine if it is a worthwhile venture and to discuss the risks. I make no claims about how much money YOU will make with any of the information shared here on this site or any other website or e-mail that I may send you.

As in ANY business, your results will vary based on your own knowledge, determination, motivation and financial resources available to you.
____________________________________

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FHA Waives 90 Day Seasoning Rule

Jan 17th, 10 / 0 Comments

This is great news!
While I’m not an attorney, the legal speak in the pdf below tells me that FHA is now going to allow a buyer using FHA financing to purchase it even if the seller has not been on title for a minimum of 90 days.

http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

The 90 day seasoning rule was instituted to try to keep “Illegal flips” from occuring. I have “illegal” in quotes because it is only illegal if someone is committing fraud by getting an appraiser to appraise the property for MUCH higher than the real value of the property.

This is totally illegal and I’m pretty sure you can be put in jail for that. Again, I’m not an attorney so don’t take my word for that.

However, the way most of these transactions are happening is this. An investor purchases a property either from a bank or from a homeowner in distress at a substantial discount because of the distressed situation.

Banks do NOT want to spend money to fix up foreclosed homes.

Homeowners that are having trouble making house payments do not want to make repairs either. They are struggling just to pay their bills.

Why would they continue to repair a home they are likely going to lose in foreclosure anyway?

So these properties NEED an investor buyer to step in and buy the home and rehab the home back to move-in ready condition.

Well, in these times of tight credit, it’s next to IMPOSSIBLE to get a decent rate on a long term loan for an investor. So, rather than holding the property as a rental, the investor fixes up the home using high interest loans.

The investor then turns around the property and finds an end buyer that wants to live there. Typically, the end buyer still gets a really good deal on now an updated home rather than a distressed property.

Well, when FHA decided to implement the 90 seasoning rule, that eliminated a TON of buyers, especially first time home buyers that typically rely on FHA programs to get in with low down payments.

They don’t typically have extra money to fix up a home.

So, I welcome this change for everyone involved. It is going to speed up the acquisition of these distressed properties because now the investor will have an easier time finding a buyer.

What do you think of this plan?
Leave some feedback below.

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Are We At The Bottom Yet? Will Foreclosures Start to Go Down?

Oct 26th, 09 / 0 Comments

This topic is constantly debated on the mass media channels. Despite the efforts of the Obama Administration, we are not at the bottom of the housing market slump yet. We have seen some shortening of the Days on Market for homes in many areas. However, I feel that this is largely due to the $8000 tax credit for first time home buyers. The fundamentals of the economy just are NOT there to support a decrease in days on market. You don’t see long term inventory shrinking when Unemployment has nearly doubled all across the country. The only reason inventory has shrunk is most people are not trying to sell their home unless they are in either a distressed situation or they are moving out of the area. What used to be caused by a “credit problem” has now turned into a very real employment problem.
Going forward, we have many factors still fighting against a recovery in the housing market.

1) High Unemployment
2) Decrease in available credit
3) Tighter credit standards for individuals and businesses
4) More foreclosures coming
5) Lower demand for home purchases due to the expiration of the tax credit.

The First Time Home Buyer Tax Credit is increasing sales of lower priced homes in many areas. Why the lower priced homes? Because that is where first time home buyers are able to spend their money. Especially if they are young and at the start of their careers. The other force driving this is uncertainty of the job market. If a first time home buyer is looking for a home and being smart about their purchase, they are going to buy something they are sure they can afford, plus the banks are going to look more closely at their income and require a minimum of 3% down (On an FHA loan, more on a non-FHA). The only no-money down financing available to homeowners is the RD loan (Rural Development) which is administered by the USDA. Well, let me qualify that statement, you could get a no-money down, 100% financing home from a savvy real estate investor that is offering this in his/her own programs.

Folks that already have their own homes are not interested in selling right now unless they have to because it’s very unlikely they will ever get what they have invested in the home. The only way someone is going to get more than what they paid is if they have been there for 10 years or more. Why? Because, that is where home prices have fallen to in many areas, not all areas, but many many areas throughout the U.S.

As some unscientific prooof of this idea, I have tenants that just moved out of one of my homes a couple of weeks ago. They had been looking for a home to purchase for well over a year after moving here from out of state. They complained several times that they just could not find anything that was going to work for them. Most of the homes they were looking at were run down to some degree, an indication of a very distressed market. They did not want to go in and have to dump a lot of time and money on their next home. They were willing to spend money on a home they didn’t need to do any work to but they couldn’t find a home in good shape for their price range. The median price range in my neck of the woods is around $200,000. They were looking in the $300,000-$350,000 range. The people that own those priced homes are mostly sitting tight because they know that with all of the foreclosures everywhere, they will not get what they need from their home to be able to close without losing a bunch of money.

If you are a Real Estate investor, you need to seriously consider this when purchasing a home for investment purposes. My recommendation is to only go back for comparable sales a maximum of 6 months. Don’t complain about an appraisal that has only gone back 6 months.

I would even look at prices of homes selling up to 12 months ago just to see if they were lower then, because I think we are artificially high right now in some areas and if prices have risen since last winter, we are going to see some dipping back down again. Yes, that’s right, I said it. We are artificially high in some areas of the U.S. even though the market is down across the country. The reason I believe we are artificially high is because the $8000 Tax Credit is creating artificial demand, or it is just pulling demand forward that normally may have waited until next year to purchase.

How could we possibly be high in some areas? Because, we have not seen the peak of foreclosures yet. The government and the Mortgage Bankers Association are urging ‘Workout plans” such as forbearance agreements and loan modification instead of Short sales and foreclosures. Why would they do that? My theory is, this is one last attempt to grab more money from their customers before statistics catch up and they lose their home anyway. Do you know what the percentage of successful forbearance and loan workouts have been historically? They are rather low. Here is the general problem. You have a stressed home owner that is trying to get back in the good graces with their lender. The lender says, “sure, we’ll work with you. Your payments will increase while you catch up your loan.” Homeowner, “Great, I can do that” but they are really thinking “Wow, I’m already behind, how am I going to afford a larger payment?”

This is especially true now with unemployment numbers where they are right now. At close to 10% unemployment in many areas, many people are taking jobs with lower pay just to get back to work. How is that person supposed to afford a HIGHER payment?

Buckle up everyone, we are not done with this roller coaster.

We still have many adjustable rate mortgages that will start adjusting upwards over the next 2 years. That will put a further strain on the housing market.

See thie Smart Money article for further discussion.
http://www.smartmoney.com/personal-finance/real-estate/Why-Loan-Modifications-Often-Do-not-Work/#

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Forbearance and Loan Modifications, Uncategorized

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