$8,000 “Obama Credit” How Real Estate Investors Should Take Advantage of This

$8,000 “Obama Credit”
How Real Estate Investors Should Take Advantage of This

In my post yesterday, I explained the whole concept of doing OWNER FINANCING and sell “overpriced”, pretty homes to people who have not bought a house in the past 3 years. There are two requirements so people can qualify for the first time home buyer’s credit:

1) You have to buy a house (it never said in the law you have to get a bank loan)
2) And you have not bought a house in the past 3 years

#1 is HUGE. There are more people who can’t qualify for a mortgage than people who can. Banks’ underwriting guidelines are so stringent that they’re not lending the money that the Obama administration is handing out to them. A buyer needs to have 20% down and a credit score of 700…and even then, these two things don’t guarantee they will be approved by the bank.

So…if you’re a real estate investor with a house you’re selling or a house you’re renting, listen up. This is how you can put at least $8,000 or more into your pocket by taking advantage of the First Time Home Buyer’s Credit. You can sell your house you’re trying to sell retail or just renting out on owner financing. Your buyer puts down whatever he/she can put down – say $3,000…$5,000 even $10,000. You then work with an accountant knowledgeable with the “Obama credit” to report the purchase of your house on the tax returns on the buyer. You have a Power of Attorney that stipulates that the $8,000 credit goes to you – the seller – not to the buyer. This $8,000 credit goes towards the downpayment of the house.

If you add up what your buyer can put down plus the $8,000 credit…you are looking at some serious cash you put in your pocket.

You can do this over and over again by helping landlords sell their properties through owner financing and you can split the downpayment with them. You can go and check the MLS for expired listings and get these motivated sellers to sell their house on owner financing – again with your help and you do a profit split as payment for your expertise and effort. This so new and cutting edge that chances are good you’re the only one doing this in your city. Imagine dominating a “hidden market”! (The only downside is: this opportunity will be closed forever come April 30, 2010)

Of course, you need to know how to do this. Remember my friend “Tony S.”? He and I will give a free webinar (online seminar) tomorrow at 9 PM eastern. He will even share with you how you can get his accountant who knows how to file the tax returns so you get your $8,000 sent to you (and sent immediately). Below is where you can sign up and reserve your seat.

Dedicated to your success,
Trace