Do you Know that People with Bad Credit Can Qualify for First Time Home Buyer's Credit?

How would you like to sell “overpriced” homes and get the $8,000 First Time Home Buyer’s Credit from the IRS? If you got intrigued or maybe even confused read on. What you are about to read will blow your mind and will put tens of thousands of dollars in your pocket.

Unless you’re living under a rock, you should know by now that the First Time Home Buyer’s Credit is extended until end of April 2010. This extension is the narrow window of opportunity that is open to us – real estate investors. This is our once-in-a-lifetime opportunity to “take advantage of the IRS” so listen up (or in this case, read closely).

Most people thought that in order to take advantage of the First Time Home Buyer’s Credit, you have to qualify for a bank mortgage. That is NOT true. There are two things you need to qualify for the First time Home Buyer’s Credit. One – you have to buy a house. Two – you have not bought a house in the past 3 years.

The profound thing about #1 is that as long as you buy a house you qualify – it did not really specify in the law that you have to get a bank loan to get a house. The BIG implication of this is: if you have buy a house on OWNER FINANCING…(provided you’ve never bought a house in the past 3 years), you qualify for the First Time Home Buyer’s Credit. This means that YOU, as a real estate investor can sell a house to an end buyer on owner financing or seller financing and you can get the $8,000 credit as an additional downpayment!

If you have not realized how BIG this is, you need to read the above paragraph again. Alright…I will expound on this here. Have you acquired a house “subject to” or “land contract” and you can’t sell it retail given the difficult financing environment? Instead of just renting it, or doing a lease to own on it, why not do seller financing on it. The motivation for you is this: you get to put at least $8,000 in your pocket! Who pays for this additional downpayment? The IRS.

My friend – let’s just call him “Tony S.” have done 6 of these in the past couple of weeks. That’s $48,000 on overpriced houses you can’t sell retail. I was WOWed (if that’s a word) when he explained to me that he sold these houses at higher than retail price (which you can do since you’re selling these houses on owner financing).

Here's how you can get the $8,000 Obama credit.
1. You sell a house on owner financing and you stipulate in the sales contract that $8K is an additional downpayment
2. You get Tony S.'s accountant to file the buyer's tax return with the right documentation so the check be sent to you NOT the buyer
3. You get $8,000 from the I.R.S. 10 days to several weeks later (depending on whether the buyer has already filed their tax returns or not)

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Dedicated to your success,
Trace