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The Million Dollar Real Estate Tax Break
Everybody should know that under current tax law
you can sell your primary residence and any capital
gain up to $250,000 ($500,000 if married) is tax free.
Wow... is that powerful!... and why aren't more
investors taking advantage if that "loop hole"?
The only requirement is that you live in the home
for 2 out of the last 5 years... and it is your
primary residence. That means you just must
live in the house 24 months to get the tax savings.
What if you match that tax break with a FHA 203(k)
loan?
Your heart should begin beating faster if you
understand the 203(k). Look at the features
of this real estate loan...
FHA down payment (3%)
Flexible credit qualifying
Assumable loans
Finance up to 6 months of mortgage payments
Purchase or Refinance AND IMPROVE all in one loan
Upfront mortgage insurance waived
Get it?... One single loan is used to pay for the
purchase (or refinance) and the cost of renovating
the home.
Cheap, easy money that not only gives you the ability
to buy the home... but also the money to rehab it...
all in one loan!... with no payments for 6 months!
The FHA 203(k) loan is available to borrowers of all
income levels, but only to homeowners who plan to occupy
the property, and for homes with one to four units.
Types of 203K Loans:
30 or 15 year fixed rates
One year ARMS
Assumable to a qualified buyer, with no money down
Eligible Properties:
Single family dwellings
Condominium
Townhouse
Mixed Use (Storefront)
1-4 Unit buildings- you can increase or decrease the
number of units with this loan.
With some leg work you should be able to find properties
that will allow you to bank $50-thousand to $100-thousand
at the end of every two year period.
The two year holding period gives you time to do the
rehab work.
Hey, you gotta live somewhere. Why not turn your
home into a money machine?
Or if you just can't live in a particular home for
2 years you'll find other profitable ideas at http://www.ThePowerLetter.com
About the Author
Mark Walters is a third generation investor and author. He shares his investing experience from his Web site:
http://www.CashFlowInstitute.com
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Home Improvements Turn Average Homes into Dreams Come True
If you’re thinking about taking out a home improvement loan, there are several options to consider. First and foremost, your mortgage consultant needs to know why you want a home improvement loan. Here are some factors to take into consideration.•How long have you been in the home?•Will the impro. . .
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Bay Area Assessors Asked To Revise Home Values (CBS 5 Bay Area)
Property tax bills are coming soon and homeowners are scrambling to make the drop in their property values official so they can receive a break. IN THE PIPELINE (Aug. 24-30): Solar Energy Development Heats Up (CoStar Group)
Editor’s Note: With all the unsettling economic headlines, it's important to also hear about what's going right in today's commercial real estate market. CoStar Group has launched a new column on significant land sales, transactions and trends affecting... Todd Gitlin: Sunday Watch 8-24-08: In Which House Dwellers Throw Stones (HuffingtonPost)
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George Stephanopoulos tried to get chief Obama strategist David Axelrod to say something —anything—interesting about the Biden choice, but Axelrod was relentlessly on-message ticking off his points: Biden is “accomplished,” “expert,” “working class,” full of “wisdom,” has “overcome adversity,” and he’d be forthright with Obama. Obama casts McCain as rich and out of touch (Bradenton Herald)
Democrat Barack Obama Thursday depicted John McCain as rich, out of touch and less a foreign-policy expert than he claims - part of the increasingly negative tone of the presidential hopeful's message as he tries to fight the perception that his campaign has stalled.
Mortgage applications rise 0.5% as most rates dip (USA Today)
The Mortgage Bankers Assocation said Wednesday that its composite index of loan applications rose a seasonally asjusted 0.5% the week ended Aug. 22, as interest rates slipped. Mortgage applications up 1st time in 3 weeks: report (Reuters via Yahoo! News)
U.S. mortgage applications rose for the first time in three weeks as interest rates edged lower, an industry group said on Wednesday. Mortgage volume rises (CNN Money)
Number of new mortgages up less than 1% last week, survey says. WASHINGTON (AP) -- Mortgage application volume rose less than 1% during the week ended Aug. 22, according to the Mortgage Bankers Association's weekly application survey.
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