First Time Home Buyer Tax Credit

This post will begin a series of helpful information for the First Time Home Buyer. So if that is YOU keep reading and look for more in the future!


HOW TO GET THE FIRST TIME HOME BUYER TAX CREDIT.
So you are purchasing your first home! Congratulations! Now you can take advantage of the 2009 First Time Home Buyer Tax Credit. Here's what you need to do to get your tax benefit:

1. Close on your home purchase by November 30, 2009. If your not in escrow now, that only gives you 2 months to find something and get into escrow. Call me and I will find you the perfect home to purchase as a First Time Buyer before the November 30th deadline.
2. Ensure that you are a qualified first-time buyer under IRS guidelines. If you are not sure if that is you give me a call.
3. Decide which year to file under, 2008 or 2009.
4. File an amended 2008 return or choose to apply the credit to your 2009 tax return.

DECIDE WHEN TO APPLY THE CREDIT

If you want the benefits of your credit as soon as possible: you might choose to file under your 2008 tax year. Since April 15 has come and gone, you would have to file an amendment to your return. However if you have already filed for an extension of your 2008 return, then you can simply claim the credit when you submit your return.

If you anticipate a drop in income next year: You can wait to claim the credit as part of your 2009 filing. In some cases the value of the credit might be higher, particularly if in 2008 you qualify for only a partial credit because your income is over $75K (single) or $150K (joint).

THE NEXT STEP

Once you have determined which year to apply the tax credit, you will need to do two things to claim the credit:

1. Fill out Form 5404 to determine the amount of your available credit.
2. File an amended return for your 2008 taxes, or wait and apply to credit when you file your 2009 tax return.

Whatever you decide please let me know if I can be of any help!

Dorothy Project

Dorothy House: Before and After

Dorothy House: Library/Office Before and After

Today I want to share with you some of the before and after pictures from one of the projects I completed with a current investor of mine. This is the Dorothy House, I was able to give my investor a 20% return in 3 months! The project was started on May 1st and completed June 15th. The house was purchased at $355m and SOLD for $530m! We were actually in Escrow for $54om just 4 days after putting it on the market and would have closed at the higher price, except for the HVCC and their appraisal practices. Read more about that in a future post!This project took 6 weeks to renovate and a total of 3 months from start to finish. My Investor was initially going to rent the property, but had an offer he couldn't refuse! We used Cazier Designs to design the project and as you can see it is an amazing transformation. For more information on Investor Projects and how I can help, please give me a call.

Introduction to Blog

Greetings,

As you all know, I have been actively pursuing Real Estate for the last few years. Along with the challenges of any new business, I have achieved some great successes. I wanted to share with you one of my most recent transactions that was very successful, and how I can lead you in the same direction.

A few months back, I presented one of my client’s a segment of the market I felt had strong potential for profit. After careful consideration of several market specific properties, we found the right home for $355K. He put close to $70K (19.72%) into the undercapitalized property which we just sold for $530K (24.71% ROI) just 3 short months later. I had the house in escrow just 4 days after it was listed. Like I mentioned, the transaction from purchase, capital improvement to sale, took us just about 3 months. The primary reason I am sharing this with you is no matter what you hear in the media, this is still a great time to purchase property in many segments of the market. Whether it is your first home or for investment purposes. We are still experiencing record lows with financing. With sound guidance and the financing available, there is no better time to buy than now.

If you are currently a homeowner and are looking to move up, this is a great time also. Call me to set up an appointment to find out how to get top dollar for your property that you are trying to sell, or to find out why trading is becoming so popular among homeowners. Instead of waiting to sell your property, find out how to trade it with one transaction, and move into the house that you have always wanted.

As a Real Estate Professional, I will always work my hardest for “you,” and be there for “you” the whole transaction. I am committed to fulfilling all of your Real Estate needs, with ethical and honorable regards. Thank you very much for taking the time to read this. If you have any questions or know someone that I could be of service to don’t hesitate to call or email me.

Remember, “The best thank you is a referral.”