Mooresville, NC (PressExposure) August 28, 2009 -- This week on Get Real, The Real Estate Investing Show for the Rest of Us, John Hyre, Attorney, Accountant and Real Estate Investor shared the inside details on the First Time Homebuyers Tax Credit. As John explained this is neither just for first time buyers nor is it a tax credit. Instead it is for qualifying individuals who have not purchased a home in the last three years and it is actually a tax rebate. A tax rebate means buyers get an actual check mailed to them from the IRS when they purchase a home before midnight on December 1st, 2009.
While there are limiting criteria to qualify for this program many potential homeowners do qualify. The rebate is issued at 10% of the purchase price of a home up to $8,000. The average home price range taking advantage of this program is $80,000-$140,000.
Mr. Hyre provided more in depth information for real estate investors in particular. While an investor does not qualify for this program they have a decided advantage to moving inventory as they can get more buyers for their properties with this incentive.
As a maverick in the real estate tax law field John is helping investors nationally to overcome the issue of buyers who can not qualify for a mortgage by assisting investors in selling on a land contract. A land contract is selling a home through seller financing which means there would be no need to qualify for a hard to find mortgage. Instead the buyer only needs to qualify with the seller. Since a land contract is considered a transfer of ownership by IRS case law the transaction qualifies for the homebuyers tax credit. Mr. Hyre is recommending that many of his clients move properties from their current lease/option status to a land contract to help sell current inventory to qualifying buyers.
For more information about the homebuyerâs tax credit visit http://www.getrealrei.com and click on the episode with John Hyre. John will also be presenting a special free 90 minute teleseminar Monday August 9th at 9pm to assist real estate investors with entity creation, asset protection, bookkeeping and the number one biggest mistake investors make. Phone line reservations can be made at http://www.getrealrei.com/entities
Get Real is a top iTunes business podcast that can be heard at http://www.getrealrei.com , through a news reader at http://feeds.feedburner.com/GetrealREI or by searching for âget real real estate investingâ through iTunes. Get Real provides a down-to-earth, real world view of real estate investing for current and future real estate entrepreneurs.