Tax Credit for First-Time Home Buyers
May 8, 2009 by Mark Roknich
One of the perks in the recent Federal Government “stimulus bill” is the $8000 tax credit for first-time homebuyers.
To qualify for this credit, the purchase must be made before November 30, 2009. As the credit is intended for first time homebuyers, those applying for the credit may not have purchased a home in the past three years.
Buyers who accept the credit must also live in the house they purchase for at least three years, or Uncle Sam will require the owner to return the credit.
Qualifications are otherwise simple: single buyers must earn $75,000 or less to qualify; couples may earn up to $150,000. Those fortunate enough to have incomes exceeding thes limits may still be eligible for a partial credit.
Is $8000 a lot of money towards a home? Yes, and no, given the high price of housing in areas like Orange County. But note, that this credit may be enough to cover many buyer’s closing costs.
Reflection on Our First Twenty Years as Realtors
December 22, 2008 by Christe Roknich
For the past 20 years, we have worked in an office that averages 120 full time agents. Our culture of teamwork and mutual respect is not common among agents in the real estate industry. As a result, our Dana Point/Laguna Niguel office at First Team continues to be the top selling office in the company of 30-plus offices as well as the top selling office in all of South Orange County!
First Team has always been at the head of the class when it comes to advertising and marketing designed to get our sellers the highest possible price. Because of this commitment and investment…more sellers and buyers end up working with a First Team agent. More buyers see our print and internet ads…more buyers see our signs..which means more opportunities and more SALES! Other agents jump from one company to another seeking “better deals” and better tools, or due offices or companies shutting its doors. We are still, after 20 years of service, right where we began!
Let’s start the next twenty years by looking forward! If you think that now might be the time to begin accumulating real estate for your future, call us at (949) 240-5892, or send us email. Let’s start working on our resolutions for 2009!
Purchase Real Estate with Your IRA?
November 13, 2008 by Mark Roknich
Yes, it can be done! You can buy real estate for investment purposes in your retirement account. But let’s start with the caveats: first consult your financial advisor, your attorney, and of course, your spouse! We’ll handle helping you locate and purchase the property!
Not every account or account holder is eligible. Those of us with self-directed IRA’s are among those with the option of investing our retirement funds in a variety of products other than stocks, bonds and mutual funds.
For many years, it has been possible to benefit from the real estate market through investment in real estate investment trusts (REIT’s). REITs have been attractive for many reasons, including professional management, high dividend payouts, and appreciation of the underlying assets (the shopping centers, apartment buildings, office complexes, and so on). But now, in addition to REITs, investors can take a more direct route to owning the underlying property.
Of course, there are restrictions and rules. But some of the categories of real property, eligible for these programs, include:
- Single-family and multi-unit homes
- Apartment buildings & co-ops
- Condominiums
- Commercial property
- Improved or unimproved land
This article on real estate investing within retirement accounts from Investopedia is a good starting point for more information about this topic. Contact us or give us a call at (949) 240-5892 to discuss your goals and visions for increasing your real estate portfolio while prices are low.