$4000 Home Run 2 Grant

$4000 Home Run Grant is nothing but cash in your pocket! An Amazing opportunity to contract a property to build or purchase existing property that has never been occupied. Be sure to go through an approved lender, watch your deadlines, and apply EARLY!
Currently there are 500 new construction properties that will qualify for the home run grant in the Wasatch Front and nearly 200 in Davis County. For more details on these properties, email me at judy@rexut.com, or call 801-573-1601.

Web link:
http://b2b.utahhousingcorp.org/cgi-bin/R?P=HOMERUN2_INFO

HOME RUN GRANT 2 DETAILS

The property must be your primary residence. You DO NOT have to be a first time home buyer. Purchase a SFR, condo, PUD, Twin homes, town homes and even mobile (see details).

Homes that qualify:
1. Purchase a home contracted for construction, partially finished, or contracted for completion- be sure to reserve your Commitment by November 30 , 2009 and it must be completed by June 30, 2010.
2. Purchase a new construction home that has never been lived in.

Eligibility:
Single person with maximum income of $75000, couples $150,000
Cash buyers can qualify.

Good luck

Real Estate and Rents

I recently had a a tenant request a $50 reduction in rent. They have been renting for over 18 months with no late payments. Every quarterly walk through the property is super neat and clean. I signed a new lease agreement and they will continue to rent.
By keeping my steady income stream from properties it allows me to continue to fish for new properties in the market. I can show low vacancy rates and consistent income. In addition, it allows me to keep the property cash flowing even if more residential homes are to be leased, I am still competitive.
If I decide to refinance, I can show the income. In the end, it is a long term investment. As long as it cash flows, I plan on this property being very lucrative.

Decrease Has Upsides, Home Run Grant and Tax Credit.

Buying a home right now may be the best decision you can make! Reasons you should be buying today:

• Interest rates are low
• Rents are going up
• High property inventory
• Concessions are plentiful
• Free money is available (Grants, Tax Credits, local incentives)
  
• Creative financing available like never before
• Banks, Credit Unions, and Corporations are realistic
  
• Sellers are motivated

The last few weeks have been absolute dream come true for new home buyers due to the incentives, prices, and properties available on the market.
This week I sold 3 town homes and one residential home. Two were successful in qualifying for the $6000 Utah home run grant program and three received the $8000 tax credit. Not to mention the properties were great deals and the seller covered all their closing costs. These buyers were absolutely ecstatic.
This market really excites me. The market provides more inventory than ever before to pick and choose the home or rental property that absolutely fits. Sellers are willing to be creative in carrying contracts, cover closings costs, and even provide creative incentives.
However, if you want to take advantage of these opportunities you better move quick. According to City Weekly, of the 1600 home run grant programs, there were only 600 available 2 weeks ago. If you want to confirm you qualify, go to

http://www.utahhousingcorp.org/Homerun.htm.

The Tax Credit from the Government is available until November.
Today's opportunities are plentiful. The stars have aligned, all lights are green, its time to make a move. If you have been holding back because you have not found the absolute best deal then you are not looking hard enough. I look forward to assisting you and showing properties I have on my radar. It's exciting! Hope to talk to you soon.

Residential Rental with Cash Flow

What an amazing market to be creative. Fortunately, we can really help those that haven given up and are ready to walk away from their property. I know you have heard it before but, "Dont wait to buy real estate, buy real estate and wait." I just submitted an offer yesterday to purchase a single family home for my business portfolio. The owner wants out and will seller finance the property. After negotiating details on the phone, I am putting $5000 down and the price is $135,000. It is a 5 bedroom that rents at $1000 a month. This will be a long term hold with great cash flow.
My goal is keep this property and use it to 1031 into a larger multi-unit, development project, or another income producing property.

Commercial Deal with Great Terms

We closed on a property last week. The property was a For Sale By Owner Commercial building on State Street with 8000 square feet of commercial space and an additional 3000 square foot garage. We purchased the space for $410,000! Price per square foot is amazing and great ability to lease. Don't stop reading. We put $25000 down and the seller is financing the note for 7.5 yrs at a rate of 6%. Now thats a deal.

Value in Property

When establishing value with property we look at the features and benefits of a given property vs. the current competition. With properties sitting on the market, foreclosed homes increasing, and sellers getting more motivated- there is more and more competition.
My properties are selling simply by providing easy terms, understood incentives, and sticking to a bullet proof marketing plan. "VALUE" does not mean PRICE. Creating phenomenol terms, knowing how to provide funds, and keeping a disciplined schedule may be the difference. Call me, let me show you what I mean.

Foreclosure and Bank Owned Properties

We missed a bank property this week by offering $5000 too low on a $600,000 property. One of my daily tasks is to know of every foreclosure and bank owned property that hits the market. By networking with local banks, agents, and loss mitigators, I find out more about properties that will be coming. This provides my clients the best deals before they are on the market or the day of. Good deals go and others may see them too.
Well...get ready for it. More foreclosures are coming. If you have note read it yet check out the story at: http://www.sltrib.com/realestate/ci_11454615.
Daren Blomquist, RealtyTrac's marketing communications manager said, "Utah now ranks 13th in terms of foreclosures, compared with 20th place a year ago. Foreclosures appear to be rising at a faster pace now because the housing boom in Utah came later than other states, so the bust is coming later, too," She went on to say "We have some tough times ahead of us. Even though we're approaching record-high levels of foreclosures, we're still in a better situation than most other states," she said.
As many of you know, my goal is always to find 'MOTIVATED' Sellers. Although REO's are motivated, they are not my favorite. In fact, I am not a huge fan of foreclosures of bank owned properties for the following reasons:

• All homes are sold 'as is'
• No Sellers Disclosures
• A normal home inspection may not be enough
• Any internal damage, mold, or methamphetamines are unknown.
• Builder mistakes may be severe
• Our extreme climate may have caused damage and property may not be winterized correctly.
• The deal of the decade may be a money pit.

Although there are lots of deals available. Be sure to plan on spending more than the average $350 home inspection. Spend the time and money to get mold testing, meth testing, engineering reports, details from neighbors, and anything else you can. Consider hiring a professional contractor in addition to your home inspector. Better safe than sorry. Calculated risk is key when purchasing these types of property.

There is Hope

The great thing about our market isthere are opportunities. There are motivated sellers, people will carry financing, and renters want to stay somewhere nice. My dad always told me there are 3 things people always need: food, clothing, and housing.
I admit, it is not fun to see equity going down, jobs being lost, and people losing their homes. It's not fun taking a call from a client asking why their property has not sold and you have to explain that the price reduction you requested is a must not a suggestion. It's not fun seeing my parents heart sink every time the stock market drops.
However, there is hope. Even the people that have lost everything they have worked for can start moving forward and they do not need to wait years for a market recovery. In fact, many have said they will just start renting and try to qualify for a loan in 3 to 5 years. So here is what these people need to understand. No credit...No money...No problem.
While prospecting THIS WEEK I found 3 great deals that would benefit such a situation.
1. Owner has had a rental for 20 years. He wanted 10% down and then actually said he would take no money down if he got his price. This is in a good are in Salt Lake! He will carry the note for 20 years at 6%.
2. Seller rents property in Utah County and really just wants to stop land lording. Will carry financing.
3. Seller willing to sell their fixed up property at any price to get into their dream home. Yes, carrying the note is an option.
Lets keep pushing. There is hope. The harder we work the luckier we get. Call me, let me show you how.