I'm readying 2 offers today and wanted to share a few of the details with everyone. Offer #1 is a 4 unit listed for $180k, comps in the area are $220k. This is a somewhat straight forward transaction in that it's listed through a realtor, and there is a mention of some seller financing in the listing. I drove by the place and noticed a "for rent" for one of the units. Called that number and was able to speak to the owner directly. He stated he would hold a 2nd for about 20% of the purchase price.

Understanding The First-Time Home Buyer Tax Credit

Let's put this is basic laymen terms. In May the government rolled out a policy change that allows home buyers to use the tax credit worth up to $8,000 toward closing costs or part of their down payment instead of having to wait for the next tax season to take advantage of the program. It's working and is a huge incentive for homeowners to take the plunge and buy a house.

Hello DG Members,

I want to share with you more great news on our latest Deal #5. As we discussed in Deal # 4, Dean and his books inspired us to learn more around the subject of tax sales. Thus, we participated in a tax sale and, at the time, were not to sure about what to do or expect.

Hi everyone,

I've seen this statement come up a lot in these forums and rather answer it everytime I thought it would be best just to post it.

"My broker, realtor, agent, etc. told me that DOUBLE CLOSINGS are illegal."

Let me address this:

1st, real estate agents are not the experts on closings, financing, or investing. They are experts in marketing and showing properties.

2nd, the term DOUBLE closings and SIMULTANEOUS closings are often used interchangeably by those who don't know the difference.

When Would I Use Direct Deeding?

When you are exchanging property under a 1031 Tax Deferred Exchange, you may choose to "direct deed" your property to the buyer or have the seller direct deed his property to you. Direct deeding is achieved by deeding your property directly to the buyer rather than to an intermediary, which initially was the common practice in 1031 tax deferred exchanges. The seller of the property which you are buying then deeds his property directly to you, skipping the deed to an intermediary.

The Bona Fide Purchaser

You get a deed from a seller in foreclosure. Before you can record the deed, the seller gives a second deed to your competitor. The competitor records his deed at the country first. Who wins? This is an interesting issue that most investors don't seem to grasp. First, understand there are two issues here: one is ownership, the other is notice. The recording of a deed is NOT necessary to transfer ownership of real estate. The simple act of executing a deed and delivering it to the buyer passes ownership.