Paul Surles

While I was at the McCain / Palin rally in Kansas City yesterday, I heard them talk about various topics. I was most interested in what they plan to do for small businesses, being that that is so important to me as a Kansas City real estate investor and many other investors across the country. Take a look at this link from the Wall Street Journal. . .

http://online.wsj.com/article/SB122091920183712663.html?mod=googlenews_wsj

For more information about real estate investing in Kansas City, call Paul Surles at 913-266-5847, e-mail at Paul@MetroREOSales.com or visit www.MetroREOSales.com.

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Get your FREE report about IRA & Passive Real Estate Investing at www.MetroREOSales.com. For more information, call Paul Surles at 913-266-5847 or via e-mail at Paul@MetroREOSales.com.

I have to admit I've never been much to network with other real estate agents outside of my office here in Kansas City or nationally. It's not that I'm unfriendly to the agents I'm co-oping with or that I'm a hermit. I've just always spent time working with my mentors, learning extensively and working with my clients.

But recently I've been posting more and more information on my new blog, and subsequently the traffic to it, and I've been spending a lot of time looking at the blogs of other real estate professionals who also devote most of their time and energies towards the investment side of real estate. And I have learned much! There are a few really knowledgeable people with much to share. I can only hope they feel I am bringing something to the table, as well.

For more information about investing in the Kansas City market, call Paul Surles at 913-266-5847 or e-mail at Paul@MetroREOSales.com or visit the website or free reports at www.MetroREOSales.com.

This is a great synopsis of the new Housing and Economid Recovery Act of 2008 - first-time homebuyer tax credit. . .

Amount of Credit

Ten percent of cost of home, not to exceed $7500

Eligible Property

Any single-family residence (including condos, co-ops) that will be used as a principal residence.

Refundable

Yes. Reduced income tax liability for the year of purchase. Claimed on tax return for that tax year.

Income Limit

Yes. Full amount of credit available for individuals with adjusted grss income of no more than $75,000 $150,000 on a joint return). Phases out above those caps ($95,000 and $170,000, respectively).

First-time Homebuyer Only

Yes. Purchaser (and purchasher's spouse) may not have owned a principal residence in 3 years previous to purchase.

Recapture

Yes. Portion (6.67% of credit) to be repaid each year for 15 years. If home sold before 15 years, then remainder of credit recaptured on sale.

Impact on District of Columbia Homebuyer Credit

DC credit not available if purchaser uses this credit.

Effective Date

Purchases on or after April 9, 2008

Termination

July 1, 2009

Interaction with Alternative Minimum Tax

Can be used against AMT, so credit will not throw individual into AMT.

For more information, contact Paul Surles at 913-266-5847, via e-mail at Paul@MetroREOSales.com, or visit the website at www.MetroREOSales.com.