How to buy Tampa Real Estate with your IRA or 401K?
Think you can't buy a home as an investment? Looking for a creative way to take advantage of the #2 in US foreclosure market here in Tampa?
I attended a 3 hour seminar the other day that was great!
Here are some different options you have to buy a home, land or to get a downpayment for a loan using tax deffers IRA'S AND 401K's.
Your tax deferred and possibly tax free investing choices are:
Downfall:
The most important thing to remember is that you cannot live in the home. It has to be an investment, therefore a rental home, or vacant land are some of your options for purchasing. You can't even use a beach house for personal use. It has to be a rental property under the guidelines.
How do I use my 401K to buy real estate?
Move your 401K to a Self Directed IRA. Can only be done if you no longer work at previous job.
Need a downpayment of to get a Conventional or FHA loan?
You can borrow 50K or 50% whichever is less from your 401K
You can also use your business partner or spouse's IRA for a downpayment or to pay cash for a property. You have 50K, they have 150K, save closings costs from lenders which can be 3-6% of the total purchase price.
Right now in Pinellas, Hillsborough and Pasco Couties there are 7,309 properties that are 200K or under, 3 bedroom 2 bath.
If you have been thinking of buying land or rental and commercial properties in the Tampa Bay Area please give us a call to discuss your options. 813 784 7744 Rae. Emai: realtyrae@yahoo.com
All information is believed to be accurate. Always consult your financial advisior and CPA before making any changes to your assets!
Filed under: Downpayment Assistance, First Time Home Buying Advice, Investing in Real Estate using 401K and IRA's, Tampa Real Estate Investors
Towers of Channelside Bankruptcy Update-Tampa, Fl
Posted on April 17, 2009 by realtyrae | Edit
TAMPA - Nearly half of the 257 condos at the Towers of Channelside have sold, including one in February to Tampa Bay Rays third baseman Evan Longoria, but those sales still aren't enough. The developer of the twin 29-story towers has notified its lender it's giving up on the project 15 months after it sought bankruptcy court protection and six months after it declared its reorganization a success.
"Unfortunately it's the economy. It's bigger than us. It's bigger than any one person," said Richard Sacchi, a principal of Towers of Channelside LLC.
If you are looking to purchase a condo or have questions about developments in the Channelside and Downtown Tampa Districts give us a call
813 784 7744 or email: realtyrae@yahoo.com
When I started thinking about a title for this article I came up with quite a few. The METHOD of the Short Sale was 2nd choice. Although, we are finding there is NO Methodology in the Tampa Real Estate Market. Both buyers and sellers are feeling the STRESS OF A SHORT SALE!
Putting in an offer on a Short Sale Home in the Tampa Bay Area?
Thinking of buying a short sale home is painful to many who can wait as long as 45 days to hear if the bank accepted their offer. 
There is no Method!
I can certainly without a doubt, say that there are no rules when it comes to what the banks will or will not do. Every bank is different about the way they handle things. Some are using mitigation companies to negotiate the offer, and some are not. Banks each have their way of handling paperwork and disclosures which makes our job as Realtors even more challenging.
What Realtors and Sellers are doing to get offers on short sales:
A price you see listed on any website is not necessarily the price you can buy that home for. If you've seen wording or disclaimers stating "listing price may not be sufficient to cover all closing costs..." that is when you know the home is listed as a short sale. Try telling people who are qualified to buy a home, that we don't know if the price listed is a real sales price. Otherwise known as "bank approved short sale".
I've seen some listed for an unbelievable prices. When I contact the listing agent, I have to ask if that price "has been approved by the bank". Otherwise, the seller agrees to list the home for what ever they want.
What happens next??? Sellers are submitting multiple offers to the bank and the bank is then forced to either take one or foreclose on the home. Once the bank gets offers at the low ball price, it speeds up the short sale process.
How many properties are on the market in the metro Tampa Bay Area? (approximately 33,000.00 in the Pinellas, Pasco and Hillsborough Areas)
I'm finding there are several situations that would lead more people to buying a foreclosed home. First, they are probably getting a better deal after the bank owns the property. The bank will respond to most offers within 48 hours, 2 business days. You will also know if there are any other offers in the mix.
Most buyers I am working with are telling me that they want to stay away from short sales. If you are a seller, please take this into consideration before listing your home for sale with a Realtor.
Rae Catanese, PA
Prudential Tropical Realty- Tampa, Fl 813 784 7744
GREAT DEALS AT WESTSHORE YACHT CLUB!!
In August 2008, a U.S. bankruptcy judge approved a relief package for WCI Communities that's designed to assure homebuyers would not be impacted for future purchasers at the Westshore Yacht Club here in Tampa Bay.
If you are looking for a great deal this is the time to invest.
This is GREAT NEWS for one of the premiere boating communities on the West Coast of Florida. Since August, West Shore Yacht Club has created the furious pace of the trading floor with a promotion that has people taking action. This is a very positive sign for the Tampa Housing Market; especially for those who are looking to invest their money NOW while prices are aggressive.
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| From Westshore Yacht Club |
Unlike some other developments here in Tampa, The West Shore Yacht Club IS selling their townhomes, hi-rise condo tower, and accepting contracts for the single family homes yet to be built.
More good news.....They are not turning into rentals. Many other developments have caused the people who purchased in the begining to live amongst mainly renters; which is not what buyer's signed up for originally.
When you take a tour of the community you'll notice that the people who are living there are enjoying life and taking advantage of the wonderful amenities this luxurious, resort style community has to offer. There are so many things to do, you may just decide to stay home and relax on the weekends.
I love the tranquil Spa! The fitness center is state of the art with views of the water. They offer complimentary towels, a very nice locker room with showers, blow dryers, and toiletries. It's really everything you'd expect a high-end club to be. There are also 2 heated pools, 2 restaurants, 2 bars, a billiards room and a yacht shop for supplies.
If you've been looking to purchase in South Tampa, you'll know a single family home is nearly impossible to find under 400K. Other options are townhomes and condos. If you need a 3/2 and 2 car garage, approximately 1900 square feet of living space, you may want to consider one of the townhouses or condos for sale at the Yacht Club. They are solid block construction on all floors, built to current hurricane standards, and have many upgrades like granite, stainless steel appliances and high ceilings. Best of all, these properties are brand new and never lived in. Another nice feature of the community is that there is plenty of parking for guests. Something you don't find in a South Tampa Townhome communities.
This year there have been approximately 35 units sold by the developer due to their very aggressive pricing and incentives. These Townhomes were once selling for 450-650K two years ago. The same units are now listed for 325K and up.
View Map of Westshore Yacht Club, Tampa Bay
These are the BEST prices we've seen in a Tampa Bay waterfront community.
The Westshore Yacht Club has become a lifestyle choice for many buyers...... "where you live is as important as how you live". Isn't that the truth?
Please contact us to schedule a showing of the remaining developer units. Or call Rae at 813-784-7744
The American Recovery and Reinvestment Act of 2009
ENHANCED HOME BUYER CREDIT
NOT JUST FOR FIRST TIME HOME BUYERS
Who Qualifies?: Anyone who has not owned a home for the preceding three years. That means you may still qualify for the incentive even if you and your spouse owned a home more than three years ago.
How Much?: The incentive calls for a credit of ten percent of the purchase price up to a maximum of $8,000 for a single resident or a married couple filing jointly.
Are There Limits?: The credit is phased-out based on your modified adjusted gross income (MAGI).
How Does It Work?: The tax credit reduces a your tax bill or increases your refund, dollar for dollar. It is fully refundable, meaning that the credit will be paid out to you, even if you owe no tax or the credit is more than the tax that you owe. Even better, there is no repayment requirements associated with this incentive if you keep your home for at least three years.
What are the valid dates to purchase a home?: The incentive is for homes that close between January 1, 2009 and November 30, 2009.
Principal Residences: The tax credit is available for purchases of principal residences. Purchases of vacation homes and rental property are not eligible.
To request more information on how to purchase a home using the new home buyer tax credit send an email to: info@thetamparealestateinsider.com
Search all homes for sale in the Tampa Bay Area.
*This information is provided for general awareness only, and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind. Please consult with your tax professional for complete details.
Focusing on Relocation to the Tampa Bay Area. I've lived in the area for 37 years. Not only can I find you the right home, I can also show you the best restaurants, parks, beaches!
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