Dallas Duplex Foreclosure (Video) $50K!

 By Troy Corman, todayshomedeals.com

This Dallas duplex foreclosure is a cash flow special. Needs a little TLC, but not much.






Listing courtesy of Kelly Anne Porter, Metroplex R.E. Services

How to Make a Killin' - Video of Dallas Townhome for Sale - Now $299K, Was $160K.

 By Troy Corman, t2realestate.com

Every now and then, you come across an unbelievable deal. This townhome was on the market for a few days at $160K. I had a couple of buyers who were interested but by the time they were ready to look at it, it was gone. Moral of the story - great deals get gobbled up - FAST! Listing courtesy of Terri Herren, ReMax.

North Dallas Foreclosure - Midcentury Modern (somewhat) Less Than $200K

Bank-owned home in need of repair surrounded by upper end homes in prestigious north west Dallas. Needs cosmetics, pool repair and a heapin helping of creativity!





Listing courtesy of Tom Stites, Coldwell Banker Residential.

Historic Swiss Avenue Manse For Only $468K

This historic Swiss Avenue mansion was built in 1920 and boasts over 4400'. Homes on this part of Swiss Avenue run from the high $700s to $1M plus. It needs some work. Video one of four detailing this Swiss Avenue home and neighborhood. Courtesy of Lisa Robinson, Prudential Real Estate.

Who's Buying Now? Cash Buyers.

By Troy Corman, todayshomedeals.com

"Be fearful when others are greedy, and greedy when others are fearful". This simple mantra was uttered by arguably the greatest investor of all time, Warren Buffett. Like so many things that sound so simple, it's execution is anything but... simple. Human nature tells us to freeze when things are uncertain or dangerous and to plunge ahead when the skies are sunny. This is precisely why the majority of investors buy stocks in bull markets at their highs and sell at the bottom.

Harry Dent, author of The Great Depression Ahead says we're about to embark on the greatest investing opportunity in our lifetime. Mortgage rates are at historical lows, foreclosures and distressed real estate sales make up more than a third of the market. And if the market gets even worse, good deals will turn into great deals. Also, by paying with cash, some home buyers have turned good deals into great deals. Banks that have a huge supply of foreclosures sometimes opt to take the done deal for less money, rather than risk their time with a borrower unable to secure financing in today's tighter lending environment. In fact, 3 out of every 10 homes sold nationwide are now purchased with cash.

Rental real estate is my investment vehicle of choice because I think it's much more predictable than sticking your money in the market, offers higher returns than than sticking it in the bank, AND if offers unparalleled tax deductions.

How does one make money from rental real estate?

1. Cash flow - monthly rental income exceeds ALL of the monthly costs ($100-300+ a month).

2. Property appreciation and equity capture - meaning you're buying the property for less than it's worth - and it should appreciate while you own it - so you'll hopefully realize a large capital gain when you sell.

3. Then of course, there's the gravy - the terrific tax deductions like deducting the mortgage interest, property taxes, insurance costs, repairs, and depreciation from your federal tax return. In Texas, a home worth around $100K with the building itself worth $80K would result in a tax deduction of about $10,000 annually. Owning 10 of those homes would result in $100K worth of deductions a year. Plus, you'll only pay capital gains on the sale if you hold it for a year, currently 15%, although Dems are trying to increase it.

Those that take action get results. To get started and to get some free information on Dallas real estate investing, contact Troy Corman with t2realestate at 214.690.9682.

TDHCA Bond 77 - The Biggest Texas Zero Down Payment Assistance Program Ever.

By Troy Corman, www.t2realestate.com

Due to the expiration of the Federal $8,000 Tax Credit Refund, Texas has created it's largest 1st-time home buyer incentive - EVER.

Qualifying recipients will receive up to 5% of the loan amount to be used for down payment assistance and closing costs assistance. And with a maximum purchase amount of $258,690 - the down payment assistance could reach the $12,000+ area.

Plus, unlike the federal tax credit, where you have to wait to get refunded your credit at tax time, qualified buyers get the DOWN PAYMENT ASSISTANCE MONEY from Texas on the closing date, which is the day you usually get the keys to your new home!

In a previous blog story, we discussed additional details regarding the Texas Bond 77 Zero Down Payment Assistance Program - the largest ever initiated by the state of Texas. Until October 15, $50 million a month will be distributed STATE-WIDE. As the Bond 77 program is very much off the radar - FOR NOW - please don't put this off until the last minute or you could miss out - the funds are dispersed on a first-come, first-serve basis.

Again, those that qualify, will receive up to 5% (of their home loan amount) in down payment assistance and closing cost assistance from the state of Texas. To qualify for the Bond 77 Texas Down Payment Assistance program, you must provide 3 years of federal income tax returns and take a course on home buying approved by the TDHCA. Some courses are online and take about an hour to complete. You will then be issued a certificate to present to your mortgage officer in order to be eligible for the Bond 77 Down Payment assistance funds.

The 5% down payment assistance from Texas is issued in the form of a loan that doesn't require monthly payments - It's called a "silent" second lien because there are no payments, or interests to pay unless you sell the home or refinance the home - or turn the home into a rental home. Otherwise, the 5% down payment assistance from Texas wouldn't be due until 30 years later, at the end of the mortgage term.

HOW TO PAY ZERO DOWN FOR A HOME - By combining the Texas Bond 77 Down Payment Assistance program with FHA financing, you could negotiate for the seller to pay up to 6% of your (buyer's) closing costs. With the 5% from Texas, and up to 6% from your seller, many homes will qualify for a true ZERO DOWN HOME PURCHASE.

Act quickly, however as the FHA has announced IT WILL REDUCE SELLER PAID CLOSING COSTS FROM 6% TO 3% THIS SUMMER.

Income limits for the 1st-time Home Buyer Down Payment Assistance are below. 1st-time home buyers are defined as those that have not owned a home in the last 3 years.

Income Limits Throughout Texas:
1-2 persons residing in home = $73,300 (total income in home)
3+ persons residing in home = $84,295 (total income in home)

For additional details on the Texas Zero Down Payment program, visit our previous blog post regarding the Texas Bond 77.

Contact Troy Corman with t2 Real Estate to get started. And please remember that although the deadline is October 15, that once the $50 million is gone each month, it's gone!

Buy A Home ZERO DOWN.

By Troy Corman, t2realestate.com

This is no late-night infomercial. I must admit I'm truly skeptical when I hear something that sounds too good to be true. But the Texas "Bond 77" Program, when combined with a seller paying all of a buyer's closing costs (up to 6% on FHA loans), a home buyer can now buy a home with ZERO OUT OF POCKET.

Act quickly, however as the FHA has announced IT WILL REDUCE SELLER PAID CLOSING COSTS FROM 6% TO 3% THIS SUMMER.

The Texas Bond 77 Down Payment Assistance program was formed by our state, following the expiration of the home buyer tax credit. It appears to be off the radar at the moment, but that could change quickly. Texas has pledged $500 million ($50 million a month) statewide to assist 1st-time home buyers with down payment funds, or lower interest rates, that meet certain requirements.

This program is only available for owner occupied single-family homes. And it's available on a first-come, first-serve basis.

All areas are available for the program but "targeted areas" where median incomes are lower, have greater incentives for both first-time and repeat home buyers - and in the Bond 77 targeted areas, the 1st-time home buyer requirement is waived.

A "first-time home buyer" is defined as someone who has not owned a home in the past three years.

Bond 77 Limits For All Texas Homes:
 - Maximum Income of 1-2 persons = $73,300
 - Maximum Income of 3+ persons = $84,295
 - Maximum purchase price: $258,690 (ONLY 1ST-TIME HOME BUYERS ARE ELIGIBLE)

Bond 77 Income Limits For TARGETED AREAS:
- Targeted areas: Maximum Income of 1-2 persons = $87,960
- Maximum Income of 3+ persons = $102,620
- Maximum purchase price: $316,177

The Bond 77 Program is for SINGLE FAMILY HOMES (owner-occupant) only. Rental homes, investment homes and multifamily homes do not qualify for the down payment assistance program.

Down Payment assistance is in the form of a "silent" 2nd lien which means there is no interest, no payments, but when you sell the home you must pay the amount back. If you live in the home for 30 years, the loan "balloons" at that time, which means the entire amount is due.

Also, if you refinance the home, or convert it to a rental you must pay back the down payment assistance amount at that time.

A home buyer education course is required for home buyers who wish to qualify for the program. Many are online and take about an hour to complete.

For further details, or maps of the Bond 77 Texas targeted areas, contact Troy Corman at 214.690.9682.