Tampa Real Estate...

[MiDiablo]

Something a little different, since all of us here know one another based on our involvement in the gearhead game.

Figuring as how each of us live SOMEWHERE, that involves Real Estate in some form or fashion.

If any of you are interested in reading what's going on in the Tampa Real Estate world, I write an online column & was selected to be the Tampa Real Estate Examiner! <~~~clicky for column

I cover mostly Foreclosures, because that's my specialty or "niche market", but I also cover current events like the extension of the first time home buyer tax credit.

So if anyone of you, or someone you may know, could benefit from having access to that kind of info - please feel free to checkout my column, and also leave any feedback or suggestions too!

[MiDiablo]

Nobody, really? Well you guys BLOW! Thanks for the support, suckas!

[Duceanahalf]

not really a tampa real estate question as much as its an interstate real estate question. but throwing around the idea of buying a house in illinois that is about to go up for sale due to bankruptcy, and keep it as a rental property. any thing special about buying a rental property out of state?

after down payment and $8000 credit (if its eligible) it would be about a $20,000 mortgage or less.

[BigDawg]

Nobody, really? Well you guys BLOW! Thanks for the support, suckas!

I'd be interested in reading about it, not really too involved, banks arent giving out money anymore to lend for new home purchases, and if they do, they want over 20% down. Fuck that, how are they gonna stabilize the ecnonomy with home ownership when they arent lending to those that have to put $40,000.00 cash on a $200,000.00 home loan.

[**CHRIS**]

No offense, but maybe you shouldn't be looking to buy a $200,000 home if you can't afford the down payment.

I believe that is how we got in this mess in the first place.

[BigDawg]

You got 40 Large laying around? Hell okay, lets say a 100,000 dollar home. That would be20,000.00 laying around? I know the tax credit can be used to apply to the down payment, but hope that house doesnt need any repairs in the foreseeable future.

[**CHRIS**]

There are some great deals around for $100,000.

And definitely, I do not have $40,000 laying around... that is why I'd never even consider buying a $200,000 home.

[BigDawg]

Shit, not where I live. Damn houses still going for 250,000.00 for house that is over 30 years old. I need to really broaden my views and look elsewhere.

[**CHRIS**]

South TRampa ... definitely the wrong spot.

[MiDiablo]

South Tampa = Big $$$

Tax Credit is only "up to" $8,000. It's actually "10% of purchase price, up to $8,000" - which means if you are buying a home for less than $80k, expect 10% of your p/p. To be eligible you cannot have owned a home in the past 3 years. There's an entire article and a link or two on my Examiner page about the extension & details of the requirements / guidelines.

**Chris** I've sold a LOT of house for under $100k. Especially here in Hernando lately. I actually just sold a fully-furnished model home, never been lived in, 2/2/2 concrete block home w/gas appliances, brick pavers, screened in lanai, all brick paver patios & drive/walk ways, etc. for $129k - with about $50k or more in FURNITURE in it. Some serious deals on the market.

And yes, you're right, it's tough to have $20k-$40k for a down payment on a home. However, there are several programs available that do not require such a large downpayment (20%) like Conventional Loans. There is the FHA 3.5% minimum for the First Time Home Buyer, there's the 100% USDA loan.... However, gone are the radical hybrid arms, no interest, options, etc. that really got us into this shit-can of a mess we are in economically speaking.

Deuce, specifically with out-of-state items, I'm not 110% certain on the tax ramifications of them. I've not dealt w/out-of-state transactions on the Sales side (did thousands of closings for them on the Mortgage & Lending side in the past). I'm only licensed in FL. If you'd like I can reach out to some IL professionals, and also refer you to a local accountant for a free consultation to discuss the tax benefits and ramifications. LMK bud.

[Duceanahalf]

South Tampa = Big $$$

Tax Credit is only "up to" $8,000. It's actually "10% of purchase price, up to $8,000" - which means if you are buying a home for less than $80k, expect 10% of your p/p. To be eligible you cannot have owned a home in the past 3 years. There's an entire article and a link or two on my Examiner page about the extension & details of the requirements / guidelines.

**Chris** I've sold a LOT of house for under $100k. Especially here in Hernando lately. I actually just sold a fully-furnished model home, never been lived in, 2/2/2 concrete block home w/gas appliances, brick pavers, screened in lanai, all brick paver patios & drive/walk ways, etc. for $129k - with about $50k or more in FURNITURE in it. Some serious deals on the market.

And yes, you're right, it's tough to have $20k-$40k for a down payment on a home. However, there are several programs available that do not require such a large downpayment (20%) like Conventional Loans. There is the FHA 3.5% minimum for the First Time Home Buyer, there's the 100% USDA loan.... However, gone are the radical hybrid arms, no interest, options, etc. that really got us into this shit-can of a mess we are in economically speaking.

Deuce, specifically with out-of-state items, I'm not 110% certain on the tax ramifications of them. I've not dealt w/out-of-state transactions on the Sales side (did thousands of closings for them on the Mortgage & Lending side in the past). I'm only licensed in FL. If you'd like I can reach out to some IL professionals, and also refer you to a local accountant for a free consultation to discuss the tax benefits and ramifications. LMK bud.

i was just seeing if you had any experience with it. i should just ask my dad as he kept his house from illinois while living here as a rental property, but he bought it as a primary residence then later moved and rented it out