Hi, Is there any reason why I couldn’t get the tax credit back to me when selling on a Land Contract? In the form of a short term promissory note? Not directly of course but from the buyer. I know Vena Cox Jones and John Hire have a course but I don’t want to buy it.
Thanks, Herbster
PS I could apply it towards the downpayment.
Of course you could carry back financing in the form of a first and a second. No reason why the second couldn’t be the exact amount the buyer will receive in his first time homebuyer tax credit.
Make the second balloon in six months to give the taxpayer plenty of time to file his 09 tax return and get his refund.
Thanks for confirming that Dave. I thought there must be an easier way.
Herbster
Dave are you disclosing the seller carry back to the lender?
Since the question specifically referenced using a land contract – a seller financed sale. There is no institutional lender involved.
Herbster, I know you said you didn’t want to buy the course but I have used it more than once and my ROI on this product was very good. How much are they asking for the course?
Hi Wendy, Through Vena and John I think its $120 or so. Through Sreve Cook its $100. If the tax credit would run longer I’d buy it. Fresh out of these deals now though, if it picks up maybe I’ll buy it. Thanks, Herbster