Michigan Investors - Homebuyer Tax Credit as balloon payment

By
Real Estate Agent with Greenridge Realty Oakmont
Investors - Land Contracts & Homebuyer Tax Credit as Balloon

Some investors are doing land contracts with very little down, and including language in the contract that requires a balloon payment based on their Homebuyer Tax Credit.

If buyers qualify for this credit, (a tax professional should evaluate), they can file an amended 2008 return to claim it as soon as they close on a home.

Generally, investors are buying foreclosed homes, fixing up the home to very liveable, move-in condition, and selling them on land contract for around twice their investment.

Many land contract buyers have solid employment, but due to something unexpected, (divorce, extremely high variable interest, medical emergency, etc.) lost their home and are unable to obtain financing through lenders.

Of course, there are several risks for the investor in this arrangement, but it may be very lucrative if you carefully screen buyers and make sure the homes that you sell them are in good condition.

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