When looking at investing in the Louisiana and Mississippi Regions, the Federal, State and local governments have found a way to give people free money...seriously free money. This is even for small time investors like you and me...where we have maybe $10,000.00 to $3 million in real estate and are looking for ways to maximize not just accelerated depreciation but also in the immediate tax year credits as much as 50% in that FIRST YEAR OF OWNERSHIP! Crazytalk...just crazytalk I tell you! Let's look at the options when buying any real estate as of 8/1/08:
1) CONVENTIONAL MORTGAGES - 10% down to 20% down(for investment properties)
2) HARD MONEY LOANS FOR HOME OWNERS - where an owner has 100% ownership or equity in a property and wants to borrow on that equity. This type of home owner's interest rate and / or personal credit score will effect what this loan costs in terms of interest rate and upfront charges(points).
3) COMMERCIAL LOANS - These usually require at least 20% down. The secret to getting the right loan is often just get a credit line, and draw off this line of credit instead of taking a chunk of money in one shot.
4) TAX CREDITS
- Historic tax credits - get money to rehab an old building / make it look pretty on the outside.
- Economic zone tax credits - build within a specific zip code get anywhere from 5 to 50% back in tax credits.
- GOZONE tax credits - These are in specific areas for a specific timeframe.GO ZONE
Email IAN for more information
