Renter ?

Become an OWNER ! ! !

+  Net FREE RENT 

+  ZERO down payment & closing costs 

+  Up to $9800 CASH in your pocket

+  Early RETIREMENT Plan

=  ONCE IN A LIFETIME OPPORTUNITY

DETAILS:

• ZERO DOWN -- Financing may be available for you to buy this four family home with no money down, at a low interest rate, and without good credit, via the community support organization NACA.com . You can visit their website for details. This is FIXED RATE 30-year financing with no gotcha's. NACA.com is a separate non-profit organization that doesn't have a thing to do with me. I just found them as the financing piece to make this great opportunity possible.
  
  
• CASH IN YOUR POCKET -- The "Bonus" is really about tax credits and tax breaks. If you qualify as a first-time homebuyer, the Feds are currently offering an $8000 tax credit. This is BONUS MONEY INTO YOUR POCKET. Keep this money, or at least the bulk of it, in a safe place for emergencies. In addition, the State of Georgia is offering an $1,800 tax break. (I believe this comes as $600/year -- more MONEY IN YOUR POCKET.) There are of course rules associated with these, so you have to double check with your accountant. Also, the $8000 tax credit EXPIRES NOVEMBER 30, and it takes time to follow through with purchasing this home.  Therefore, it's VERY IMPORTANT TO GET STARTED RIGHT NOW..
  
  
• FREE RENT -- You live in one apartment, and collect rent from the other three. This rent will generally be MORE than you pay the mortgage company (roughly $2000/month), which means you pay about ZERO for rent.  In fact, it's very possible that you'll collect MORE in rent than you pay in mortgage, meaning that you actually EARN money to live here for free!
  
  
• EARLY RETIREMENT PLAN -- With a 30-year fixed mortgage, the time will come when you no longer have to pay the mortgage company, but you still get that roughly $2000/month (in today's dollars, more in the future perhaps) in rent from the other folks. That translates into $24,000/year income! If you're in that income range right now, this is your retirement plan! In fact, if you go ahead and pay rent to yourself rather than living there for free, you can pay the loan off as early as 15 years, and then RETIRE EARLY. Of course, you'll still be doing the management work, but that's far, far from full time work.
  
  
• You do have to maintain the property, either by yourself or by hiring a handyman. (I have a good one I can refer to you.) If a toilet leaks, you fix it. That kind of thing. This is NOT a Fixer-Upper, however, so the work is not very difficult. Also, the seller will provide a home warranty that covers many things, including air conditioner repair, kitchen appliances, and the like.  So, you will be substantially protected from that point of view.  Nevertheless, it's wise to hold on to part or all of the tax credit money you may get, just in case.
  
  
• The apartment is otherwise full right now. However, from time-to-time, somebody will move out and you'll have to find a new resident. This will require putting up signs and perhaps putting an ad in the newspaper. Especially living on-site, you ought to be able to find a new resident within a month or two. I can recommend where to advertise, and I can recommend a background check company that you can use to help make sure you're getting good residents. Nevertheless, when you do have a vacancy (hopefully only every couple years perhaps), you'll be getting in less rent and have to make up the difference for the mortgage. Fortunately, for example, if you have only one vacancy you'll only have to make up the difference equaling only the regular rent. Today, that's $678/month. Because of this possible unforeseen expense, it is good to keep some money in reserve. Remember the $8000 first-time homebuyer tax credit? Well, that would cover about a whole YEAR of vacancy, and there's no way you would let it go that long before getting somebody new in.
  
  
• From time to time, there may be a larger expense. For example, I just put a new central airconditioner in unit #3. Unit #2 already has a new AC. Unit #3 and #4 will eventually need new AC's, but probably later rather than earlier. Fortunately, the seller will pay for a ONE YEAR HOME WARRANTY that would cover most large expenses like this. You can also chose to extend this warranty from year to year. This helps because it may take until April 2010 to receive the $8000 tax credit (unless your accountant agrees you could advance that timetable by amending your previous tax return). If eligible, once you get the tax credit, however, I recommend you hold on to it. You can use it to pay extended warranty premiums (normally about $700/yr to $1000/yr), to pay for fixing toilets and the like, to make up for lost rental income from time to time, and to pay for any other unexpected expenses. Remember, this is your CASH RESERVE that helps keep you out of trouble in emergencies.
  
  
• Eventually, the $9800 tax credit money will run out. That might be one year; or it might be five years. After that, and even before, it would be wise to save a little money each month for rainy days. Remember, in general you're paying ZERO per month for rent. Aside from putting that savings against the mortgage to retire early, you ought to save some so that you rainy day fund hopefully never runs out. While I can't guarantee this, it seems to me that you ought to be able to average over the long term perhaps $350/month in unexpected expenses and lost rental income. That corresponds to about half normal rent. So, while the $9800 makes possible a total free ride in the beginning, over the long haul you'll have expenses that may roughly average half typical rent. I recommend making the habit of saving at least that much from the get go, or perhaps a whole month's rent. Apply what you feel comfortable spending to pay off the mortgage early, and save the rest for unexpected expenses. Again, if you're eligible for the $9800 in tax credits, then this buffer will help you get started as you learn to become comfortable with the situation. Also, depending on your accountant's advice, you'll need to cover the delay between buying and getting the credit. Between the warranty paid for by the seller and your immediate savings on rent monthly, you work to bridge that delay.
  
  
• You don't have to live there forever. The lender (such as NACA) will require you intend to live there for a minimum number of years. But after that, you could move out and up in the world, being better off for the time you spent there, as well as with the ongoing wealth building. You might keep the existing mortgage, refinance, or even sell, depending on your choices and desires at the time. I believe you can also do any of these before the Lender's minimum occupancy time expires, when due to unforeseen circumstances. It is your sincere intent in the beginning that matters in this case, I believe. (Check with the Lender and your own legal and financial advisors, of course.)
  
  
• Perhaps you noticed that the regular rent here is $678/month. If you're currently paying $1200/month, this place won't be as nice. It's not so great outside, but it is reasonably nice and clean inside. Still, it's not a house and it's not a $900/month apartment. It is a SAFE NEIGHBORHOOD, however. I've had no crime problems at all in the 4 years I've been managing the property.
  
  
• The apartment is in Sugar Hill, near the intersection of Hwy 20 and Peachtree Industrial, west of Mall of Georgia.
  

WHAT'S NEXT:

• TIME IS RUNNING OUT ON THE TAX CREDITS.  If you're interested, you should CALL ME RIGHT NOW at 678-919-1093.  There is a required NACA workshop on October 24th.  This will essentially be your last chance to get things done in time.  Therefore, we need to get all of our ducks in a row BEFORE the workshop. 
  
  
• You should also visit http://www.naca.com/ yourself and read about their Home Buyers Purchase Program (https://www.naca.com/members/purchaseStep.jsp) It's a step-by-step explanation of how their program works. They are a NON-PROFIT, community advocacy and homeownership organization. THEN GO TO A WORKSHOP. This will be good for you, regardless of this apartment.  (At this late date, talk to me about getting into the October 24th workshop, which is otherwise FULL, with no available reservations.)
  
  
• You should research the first-time home buyer tax credit. Google suggests the National Association of Home Builder sponsored website at http://www.federalhousingtaxcredit.com/2009/index.html
  
  
Call me at 678-919-1093 

ABOUT THE HOME:

• The four-family home is just a 4-unit building in an otherwise residential neighborhood. (You know, it's like a "duplex" but is actually a "quadraplex".) Each apartment has 2 bedrooms and 1 bathroom, a rather large living room, and an eat-in kitchen. Three are upstairs, and a slightly larger one is downstairs. The regular rent is $678/mo. It's nicer inside than it looks outside. The neighborhood has no known crime problems. It's located very close to the intersection of Ga Hwy 20 and Peachtree Industrial Blvd, in Sugar Hill, near Buford, west of Mall of Georgia and I-985 or I-85, northeast of Atlanta.