Bill Nelson

Live Where You Work and Save!

2009-10-08T17:13:00Z

Many towns in NJ are starting to promote a great program to encourage people to Live where they Work. The program is being backed by the New Jersey Housing and Mortgage Finance Agency in partnership with the participating municipalities offer it. Currently, Washington Twp and Glassboro are participating in the program as well as about 20 other towns throughout the state. Qualified home buyers can get down payment assistance, low interest mortgage loans, and much more. To qualify, the home buyer must meet certain income requirements and at least one person who will be on the mortgage must work in the municipality. If you are interested, let me know and I'll put you in touch with a participating lender to be pre-approved for the program. While you're at it, let me know what you would like in a home and I'll find a few that match.

Washington Twp info: http://www.twp.washington.nj.us/lwyw

Glassboro info: http://www.glassboroonline.com/lwyw/

Bill Nelson's Contact Info: 856-466-2502 / wnelson@cbelitenj.com

November 30th will be here soon!

2009-09-25T14:52:00Z

This might not be a signifigant date to you but if you are a first time home buyer, pay attention to it! This is the date that marks the end of the First Time Home Buyer's Credit. If you were looking for a reason to buy a home, this is it! You can get up to $8,000 in your pocket if you qualify. You might be thinking that this is two months away and you have time to find a home, WRONG!!! You really only have about a week left due to the new regulations for financing and the time needed to process the transaction. It is not unusual to see 60 day or longer closings taking place and the last thing you would want to do its to find out that your closing needs to be postponed into December. My suggestion is to take advantage of the existing homes inventory and get a home under contract today! Remember, you are in a great position because you do not have to sell a home to buy your next one. This is very attractive to a home seller who is looking to take advantage of the lower prices of the home they'd like to buy. If you would like to talk more about buying and the tax credit being offered, call or e-mail me. 856-466-2502 / wnelson@cbelitenj.com.

Thanks!

Bill Nelson
REALTOR, Real Estate Investor, SRES, CNS

Ways to use the $8,000 gift from Uncle Sam

2009-04-13T13:32:00Z

I had an interesting open house recently and had the chance to talk with a well respected real estate broker from our area. Although he was not interested in the Open House property, he did give me a few suggestions on how a First Time Home Buyer (FTHB) can use the credit to get into a home. We talked about a few things that you might be interested in trying to help you afford the home you really want. Assuming you have some or all of the $8,000 in advance or a way to get the money in advance, try doing the following:

1) Payoff small balances - If you have less than a year left on your car loan or student loan, pay if off. This will increase your home purchasing power and eliminate the debt after you close on your home. Depending upon your credit and income/debt ratios, reducing your monthly bills by $350 per month (average car payment) can add a thousands to your purchasing power (around $58,000 at 6%!).

2) Payoff credit card balances - Although many people owe more than $8,000 on credit cards, not all of the balance is often found on one card. Look at your statements to find out which cards can be paid off with the least amount of money. Look at the "retail cards" like your Kohl's charge, Sears charge, Home Depot Card, etc. If the balances are low enough to pay off, do it! These cards usually carry the highest interest rates possible and entice you to spend more, so when you do pay them off, CUT THEM UP AND CLOSE THE ACCOUNT!!! Closing the account is one of the best ways to ensure you don't run up a balance again. Every $1,000 you owe can reduce the amount of home you can afford per month by $6.00. Doing this with the $8,000 tax credit could allow you to add $48 to your monthly payment which could be the difference between a 2 or a 3 bedroom home.

3) $8,000 can cover, in some cases, all of your closing costs and down payment. The problem is that you can't borrow money for your down payment, but it is legal for someone to give you a gift to buy a home. Your lender will ask for a gift letter to show the source of the money. Keep in mind that you can file an ammended return for this tax year to get the tax credit now rather than next year. So, you get a gift from a relative to buy the home, file to get your tax credit, and give a "generous gift" to say thank you to your generous relative.

I keep using the $8,000 figure which is commonly being advertised. The truth is that this is a combined figure for a "couple". Individual first time home buyers could qualify for up to $4,000. There is also a deadline of December 1st, 2009 to settle on your new home, so don't delay in buying it! You might qualify for this even if you have owned a home in the past. The definition of a first time home buyer is someone who buys a home who has not owned a home in the past three years. I also encourage you to talk with a tax professional or accountant for more information for your situation. If you would like more information or would like to start your home search, let me know and I'll put my team to work for you!

Bill Nelson can be reached by phone, 856-466-2502, e-mail, wnelson@cbelitenj.com, or online by visiting www.billnelsonrealtor.com.

Open House, April 5th, 1 to 3pm - 140 Baldwin Rd, Glassboro

2009-04-02T22:21:00Z

This is a great established area that adjoins a newer community. The home would be a perfect opportunity for the first time home buyer or a buyer looking to downsize. First time home buyers can qualify for the $8,000 tax credit, which should reimburse you for your down payment and some closing costs with an FHA loan. It features hardwood floors, full basement, detached garage, and a nice sized back yard. I'll see you on Sunday! If you would like to tour it sooner, let me know by calling me, 856-466-2502 or sending me an e-mail, wnelson@cbelitenj.com.

140baldwinrd.billnelsonrealtor.com

Open House in Rolling Green on Sunday

2009-04-02T20:27:00Z

Rolling Green, Glassboro - We invite everyone to visit our open house at 140 Baldwin Rd on April 5 from 1:00 PM to 3:00 PM.

Property information

Tired of Losing Money in your IRA?

2009-03-06T19:35:00Z

Why continue to lose money in your IRA? Take control and open a self directed ROTH IRA and buy real estate for retirement. This is a great concept that most "finanacial advisors" shy away from because they don't know much about it and those who do, realize that they will not make any money helping you open it. You can own stocks, mutuals, bonds, and many more items like a traditional IRA or ROTH IRA, but the Self Directed IRA lets you do so much more like acquiring real estate, lending money, and retiring with a lot more money independant upon the knowledge and direction of the "financial gurus" that currently run many of the funds available through traditional outlets. I encourage you to check out a few of the companies that offer this which are easily found through a google or yahoo search for "Self Directed IRA". Remember, its not so much about what you make, but how much you keep.

I need rentals!

2009-01-27T19:43:00Z

Note that this information is outdated.

I have had an overwhelming number of requests for rentals. This would be a great time to get into real estate investing to fill the need for rentals. Interested? Call me for a one-on-one to learn more about being a landlord and the benefits of owning investment real estate. 856-466-2502 / wnelson@cbelitenj.com

Renovations - the Wilson Project

2009-01-14T23:56:00Z

One of the things I enjoy about real estate is taking a neighborhood eyesore and turning it into the best home on the block. This encourages neighbors to invest in their homes and overall benefits the community by reestablishing pride. In the past, I have swung the hammer and have learned a great deal about fixing homes. The skills learned have included re-leveling floors, installing tubs and surrounds, replacing siding, installing windows and more. Every home added to my confidence and has made me want to become a "residential redeveloper". I have, however, realized that if I am to become a residential redeveloper, I must draw from my experiences and learn that I cannot do everything. This means hiring contractors to work for me so I can work on finding the next deal. My property on Wilson will be the first property that I plan to hire a contractor to do the work for me. So far, I have laid out a plan to get the home remodeled including consulting an architect, developing a materials list with local suppliers, contacting the local municipality for permit information, and offering the job for contractors to bid. So far, I've hired the architect and have received a preliminary floor plan that looks great. The home will be 80% new as it will be taken down to the studs, walls moved or removed, bathroom added, and a complete relocation of the existing kitchen. The exterior will be new with vinyl siding and windows as well as a new roof. My goal is to deliver a turn key home for a new owner occupant to enjoy trouble free for years to come. I plan to keep you posted on the progress and who knows, you might be interested in calling it home. If you let me know soon, you can pick your colors, cabinets, and finishing touches.