Real Estate Advice
Last year I was contacted by the Congressman’s office to provide input that would hopefully help our then struggling real estate market. In a nutshell, my advice was to put certain time parameters on both the purchase and sale of residential property to investors. If investors purchased and then ultimately sold these vacant and foreclosed homes within the stated time parameters, my idea was to grant them the same capital gains tax benefits that an owner occupied purchaser would now receive.
Now, this is an absolute no cost to the taxpayer idea and it would have substantially shrunken huge pool of these distressed homes. Plus, the investor purchaser would not receive any benefit whatsoever unless there was a capital gain when they sold.
I personally believe that this is a great way to stimulate the real estate market and also to improve neighborhood resale values by eliminating many often neglected foreclosed properties.
Nice job.
Makes too much sense to pass though. Now if you had suggested giving the foreclosed homes to illegal aliens it would have a great chance.
Paul
Not generous enough to the foreclosed homeowners. Any and all profit the investor makes should be re-distributed to the person foreclosed on, despite having lived there for 6-12 months free plus getting a “kick out” fee disguised and softened as a relocation fee.