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2533 London Road

Richmond, VA  23233

Located in the heart of short pump, just a few miles from the short pump town center off of Church Road.  This home features 3 bedrooms and 2 full baths and a private yard setting.

You will love:

  • Awesome schools – Gayton elementary, Godwin High School
  • Renovated home with a nice floor plan including cathedral ceilings
  • Wood floors and new carpeting
  • New windows
  • Brand new stainless appliances
  • New deck, new french doors
  • Nice cul-de-sac neighborhood
  • 3 bedrooms, 2 full  baths
  • Master suite includes walk in closet, master bath
  • Outdoor space includes front porch, rear deck, driveway and shed

All for $1245 per month.

Available to rent or lease with option to buy

Carmel Properties



All the talk among Realtor’s, Mortgage Brokers, Investor’s and first time home buyers is about whether or not the first time home buyer $8,000 tax credit will be extened past May 1, 2010.  Everyone working in Real Estate has enjoyed the surge of sales this tax credit has provided during the past several months. 

It appears certain that the $8,000 First Time Home Buyers tax credit will not be extended past May 1, 2010.  Everyone is wondering what the impact will be while enjoying the final surge of people buying during this last week of April.  Mortgage Brokers and Realtor’s are secretly asking one another what will happen next to the real estate market. 

I am an investor and from my perspective we are still working right in the heart of the Perfect Storm caused by the glut of distressed properties on the market.  Never before has there been such a transfer of real estate wealth caused by the greed of Wall Street.  Today’s home buyers can purchase property as if shopping at Macy’s inventory reduction sale.  Just like finding your favorite clothes marked down 30%, homes can readily be purchased at sharp discounts in most markets across America.   I expect to continue to see some strong movement in the real estate market for the coming months due to the incredible deals that are readily available to home buyers.

The second reason I believe the market will stay strong for several months is the second condition of this perfect storm.  Very low interest rates.  With decent credit home buyers are still financing homes with interest rates in the low 5% range.  In fact we have a closing on a home that was purchased from us scheduled to close may 7th and the borrower qualified for a rate of 4-1/8%.  The very low interest rates will not last forever and the fact is they worth far more than the $8,000 tax credit, assuming the average American spends the $8,000 and does not re-invest it for a profit over the next 15 years.

The third reason I believe the market will stay strong for a while is the wide availability of grants.  In Virginia where I live, and in many states across our nation there are many grants still available to first time home buyers.  We recently sold another home in Virginia where the borrower qualified for a $10,000 grant.  Again, that grant exceeds to return of the $8,000 tax credit.

The good news is that I believe homes will continue to sell for the next several months.  The key to your sales is the same as always:

1.  Property condition:  There are a lot of homes still on the market; to make yours stand out from the others be sure it is 100% clean, clutter free and well maintained inside and outside.  Be sure the outdoor space is appealing with a well cut lawn, mulched flower beds and trimmed bushes.

2.  Marketing:  The majority of home buyers begin their search on-line.  Be sure that your home is marketed heavily on the internet.  You should be sure to have your home listed onto the MLS either list it yourself with a great flat fee MLS listing service such as or find a strong realtor.  Your home should be listed on craigslist, zillow and trulia along with the MLS.  In addition to internet marketing and the MLS, be sure you have a property flyer along side a great for sale sign that is easily read when people are driving by your home.

3.  Price:  In this market you need to consider your listing price carefully.  Take time to review the comparables of recent homes sold in your neighborhood, speak to a strong Realtor or simply have it appraised.  You will want to price your home competetively and be sure to offer the new Buyer assistance with their closing costs to make it easy for them to purchase your home.

Sit back, relax and enjoy this perfect storm.  There should continue to be strong sales for the next several months due to low interest rates, readily available grant funds and the continued great opportunities to buy.

What do you think the impact of no longer having the $8,000 first time home buyers tax rebate will be?  Leave me your opinions in the comments.  I would love to know your thoughts.

Renovated 5 bedroom home! Great space, Great neighborhood – We pay your closing

Just fully renovated, 5 bedroom home in eastern henrico for $159,900 and we will pay your closing costs for you.

Jim Ingersoll
Carmel Properties

They key to selling your home is marketing, marketing, marketing.  Besides listing it directly to the MLS so that Realtor’s can sell your home you should consider simple ways to let everyone know your home is now for sale.  There are a lot of marketing activities that all help you get your home sold so you can collect the profit on your investment.  I have organized them into sections from basic to advanced.  You should work to incorporate all of these into your marketing efforts to maximize your ability to get your house sold.

 The marketing basics begin with your MLS listing and a house for sale sign.  You can pick up a for sale sign at your local store or buy a more custom sign on the internet at sites like  You should look for a large sign with a solid frame that is easy for passer-by’s to see and read.  Resist the urge to use a very basic for sale sign as this one below.  This is a basic for sale sign in orange and black and does not indicate exactly what is for sale.  It could be a car for sale, a dog or an old tractor for sale, the passer-by’s really have no idea what is for sale.

 Be sure the sign has great contrast and eye pleasing colors such as red and white.  Once you have your sign remember to make sure your phone number stands out boldly.  Place it at the property in a location that can be easily seen as people drive-by your home.  I prefer a sign like this one below:

  In addition to a basic “for sale” I recommend using some home for sale directional signs at any intersection near your home that has significant traffic count.  It is an easy way to let thousands of people driving down a busy road know that a house is now for sale.  You will be surprised to get phone calls from people that work near your home and want to live near where they work.  Below is an example of a directional for sale sign.  A directional style sign is very effective on nearby intersections, especially if there is a lot of traffic.  It is essentially a billboard announcing that your home is now “For Sale.”

 Signs are an easy way to let the people who live and work in the area of your home know that is now For Sale.  Often times relatives will be interested in moving near their family and will scout out your for sale sign and call you for the information.  Neighbors will also call friends hoping to pick their new neighbor.

Now is the time for action! We are experiencing the greatest transfer of real estat wealth of our generation!

Mark YOUR Calenders right now:


Saturday morning February 27th from 9 to 11 am I will be addressing the top three questions I continue to get asked :

1. How can I finance investment real estate – I will give you information on 3 ways you can finance.

2. What areas of the Richmond market are the best to invest today? I will share my most recent experiences in a variety of areas

3. How can I get my houses sold?

I will address all three of these topics and we will have some good old fashioned networking over bagels and coffee. I hope you can join me. This event is FREE of charge, but you can donate toward bagels and coffee to help us out.

I have a couple of different locations that will work, but need to get a feel for the number of people interested in this event… SO if you can join me I REALLY need to Know right away because space will be a limited.

To Reserve your space: Leave a comment at this blog that you will be joining us or Just send me an email direct : and simply tell me you will attend!

You wont want to miss this event as we unravel the mysteries of how to get your deals financed, review the specifics of the Richmond market and tackle the solutions to getting your houses sold for an instant profit!

This will be a great time of investor networking and you can NOT beat the price — FREE. Come ready to have fun! Come ready to network! Come ready to learn how to capitalize in this market by INVESTING NOW!

Jim Ingersoll

HUD secretary Shaun Donovan announced a policy that will dramatically accelerate the process of re-selling foreclosures.  The announcement is part of the Obama adminstrations commitment to stabilizing the foreclosure market.  The announcement came along with a commitment of $2 billion in NEIGHBORHOOD STABILIZATION GRANTS.

Historically FHA from insuring a home mortgage owned for less than 90 days (90 days title seasoning).  This requirement represented a 90 day delay in processing all foreclosures, homes being flipped by investors, etc.  In todays market foreclosed homes can be acquired and fixed up nicely in well under 90 days which would then create delays for investors looking to re-sell the homes once they are fixed up.

The change in policy will take place on February 1, 2010 and last for one year.  It will permit buyers to use FHA financing to purchase foreclosures, hud homes, REO properties, bank owned real estate or general private sales without a 90 day delay.  This change in policy is expected to help stabilize real estate markets and further revitalize neighborhoods with high foreclosure activities.

This change in policy will allow investors to accelerate their turn cycle of purchasing, repairing and then re-selling affordable homes to the general public.  It will also help provide clean, renovated and affordable housing to the general public.  To prevent predatory practices from investors, the following guidelines will be ensured on each FHA loan:

1.  All transactions must be at arms-length, with no identify of interest between buyer and seller

2.  In cases where the sales prices of the property is 20% or more above the seller’s acquisition costs, the lender will need to meet certain guidelines

3.  Waiver is limited to forward originated mortgages and not applicable to home equity conversion mortgages

What impact will these changes have on the real estate market?  Let me know what you think.

Jim Ingersoll

In November 2009 President Obama has signed the extension of the first time home buyers $8,000 tax rebate. President Obama also has signed an expansion of the original plan. The expansion provides a $6,500 tax rebate for qualified buyers who already own their own home. Both will be in effect until April 30, 2010. The provisions are providing a tremendous opportunity for homeowners as a huge incentive for buying a home. The new extension and expansion has created a sense of urgency for those buying homes. According to Mark Sauers, Assistant Vice President with Sun Trust Mortgage

“The only thing i would say is that if history teaches us any lessons we should move forward sooner rather than later. April 30 will be here before we know it. I really do not expect any further extensions beyond this”

The following guide will simplify the qualification process for homeowners looking to take advantage of the home buyer tax credit.

    $6,500 Tax Credit for trade-up buyers who already own their own home:

1. Income qualifications: Single taxpayer incomes must not exceed $125,000 and married couples income can not exceed $225,000

2. Purchase date qualifications: Purchase must be after November 6, 2009 and on or before April 30, 2010.

3. Ownership qualification: Buyers must have lived in their previous home for five consecutive out of the past eight years. The purchase price of the new home can not exceed $800,000 and the new home must be a personal residence (non investment or non-owner occupied).

The total tax rebate is equal to 10% of the purchase price, up to a total of $6,500 and does not need to be repaid back to the Government.

    $8,000 First time home buyer tax credit:

1. Income qualification: Single tax payer income can not exceed $125,000 and couples filing jointly can not exceed $225,000

2. Purchase date qualification: All sales that occur between January 1, 2009 and April 30, 2010

3. Buyer qualification: Anyone who has not owned their own home during the previous three years prior to current purchase

The tax rebate is available for 10% of the purchase price of the home with a maximum of $8,000 and can not be used on a home that is over $800,000. Really now, how many first time home buyers can afford an $800,000 home?

first time home buyers rebate expanded and extendedPresident Obama has signed the bill to extend and expand the home buyer tax rebate.  First time home buyers have been enjoying the $8,000 tax credit since it was signed in early 2009.  The first time home buyers tax rebate was set to expire on November 30, 2009 but now it has been extended to all houses put under contract before April 30, 2010.

Along with the extension President Obama signed an expansion of the original tax credit.  The expansion allows many homeowners, who purchase a new primary residence home, to enjoy a $6,500 refund.  Homeowners are eligible for the $6,500 if they have lived in their home for five consecutive years out of the past eight years.   The earnings income limit for receiving the tax credit are $125,000 for individual and $225,000 for a couple.  The new purchase does not need to cost more than the original purchase and here is an example of how the 5 out 8 consecutive year residency should apply:

Renting scenario:  If you previously owned your home for the five consecutive of previous 8 years, then sold it and chose to rent a different home you would become eligible to purchase a home and receive the rebate. Please contact your cpa or tax specialist to be certain of your situation.

Divorce scenario:  If you and your spouse lived together for five consecutive out of the past eight years, got divorced and went your own paths but did not repurchase a new home you would then potentially be eligible for the $6,500 tax credit.  Please be sure to contact your cpa or tax specialist to be certain of your situation.

It is estimated that approximately 2 million home buyers will take advantage of the tax rebate this year and that this tax credit could pump more than $20 Billion into our general economy.  The hopes of our Government leaders is that it will ultimately lead to a sharp rise in home sales and ultimately help lead to a stabilization in the overall market and economy.

Extending the tax rebate will help to continue to give a great incentive to first time home buyers nationwide.  The expansion is expected to lead to greater sales in the “Trade-up” category where home owners move up to a more expensive home to take advantage of this offer.

invest-now.jpgThe Senate has agreed to extend the first time home buyers tax credit.   Approximately 1.5 Million first time home buyers have taken advantage of the rebate in 2009.  The rebate allows first time home buyers to capture the $8,000 rebate.   The Senators have agreed that the tax rebate be extended to April 2010.  Next up is the vote of the House.  The House is expected to accept the package and send it to the President for signature.  It is expected that President Obama will gladly sign the extension.  In addition to the extension of the $8,000 tax rebate, they have agreed to expand the tax rebate to repeat buyers for a total of $6,500.

What impact will the extension and expansion have on our economy?  National Association of REALTORS® estimates that each home purchase contributes approximately $63,300 into our economy which is the approximate contribution of one new job.   Which organizations financially benefit from a home sale?  Here is a short list of some of them:

Realtor’s and Brokers:  6% commission on each sale.  Assuming the national average of a home sale is approximately $200,000 the commission per sale will average approximately $12,000. 

Settlement Agents:  The title companies and attorney’s generate income by selling the title insurance and providing legal services.

Mortgage Brokers:  Earn commission by writing your loans

Home inspectors and contractor’s:  Earn income on inspecting and then repairing the homes as needed.

Appraisers:  Earn their income for determing the value of your home

Financial institutions:  Earn their income through interest and numerous fee’s associated with your financing.

The first time home buyers rebate has had a big financial impact on our economy.  Expanding it to include a $6500 rebate to everyone will have a huge impact which will be covered in our next blog.


Nearly 1.5 Million people have taken advantage of the $8,000 tax rebate since it’s conception in January 2009. The tax credit has been available to all first time home buyers. The first time home buyer is defined as anyone who has now owned their own home for three consecutive years. Oh, one more criteria for eligibility… It must be for your primary residence which is unfortunate for investors. The credit is in the form of a tax rebate for 10% of the purchase price of the home, up to a total of $8,000. One of the great benefits of the tax rebate is that is FULLY refundable to the buyer. For instance if the first time home buyer owed no taxes on their taxes, then the first time home buyer can ammend their tax return and capture the full $8,000.

The tax rebate has helped improve the national home sales. The current tax rebate is set to expire on November 30, 2009.  This means that the purchase must be fully closed and completed in order to qualify. It typically takes approximately 30 days to close on a home transaction with conventional bank financing. The point is that in order to be confident your purchase will qualify you should plan to be under contract to purchase your home by November 1, 2009. If you are trying to capture the $8,000 tax rebate and have not yet put your home under contract or you dont qualify for conventional financing then you need to consider finding an alternate approach. One alternate approach is to find seller financing. If the seller is providing the financing and you do not need to wait the typical 30 days for bank financing, then you can still close by December 1, 2009 without many challenges.

What about the possibility of extending the rebate past December 1, 2009?   There are currently several bills  in Congress that would allow the extension. Each of the bills in Congress provide alternate solutions toward the extension. Of course there is a lot of politics involved in completing the extension, from all poitical parties. Here is a brief summary of the extensions:

S1230:  Senator Johnny Isakson  introduced Senate Bill 1230 in June.  The Bill proposes a tax credit up to $15,000 that can be split over 2 year for everyone who purchases a home for their personal residence.

HR 2619:    This one  proposes to extend the existing $8,000 tax credit to July 1, 2010 and adds provisions for a tax credit of up to $3,000 for homeowners who refinance.  This would certainly create a ton of refinanes.  Is this part of the recent mortgage issue?  Many Americans seem to use their home equity as an ATM machine, pulling it out and spending it.  I guess that would potentially help spur the ecomony in the short term.

HR 2801 – Similar to S1230 but it extends benefits to January 1, 2011.

Several key politicians are publicly making comments about getting the extension approved by early November.  Those making positive comments include Senator Bill Nelson of Florida, Senate Majority Leader Harry Reid and Senate Finance Committee Chairman Max Baucus.  They are hoping to extend the rebate along with unemployment benefits at the same time. 

One thing for sure is our current Government is committed to spending an unlimited amount to try and stimulate our ecomony.  Our Leaders appear to be committed to short term gains at the expense of future generations.  That said, extending the first time home buyer credit will certainly help encourage American’s to own their own home. 

What do you think?  Should the first time home buyers credit be extended?  Why or Why Not?  What are the short term benefits and long liabilities associated with this extension?  I would like to hear your viewpoints so please leave some comments.

Jim Ingersoll

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