The Government Will Pay You to Buy These New Homes!
February 19, 2008 | Comment?
- Cash Flow Rental
- Up to $40,000 Government Cash
- Over 2 Billion in New Casino Construction
- Resort Beach Community
There are two unique government programs that can give you 50% bonus depreciation to offset income from real estate activities and give you up to $40,000 in cash when you purchase a new four bedroom pre-construction home. These programs apply to new rental properties in Biloxi, Mississippi, and are designed to entice investors to create desperately needed rentals in a city hit hard by past hurricanes.
Example: You are in the 30% total tax bracket, you buy a Biloxi four bedroom single family home for rental, the pre-construction price is $130,000, and you put $13,000 (10%) down. Assuming land value at about 10% of the pre-construction price, you will get about $60,000 in depreciation to offset income derived from real estate activities. This will be a tax savings to you of $18,000. PLUS you can receive up to $40,000 in cash from the state government.
PLUS you will have built-in equity at the time you close of about $15,000 (since you bought at a reduced pre-construction price). That’s total immediate benefits to you of $73,000! Not bad for a $13,000 investment!!
Biloxi, Mississippi is a story of unfortunate disaster turned into astonishing triumph as the city is rebuilding and emerging better than ever. One of the first and perhaps most important changes to occur in the city after the hurricane was the decision to allow the casinos to rebuild bigger, better, and in more desirable locations than ever before.
Almost $3 billion has been spent in rebuilding and relocating the previous casinos from water platforms to new land locations within the city. Six new casino complexes have already been opened, including the Hard Rock’s latest complex. Other casino operators see Biloxi as a land of opportunity and are quick to follow. Harrahs is scheduled to build a $1 billion complex in partnership with Gulf Coast native Jimmy Buffet…to be named “Margaretville.” The stage is being set to make Biloxi the new “Las Vegas” of the Gulf Coast. Talk about build it and they will come…these casinos are packed with people, and business is booming. Each new casino creates an average of 2,000 new jobs and pumps exponential dollars into the local economy. The casinos have placed a huge bet on Biloxi, and when was the last time you heard of a casino losing?
Contact Us Today About This Opportunity →
[Use of GO Zone bonus depreciation will vary depending on each buyer's circumstances. Consult your tax professional. Nothing herein may be relied upon as tax advice or relied upon for purposes of tax penalty avoidance.
Certain government programs must be applied for and are subject to approval. All incentive programs, prices, and availability subject to change without notice. Not all buyers will be approved for loans or government programs.]
