Licensed since 1984, San Diego real estate broker Gary Kent is a recognized authority on real estate. In addition to selling over 5,500 homes for clients, he has been an expert court witness, trainer of other agents, and he does seminars on home buying, home selling, and investing. Gary has sold homes for The Salvation Army, dozens of major banks, and Fannie Mae, amongst others. You can find Gary on Facebook, Instagram and YouTube.

First-Time Homebuyer Credit

“Whatever happened to that $7500 first time homebuyer credit?” Answer: The just-passed stimulus bill made some changes to the credit that are great news if you’re a first-time homebuyer. (FYI, their definition of “first time homebuyer” is that you haven’t owned a home the past 3 years.) The provision gives you a slightly increased tax
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Special Financing on FNMA Foreclosures

“At your foreclosure seminar you mentioned some special financing on Fannie Mae foreclosures. Can you give me that info again?” Answer: Happy to. On some FNMA-owned foreclosure properties, they’re offering very attractive financing: – 3% down to owner-occupants – 10% down to investors – No appraisal or appraisal cost – No mortgage insurance cost –
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Selling with Unpermitted Additions/Conversions

“I converted my garage without a permit. Will this be an issue when I sell?” Answer: Assuming your conversion was of good quality, you will face a few minor to moderate challenges when selling: First, most homebuyers prefer a garage to a garage conversion. And the “nicer” the neighborhood, the more people will want a
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Bad Market, Good Time to Buy a Home

“You’ve recently talked about it being a good time to buy a home. How can you say that when the market is so bad?” Answer: That’s the paradox of a buyer’s market. The best time to buy a home is usually when things are bad and have been bad for awhile, not when they’re good.
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Buying San Diego Real Estate With IRAs

“Hi Gary. I’d like to start investing in real estate and would rather use my retirement funds. Can I buy real estate using my IRA?” Answer: Yes, and I’ve done it myself a couple of times. You must have a self-directed retirement account with a company (aka “custodian”) that allows real estate IRAs. Some basics
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Costs Paid by Buyer vs. Seller

“What costs do the buyer and seller usually pay?” Answer: Division of costs vary by geographic region. In San Diego, the buyer usually pays: Home inspection + any other inspections (except termite) ½ the escrow fee Lender’s policy of title insurance Notary & recording fees for loan documents All new loan charges (credit report, appraisal,
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Veterans Affairs Loans

“Can I use my VA to buy an investment property?” Answer: Sorry. VA loans are only for owner-occupants. However, you can move out of the home at a later date and keep your VA loan. Verify with your lender or the VA, but I think you must intend to live there for at least a
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Short Sales vs. Foreclosures

“Some of us are on the brink of disaster; no equity, struggling to make payments. What’s best; short sale or foreclosure??? ” Answer: I’m very sorry to hear about your situation. Here’s my objective opinion of the pro’s and con’s of a Short Sale vs. Foreclosure PLUS one other possibility. Short Sale: – Arguably a
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Appraisals and Home Values

“Does the seller have to lower the price if the appraisal comes in low?” Answer: No. Remember, an appraisal is just one person’s opinion. Too many people consider an appraisal as “word from above” about the value of a home. But I’ve seen appraisals off by as much as 40%! Another question you might be
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Getting a Positive Cash Flow When Investing

“I’d like to start real estate investing. Is it possible to get a positive cash flow if I buy a house or condo?” ***ANSWER: For my first 24 years in real estate, when you bought a rental in San Diego the question was always, “How much will my negative cashflow be?” Now, I can finally
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