24 Year Old Uses Obama Stimulus to Buy a Home and Start a Business
President Barack Obama’s policy’s have been accused by many as being anti-small business and hurting entrepreneurs around the country.
For Michael Hoesly, founder of jetsetyourdream.com, this is not true. With the help of the Obama administration’s policies, Hoesly was able to purchase a home and start his own business, all before his 25th birthday.
When Michael Hoesly graduated from Penn State in 2009 he had very little savings, but had a focused goal in mind. He wanted to own property and run his own business. After saving up for a few months, he entered a buyer’s market in 2010. Hoesly settled on the lively town of Red Bank, NJ to accomplish his goal. He knew this town, both near the beach and close to New York City, would be a great place to own a home and launch his new business.
Without much saved up Hoesly turned to the Federal Housing Administration for help. The FHA was offering loans in which prospective buyers did not need much more than 3.5% of the down payment and a solid credit check. Hoesly found a great condo only 2 blocks from downtown for about $200k.
“I thought it was too good to be true,” He claims. “I needed to put down less than $10,000 to buy a home, AND the government was going to pay me to do it!”
At the tail end of 2009, the Obama administration extended the first time home buyer tax credit to the spring of 2010. According to his closing date, Hoesly was eligible to receive an $8000 tax credit stimulus payment for purchasing the home. The intention of the credit was to dig the housing market out of the dire hole it had dug for itself. The stimulus would go on to help thousands buy their first home.
“I think the intention was that people would be motivated to not only buy a home, but then use their tax credit stimulus to purchases other goods such as appliances, furniture, and other home goods which would help to stimulate the economy,” say Hoesly, "But I wanted to take it a step further.”
And that he did. Rather than spiff up his new home with state of the art appliances and fancy decorations, Hoesly put his money to work for him. He founded his network marketing business, jetsetyourdream.com in 2011.
“Tax stimulus bills will come and go, but if you put your mind to it, there are thousand different creative ways to make your dreams come true,” says Hoesly.
Michael Hoesly, currently resides in Red Bank, NJ where he runs jetsetyourdream.com from the comfort of his own home. Hoesly likes to tell people that if he is living his dream, it’s possible for others to follow in his footsteps. To find out more about Michael Hoesly and his business, visit his websites: jetsetyourdream.com and mikehoesly.com.
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