"I have bought it" versus "I have it bought"

Question

1. I have bought it (Present Perfect)
2. I have it bought. (Present Simple ??)

What's the difference in the meaning between these two sentences?

Answer 1

The two sentences have completely different meanings and structures.

The first sentence is the present perfect and means I bought something in the past, and this purchase has a present result, likely that I now own that thing.

The second sentence is in the present simple form and uses passive causative with "have". It roughly means I regularly cause someone to buy it, likely by asking them or paying them.

Alice: Do you go out and buy the newspaper yourself every morning?
Bob: No, I have it bought.

The general structure is [ "have" + object + past participle ]

Here are some examples with different tenses:

I have the house painted every year. (present simple)
I have had the house painted. (present perfect)
I had the house painted. (simple past)
I am having the house painted. (present continuous)

Answer 2

The simple present would be, "I buy it."

"I have bought it" is present perfect. This indicates action over a period of time. Like you might say, "I have bought bread", meaning that you bought bread many times over a period of time.

"Have " is also used for an emphatic past tense. Like, "Did you buy it?" "Yes, I have bought it."

"I have it bought" is an unlikely thing for a fluent English speaker to say. Yes, it's grammatically correct. By changing the word order from the standard, you put emphasis on "it" rather than "bought". You might say this if the means of acquiring "it" is unimportant, like you might have bought it, or you might have gotten it as a gift or stolen it or whatever, but the important thing is that you now have it. Or if the "it" is particularly important. Like you are trying to emphasize that you have "it" -- whatever "it" is -- and not some other thing of less value or interest. But all that said, a fluent speaker would be unlikely to say this.