I'm really frighten and excited to start this journey again. I was trying to invest in real estate in 2002 and kept getting road blocks at the time not having a mentor or a forum like this to help me available. So with listening to the podcasts and the wealth of info available online now I think it's time for me yo jump back in.
A little more about me I currently have a home that is under water (meaning I owe more then it worth) I have two mortgages on it the first loan I have been paying and the second I stopped paying two years ago. I currently have a good amount of money in a IRA and I really don't want to just leave it in there.
I really would like to take that money and invest it in real estate so I could have more control of my money. Then giving it to a money manger to mange it.
Any advice would greatly be appreciated.
Hey @Tyrone Watler , welcome to the forum and congrats on jumping back in!
I've got two pieces of advice for you...
1. Identify what kept you from getting anywhere and/or being successful in 2002. This forum is tremendously helpful, but many of the roadblocks to investing are the same today as they were back in 2002 (in fact, some things like financing are even more prohibitive).
2. Get your personal finances in line. Unless your plan is to get into wholesaling, you will really benefit from having your own finances in place. Depending on who holds your 2nd mortgage, your credit score could be shot and in need of some serious work. It sounds like the first thing you need to do is get that situation remedied...perhaps look into doing a short sale.
Welcome to BP @Tyrone Watler! Awesome to read a bit of your story. I myself have had my shares of hard knocks in life, and am pulling myself up again. It's a great feeling to be getting somewhere.
There are books you can read on the do's and don't on setting up your self-directed IRA. I wished I had read before I set up mine. But I am still glad I did it!!! I love my self-directed IRA. There are lots of forums on the site about self-directed IRAs, so just search it.
Also, check out @Brian Gibbons on BP, who teaches self-directed IRA too.
Now I'm hooked up with Mark J. Kohler, CPA & Attorney at Law who does webinars that are fantastic.
As far as your 2nd mortgage being behind, I'm sure you know that you could have your home foreclosed on by the 2nd lender, but I'll just go ahead and say it. I am a short sale negotiator, and I do my own negotiations with the lender for short sale purchases. Just to clarify any thought of asking a real estate agent to put your house up for sale as a short sale, you have to have a hardship.
However; if you haven't already done so, you can go to your lender and try to get a loan re-modification. There are different types of plans available. Have you gone to the government websites to learn more about this subject? (HAMP and HAFA?)
Please, Let me know if you need more information.
As President of NWREIA, I have to mention another great source for you is your local Real Estate Investors Association. Where I live there is the Northwest REIA. (www.northwestREIA.com) We are real estate investors that get together to share what we've learned and discuss deals, and learn together. Google and Check yours out!
Thanks for the shout out!
@Tyrone Watler your 2 second mortgage is in trouble as you well know.
A short sale is a good idea to look at. See a CPA too about the the tax hit for a short sale. You should talk to a a short sale negotiator. Grace should be able to guide you.
SDIRAs are wonderful tools.
The above link is just about Private Lending, Self Directed IRAs and Custodians.
Please let me know if I can help you!
Thanx for the advice. My finances are in line my credit is not bad I continue to pay the first mortgage and all my credit cards. Recently had my credit scores checked and all three are over 700.
@Grace Widdicombe thank you so much for taking the time out to give me some advice on my situation. like I told Mark my first loan is up to date and all of my other bills are up to date as well. i personally checked my credit and all three of my scores are over 700. about my ira i really want to invest it in real estate rather then leave it in the stock market so i could have more control over my future.
welcome to the site.
thank you been listening to a lot of the podcasts and decided to listen and take the leap of signing up and hopefully making a lot of connections to re start my real estate investing career.
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