All Forum Posts by: Alan Grobmeier

@Jay Hinrichs, looks like he got 7 years.

https://www.sltrib.com/news/2017/10/12/utah-man-se...

@Will Zena, this is like 'becoming a millionaire', no money, no skills, no nothing.  Just trust us with your nest egg.  The main problem in the United States is that most of us are NOT taught about money.  So we (not meaning me) buy annuities where everything will be 'ok' when we retire.  BTW, it is 'ok', just not for us.  :-(

@Dmitriy Fomichenko, so if I have 150k personally, my SDIRA has 150k cash, are you saying I am unable to create another LLC (such as AGAGIRA) and buy a house for $300k? Partnering, I thought, was allowed?

Thx, 

Alan 

Try IRA Services Trust. Good prices, about $300 a year, regardless of IRA value.

https://www.iraservicestrust.com

Alan

@Mariusz Bojarczuk.  Back out now!  FAST!  10% loan with 30% down is the equivalent of 'loan sharking'.  My guess it's an expensive house in Ohio or something.  With a 'balloon', you are almost sure to lose it.   :-(

ALWAYS, ALWAYS, ALWAYS do your 'due diligence'!

@Jay Hinrichs.  I see a pm needed only if you don’t want to manage it yourself.  And if you don’t want to manage it yourself, I think a person should re-think their business model.

I think a home warranty model can work well for the following reasons:

1). Make the tenant responsible for the scheduling of the work.  Don’t be a middleman

2).  Home warranty is less expensive than a pm.

3).  You gotta get it fixed anyway.

4).  The call out fee will probably be less than what the pm charges you for their time.

I use/used this model for local properties I owned due the fact my work required me to travel both nationally and internationally.  The home warranty company was always the tenants first call.  If an item was crisis, then I would be called as well.

If I was to buy out of state, I’d use the same model.  It does work, but not if you have to handhold the tenant.

I get everyone wants higher yields, but pm takes 10% or more of the gross.  Why not buy a home warranty and manage the place yourself from a distance?  If your place is decent it shouldn’t be too difficult to get a 2 year tenant?

If something breaks, you will have to pay someone to fix it anyway.  What am I missing?

Thx

@Linda S.  Not true.  I believe SEATTLE has an ordinance that the first person that arrives AND passes the criteria gets to rent.  :-(

https://www.seattletimes.com/seattle-news/politics...

@Neal Hamil  Here's what I do:  I take an application without a fee.  I 'stack rank' them in order of income to debt.  After all, I dont want anyone in my house that is 'house poor'.  I decide who is 'legit', and send them a link to providian for credit/background check.  THEY pay providian, not me, which makes it a little easier.  I dont use application fees as a 'revenue generator'.  I know real estate property managers do use this as a revenue generator, but I AM the face/property manager.

If you have no applicants, lower the price.

Kind Regards,

AG 

Not only no, but hell no.  It's empty presently.  Seller rents property to tenants, house falls out of escrow (for whatever reason).  Seller now has tenants and can't sell the house (tenants rights).  Bad deal for seller.  

@Shiloh Lundahl In San Diego, beating the heat.  LOL.  Next time.