All Forum Posts by: Alan Grobmeier

@Vincent G.  I 'stack rank' my applications AND tell the applicants that is what I do.  If #1 'gets through' the lying/background/credit check, they 'win'.  If not, next.  LOL. 

@Frank Chin  On the ONE bedroom apt w 6 people: I would have stated that state regulations are 2 people per bedroom.  Not sure if that is a law in New York, you guys live like rats.  LOL.  

I do NOTHING but open houses.  I tell everyone that turns in an application the following:  "I don't care what you have done.  I have either done it or seen it, you won't surprise me.  But LYING on the application is an automatic denial".

Despite my honesty, I still get applicants that lie on the application.  :-(  My most 'interesting' one was a Russian woman, mid-30's, and her boyfriend.  She was so drunk she could barely walk.  She asks me if I will fill out the application while she tells me the information (I declined).  When I asked for her boyfriend to do it, HE declined.  She showed up with ALL kinds of documents, paycheck stubs, credit history/check, etc.

After they filled it out, I considered just throwing it away.  There was NO WAY I was going to rent to them.  But I decided I'd look into the application a little.  I found EVERYTHING to be a lie (which didn't surprise me).  

So, I picked my new tenants and got a call from her asking why we didn't pick her.  I responded with, "Where do you want me to start?  Your whole application was a lie."  That was the end of the conversation.  

@Brian Eastman. Thanks for the info. I was TRYING to think outside the 'box' a little bit. I was thinking that since the SD IRA was 'nested' in an LLC where there were more investors, that it might fly. LOL.

Hi: I'm looking for some advice. We'd like to sell my wife's house to an LLC partnership where a number of different entities invest. Some of the entities will be my roth SDIRA, some of my personal cash, a couple of partners, and my wife keeping a part equity share.

Does anyone know if this is 'legal'?

I know it is kind of confusing, but it will look something like this:

Wife sells to LLC------------------> Partnership LLC

Wife receives SOME cash to balance out the 'equity' shares.

Partnership LLC is composed of the following, all equal partners:

AG SD Roth Cash

AG Cash

Partner 1 Cash

Partner 2 Cash

Wife ~ Equity share

Would this be considered a 'prohibited' transaction for my SD-IRA?

Thx.

Yes, but you need your eyes to be 'wide open'. Most of the time there is a ton of deferred maintenance, bad tenants, turnover, etc., being the reasons many landlords want out. Or perhaps the market is 'up' and they just want out. It's your job, basically detective work, to figure out which of the above is the case AND adjust your offered price accordingly. Most MFH stay on the market a very long time when compared to SFH.

@Account Closed  No screening for 'crazy'.  I can honestly say I use my 'spidey sense' for that one.  LOL.  If the story doesn't sound right, they are done.  ;-)

@Lauren Van Riper

Easy.  It's called attorney.  Time to lawyer up before she does, IMHO.

The longer your place is on the market, the more 'low ball' offers you are going to see.  If the buyer was 'solid', the first reasonable offer like @Thomas S. stated, is your best choice.  If you wanted more than 10k in your pocket, you should have negotiated the concessions.  Or used a discount broker to sell it.  ;-) 

I thought those ppl at BYU were loose and party animals.  Now I find out that they pay their rent on time as well.  ;-)

@Vivek Khoche   You completely missed my point.  Jean wants to throw 20k at something (or whatever it is) and wants it to throw off a ton of money to him every month.  We know it doesn't work like that.  ;-).  He will get fleeced like a sheep.  But maybe that is his "path" and his learning experience?