All Forum Posts by: Andrew Davidson

People who use their retirement to invest in real estate to grow that money specifically for retirement use a self directed IRA. You will need to be hand off (arms length). Meaning you would invest but you don't control the house, swing hammers, nothing.

Now with a Roth IRA, you've already paid the taxes. You can pull the money out that you've put in, just not your profits. Do whatever you want.

Consult a tax professional.

Anyone able to help out with experience?

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Originally posted by @Mike B.:

Originally posted by @Andrew Davidson:

Hey Andrew - I definitely agree that he said the second part but I specifically recall him saying along the lines of "..the most important and unusual factor of a mobile home park is that they don't allow them to be built anymore."

I guess I took that to mean, in general they’re not allowed which is how I can to think hard but not impossible. I’m sure there are areas that allow them. I would think the Deep South for sure. Not sure about OPs exact location.

1 Vote

Originally posted by @Mike B.:

Hi Carrie - in BP Podcast #339, the guest mentioned that the country doesn't allow new mobile home parks to be built anymore - meaning, in order to invest in a park, you have to purchase one that's already there.

I think he said it’s difficult to make a park, not impossible. And more parks close then open so the supply is shrinking.

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Get a mortgage to pay off her loan, have aunt carry back paper on the rest.

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Thanks @Brian G.. Update: found local lender who was happy to finance @ 20% down. Multi was occupied so I got a $2k Check at closing in May. Will be closing on an additional duplex in 3 weeks!

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I found a deal where "Dad" went into a nursing home. Kids wanted to sell the property, but had trouble getting an offer, mostly because they wanted to FSBO. I offered terms of 20% @ 5% interest owner financing. They took it. I paid 8k, another 3k (Lowe's card) or so for paint, carpet, counters. Added used appliances. It's cash flow +$300 each month. Now I'm signing papers in the morning on a duplex.

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I wanted to start investing long ago, but the time wasn't right. Since then I bought my own home (appraisal 265k, balance 217k). Last August, grandpa went into an assisted living community. He agreed (and his kids) to an owner finance on his home (offered $40k, down payment $8k. Fast forward, it's renting for $600 a month and I am ready for the next purchase.

I know I can't use my rental income to qualify, but thinking about financing a duplex while grandpa is still carrying paper. Good idea?

Duplex $80k, credit score around 660. 30k liquid available. Grandpa is happy with arrangements.

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All Forum Posts by: Andrew Davidson

Andrew Davidson has started 1 posts and replied 8 times.

Post: Sheriff's Sale in Ohio

Post: Investing from a Roth

Post: Wise to create new Mobile Home Park on 5 acres?

Post: Wise to create new Mobile Home Park on 5 acres?

Post: Looking to purchase my first investment

Post: Time to buy a duplex?

Post: How do you fund your first deal?

Post: Time to buy a duplex?