All Forum Posts by: Anna Watkins

Excellent point, @Rick Baggenstoss, I definitely wouldn't be writing many checks to start with (if ever).  I will add this to the list of questions to ask.

Zillow and other sites pull publicly available data, so their "sold" prices, tax history, historical data and school info should be reliable (and has been as far as my experience).

"Zestimates" are guesses, just like the guesses a Realtor would make on what a house is worth.  Nobody knows for sure because it's something that hasn't happened yet.  The difference is that a Realtor is making an informed professional guess, and Zillow's guess is made by a computer algorithm.

Clarification question -- 

MLS buyers, are you flippers or buy-and-hold/landlords?

I'm guessing that's mostly the case (all 4 of my SFRs have been MLS so far), but I'm happy for my generalization to be proven wrong.

Thanks to everyone who's replied -- I'm always amazed by the incredible wealth (and variety) of experience and expertise in the BiggerPockets community.  The willingness to share is what makes BP truly priceless!

(apologies for not calling you all out by name -- my @mention still doesn't work.  Does anyone at BP know if this is connected to the Firefox shutdown of Flash Player??)

I have done my "due diligence" by reading about 15 threads on SDIRAs, and still have a few questions.

Does anyone use a custodian that specializes (or is especially effective with) private money lending (not buying existing notes)? I am fortunate to have a reasonably healthy stocks&bonds 403(b) (401k for non-profits) and am trying to build up some extra in a Roth IRA for diversification. Since I have rentals I actively manage already, I'd like to use a self-directed Roth for private money lending. (it has to be a Roth, given the existing 403(b))

From all the posts, I gather that different SDIRA custodians are better at different kinds of RE investments.  Folks who have responded to various threads --

1) Do you mix different RE investment types within one IRA? or

2) Do you have different ones for different purposes (flip, hold, buying existing notes)?  

3) Have you worked with private lenders who use IRAs for their lending?  

3) Any chance I could talk with one of them?  I'm strictly small money, but want to be wise small $$ :-)

4) Has anybody heard of using IRA money for RE crowdfunding? Seems a way to start on a very small scale, but perhaps sketchy rule-wise.

I'm tagging y'all guys below since you've been helpful in the threads I read earlier.

Thanks!

@Abhi Golhar - How's the GroundFloor project going?  I'm following with interest.

@Rick Baggenstoss     @Will Barnard    @J Scott

Thanks to everyone who replied.  If the offer is accepted and the deal goes through, I'll post a followup.

Thanks Curt (the @mention simply will not work for me  :-((( .  

One thing I'm not clear about in the differences between TN and GA --  in Georgia, purchases have always been at a closing attorney's office, but both RE transactions I've done in TN have been at title companies, though the person in charge was an attorney.  

Is this a state-to-state legal difference?  Do I go to the title company for all that paperwork?

This is my first real estate transaction made without an agent, and I'm not sure what steps I need to follow to do it right. I've looked in BP files and forums and am not sure what examples to follow.  

I've made an offer directly to the seller (we have a previous relationship) on a property in Franklin County, TN, that I plan to lightly rehab and offer as a rental.  I'm pre-approved from a local bank for a loan.  In my 5 previous RE purchases, all the paperwork has been handled by others (RE agent, or loan officers, or both).  Now I realize I'm not sure who does what and how to proceed, and if the process is different in Tennessee than it is in Atlanta.

1) I am offering "as is" (I've had an inspection and know what I'm getting into).  At what point do I need to put it all in writing?  During negotiations, or when/if we come to a sales agreement?

2) Since I will be using a bank loan, does the lender usually take it from there -- arranging the appraisal, title search, etc?  or do I need to do that?  Should I be talking to him about these specifics already?

3) What about earnest money?  Is it expected/required?  The seller hasn't mentioned it yet and I just don't know, or how to offer it securely w/o the RE agency as middleman.  

4) What have I not even though to ask yet?

Thanks for any advice or shared experiences!

Akeem -- You've got Rick Baggenstoss and Ericka Parrott, experienced Atlanta investors/flippers who know the neighborhood and street you're talking about, telling you your ARV is too high. Trust them.

@Andrew Cordle -- this looks way too interesting to miss!  Count me in. Thanks!