All Forum Posts by: Bill Fairman

Instead of a rental, do owner financing, becoming the bank allows you to control the asset without being responsible for it.

I did a tax comparison between similar properties in Charlotte NC and Rock Hill SC. and I only found a couple a hundred dollar a year difference. It just seems that the taxes are much higher because the owner-occupied homes are so much lower in SC than NC    

You can finance up to 10 properties conventionally in your name, if the 5 properties are in a business name other than in a C corp they will count as part of your 10.

Once you reach 10 your going to have to go the commercial loan rout for any additional.

My friend Bryan Maddex is very knowledgeable on the investor long term conventional loan programs. He works in Charlotte for Movement Morgage

As much as I like First Citizens, they are one of the most conservative. How many mortgaged properties do you have if you don't ind me asking? 

This reminds me of a tv commercial years ago about a mechanic saying you can pay me now (for regular maintenance) or you can pay me later! (for a new motor)

How much will the rent be on the house with all that equity in it?

I'm sorry, I thought you were buying as an investment. Brian is correct you can't use an IRA for owner occupied.

If your intention is to buy and hold the SC home, you can roll your IRA over to a self directed IRA and buy the home in side your IRA as an investment.

Keep in mind that all the proceeds as well as all costs associated with the investment have to go into the IRA or paid by the IRA.

Here are two good IRA custodians www.questira.com  www.camaplan.com

They have great online education to let you know how to hold real estate inside of your IRA.

One place to start is the American Association of Private Lending. www.AAplonline.com 

Here is a link to the tax rates for SC  http://www.sccounties.org/Data/Sites/1/media/publications/propertytax2015.pdf