All Forum Posts by: Christine C.

@Josue Vargas if it hasn't been stated already, 1. you can def roll your old co. 401k over to your new co 401k (no penalty no withdrawal), have done that several times in my career. 2 you can roll either or both of these to an IRA or ROTH (depending on income) 3. be aware that an SDIRA must be conducted at "arms length", meaning you cannot "personally" be engaged in, or benefit from, the transaction/property - only the "IRA" benefits. It is a great way to have more control in your investment choices via real estate but not a cash flow proposition. This means, no sweat equity, no monthly cash flow TO YOUR POCKET, you cannot personally purchase or sell the asset, must be transacted by a 3rd party. For example, I handle SDIRA purchases and sales for other RE Agents who cannot transact for themselves. Some use it for buy and hold, others use it to wholesale properties (I'm sure there are other scenarios but these are the ones I see most often) It's a great way to leverage REI for the long-term with your existing retirement monies and not be penalized!

@Ryan Beasley Did your Buyer find this property on their own? and then ask you to represent? Or, did you lead them to a wholesale deal? I would not be writing up an off-market offer unless I knew where my compensation was coming from! If you are going to deal in off-market (non-MLS) properties via wholesalers or FSBO, you need a different strategy AND to get AHEAD of it, or you will find yourself frustrated and broke. I suggest you get with your Managing Broker asap to discuss some approaches/strategies for getting paid for off-market deals, you can structure it however you want.

You’re in the ballpark for a small home but depends on home sq footage/rooms/size unit, ease of access, venting, etc. if you don’t have a heating contractor to quote it, try homewyse for an estimate.

@Scott Hensley Congrats! Here are some pre and post-contract recommendations. Get a COMMERCIAL inspector, not the guy who does houses. Make sure it includes every unit (not a sampling) and life expectancy report on major stuff/mechs. If financing, get specifics from Lender on what needs to be included in the property survey (to save time/money), same if Environ Phase I is needed.  Stipulate the financial/operating documents the Seller must provide in the PA, then reconcile them to what you originally received from them (ex, you received a rent roll but it didn't show half the leases already went month to month or some had no security deposit) This can be an issue if the property was not professionally managed/some owner was winging it. Read every lease and get up to the minute rent roll/deposits, income statements, property mgmt records, maintenance/cap ex records, utility bills, etc. Don't assume anything. Make sure your PA includes any personal property that transfers with the sale. Congrats and good luck with your due diligence and closing! 

Pls send info [email protected]

I work with a commercial mfh investor. Thx

Since your FIL is already a REI, why not find a great duplex/triplex for him to invest in, you broker the deal (collect$), house hack, manage the property ($). Wholesale ($), build your realty biz ($), pay down debt. invest WITH him for a win-win, rather than put all the risk on his home equity.

I don't know how it works elsewhere but in Indiana you do not have to have an assigned broker before you get your license, anyone can go through/pass the course but it will have to be assigned to a broker to legally practice; in the meantime, it can be held with the state as "inactive". So you can do your course/test/search for a property mgmt company/managing broker at the same time. What's your strategy? Are you looking for an established property mgmt co. who will train/provide systems and leads? Or do you have your own leads/systems (then maybe shop it to a smaller boutique Brokeragr) Remember to interview THEM. What support/training do they offer agents? Leads? Advertising fees? What's the commission split? do they cover your E&O? Do they charge monthly fees? Do they cover association dues? If you plan on using MLS to market there are annual fees associated with that too. Lots of homework.

Is there an existing pole in the alleyway or adjacent to parking lot/street? Sometimes the local utility company will install a streetlamp on existing poll for personal “security” and bill you directly. They do it here in Indy. I have one for $18/mo. 

CONGRATULATIONS!! I'm curious whether you plan to hire a property manager or self-manage. There is something nice about maintaining your privacy and letting someone else handle the tenants/issues (no late night knocks on the door!), plus, you'll have a townhome tenant too!

Talk to a lender because you received incorrect information. FHA loans are def available for multi 1-4, owner occupied with 3.5% down. If you want a reference for a lender let me know.