All Forum Posts by: Chris Schoonhoven

Hi BP community. I'm looking at purchasing a property in Gary, Indiana and I wanted to know if anyone might have any suggestions on realtors and property managers in the area.

Thanks,

Chris

Thanks, and does it cost much, on average, to create the LLC entity in the SDIRA? @Brian Eastman

@Brian Eastman @Bryan O. @Dmitriy Fomichenko Do SDIRA companies usually provide similar transaction processing and record keeping capabilities that SDIRA companies without checkbook control offer?

@Bryan O. @Brian Eastman Thanks. It was just my understanding that it would be better to allow them to cut checks as they (should) have better legal understanding than myself, or most investors for that matter. 

This is part of my business that I would like to automate but if you feel that timing is that much better with having checkbook control then maybe I will reassess my options.

@David Veeder 10% above your income tax? @Bryan O. I was told that having checkbook control could lead to issues if checks are cut to the wrong entities. That it's better to play it safe and let the SDIRA company act as adviser. This came from a third party - not from an SDIRA company. 

Thanks @Rick Pozos @Jeff Wells and @Mark Nolan

I think I'm going to go ahead with quest and pay the taxes to roll the money into a Roth SDIRA and not worry about taxes in the future.

I've started looking into a few SDIRA companies and just wanted to ask to see if anyone has experience with these companies or if anyone has any suggestions for another SDIRA.

I'm looking at Quest, Advanta, and Cama. Really liked how hands on Advanta seems to be. They offer checkbook but I've heard that isn't necessary and should maybe be avoided due to legal issues with cutting checks improperly. Does anyone have suggestions on this?

Also, I'm considering switching some funds from my traditional to a Roth for future tax implications. I'll obviously speak with my CPA to decide how to do this as well as possible. Just wanted to see if anyone had experience with doing this or has any suggestions one way or the other.

Hello,

I'm on a board and am looking to help improve some of the balance sheet. The association doesn't hold reserves, deferred maintenance, and escrow in interest bearing accounts. 

Are we allowed to hold these monies in interest bearing accounts so long as they are liquid? Also, I'd be interested to hear recommendations on banks that offer competitive rates.

Thanks

@Anton Ivanov @Stephen Akindona @Douglas Skipworth

Thanks for your replies and interests in my post. I agree, margins will be more difficult with finding a true turnkey.

I am based out of NJ but am interested in area's such as OH and TN because I feel the markets are attractive and I can purchase a nice property for around $80K. Whereas in NJ the cost to purchase are too high, and taxes are ridiculously high.

Will keep you posted on what I do.

Hello,

Posting to share where I am on the path towards my REI goals. Appreciate hearing if other members are on a similar path or if anyone has strategies that I might either be missing or which might help me.

My goal is to have RE investments bringing in approximately $8k/month in 15 years time. Currently I have 2 rental properties bringing in about $250/month (all of which is coming from 1 property while the 2nd property is currently breaking even). I'm now looking to make my third turnkey rental property investment and my goal with this acquisition is to find a property that would create enough cash flow to help me save up to be able to purchase my 4th property within the next 12 months. I have $20K saved up and specifically I would like to use that money to purchase a property in the $80- $100K range that would be in what I would consider B-C areas in attractive markets of either the Cleveland OH area or the Memphis TN area. I'd love to find a property that would be near 20% below market value and would be in an area that would be easy to rent and throw off cash flow of around $300/month after all operating expenses and financing.

My plan is to wait to find an attractive turn key property in the range of $80-$100K. Buy at a 10-20% discount, so my purchase price would be $74-90K (20% down payment). Hoping to be making around $250/month with the rental income. This would put me at around $500/month coming in from rentals. So in a years time, this would bring me to $6K from rentals. I'd plan to save up another $10-15K from work to go toward the purchase of property 4 in the next 12 months.

Any ideas or suggestions are welcome!