All Forum Posts by: Devin Basile

Seller-financed notes (and contracts... usually) are recorded like any other mortgage or deed of trust. And just like those who market to homeowners by purchasing lists filtered with various criteria, you can do this with seller-held notes.

You can also use online marketing methods, networking, etc.

Yes, I've had to foreclose. In my experience, if performing seller-financed debt is going to stop performing, it will do so immediately when you buy it. I've had that happen twice.

Lots of great and amazing stories. Every note has people attached, and for that reason, each is unique.

Marco, great insight here. Much appreciated.

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Hello,

I am evaluating custodians and LLC set up options for what will be my Checkbook Roth IRA/LLC.

I see some of the custodians have a partner who will charge a chunk money to set up the LLC $800-1k+. All I really want is someone who will help me draft the compliant OA and ensure other items are set properly. I know how to set up an LLC in NC and obtain an EIN so I don't need a full service. I have a custodian who will let me set the LLC up separate from them, so I either need a good lawyer or someone who has a rock solid template.

So... Do any of you have examples of the way you got this done in NC for under $500? (not counting the state LLC cost)

I am not going to respond to your SDIRA/LLC consulting service unless you are a lawyer or can quote me a cost.

Best,

Devin

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Raleigh, North Carolina

Quote from @Marco Bario:

Busy, busy busy... I buy seller-financed notes and installment contracts nationwide.

2024 has been my most active year to date.

I absolutely love working with mom-and-pop sellers. Most have created only one note or contract. That means when they reach out to me, they've never sold one. I love the opportunity to hear their stories, help them solve whatever problem they're solving, or, many times, simply move on in some way in their lives.

Excellent. Where do you find sellers of notes? Any links to threads on how to find, price and close on these? How often have you had to foreclose on a D-T? Any interesting stories?

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Quote from @Brett Synicky:

@Devin Basile Current LLC's should not be part of this. What's the nature of that LLC, what's it used for currently? For the IRA LLC it's a special purpose LLC that's created to be designed by the IRA. This is the Checkbook control style LLC. You can learn more here: IRA LLC

You are a disqualified party to your retirement account so you cannot transfer any assets you personally own or a company of yours owns into your retirement account.

Learn more here: Disqualified Parties and Prohibited Transactions

IRA can transfer to SDIRA just like any other IRA to IRA transfer, this is not a taxable/penalty event.

So are you saying that a contract cant be assigned form another entity that I owned to the IRA LLC? The reason I am asking is because in some cases I am not certain if I want to buy the property with non IRA cash or through the IRA. Maybe I just need to make a decision when making the OTP?

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Which custodians mentioned allow you to set up an LLC that is owned by the IRA and then provide you as the manager of the LLC checkbook control?

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Denver, Colorado

Hello. I am looking to purchase land and potentially rental property using a self directed IRA. I am looking to establish an understanding of the following so that I can make decisions on how to structure the LLC":

- Can I put a property under contract in my non IRA LLC then assign it to my IRA LLC?

- Which custodians do you use? Which are the best for giving control to the investor to make decisions and

- How do I set up an LLC in which my IRA is the beneficiary?

- What does your RE attorney and tax preparer need to know before you purchase a property in a SDIRA's LLC?

- How can I transfer funds from a traditional brokered IRA account to the SDIRA account?

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All Forum Posts by: Devin Basile

Devin Basile has started 2 posts and replied 6 times.

Post: Are you still actively buying mortgage notes

Post: Evaluating LLC setup options and costs for IRA LLC in NC

Post: Are you still actively buying mortgage notes

Post: Self Directed IRA

Post: Looking for a good Self Directed IRA Company

Post: Self Directed IRA