All Forum Posts by: Daniel Dietz

Anyone interested in meeting up on this either Sunday afternoon or during breakfast or lunch times?
Dan Dietz

How are you all using the 'new pages' that have the My Week designation with M-S and the Brain Dump?

I did not see guides on those pages unless a speed-read right by them :-)

Thanks, Dan Dietz

Hi, 
Just wondering how any of you liked Rentec Direct if you dug into it at all?

We have used it for about a year to keep 'customer data' and are now working on getting the accounting side of things set up.

We have 30 units, soon to be 45 or so across 5 different LLCs and a few just individually held in three different names. Rentec seems to work good from that aspect.
I am wondering before I put a lot more time into it if there is something you all thought it could NOT do good enough?

Thanks, Dan Dietz

@Paul Defngin, being in the business, do you know if my nephew would qualify as 'blood' relative? Seems like it should, but want to make sure before we go down that road.

Thanks, Dan Dietz

@Douglas Curtiss I think that would be a stretch being non leveraged in a SDIRA or SOLO401K. We (two partners and I that all use these kinds of accounts) make about 8-9% C on C plus whatever appreciation we will see.

With that being said, I would say don't be afraid of the leverage. Hopefully a few of the Pros on here will chime in, but to my the taxes that might apply are not nearly as complex or high as they are made out to be.

A layman's example would be if you bought a 100K rental and borrowed 50K from a non recourse lender, so you are 50% leveraged. In this case, you DO get to deduct the interest, 50% of depreciation etc.... So in the end, there is likely NOT going to be much 'taxable profit', just as if you owned it 'in cash'. I *think* there is also an exclusion on the first 1K of profit.

We do most of our leveraged Retirement Account investing in our SOLO401Ks (IF you are eligible a great alternative) due to those taxes not applying to 401Ks.

To me the extra return WAY more than makes up for the 'hassle factor'

One of the things I do is try to set up the next step.....meaning in your case, as it sounds like you have not discussed price etc...., I would probably say something like "How about I call you in _______________ (fill in the blank, I would probably say November) I'll give you a call and they will give you some time to think over how much you want and what terms will work best for you".

This does a few things; 1) Give you the chance to show you follow through 2) Gets them at least thinking about details such as price and IF any kind of terms like seller financing might work good for them 3) Make a little progress before spring to make sure they are even in the ballpark price wise of what you are thinking.

If they are overprice, you will know a LOT sooner and can move on to  finding another one. If not, it build good rapport and moves things along.

The card or note is a great idea too. 

I would be interested in meeting up ahead of time too. I get in about 2-3 Sunday. Going to the mixer also. Looking forward to meeting in person with others and sharing ideas. I love my Mastermind Group I am in here on BP (through the Journal of Intention) but in person is always the best way to connect I feel.
Dan Dietz

Exactly what @Colton Fairchild said.

I have made over 75 cold calls in the last year as there are almost NO MF listings on our area that make financial sense.

I finally found 3 interested in selling, and one ONLY with Seller Financing. I know this guy a bit as we are both in construction in our local area, so it was an easy conversation. He came right our with: Only if he can carry the note. This was to avoid realtor fees, spread his capital gains over a long time frame, and make a decent return on his equity (they are paid in full) over a long term. I *think* he sees this as 'the safe part of his portfolio', like Bonds or CDs.

We are working on down payment amount, he wants enough to cover his depreciation recapture taxes. 5% ish on rate, and probably amortize over 30 years with a 15 year balloon. I want to add a clause that if mutually agreeable we could renegotiate to extend it if desired.

As a side note, we would be buying this through an LLC that is made up of three SOLO401Ks meaning the funding needs to be Non-Recourse. A huge advantage for us is that most commercial non-recourse loans need 40-50% down. We are probably in the 15-20% range!

1) Do a better job paying attention to heatlh - exercise, eating, enough down time, and paying more attention to personal relationships (family).

2) Get a couple simple but boring project down at my day job business that I have been putting on the back burner 'because I can do them some day'.

3) Get signed contracts on a couple deals I am working on : a group of a 4 plex and two duplexes that I am working on buying in my SOLO401K with a low down payment seller finances non-recourse loan!

Hi All. 

I am wondering if any of you, on the consumer or provider side, are going to BPCON 2019 in Nashville coming up in a few weeks and would want to meet up?

It seems like the one topic they left off the agenda was having some good speakers for this part of investing! 

I should be getting in mid day on Sunday and am going to the Sunday night 'meet and greet'.