All Forum Posts by: Donald S.

Hey Max, thanks. That's a good ideal. I'll have to drive more of the neighborhood tonight.

Originally posted by @Wayne Brooks:

Find the sales prices of those houses that were bought for tear down and rebuild.

Thank you Wayne. While that would obviously be the easiest. Is there a way to find out which ones were bought, torn down, and resold without doing a deep dive into county building permits? 

Also some of these homes are just home owners who tore it down and had it rebuilt themselves to sell or live in. So no record of purchase and then resell a few months later. 

Hey everyone. 

I've got a good lead on a property in a nice suburb of St. Louis. Recently a lot of home owners are tearing down their 75 year old homes and building huge houses. Taking their value from ~250k to anywhere from 550-700k. 

The seller on this lead told me she thinks the place would be a good candidate for a tear down, or just rehabbed and rented out again. So I'm caught on how to value it. I've spoken to some people and found that $220/sqft is about min to build in this area, which meams i cant buy the house for its cirrent value of ~220k and wholesale for a profit. 

So my question is how would you approach the seller with price? Determine the ARV with rehab, and do a normal wholesale?

Determine the value of the land and tell her it'll be a tear down so I can only offer the value of the land?

Something else? 

Also, how do you value the price of land when there really aren't empty lots in this area? And tax record valuations are nowhere near accurate in StL county. 

Any help would be appreciated. 

Cheers!

@Daniel Dietz thank you for the insights on SDIRA vs Solo 401k.

@Carl Fischer, thank you for the long insightful response. I know Dave just put out a new book, I should probably go and buy it. I'll be shooting you a PM, I'd be interested to see what strategies you've seen. And I do have another Roth IRA I keep separate with no attachment to real estate as a means of staying diversified, and since I can no longer contribute to the TSP I needed my civilian pay to go somewhere.

Hey Everyone,

I've got about 51,500 in a TSP account that I can't contribute to anymore since I'm no longer in the Marines. Part of this money is Tax-deferred, part is ROTH, and part is tax-exempt (from contributions made in tax-free zones). So i have 3 questions.

1. I know SDIRA (or checkbook) and solo-401k are both popular, but if I qualify for solo-401k, is there a reason not to choose that over the SDIRA?

2. Am I looking at any detriment by putting tax-exempt funds into one of the above mentioned accounts? Would it, or the proportional proceeds, become taxable? Currently any proceeds from the tax-exempt funds in my TSP are tax-exempt forever, but when you do a withdrawal it's withdrawn proportionally also, so no way to leave the tax-exempt money in the account and only pull out the deferred and Roth money.

3. What strategies are best for the 2 types of self directed accounts? I was thinking notes, but finding good notes in an area I'd be willing to foreclose in is difficult, I only know of PPR notes and FCI Exchange. 50k doesn't seem like enough to get into lending and I'm not an Accredited investor. 

Sorry for the long post, any ideas are welcome. Any personal experience moving funds from TSP to Solo-401k or SDIRA would be very welcome.

Cheers! 

For Partial payments I believe there is an option for not allowing it in your unit profile. I'm not sure, need to check. For e everything else you should email the cozy team.

Originally posted by @Jason Powell:

#2 AFTER tenant sitgns a lease...."oh, I forgot to ask, can my boyfriend also live with us? And also my daughters boyfriend? Oh, and my daughter is pregnant and will be having another kid in 2 months (age 16)

 I'd like to know how you handled this and what the legal way to handle it is since the lease was signed, but without all the info. Tear it up and cite failure to disclose all relevant information?

@Joe Splitrock @Mindy Jensen first congratulations Mindy and BP. second to Joe, has @Joshua Dorkin or @Brandon Turner actively participated in a thread in the past few years? I look through tons of threads everyday and never see them post anything, that's what led me to accuse Mindy of manufacturing Josh a few months ago. maybe BP is pulling a huge "weekend at Bernies" thing on us.

I just do the deposit. I'm not sure what the standard is around here, but when I was renting I only ever paid 1st and deposit, never last. 

Originally posted by @Thomas S.:

Start the eviction. You should have started th eeviction April 2nd.Unless your state is different than most a security deposit can not be used to cover rent.

Serve the evictions on all three tenants and most likely they will pay up to protect their credit.

 First let me say, start the eviction process. But to answer Thomas here, in Missouri we are allowed to withhold from the security deposit refund for any rent that was not paid when they moved out.