All Forum Posts by: Elias Twitchell

This is the question I'm looking for the answer too. Listened to that podcast a few weeks ago and trying to find info for my aunt. I am suggesting looking into the strategy of rent to own on the trailers instead of trying to be a landlord for them. She has had a lot of issues with the tenants there.

On episode 162 of BP they briefly mention using Sense financial at around the 39 minute mark. My goal this week is to research self directed ira accounts, can anyone tell me what deals they were able to do using this or how much you need to really get it working for you?

Does anyone here know to second @Jean Nicolas' question can we take income out of a property that say the down payment or whole mortgage is owned by my self directed ira, can I withdraw monthly income if I manage the property for my self IRa account? Forgive me I really have only heard of this in passing and am starting my research this week. What can you get with the account and can you draw income from the asset or is it purely interest for your retirement?
Can it be used for buy and hold or only for flips and wholesaling? Can you refinance out of the ira holding the note or title?

I found a zillow listing this past weekend 18-20 Phelps st kittery maine. Its up for 70k but some roof damage and foundation cracks make me think i have to approach it from tear down and new build pricing. The property doesn't own water front but is just woods behind house to the ocean and their are some nice public sidewalks with ocean views. Its kind of between Boston and Portland Maine so better then podunk areas of Maine.

I tried to use the whole sale calculator and put in conservative numbers but it told me i should buy it for -136k so I think I did something wrong. Shows me I still have a lot to learn. I wonder if anyone could help me check the numbers and explain how you would do it for this location? I asked my realtor and there are already over asking price offers on it. But i still need to learn the numbers and maybe I can come with a better presentation the town owns it I believe its a run down duplex that they took possession of through taxes or something similar.

It has a low income housing restriction but that doesn't scare me should it?

I would plan to hire a new build crew to build a new foundation and maybe build a duplex but two story more bedrooms and bathrooms. I think it was a 2/1 1/1. 

Yes @Joshua Stein like @Sergey A. Petrov and @Drew Sygit said above be clear and set expectations of what you want you should have a clear list of what you want and don't be afraid to upgrade your list as you learn more.
You have to as a professional follow up to the degree of service that you want. If you are ok with your contractor, supplier, PM, getting back to you in a week or a month when they remember or get around to it, then you can just wait but generally I find that if you want to get things when they said they would be done then you have to be the one to follow up and remind them to do their Job for you.

If you don't speak up then you are one of tens or hundreds. I have moved ahead of other permits, caught failed shipments, and gotten sub contractors to switch their schedules all from just giving a brief friendly check in 1-3 times a day or a week before I am expecting the given service or delivery.

Alternatively do all the work and research ahead of time and often pay more to get someone who will work hard to give you the service of being on top of everything for you. Set expectations and work hard up front so things go easier later.

I have been thinking of trying to offer other payment schemes to try to incentivize certain actions but i'm not sure a PM would like my suggestions. I would like to pay them less if the building is empty, and progressively more for every year they keep the same tenant in a door up to a relatively high against other market pay rates cap. Essentially trying to get the PM to work hard up front to select tenants that will pay on time and stay long term, above trying to fill with just anybody to get the move in bonus ive heard is sometimes used.
I'd rather the bonus was linked to long term stays

What is a Blue Ribbon School District? 

I'm not qualified to say but I'm looking to do rentals. Flipping can be a good way to get more cash to put down for buying a rental. From what I've heard it depends what work you want to do, the area and market the house is in etc. Are you asking about a specific property you already own or just in general what strategy should you pursue?

I will be away till Nov 2022 but would very much like to do some meetups. I'm still new to investing but have been remodeling, building houses, and working for house flippers for years.

I want to do some investing of my own hoping for buy and hold. 

Hey all my St. Louis house flippers and contractors.

I just moved a bunch of random material I had collected and I have this philosophy in life where I say "owning and storing stuff cost money" even if you aren't literally paying for storage having a lot of stuff take an emotional, physical and sometimes like in moving cost a financial toll.

Now my problem is I remodel houses and materials are expensive and often you have useful supplies that you don't want to throw away like half a sheet of drywall a third of a bucket of red guard, etc.

Has anybody else who hates to throw good stuff out but who lacks warehouse space ever thought it would be great to have an app or communal warehouse were the local construction guys could just trade stuff like a college share box?

But it has to be easy because sometimes I put stuff free on fb marketplace but its just too much bother sometimes especially when its not that interesting an item. Just trying to think it through for the environment but also for the best use of my time since it valuable to me. What does everyone think any solutions? Anyone looking for free supplies of the used nature? 

I also had a chance to almost pick up an old 1800s barn house for free, it had a hole in the roof but very cool exposed beams an hour from Lewiston and Auburn. Location didn't feel right and I didn't have money for repairs. Are unique properties good or bad?

My dad was driving the back way down to Portland I believe, I don't remember the exact town. He saw an old church that looked to be unused and stopped to ask questions on my behalf. My step mom loves converted church houses and I agree they have a lot of character I really love working on unique old houses in my remodeling business. However the older and more unique a house is the more work it may need. Also does an oddball house sell or rent well or does it limit your buyers too much?

I have been working in the industry a long time but I'm still new to investing.

It turned out that the owner who lived next door would only let his son do something with it if he let anyone work on it. What would folks do to politely keep the opportunity open if he or his son change their minds in the future?