All Forum Posts by: Eric James

Thanks @Bernard Reisz I like the idea of a custodian having control, but I may want to purchase tax sale properties, which might require 'check book control' to facilitate quick payments. Does having check book control require formation of an LLC? Also, is there a prohibition against purchasing tax foreclosure properties with a self directed IRA?

I'm looking into the possibility of rolling a couple 403 (b) accounts into a self directed IRA. My initial plans would be to make cash RE purchases, doing some renovation, and then selling. From what I have seen, it seems a custodian makes payments and receives sale proceeds. Is that correct? How would payment for renovation expenses be made? Any other valuable info? Thanks.

I have a triplex in one of the poorest counties in the country. I screen for employment but generally aren't too concerned about credit. My experience has been that people may not pay certain bills, but they pay their rent (at least where I own). In 7 years I have only had 1 problem tenant.

I've seen numerous real estate agents selling properties with unpermitted additions. They list the property with the permitted specs and state "according to the seller the property has an additional...".

Sorry for getting the ae wrong. Thanks @Dan Mahoney

Thanks Dave. I'll have to learn more about self directed IRAs. I've also seen that a loan can be taken out on some 403 (b)s, so I'm going to check on that as well. Thanks.

Something to consider is if you have a credit score in the 400s this means you don't know how to handle your finances well. Taking out any type of loan may just you into deeper trouble. You might be better off to take a few years to get a handle on being smart with your money in your current situation.

I'd say it's a pretty solid, relatively safe and profitable way to go. The landlording experience can also help you qualify for future loans. Good luck!

Is that 12.99% per year, or a shorter time period, and are there no points? If so, that would be a bit better. I have seen hard money offered to a REI group at 12% for 6 months with 4 points. 16% over 6 months is 32% annual.

For a financing cost in the neighborhood of 28% annual that better be some opportunity. I think I'd prefer being on the lending end of that type of transaction. Too risky at that rate for my taste, 'opportunity cost' or not.