All Forum Posts by: George Bittar

My wife and I are looking to move a portion of our 401k assets into a Self Directed IRA for REI. Any companies in NJ or NY that BP members have used or recommend?

There is alot to read up on  regarding the process, loop holes etc, but I would like to get a company lined up to begin the discussion and transition. Trying to get all our ducks in a row so we are ready to go when an opportunity presents itself.

Great and good luck. I have never considered mobile or manufactured home investing, but seems to be a less competitive market to get started in if you know what you are doing. There is also a big write up that came out in a Real Estate Investing Magazine I read quarterly, that featured the benefits of manufactured homes.

I know Central Florida has alot of inventory, I was just down there visiting family last month and toured the area for opportunities.

Hi Bob,

Coincidentally the most recent podcast is about MH strategies. I didn't listen to the whole thing yet, but the guest speaker seems to be very well versed in this space. You may be able to post your question in follow up that podcast also.

Here is the link:

http://www.biggerpockets.com/renewsblog/2014/06/19/bp-podcast-075-fedro-mobile-home-investing/

Sorry, I can't make this one.

Hey All,

What does everyone list as business type when using Turbo Tax as a real estate investor? The codes and business types that it returns when entering real estate investor or real estate buyer do not seem relevant. I selected other for now which is 999999 for other. I just did not want to raise any red flags. I understand this is for statistical matters only for the IRS.

Definetly

@Wayne Brooks my bad, short sale was not the proper term for this transaction because it's not upside down, but I didn't know if there was a possibility for them to accept less in this situation. It does not appear that way.

@K.Marie Poe thank you very informative, dead deal here.

Hey All,

Looking for some guidance. I came across a lead and trying to determine if there is some meat on the bone and what angle to take here. First off- this property has not gone through probate and per the administrator who is the son of the deceased, it will be complete through the court in a couple of weeks. He is positioning the deal to take over the estate currently and over his position as the administrator for $55,000 to have the ability collect rent until it goes through probate then the home can be refinanced. That does not work based on the #s.

The balance past due to WF which is also in foreclosure is roughly $130,000, plus his $55,000 that is $185,000, which is roughly what the home is worth today with no immediate renovations or upgrades needed.

I want to separate this $55,000 for a minute and that piece. Can WF foreclose in the current state this estate is in and can I make an offer without it going through probate? Would the offer go to the court? Technically there is not a legal title owner since its pending in the court. My thought process was negotiating a short-sale and based on the accepted amount will determine how much I would be willing to pay him in addition to the balance to clear the lien.

Hoping for some guidance and other strategies or perhaps this one not to consider. It's a 2 family currently rented at $1,100 each unit and it would cash flow with some cushion on a mortgage in the $100-$130 range with taxes. I am not comfortable with the acquisition price he is proposing based on what is due to WF today and his $55,000. Hope I gave enough details. I would like to be in around $120,000 if ARV is $185,000 on deal like this, but he is hung up on this $55,000 for work he put in. He is motivated and not looking to landlord,but also not in rush and happy to keep collecting rent until the other shoe drops.

I will be there! @Darren Sager

Hey @Darren Sager , this works out pretty well, this is about a 20 minute walk- my office is also on Madison Avenue. I may have a conflict on this day but I will try to make the next one in April. Anything coming up in NJ?