All Forum Posts by: David Lee

@Jon Holdman if you think it's not the best idea to have property on your SDIRA what can I do to loan family members money or how could go about doing it for property purchases?

@J Scott 94.64% where did you learn that the internet. Don't tell me you are dating a French model. Lol

So I guess there are 3 things that come out of Texas. @David J. lol

My dad wanted to buy a lot beside his that had been foreclosed on and was 2 different lots the one he wanted and another with a house. He offered $4,000 dollars for the lot and they excepted it. The next time taxes were due he got one for the house as well. He went to ask the tax office about it and they said that they didn't make mistakes and he had to pay the taxes on it. He deicide to take a look at the house on the inside and put $1,500 in it and has been renting it out for about 5 years at $500 a month.

I think that is what it is the 8 % cap rate. Exactly what is it?

@Nicole A.

Yes In the last year I tried for a loan and I was told my debt to income ratio was to high.

I purchased a 5 bed room house that was about 1800 sq. ft. in June 0f 2012 for $10,000. I was live able but I still did about $7,000 dollars in work on it as you can see some of the colors that it was painted when I purchased it. I rent it out for $525 a month which h I could probably get a little more if I would have done a bit more work. The last time that it sold it was for around $90,000. Where I live there are deals in abundance.

I am currently looking at trying to purchase a multi-family property for around $250k. The income on it with all of the places rented is $3,300 of course this is without taking anything deductions. My question is what types of financing could I look for because my debt to ratio income is to high for conventional lending. I do have over $15k in a self directed IRA that could help me. I also have 4 other property's that I rent out and 2 of those are paid for. The property that I am looking at has been for sale for over a year so I think I may be able to get it for a cheaper price.I am looking for any ideas that anybody has that could help me to get this financed.

Thanks in advanced David

I have read in several different forums about the 8% rule but I don't completely understand it. Can anyone give me a good explanation of this? Thanks in advance.

@Ray Gonzales believe or not Facebook has groups you can add your home to rent or sale. There is also truila ans zillow.