All Forum Posts by: Jackie P.

I went to his mobile home class several years ago.  He is great!  He also goes by Stu Silver.

Can anyone give me a ballpark on the sold price/SF of commercial land in the vicinity of Culberson and S Zarzamora Streets like where the Auto Zone is?  I've been told $6 but my gut tells me that is high.

TIA

Cameron,  Are you watching me? 

I'm currently researching the Solo 401K right now.  Trying to figure out what I need to do to qualify.  I just went full-time in the investing business in July of this year, after having been part-time for several years.  In 2016, it will be my only business/career.  Still trying to figure out what it all means, but I agree with you that it seems like the way to go.

Brian and Bryan,

It is one of two SDIRA custodians that I use.  I have been with current custodian about 5 years and the issues just became major over the last 6-9 months.  I wanted to see if I'm the only one having issues, or if it is a trend.  I did not really want to call the company out just yet, which is why I didn't mention the name.  The issues just seem to be increasing and I spend a lot of time babysitting my account.

I have been trying to work with the VP and owners because I think it is a systems and processing problem and I'm a business analyst/business process analyst by trade.  Everyone makes mistakes, and I am looking to see what they do about them.  I was just wondering if anyone else had experienced this phenomenon.  I'm in the research phase.

Just wondering if anyone else is having these issues with their IRA custodian and recommendations that you might have as to how to address it.

In the last 6 months these have all happened to me:

1) Checks being sent to wrong people for purchase of assets.
2) Tax bill sent to me that was really the tax bill for the custodian's office.
3) Monthly recurring payment suddenly not paid one month.
4) Taking 5 or more business days to credit incoming funds from a sold asset.
5) Assets missing from my list of holdings.

My IRA holds the lien on a MH in a park in Texas. Buyer is not paying. Park has already filed for eviction for non-payment of lot rent and received a judgment. I have filed for eviction (repossession) and should receive a judgment in a few days. I plan to move the home out of this park because they are very difficult to deal with.

1) Since I do not have a signed lot lease, am I under any obligation to pay the back lot rent and late fees to the park that buyer should be paying?

2) Does the mover have to notify the park before moving the home out?

3) Can the park stop the move in any way?

4) What suggestions do you have for me to get this home out with the least amount of hassle and expense?

This is still not resolved. Paperwork for the sale was already executed and buyer moved in. Now they are terrorizing her, telling her that she is living in the home illegally because they don't have the statement of ownership and location (SOL) from the state. She dropped a money order in the dropbox for April rent. It had my name (seller) on it and not hers. They gave the money order back and refused to accept it because they didn't have the SOL. Someone should certainly have the right to pay lot rent. Either I have the right, or the buyer has the right. Now, I'm sure, they will try to charge late fees.

I can't believe the ridiculousness of this!

Help, do I have any recourse at all? This is the second time on the same home. First time took very long and I had to call corporate. IRA repossessed the home and it's taking long again. Yesterday I finally called corporate underwriting and asked them for help. They passed it off to the regional vp who has not gotten back to me yet.

The park is holding my buyer and I hostage. Process they are going through is not public information. Many delays etc. Perception is we are being strung along. They are not investor friendly. I will not buy another home in this park. The timeline is listed below for anyone who cares to read and advise.

2/24 seller took a deposit from the buyer.

2/24 or 2/25 buyer filled out an application with the park for residency.

2/27, buyer was called to provide a copy of her driver license and social security card. (It would be helpful if she were told that when she filled out the app)

2/28, Friday, buyer was told that the office would let her know something on Monday, 3/3. (It would be nice if there was follow up)

3/3 park sent email to seller that an exterior inspection was needed and there was a $25 charge. Also, seller told that home would need to be put in Quest IRA's name.

3/3 seller sent email to park asking if buyer had been approved and explaining that the Texas Department of Housing and Community Affairs, Manufactured Home Division said to NOT put home in Quest's name, but go directly to the new buyer with paperwork attached showing the court-ordered eviction. Seller did not receive a response to email.

3/4, buyer was told that she was pre-approved and they would get back to her that day or the next morning. (It would be nice if there was follow up)

3/4 buyer paid the exterior inspection fee. Buyer was told that the rest of the process would only involve the seller. This is when seller was required to get Quest to fill out the paperwork for the lot lease. Park maintains Quest IRA must be on the lot lease.

3/5 blank forms were sent to seller for Quest to fill out. Didn't know how to fill out so seller had to call and wait for return call from park.

3/6 forms filled out by Quest and sent to park by email.

3/6 seller told park waiting on criminal background check results and that it sometimes takes 10 days.

3/7 seller was told park was waiting on corporate underwriting.

3/10 buyer was told park is waiting on seller.

3/11 seller notified by email that park needs SSN and photo ID of Quest corporate officer to finish processing the app that was sent in on 3/6 (should have been requested up front, not 5 days later).

3/11 seller sent email to park asking the following questions: (no response received to date)

1) Has the exterior inspection been done or has it been held up because you didn't have the Quest corporate officer's ID and SSN?

2) Has the criminal background check come back?

3) Has your corporate underwriting department finished their process?

4) What else needs to happen to complete the process?

3/12 buyer called park and was told they aren't sure what is going on. (who does know?)

3/12 buyer says daughter is a leasing agent and says it never takes her this long to get a tenant approval

3/12 seller called corporate underwriting to try to get an answer

3/13 corporate underwriting passed emails to regional vp

Joel,

I am calling around. It's a local credit union that my title company referred me to. Thanks for your response.

Jon, thanks for the response.

Actually, I've been a landlord since 2006! I have one property that has a mortgage balance of 12K. The monthly payment is 300 and I usually pay 600-900/month. The gross income for that property is 1250/month. I have another property that PITI is 1105 and gross income is 1450. Those are just the ones that are outside my ROTH IRA.

Still brainstorming here. What if I found an investor to buy the home I'm interested in and lease option it to me for 179 days (that's the limit in Texas)? I am willing to sign the contract to purchase the home and just not close on it until after the condo sells. Obviously the investor would need to get something for use of their money for up to 6 months. Something that is fair and reasonable for both of us. Would that be an option?

Could I arrange to take distributions from my IRA to make up the income they think I don't have? For how long would I have to do that? Maybe I should move this to the creative financing thread ;-)