All Forum Posts by: Jeff Williams

@Frank Patalano

The initial fear was finding funding. But after listening to Brandon Turner and David on the podcast and reading some books, and educating myself more, I ignored all fear and just did it. I wanted to be an “have” and not a “have not”. So very recently, my wife and I stepped off the boat, big time, and committed to a quadplex with a signed purchasing agreement. Now we are in that stage of praying for God to assist with bringing the funds needed so we can get started on this journey!

@Rick Taldykin

Well, since my post, my wife and I stepped off the boat and committed to the quadplex. Now we are really learning to network and praying for funding. At this moment looking for a financial partner to help with private lending since we are both self employed. As far as terms, looking to finance as much as $275,000 to get through the “seasoning” period, rehab some, then get my refinancing for long term.

Ok, so when I approach someone with the SDIRA investment opportunity, how long does it take for their current IRA, to be transferred to a Custodian and able to be used for investment?

Now, let's say I land a quadplex and intend to rehab one unit at a time over the "seasoning" period, does anyone see anything negative that can happen with this? I want to be able to use someone's SDIRA for the initial purchase of this property. Any and all tips, advise are greatly appreciated. I have analyzed all numbers in the BRRRR calculator, with worst case senecio on numbers, and My ROI is still good and the cash flow is still good. Working on my creative funding options now!

First off, I do not have a deal yet. Just trying to get my ducks in a row.

My wife and I are both self employed, and we write off as much as we can at tax time, so our income is low. We went to a bank to inquire about a future rental loan. Advised bank that we plan to get initial investment from a private lender and after rehab and "seasoning" for 6-12 months, then we want to refinance (BRRRR method). Basically asking, what did they need from us so we could have a successful refinance mortgage? Even though both of us are over 800 credit score, and have only our own mortgage as our only debt, the bank still says our DTI ratio needs to be good in order to pull off another mortgage. That will put us in a bind. Because we do not have two years of tax returns, making the amount of income that we need to have the desired Debt-to-income ratio. My initial thought is that it is because we went to our Local Government Employees Credit Union. If that is the case, will we have better luck at another bank that is not a CU? Any Advise? We want to get started on our first deal, but also want to make sure we will be able to refinance at a lower interest rate after the "seasoning" period. Thanks

So I recently went to the courthouse to see all the properties that are still in the outbid period. Several have me interested, but if it is an HOA foreclosure, what are ways to determine if there are liens on the property? My local attorney wants $250 for the title search, but I am wondering if there is a way I can do a preliminary search myself and if nothing is found, then I can get an attorney involved. Any tips from people with foreclosure experience? Two different departments to deal with at court, whether it is a tax foreclosure or HOA/mortgage foreclosure. Wife and I started with the HOA and mortgage foreclosure, but does anyone have advise if the tax foreclosures are safer?

Driving through a local neighborhood and saw a vacant house that needs major rehab. Looked up tax records for homeowner. Owners are heirs, out of town, with a PO Box address. Tips on hand writing a letter wanting to buy the property?? Any successful experience with hand written letters?