All Forum Posts by: Jennifer Griffin

I am interested in opening a self directed IRA to start saving money to go towards my first deal eventually. I find this the most reasonable. I have attempted the whole lines of credit thing but that simply will not give me the cash reserve I need to make the investments I desire. I will wait for that a little later after some things stabilize for me financially. What are some great places I can research that others have became of customer of for their SD IRA? What are some considerations I need to have when shopping around for the best place? Thanks.

I would really like to dig into the minds of others experiences. Hubby and I recently secured a home with a VA loan. Eventually we will need to move to a new duty station and are trying to educate ourselves on the best options regarding what to do with our property when having to move to a new duty station.

- Has anyone ever transferred their residential home to an LLC and turned it into a rental?

- Since we can't transfer the VA entitlement to the LLC (nor would we want to), has anyone secured new financing as a result of the transfer and how was the process?

I'd REALLY like to hear about others experiences and recommendations on things we need to strongly consider ahead of time.

Thanks!

I came across a company called GROUNDFLOOR that offers funding for residential real estate purposes. Has anyone ever used them as a way to acquire capital?

@Marcus Johnson I def agree. This is very much a "last option" for me. :)

I'm in the same boat as you. I have thought about obtaining personal lines of credit and using those to go towards the cost of a flip until I build enough of a cash reserve to put towards a buy and hold property. I also applied for an LLC and plan to get a business credit card just to help build company credit to make it easier for me to apply for business lines without a personal guaranty down the road. It's a process but well worth it if you are serious about it :)

I seek to achieve this initially through combination of joint ventures with more experienced investors and turn keys companies to help me manage certain steps of the process. I am currently in Hawaii but want to buy properties on the mainland because real estate here on the island is quite high. 

I invested into some real estate education as well (since I can write the cost off on my taxes anyway) to help me get up to speed on REI as I am a total newbie myself.

I have no motivation to bankrupt my current retirements savings to start investing when there are other options, however, am comfortable to taking a dip in my IRA if needed if I feel I can make enough profit to replenish it eventually.

Ok say no more :) that's all I need. Thanks!

Hi, I want to know if anyone else has encountered this and want to make sure I handle the process right. 

If you recently acquire a property that impacts your debt to income ratio but it has not hit your credit report yet, are you obligated to report this on new applications for credit during the same time frame (if these transactions take place within 1 or 2 weeks of each other)? I most surely don't want to commit fraud, however, want to secure the best rates and credit I can in an honorable fashion.

Thanks for your candid feedback and sharing your experiences. 

Thanks everyone for the great responses. This wealth of information is so helpful!

has anyone tried Wells Fargo?

@William Allen thanks for sharing your experience. At this point, I'm flexible with what I am eligible for as I'm so new to the game. I just need access to some capital so I can start creating partnerships. To me that is the biggest hurdle I'd like to address first and look into as many sources as I can.