All Forum Posts by: Account Closed

Is a mortgage license required if an individual seeks to lend money one to one? There are no employees and it is not a business depending on the definition of a business.

Welcome @Diana Park. I live in Hot Springs Village and did live in Socal. There is great opportunity in AR for a Real Estate investor, especially when compared to Southern California. I am looking for my 3rd AR property and also plan to do some lending. BP is just amazing. Keep reading and start looking for your investment.

If you will be penalized for cashing out your 401k consider rolling it into a self directed IRA or 401k. You will be able to use the money for real estate without penalty.

What is a 1003?

@Lew Payne  

All fees were/will be paid my the IRA from the LLC when it is finalized.

According to my custodian this is not the case. I cannot put in "sweat equity" and must keep all transactions at "arm's length". If others have knowledge of this situation please chime in.

I plan to purchase for all cash. 

Thanks for the guidance. A debit card will work fine for any unique situation where a check would not work.

I have just established an LLC for my SDIRA. The purpose is to use this LLC to buy and hold a SFR rental. I intend to manage the property myself. Are there any restrictions against using a credit or debit card with this LLC?

Love long walks in neighborhoods looking for For Sale signs.

Enjoy traveling to Real Estate Investment Meetings

Dining at romantic places while going over Rental Agreements

Participating in action sports such a wheeling and dealing.

Thank you for the info. FYI I have not nor do I intend to solicit money for others for this venture. I made enough money doing a job I loved (engineering) that has left me comfortable. I have always found real estate almost as interesting as engineering. So now I am dabbling in real estate. I would like to give back a little and hope to buy a few houses and sell them lease/option, land contract or some way allows families into a house of their own. Risky? Crazy? Maybe. If i loose too much I'll stop doing it. I will seek an attorney with securities experience for guidance before I do a deal. Thanks for your thoughts.