All Forum Posts by: Mike Kirby
Mike Kirby has started 5 posts and replied 84 times.
Post: How does anyone afford to purchase an STR?!
- Rental Property Investor
- New Braunfels, TX
- Posts 85
- Votes 68
Quote from @Collin Hays:
Never give a lengthy response on BP at a stoplight. ;)
I realized I had a huge typo in my last sentence:
Also, I do not recommend 401Ks or IRAs to anyone trying to reach financial independence before retirement. They are a huge drain on your available resources for wealth building.
Apologies!
Ha Ha, I was googling "Ava labor resources" because I had never heard of it before...
Post: Who’s Liable For Loss
- Rental Property Investor
- New Braunfels, TX
- Posts 85
- Votes 68
Thanks everyone. I appreciate the comments. It turns out he had venison in there and a hide he wanted to tan. So, I just happen to have a nice place to hunt this fall and told him I'll shoot a couple of doe's for him and give him the meat and the hide. He was thrilled.
P.S. @Bill B. I collect $20,600 in rent every month. I am not going to pay a PM 10% for what takes me less than an hour a month to take care of. I've have bought entire houses with what I've saved on PM fees over the last 25 years.
Post: Who’s Liable For Loss
- Rental Property Investor
- New Braunfels, TX
- Posts 85
- Votes 68
My Tenant just texted me and said that their freezer on the back porch went out and they lost 160 pounds of meat because the electrical plug stopped working. My electrician will fix it tomorrow but am I responsible for the 160 pounds of meat they supposedly lost?
Post: Need guidance on using a self directed IRA for RE down payments
- Rental Property Investor
- New Braunfels, TX
- Posts 85
- Votes 68
@Wayne Connell I think it would be a prohibited transaction to use 15% down payment from your SDIRA and then owner finance the rest. You can’t mix the two like that. Your SDIRA can get a non-recourse loan but most non-recourse loan providers will require more than 15% down payment. There are a couple of SDIRA companies promoting themselves on this forum. You need to talk to the one that seems like he knows what he’s talking about. It won’t take you much research to see who that guy is.