All Forum Posts by: Terry Lewis

I am using this person for my non performing notes and foreclosure services. 

Perhaps if he can't do what you need he can refer you.

"[email protected] Waldman Esq." <[email protected]>

Terry Lewis

Hi Kevin,

Yes it will be very difficult to get a bank loan being self employed. Do you rely on your w2 income to qualify for these investment property loans? Will you working in the family business increase the bottom line of the tax return over and above your w2 income? All that being said follow your dreams and you can always buy investment properties with seller financing. In this case you can fire the banks.

Terry Lewis

Hi all,

Not trying to create an argument. IRA's, or pensions can borrow money as long as the money is not commingled. It may not be impossible but good luck borrowing on land from a bank.

Terry Lewis

Hi LeighAnn,

A couple of things that are not clear. Is the property you live in in the IRA? Thats a violation if so, Or the adjacent property is in the IRA? You can get a loan in an IRA but it has to be a non recourse loan (no banks currently doing those) so needs to be private and if there is any debt service only the IRA can service debt.

That is the best answer with the question as I understand it.

Terry Lewis

Hi Lakeisha

From your line of questioning you are just at the beginning stages of learning a new business. It's like you decided to open a restaurant but don't know what is going to be on the menu or what prices to charge. I can't tell you how many people loose their money and then ask questions. You are on the right track in this regard. Also if your gut says something is wrong follow your gut. It is better to miss out on a deal than loose your money   on a bad deal.

Here is the IRS website for imputed interest. http://www.irs.gov/pub/irs-drop/rr-14-26.pdf I would contact a CPA to determine what warrants short term and mid term. I think it would be from 0-5 year note 6-10 year note and over 10.

Terry Lewis