All Forum Posts by: Patrick Prunty

@Rahul Gupta I agree with @Joe Homs, Dmitriy at Sense Financial is my guy and has been since 2011 when I opened my first self-directed retirement account. Dmitriy will shoot you straight when it comes to cost and advice.  As for ease of set up, its not hard when you've got a non-institutational professional like Dmitriy with a good team behind him who is responsive and understands the pain points of newbie who needs a little hand holding to get started.  Thanks @Dmitriy Fomichenko for all your help over the years.

@Andrew Robert Kearney

I have 2 self directed retirement accounts, an SDIRA LLC and a Solo 401k and I used Dmitriy Fomichenko of Sense Financial Services for both. Be advised that Sense Financial is a compliance and service provider but not a custodian. As I'm sure you know, however, no custodian is needed for the Solo 401k. Instead you, as the Trustee, serve as the custodian. I use Solera Bank as the bank who holds my Solo 401k accounts. I can't say enough about Dmitriy and his team and SFS, they are good people but also a wealth of information, reasonable fees and top notch customer service.

@Danyale Martinez, wholesale it, bring in a partner, there are many options to profit from 'bird dogging' good deals.  I buy houses in Clarksville, Oak Grove and Hopkinsville regularly, many other people do too!

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I'd start by finding a good, experienced realtor to help you evaluate location. A primary residence is a big purchase, largest purchase that many folks make in their lifetime.  That said, you need to make sure its a stellar location, good school district, close to amenities, etc.  No one better than a good realtor who specializes the area to help you find the best mix of it all.

Agreed on the lien, this is always the case with a debt lender and allows them to protect their interest in the property. I agree too that 20% is high for the HML depending of course on the rate. Example, if you're paying 12% interest for 20% down, you're paying too much. On the other hand if you're paying 8-9% for 20% down, that is pretty reasonable.

@Aaron Malki did you opt for the appraisal or was this a requirement of the lender?  In my experience the appraisal is unnecessary and not required by most HMLs.  If you wanted it however, they are always glad to order and have you pay for it.

@Dustin Faeth

Those are pretty good terms Dustin! Lots of opportunity in the private credit market right now due to the banking jitters and overall tightening of the traditional credit market. With that in mind, I'd agree, there is a big appetite out to lend this kind of debt, especially against stabilized rental property. No safer place to earn 7% in my opinion that a 1st mortgage...eventually the FED and FDIC won't bail out the bank so depositors in smaller banks beware.

Marshall Reddick is a common sense, 100% collateral based lender with top notch customer service and some of the fastest closing times in the industry.

A spectrum of private, non-bank loan programs are offered for individuals, entities and the like. All programs including Rental, Renovate, Bridge and New Construction are non-recourse eligible. Non-owner occupied only, business purpose loans only.

Rates, terms and pricing here: https://www.marshallreddick.com/loan-programs

Rental Programs up to 70% LTV

Bridge Programs up to 80% LTV

Renovate Programs up to 90% LTV

Marshall Reddick is a common sense, 100% collateral based lender with top notch customer service and some of the fastest closing times in the industry.

A spectrum of private, non-bank loan programs are offered for individuals, entities and the like. All programs including Rental, Renovate, Bridge and New Construction are non-recourse eligible. Non-owner occupied only, business/investment purpose only, 1st lien only.

Rates, terms and pricing here: https://www.marshallreddick.com/loan-programs

Rental Programs up to 70% LTV

Bridge Programs up to 80% LTV

Renovate Programs up to 90% LTV

Marshall Reddick is a common sense, 100% collateral based lender with top notch customer service and some of the fastest closing times in the industry.

A spectrum of private, non-bank loan programs are offered for individuals, entities and the like. All programs including Rental, Renovate, Bridge and New Construction are non-recourse eligible.  Non-owner occupied only, business purpose loans only.

Rates, terms and pricing here: https://www.marshallreddick.com/loan-programs

Rental Programs up to 70% LTV

Bridge Programs up to 80% LTV

Renovate Programs up to 90% LTV