All Forum Posts by: Randy Landman

Do what you love and hire out what you hate. My wife loves to paint, so she paints. I love to build specialty items like built in bookshelves, so I do some of the carpentry. But we both hate to dig, so we hire a landscaper. It's also good to know how to do as many of the jobs as possible, so that you can jump in if a contractor bails.

I'd be interested. Send me the info on the properties when you get it.

You should definitely talk to your cpa and or attorney before pursuing this. I am neither. You can not combine your personal funds with your IRA funds as far as I understand it. Flipping inside a IRA is also questionable. That could be viewed as an active business instead of a passive investment. Rental property or funding someone else's flips could be a passive investment that could be done in an IRA. But you can not be actively involved. Please seek professional advise before pursing a self directed IRA.

No money, no keys. Not only will you be handing over your property to a broke tenant, but you will have also taught them that you are a sucker for a sad story. Every month the story will change. This month broken car, next month someone hacked my bank account, the next month I forgot to put a stamp on the rent envelope, and on and on and on.

Are the breakers tripped? If not call the electric company first to see if there is a problem with the transformer outside.

Welcome to BP. Are you going to be wholesaling in St Charles County? I'm looking to buy a couple more this year. Lets keep in touch.

If you have paid for rental property and good credit then you should be able to get a line of credit from a commercial bank or portfolio lender. Interest rate could be 5% or less. The rentals will be the collateral and you will have to sign a personal guarantee as well. The difficult part is finding a local bank that does this. You can then use the line of credit to flip or to buy more rentals using Brandon's BRRRR strategy.

Yes you have plenty of money, but if you don't know whether you have 400k or 500k then you will need a new accountant before you begin. But seriously if you have that kind of money then you should look into a line of credit as well. Do you have something for collateral like a personal residence? Maybe pay cash for some good cash flowing rentals first, then use them as collateral for a 5% credit line to flip. That way your money is returning an income year round and hopefully more than 5%, but you are only paying interest on the line when you are actually using it on a flip. Beats hard money.

A few things to consider. Make sure it will still cash flow after you get a mortgage on it. What will it appraise for after the rehab? Will you be able to pull your entire 80k out with a refi? Are you sure that 25k will cover closing costs, roof, heat pump, and cosmetic upgrades?

What is his income compared to the rent? You want income to be at least 3x the rent. Why is he moving? Are you sure that he is not moving because of payment issues? NEVER pick someone strickly on the basis of how quickly they can move in or how long of a lease they will sign. What good is a long term lease if they can't pay you.