All Forum Posts by: Randy Rodenhouse

I second the recommendation in "Invest in Debt" by Jimmy Napier and another one is Fast Cash by Lorelei Stevens.

Since the seller is still on title they would be the insured on the insurance policy with you as additionally insured. Make sure you work with an insurance company that understand land contracts like REI Guard (this is not an endorsement -lol) but suggestion.

Concerning buying on a land contract...I don't love buying on land contract since I don't have control and don't get the deed.  You will have equitable title but not legal title (like buying a car and you get title when paid off).  If the seller gets a lien on the property while you are paying him under a land contract it can be can be an issue and a hassle to get clear title.  

I would definitely try to get them to seller finance it to me with good terms and have the seller setup a licensed servicer to collect payments to make them feel better.  

I spent many years reviewing the different plans and then wrote a short book on self directed investing using an IRA, solo 401k, etc. I have a solo 401k (which has a Roth portion) and a Roth SDIRA and have purchased and sold RE, purchased notes and have done some private lending, etc. I wrote a short book on it called "Stock Market Crash Diet" (go to Amazon and type my name Randall Rodenhouse and it will pull up) which is a guide to alternative asset investing and explains all the different government sponsored retirement plans. To me it is all about investing less in stocks bonds and mutual funds which I have no control over and more into RE secured investments. Make sure your plan specifies exactly what you can and can't invest in.

Remember you can borrow from a 401k as Jon said but you CANNOT borrow money from your IRA.

Both Roths and Traditional IRA will be subject to UBIT if either you do debt financing within your IRA (i.e. take out a non-recourse note to help fund a property in your IRA) or if you run a business in the IRA that would normally be subject to taxes outside the IRA.

Hope this helps,

Randy Rodenhouse
WealthBlackBox

If the gold were in a self directed IRA he would be able to sell the gold and then buy a property but unfortunately not for personal use. Unfortunately, not many options for tax sheltering in this situation.

Thanks for the information and suggestions. I will look into it.

Regards,

Randy

Jeff,

I think in general it depends on the area and the price tag of the house. The higher the price typically, but not necessarily it takes longer to flip since there are less buyers available in the higher price range. The best thing to do is focus on an area where the house price tags fit the median income in that area. These houses sale faster since the buyer pool is bigger.
Typically, it takes 1-3 months if you target a hot area with cosmetic rehab.

Hope this helps.

Does anyone know of a good and reasonable SEC attorney that does private placement memorandums? Any experiences and references would also be helpful.

Bienes,

In general Jon has it correct. I had a recent incident similar to this and that is exactly what I did. When everyone moves out then we inspect the property and give back the deposit (assuming the property is in good condition.)

In terms of the two month's rent if they wish to be released from the lease early, I would not say anything since the others want to stay in the property (I assume). It is not a bad clause since 2 months rent will cover you cost during the time it takes to get another tenant in the property, but it is always best to keep the number of consecutive months with the property occupied and paying the highest possible.

Randy Rodenhouse

Derek,

It all depends on what the yellow letter says versus what the postcard says.

Many yellow letters just say we want to buy your house and is not very qualifying and of course everybody calls and the response rate appears to be higher.

I think both postcards and letter have their place since some people are more visual and like the post cards and some like to read all the details and like the letters.

Personally, I alternate letter and postcards every two weeks for about 4-6 mailings total.

Hope that helps,

Randy Rodenhouse
Wealth Black Box