All Forum Posts by: Rick Pozos

Hey Kris,

It sounds like you are on your way!! Definitely keep the day job until you have done a few flips and have some cash reserves. How are you marketing to find the properties that you would like to flip? If you do come across a great deal you could always wholesale it to another investor. It is not ideal for someone who wants to flip, but it might put a few thousand in your pocket quickly. Just a thought.

If you have some questions or need some help, just call.

Welcome to BP and hopefully soon welcome to San Antonio.

The city has not had a good record of folks taking care of their animals so the city has limits on the number of pets in a household and some other stringent rules for pets. I just wanted you to be aware. You dont want to get settled in and have problems. Check out the link.  

http://www.aapaw.org/city-of-san-antonio-animal-co...

If you want to get started flipping in a new city with no money, you might want to think about doing the rehab for someone in return for part of the deal. Or maybe being a contractor for a few deals before venturing out on your own. This way you get a feeling of the area while making some money. Being a part of the local REIAs would be very important to network with other investors.

Are you marketing to find properties here in SA?

Hey Karen,

It really depends on what you want to do with it. You say you want to buy a couple houses. Does that mean flips, rentals?? You would have to check with the different companies to see what fees they charge and for what. If you want to do rentals and the company charges for each check that comes in, you MAY not want to use them. But if the charge is not that much, it may be ok.

If you have done flips and rentals already, you know what checks have to be written to contractors, taxes, insurance, etc. You just have to see how the custodians charge for your types of transactions.

Welcome Ramon,

Lots and lots of info here. Go to some Real Estate Investor group meetings here in town. There are a couple of big ones and a bunch of small ones. Some charge, some dont. Network with other investors.

Any questions, call me.

A mentor is someone who guides you and is there to answer questions when you have them. He/she should not tell you what to do, but guide you in your decisions. He does not have to pay all of your costs for a deal, that would be a partner not a mentor. 

A mentor is not going to make you rich, he is going to make sure that you dont make stupid mistakes. It is YOUR hard work and dedication that will make you rich or not. He will get you to think in the way that you should think. Focus on the right things. But you have to be the one who is on the journey, not the mentor. He should be the friend with answers.

Do you pay your friends for answering a question?? Everybody who answers and gives guidance to others here on BP is your friend and your mentor. I would not do what ALL my friends here say because not all of them are right for my situation. It is up to you to listen and take what applies to you and use the knowledge to make better decisions for your own situation.

Welcome Hector,

I have my keywords set up for San Antonio, mobile homes, flipping, self directed ira and a couple others I dont remember. Point is, whatever your interest, get the posts that you like sent to your email so that you can see what is happening immediately.

Good luck, and if you need anything, my email and cell number are on my profile.

Try Value Funding Inc., Maurice Federbusch. He is a member of Alamo Investors Assn. He seems to have loans for all types of situations. He even said there are STATED loans available. They are on Fredricksburg rd. I dont think we can give out more information than that on the forums.

I just posted in another thread about lending money to people that you know and trust from your sdira. That would create a note. You get a specified return, say 8%. You can charge points or not. You can lend to a flipper friend, a wholesaler friend or a landlord friend. All the terms are negotiated with your friend (and some family members are legal people to deal with).

There are a number of sdira companies that have lots of info on their websites. I would get all the facts from the IRS and/or the custodian companies to see what you can and cant do with your sdira.

The important question is: are you going to sell it for 126k or 135k?? If the people can only get a loan for 126k, tell them you will give them a 2nd for the other 9k. Have them pay you another $178 for 5 years at 7%. I would not miss out on the extra $178 per month. I dont mind getting paid, and then getting a little more for several years.

If you have a friend who has an IRA, he/she can lend you the money from their IRA to do a flip and you can lend them money from yours. And yes, you can partner with your ira.

Check out different ira companies. They have info on their websites about possible transaction types. Google some names. One that I know of and have borrowed from a few people is Quest IRA. They are based in Houston, but do business around the country. Full disclosure: I do not work for them or have an interest in the company.