All Forum Posts by: Risa Hind

I am just starting out and would like to do a fix-and-flip in northern Utah. I live in north Davis County and would like to stay somewhat close to my home. I am looking for any referrals for good hard money lenders that lend in Utah as well as a good general contractor that could help me out. I have a little seed money to work with, I have some experience in home rehabbing, and I have recently gotten my real estate license. Any help would be great!

I 2nd the idea of looking into Moab. There are 2 national parks (Canyonlands and Arches) nearby and very much a "small town" feeling. They have great river rafting, 4 wheeling, hiking, biking, etc. According to Google Maps it is 10 hrs from LA. Prices should be comparable, if not less to Zion area. 

If you are dead-set on staying in the Zion area (and want to obey all the rules), I would be very leery of rental rules. My in-laws own some land by Sand Hollow reservoir that is technically part of Hurricane and they are not allowed to use the property for a vacation rental because of residential zoning laws. 

If you become a member of the Utah Apartment Association (I believe the fee is either $100 or $110), they will give you copies of ANY AND ALL forms you could possibly need, including a very good contract. If you are a member of the association, you can also use their system for background checks for a fee (I believe it was $35, which I passed on and made the applicant pay). They do criminal and credit checks. When I signed up (it was a few years ago) they also included a beginners landlord guide that I found quite helpful. Good luck!

https://www.uaahq.org

So my husband and I have a combined $25,000 ($11,000 in mine, and about $14,000 in his) in old 401k's that I am looking to possibly use as down payments for rental properties in either a self-directed IRA or something where I have more control. Here are my questions:

1) Is it possible to combine my IRA with his, or do we need to keep them separate?

2) Is it possible to use these small amounts as a down payment on rental properties and get loans or other funding for the rest? If so, how does that work with the cash flow? Does all the cash flow go straight to the IRA, or would I be able to take some cash flow?

3) What vehicle would be my best option for this scenario?