All Forum Posts by: Ryan Slicer

Absolutely! I am in the process of that now. Looking for someone to talk with about all of this. I am also considering whether or not a Solo 401K would be a better route. I have read up a little and it seems simpler and and less regulatory. Not sure how long it take to actually receive the funds though from account...

Perfect! Thanks for the insight.

Yes, look into the 'Streamline' 203K. It's for smaller projects like renovating a basement. You are able to wrap up to $35K in construction cost into the mortgage. This is an FHA product however, so consider that you have to pay MPI for the life of the loan. You can refinance after 12 month (I think) into a conventional loan if you want to remove the MPI payment every month. You may also have the ability to pull some of the equity out of the home based on the increased value (assuming the renovation does indeed increase the value) in order to continue improving the property.

Good advice! Thanks Jason. Were you able to live in the property AND use your stepfather's IRA funds? My wife is concerned that we would be unable to live in the property.

BP community,

I need some guidance on SDIRA regulations. I am looking at a single family house hack currently and planning to fix and flip within the next 6 months. While running my numbers on the property, I think it works best to include $25K private money (at 10%) from my stepfather to pay for the renovations using his SDIRA. I have spent a little time researching the prospect of using someone else’s SDIRA to fund my renovation and as I understand it, there are many regulations and hoops to jump through when going this route. Has anyone had this experience or have any advice on whether it is against the rules for him to loan me money with his SDIRA?

Look into a 3.5% down, 203K loan. You can wrap the renovation cost into your mortgage as long as you are willing to live in the residence for 12 months. Good luck! 

Apologies if this question has been answered already. If so, please redirect me.

This is our second live-in flip in the last few years. This time we purchased a ranch on a cul-de-sac which needed a lot of updating and in a desirable school district. We bought it for 170K and put about 20K into it over about 3 yrs. We thought the ARV would put us at 250-260K all things considered. About a year ago a ranch nearby sold for 245K which helped inform our ARV estimate. This week we refinanced, it appraised for 214K. Much lower than we anticipated. Has this happened to anyone else?? Where do we go from here? I have read that we can appeal it but that doesn't seem promising. Help please!