All Forum Posts by: Sandy Sawyer

Ha ha! They are already our clients we do their IT! I'll give 'em a call, thanks @Robert Haney

Hi BP peeps, as a newbie realtor, although I'm about to do my first deal in the retail spectrum, I figure I may as well start establishing a relationship with a title agent that is well versed in the "subject to" arena. I'm in Mission Bend, any suggestions for this region (Sugar Land/ Richmond)?

I'm also looking for such a form to use. Can you share?

Thanks,

Sandy

@Scott Smith@Scott Smith

Hi Scott, back over 20 years ago I bought the book Inc Yourself and set up my own S Corp (it was really only like 3 steps) is it that easy to start an LLC for SDIRA?

Correct, you are not allowed to manage if you are an agent, but you can own the company.

I just found out recently that in Texas as a real estate agent, you can own a property management company, but you cannot do managing yourself. There are lots of funny rules here! (ha ha)

@Ben Volkman I don't think you have to be too concerned since what you are paying for the place has little to do with how much they owe on it. They may want to keep that a little secret because otherwise you will know just how burried they are financially and motivated to sell, which will give you more bargaining power. The title company will take your money and pay off the mortgage with it. 

@Bernard Reisz @George Blower @Dmitriy Fomichenko

Thanks y'all, I really appreciate the input. So from what I read I can borrow up to $50,000 of my retirement account if I roll it into a solo 401K (provided it is only 50% of my holdings). That's an interesting thought, because it would let me use the money to bridge the 6-month gap I need before I can use my equity for a HELOC. I guess it might come between either that or take a distribution of the original contribution amount to my ROTH (and I understand that for first-time homebuyers we can take out $10k each without penalty) I think I'm gonna go ahead and get that second property under contract and sweat the details later.

Hi @Dmitriy Fomichenko

Well, maybe I worded it wrong, but isn't it possible to take your funds out of the IRA for a couple of months and return it without getting hit as a distribution? If you only do this once a year?

Hi Will, welcome to BP!

I used to live in Brooklyn, now I'm in Houston. Gotta say it's pretty different down here! And the market is fierce! It's all about finding the deal, and having the cash (or access to cash) to do the deal. You may not know this, but Houston is the biggest metropolitan city with no zoning laws, which means neighborhoods differ drastically, you really have to know your areas. I feel like I have an advantage here since I'm also a realtor and also connected with various local investment clubs. All the good deals are pretty much done with cash off-market. Or at the county auction! There are laws here that favor landlords and owners. But you've really gotta partner with somebody that can steer you clear of danger. Lemme know if there's anything I can help you with.

Sandy