All Forum Posts by: Crystal Smith

@Angelica Trevino Give us a call.  We can put you in contact w/ some property manager for 60621.

Our average for flipping this past year was $25K per flip.

In general our standard renovation plans for flips include ceiling fans for all of the bedrooms but before making the final decision we always look @ pictures of the comparables that have sold in the last 6 months.  If the properties we're comparing our renovation to exclude fans then we'll consider excluding them from our renovation plans. 

Send us a PM & we'll send you some HMLS that provide loans for Chicago.  A red flag:  If they won't provide you w/ their underwriting requirements & ask for $ up front.

@Sheila Villacampa What's the up & coming area in Chicago where you can purchase a house for only $4K? 

@Neil S. There are a number of people in this forum who work, live & know the Chicago market.  Just set up a key word search for Chicago & you'll get to know who's who.

Some folks you may want to get to know include:  @Lumi Ispas & @Brie Schmidt .  There are others who I'm sure will see this post and reach out.

@David Humphrey:  Numbers look great.  Only advice I have to include in your analysis is a close review of the average days on market for the sold comparables.  Also evaluate an alternative exit strategy & review the rental numbers in the area.  Your cash needs for this deal is less than $30K.  If the rentals in the area are high enough you may be able to keep it or sell it as a cash flow.  

The linke below worked for me:

http://www.biggerpockets.com/real-estate-investmen...

@Account Closed The name of the company is Guidant Financial Group LLC.

@Timothy Riley 1st let me say I'm not an accountant or CPA or lawyer, I just play the part on Tv.  We've been investing w/ SDIRA's for a long time.  So here's my response to your questions:

• Is purchasing a real-estate in this format a good way to go (not everything just one or two for my later years)?  Best decision you can make is purchasing as much as possible in the SDIRA & minimizing/eliminating the tax burdens
• Can it be done as a unit within my upcoming Series LLC?- Danger, Danger, Danger; You treading on thin ice. There's a way to have a Joint Venture between your LLC and the SDIRA but you need a lawyer that specializes in this to walk you thru the traps. Not sure why you would need an LLC if your using the SDIRA unless of course what you mean is your going to establish a check book IRA where the LLC is the custodian & your intent is to have multiple checkbook IRAs w/ the LLC as the custodian. There's a company in Seattle, who's name escapes me now, that is excellent @ this.
• One question that I searched but never found the answer to is: How to cash out when the time comes with the properties in the SDIRA (cash out the balance and take control of the properties, sell the properties within and then cash out)? You really can't cash out without a huge tax hit before you reach the so called retirement age. You may want to look into non-conforming loans as a mechanism to cash out. I don't know all the details but it's usually a 50% LTV requirement & your account must have enough funds in it to service the loan.