All Forum Posts by: Steve Hodgdon
Steve Hodgdon has started 60 posts and replied 405 times.
Post: Failed Attempts to Sell Land for 3 Years
- Investor
- Novato, CA
- Posts 430
- Votes 321
I like the idea of partnering with an EXPERIENCED licensed builder. I've bought and sold 120 vacant properties during Covid and currently continue. We pivoted from houses (DUH) out of fear that the world was ending. Wrong again!
Post: Investing Strategy - Greater Savannah, GA area!
- Investor
- Novato, CA
- Posts 430
- Votes 321
I'm looking for vacant land. Usually expired listings, tax lien or simply folks wanting to get rid of something they never built on. Has to have a spread to make it work. Typical end buyer is small developer who will buy on terms from me.
Post: Land vs. Rental Apartments
- Investor
- Novato, CA
- Posts 430
- Votes 321
all the above is true. If building a bankroll, land investing is faster. But all taxed at highest rates as a flipper. Buy 5 acres, split into 5 one acre parcels on paper. Cost of survey and submission to county is the basic story. Lots of detail and hazards. But we're buying and flipping in generally 4 months.
Post: Private lending in 2nd position
- Investor
- Novato, CA
- Posts 430
- Votes 321
I learned the hard way that I need the capacity to make the first mortgage payments in the event of default. 2009-10 still stings.
Post: DO NOT INVEST with SCOTT CARSON (We Close Notes) or Inverse Asset
- Investor
- Novato, CA
- Posts 430
- Votes 321
As we know, there's a low barrier to entry in the notes world. No regulation, no licensing, no database. I can't match the offers I see because we run a clean shop and take care of everybody along the way. Including the borrower. Our goal is to help people pay off their houses. And make a decent return for the work.
Post: Vacant Home Insurance
- Investor
- Novato, CA
- Posts 430
- Votes 321
NREIG.com has always found a carrier. Not always cheapest, but good platform and monthly billing..
Post: Nod due to Ballon date expire
- Investor
- Novato, CA
- Posts 430
- Votes 321
If you are working with seller, is there an assignment of rents clause? Seizing rents will improve negotiation with the tenant/owner. Some moving parts here.
Post: Paying insurance and taxes on an owner financed deal
- Investor
- Novato, CA
- Posts 430
- Votes 321
It’s really best for the lender too. Keeps everything straight and makes the note an asset and not just a handshake deal.
Quote from @Sam Yin:
@Kris Allen
Ditto!!!!
Thanks Chris. I just opened escrow on Fri with seller financing. It's all new to me. We are set to close this Fri for a quick one week escrow. It never even hit me to ask for a 3rd party servicer.
Post: IRA LLC versus Solo 401K versus SDIRA
- Investor
- Novato, CA
- Posts 430
- Votes 321
Quote from @Jeffrey Dixon:
Your Self-Directed account faced threats in 2021 from the Build Back Better Act. Now those threats are off the table.
Starting September 13, 2021, the House began its deliberation of the BBBA.
Section 138312 of that Act was set to disallow assets in IRAs if the IRA holder had to prove a certain minimum level of assets, or if an income level was required. It would have disallowed assets if the investor had to have completed a minimum level of education or obtained a specific license or credential. That would have eliminated private placement investing in IRAs.
Section 138314 said IRA owner cannot invest his or her IRA assets in a corporation, partnership, trust, or estate in which he or she has a 50 percent or greater interest. This provision would have put an end to the IRA-Owned LLC (also known as the "Checkbook IRA").
These two sections were removed before the bill was approved by House, which passed their version of the Bill November 24, 2021.
Post: REIA Meet Ups
- Investor
- Novato, CA
- Posts 430
- Votes 321
NSDREIA
Monthly meetings