All Forum Posts by: Steve Mcmahel

Investment Info:

Single-family residence buy & hold investment in Wake Forest.

Purchase price: $130,000

renting out my 3/2 SFH on the way to 15 rentals

What made you interested in investing in this type of deal?

financing already in place- I know all about the home having lived there

How did you find this deal and how did you negotiate it?

bought it for my family

How did you finance this deal?

standard mortgage

I have come across an opportunity to purchase a SF home before it hits the MLS. Owners are retired and home is paid off. They are wanting $150K but they know it could sell for as low as $140K with repairs needed. Tax value is $129K and other similar homes in the area are selling for $200K and up after nice rehabs. It would probably appraise for $150K currently in our market. Rents would approach $1100 to $1200 with some slight rehab. I would like to make them an offer to avoid using a realtor and maybe save them some $$... My question is what would be the best strategy to make them 2-3 offers that benefit them and me at the same time. (I can make a sizable down payment -$30K -but could not offer all cash upfront without an investor ). Thanks

Love what BP is doing here.Def interested in data around Raleigh NC and specifically Franklinton and Youngsville NC   

@Tze Lee yes there are custodians to assist and there are a lot of rules so its best to contact Carl Fischer above or Equity trust. 

I rolled mine into a self directed IRA (its a traditional one -not Roth IRA, so eventually I would have to pay taxes on disbursements) but I can use the money in the new SD IRA to purchase property- although its difficult to use it for a down payment unless you get a bank to provide a non-recourse loan, which is not standard. The point being that instead of keeping the money in the stock market roller coaster I can invest in real estate for long term growth. I am buying land since I don't have enough $ to purchase a SFH outright. Hopefully the land will grow in value and I can sell it down the road and pay little taxes on it until I do sell it.

check out https://try.trustetc.com/equit...

@ JOSH R.  IM COMING