All Forum Posts by: Steve Racicot

@Sandy Uhlmann  What is your Exit Strategy?   From my understanding, Most mobile homes do NOT appreciate in value over time, so a buy and hold strategy is best. Simply collect the rent every month. and be done with it.  However,  what about in a few years, what happens if the mobile home needs so much repair, that it is better to replace?   

I am in the same boat as you, but these are some of the questions I have...  Hoping someone can answer them.

Steve

@DJ Garcia Welcome.

@Kevin Totland You could loan out the money, as a hard or private money lender. You could also use it as a down payment to purchase something and loan money to your IRA LLC. Just keep in mind that there are tax rules and restrictions you need to follow.

@Daniel Ash How long have you been working in real estate.   I am always looking for projects to invest in.   But would like to know more.   

This will have ZERO impact.    The amount of money was so little to worry about.  

If you are worried about it,  then you probably shouldn't buy a house. 

@Keith Blair Check out Liberty Health Share @ http://libertyhealthshare.org/

Hello, 

I am looking into to bring on an equity partner (if it makes sense for the both of us).  This would be for a new real estate venture.  Not sure if this is the right place or not, but where would I look and is anyone on here interested?  

Use half of your savings as a down payment. Talk to a mortgage broker about your options. A conventional Loan you will more than likely need 20% down. With an FHA, about 3 to 5% although more is better. Then look around for the house you want.... After that it is a lot of paperwork. But by talking to a mortgage broker you at least have an idea of what you can afford and if you are pre-qualified. A seller might be willing to negoitate better since he knows the deal is less likely to fall apart.

Hello, 

I have an opportunity to purchase several propoerties for long term buy and hold, where I would Rent these properties out. 

Here is my dilemma: I can get the financing, however, do I get the down payment cash together.  I do not have enough equity in my home,  and retirement funds are not available.   Does anybody have any initial idea where I can get the initial funds to purchase several properties?   I would need around 30k max. 

Thanks for your input. 

Steve 

I would reach out to an attorney in your area.   It is a cost but in the long run well worth it.