All Forum Posts by: David Cruise

 Kelly,

The quick explanation is that a checkbook self directed gives the IRA owner checkbook control over the funds by using a single member entity (usually a LLC) that is owned by the self directed IRA. The custodian relationship is where the IRA custodian holds the funds and you access them when you want to make an invesment. Those investments are made directly in the name of the IRA account vs. an entity. We have traditionally just loaned our IRA funds so we don't do a checkbook IRA but if I was going to buy property with my IRA I would definitely set up the LLC and go the checkbook route.

You definitely want to obtain dwelling and liability.  Typically you can get those coverages through one policy but some investors have a separate blanket liability policy and each property is added/subtracted as you buy/sell. For rehabs, get builder's risk (all perils).  

We use American IRA and have had a great experience. They seem to have reasonable fees and always respond quickly when we have questions or needs. The company is based on Asheville, NC.

Good morning. Our firm provides this nearly nationwisde (all states except CA, NY, and UT).  We have been providing this service to wholesalers for 15 years. www.transactionalfundingnow.co... or just give me a call at 678-920-1829 to talk through what you need! 

 Gastonia, Concord, Belmont, Dallas, Mt. Holly, Kannapolis, Salisbury, Denver, Monroe are some areas where our clients are doing well with rentals and flips.  If you push even farther north, Hickory is pretty solid and growing.  Shelby NC is nice too.  I'm sure I left out several others but those were just the ones that I thought of quickly.  

I agree with @Jon Puente on looking in the towns on the "out skirts" of Charlotte. We do a good bit of lending for our clients in these areas and they are experiencing good rental numbers, especially with the BRRRR method. Charlotte is growing so the smaller towns/cities that used to be considered far outside of Charlotte and now becoming affordable suburbs.

Regional or local banks vs. the big box banks.  They tend to be more relationship driven and more willing to lend on investment property deals than the big box banks/lenders.  Most of these banks should support zelle/venmo as well.  

DSCR lenders typically require a minimum 100K purchase price (or value if it's a refinance) and 75K minimum loan amount. Cash out refinance requirements differ greatly depending on the lender right now. Shop around heavily if you're doing a cash out refinance, especially if you have a short seasoning period.

@Colin McAlpine yes we are definitely still lending.  However, burn outs are not something we fund unfortunately.  I apologize.  We would be happy to look at any other deals you have going though including rental, rehab, or multi-family.  

@Account Closed We are in Charlotte and do Transactional Funding in 44 states.  If we can help you just let me know.