All Forum Posts by: Kathleen Marie

My thanks to all of you for taking the time to offer me your advice. Much appreciated!!

Why all cash? Because words like depreciation and leverage mean little or nothing to me. Remember I'm a financial dummie. Smaller, simpler, safer are words that I understand.

Thanks for your input, Will. We've got lots to think about...........

Thanks, Michael. We're thinking of starting out with just one house -- paying cash for it, and collecting rent. Seems like pretty simple, straightforward stuff to me. Any suggestions for custodians and for types of charges to expect?

I can't believe that I'm 60 and have just discovered Self-directed IRAs! My husband and I are now very excited about the idea of buying 1-2 houses in our neighborhood. We're not interested in flipping. We’re more likely to hold the property forever just to keep as rentals. We're do-it-yourself types so checkbook control sounds very appealing. Don't worry; I do understand the rules about sweat equity.

That said, I'm confused about the need for trusts, custodians, LLCs etc. I’d like to keep things legal with the least amount of fees. Can anybody suggest "for dummies" style reading that explains all this in the simplest of terms? Any other info would be much appreciated.