All Forum Posts by: Thomas Senatore

I have been investing in real estate since 1987 in multi unit properties. In 1998 I discovered Tax Lien Certificates and in 2000 was introduced to Tax Deed foreclosures.  I was fortunate as I worked in the largest Tax Lien Foreclosure law firm and processed many tax lien certificate foreclosures and got my feet wet as they say working other investors files.  Once I found Tax Deeds and I got title immediately, I made buying tax lien certificates secondary.

Now I still work both, but focus now on getting land at the Tax Deed auctions and placing tiny homes on them.  The goal is to create small villages for retired seniors on a tight budget and veterans struggling to pay rent. To me these are the forgotten ones the government does not focus on. 

As a Broker in Florida and runninga property management company I agree with Glen.

You MUST have a policy in place and use it the same each and every time otherwise you could be considered discriminating. 

I also have a zero tolerance policy to those who lie on the application.  If you put down any false information (evictions, felony, etc) and I find out, you will never rent from my brokerage.

We do have a tolerance if they disclose and it is within our conditions to accept.

The rental market is a fluid one and changes all the time. Most would agree that taking money from you primary residence is not a good idea at all. You really should never leverage the home you live in. If your primary home is financed with an FHA mortgage and you can get a second FHA mortgage if more then 100 miles away. If you do not have an FHA mortgage then go ahead and apply for one on the investment property. Interest rates NEVER matter and you can make money all the time. The main factor is will rents cover the debt liability and can you sustain 3-4 months of no income to cover the debt? Be creative on your purchase and get money back at closing to cover the reserves.

Investment Info:

Single-family residence buy & hold investment.

A few of my properties

I am trying to figure out how my Florida Licensed Real Estate Brokerage can manage the rentals held within my IRA without being considered a disqualified person or an indirect benefit.

I am thinking if a unrelated employee in my office was compensated for the monthly management and receipt of the rent checks to my IRA but delivered to our office and then deposited into the IRA bank account it would not be considered self dealing or disqualified. It would then allow me to know if the tenant has paid or not and whether to initiate collection proceedings swiftly.

I am confident much of this is int he grey area and highly discouraged. I just remember many years back at a symposium that there was a way to get minimal payments out as long as the beneficiary did not directory benefit nor did the IRA get any service for free which then could disqualify the IRA. I also do not see any benefit in giving my IRA property to my competitor.

Thanks

Tommy