All Forum Posts by: Sandy Uhlmann

When combining funds with another IRA for an investment such as being a lender/co-lender for the purchase of property, do funds have to be distributed back to the IRA based on the percentage of money invested or can it be based on the actual amount contributed or can funds be distributed based on percentage of OWNERSHIP which I assume would require some kind of agreement between the two lending parties. I see all the time when people are trying to grow small IRA accounts they "piggyback in" to someone who is the main money investor because perhaps they found the deal. How is this accomplished?

Is there a way for the points in a private lending deal to go back into the IRA of the IRA owner that found the deal and the rest of the funds be distributed based on the percentage of money put into the deal?

Thanks for the response!

I have a property in Muncie, IN that I am in need of boots on the ground to guide me to what property is worth, condition of the home, suggestions for good contractor, realtor, property managers, investors, ect I am expecting to get this property back in a Sheriff's sale  gone coming up soon. The property has tenants who would like to stay.

Any help or references to good resources in the area would be appreciated.

Hoping to reach out to other BP members that live or do real estate in/around Jefferson City, MO. I am trying to gauge the interest in forming a REI in the area. Currently, the nearest REI is in Columbia and personally, it is not very convenient to drive 30 min to hear about investment opportunities local to the Columbia area vs Jefferson City. If any of you live, invest or rehab in Jefferson City or the surrounding areas or even the Lake of the Ozarks area, please comment here so local investors can more easily connect with each other.

Looking forward to hearing from you all and hearing about what areas of real estate that you are interested in.

Sandy

I already have a Furnished Finders account.  I am disappointed that I have not received more responses from them.  NONE of the travelers that I have met know of that site although I am rapidly educating them and hope that they tell their traveler friends about the site.  I have been on the gypsy nurse site as well as other traveling nurse sites on FB.  Just thought that I may be missing something as far as sites to find these nurses?

I own a mobile home located in a park that I am currently renting out.  Tenants have been paying on a regular basis for approx 2 years.  They are interested in buying the trailer on payments.  I would like to create a promissory note that relates to this purchase.  While I think I have a good understanding of a promissory note for the purchase of real property, I am finding a promissory note related to the purchase of a mobile home in a park a bit of a challenge for me.  I guess I don't have a good understanding on what happens to personal property (mobile homes, cars, ect....) when the lien goes unpaid.  It seems that there are a lot of things that need to be included in these notes that are not included in promissory notes related to homes. I fear that there are many things related to the sale of a mobile home in a park that I am not considering.  I need some help in creating a really good promissory note for a mobile home in a park.   Some of the things that I think need to be addressed are:

Payment of lot rent.  What happens if lot rent goes unpaid?

What happens if they want to move the trailer?

What happens if they decide to sell the trailer before they pay it off?  Should I consider writing in the note that I have first right of refusal?

I need a clause in the contract that says they agree to carry insurance on the trailer and add me as additionally insured.

I am sure that there are many other clauses that I am not even thinking of that need to be added into this promissory note.

I plan to have the promissory note notarized by all parties and will have a bill of sale that  I will take to the DMV.  I plan to have the purchasers of the mobile home at the DMV with me and have DMV prepare a new title with my name as the lien holder.  I plan to have DMV send the title to me which I will hold until the trailer is paid off.

I have been dragging my feet in the creation of this note.  Any input that I can get would be appreciated.  Also, should I just purchase a promissory note from online and add the clauses that I need?  Also, is it necessary to pay for a servicer?  I am not going to be charging an interest rate, just a flat number of payments that is the same amount that they are paying now for their rent.

Thanks in advance for the input!

Sandy

I would like to provide furnished housing for traveling nurses in my area. I would like to have individually locked rooms in a 3 or 4 bedroom condo/duplex and have all utilities and WiFi included.  Does anyone have any good advice on how to reach out to these nurses?  I have tried Furnished Finders, Traditional rental sites such as Zillow and COZY and have even tried listing on Air BNB for traveling nurse housing for a minimum of a month stay.  Not much luck.  Calling the agencies themselves has not been helpful either.  Does anyone have any suggestion or advice?

Thanks,

Sandy

I have several second liens that were wiped out when the first foreclosed.  I would like to find an attorney or a collection firm that can assist me with getting a judgement against the borrower(s). I realize that this may me a long shot but I would like to try.  Who knows, might get lucky and 10 years from now I might get a little paycheck.  I am not sure of the statute of limitations and I am sure it varies from state to state.  If anyone has had success in collecting after they got a judgement against a defaulted borrower I would love to hear the outcome and I would love some recommendations of firms that I could turn to to handle this.

Thanks for the help!

Sandy

@Preston Wengert @John Mocker @Dmitriy Fomichenko @Dan Barli 

Thanks for all the input! Good point about the IRA properties too!

I currently have an umbrella policy under State Farm.  I was wanting to get coverage also for my SDIRA properties, mobile homes, ect....  My current agent said that they would only cover 4 rentals.  She mentioned a commercial policy or getting a second umbrella policy under another carrier?  I would feel better if all of my assets were under one umbrella.  What do most investors do?

I don't think there was assignment of rent clause in place.  I assume that has to be there in order to capture the rent payments?