All Forum Posts by: James Sinclair

To start I would stay out of someone else's business with respect to their 401K. If you are thinking about your own retirement and real estate then a self directed Roth IRA seems to make a lot of sense. Real estate is both good and bad depending on the time, why would you want someone that is well prepared for retirement to take that kind of risk?

Glad to see the interest, when you go in through the Randalls entrance the Starbucks will be on the left side of the store. It has a fire place, lots of chairs, and of course a hot spot for internet. Bring some ideas and questions please.

Coffee and networking meet-up at the Randalls Starbucks #2477, 3300 Bee Caves Road (2244), at 10:00 a.m., Wednesday Jan 8, 2014. Myself and fellow BP member Mike Walker thought it would be nice to have a opportunity to meet and network in the South Austin area. Our hope is that we can grow this group into one that will help us all meet our real estate goals for 2014 and beyond. Open to all, take a midmorning break and have a cup of coffee.

I think you have to know your market to invest in real estate. I don't see on the surface where this financing would be a problem if it was something you wanted to do anyway. If your property evaluations were bad it might provide a second opinion to keep you out of the deal.

I really don't quite understand the motivation for the deal. The owner has a 130K loan which he can't reduce. The property needs 32K of work. I seems to me 130K plus 32k plus holding cost during the rehab would put you at ARV. Why not just buy a property at retail and find a renter right away instead of this deal?

I do plan on having insurance on every activity but I also resent being sued in our legal lottery for things that should fall in the area of personal responsibility. I had an employee once that laid down a hammer, steeped on the hammer he laid down, fall on it and twist his knee on the way to answer a phone call from his girl friend, and it was my fault!!! That type of stuff just burns me up.

Have you used or considered using a "Hold Harmless Agreement" as part of your rental process? I am thinking about an agreement that the renter/lessor agrees to accept responsibility for the safety of themselves, family, guest, and anyone else that they cause to be on the property.

Another non expert here with a question. Why wouldn't a US corporation that is a C corporation work for Canadian investors? The C corp. would be US entity, hold the real estate, take the appropriate deductions, not be liable for the 30% with holding, etc.. I would think as a stock holder in the corporation all a Canadian investor would have to pay taxes on would be dividends paid out. I don't know these things as a fact, it just seems logical.

There is a desperate need for risk based premiums, I owned an inland home that required flood insurance and my policy cost was the same as property that was on the high risk coastal homes. Low risk property just pays the claims for high risk areas, hope you can find a private insurer like Donald mentioned.

I hope that my first year (2014) will be as successful as yours. The schedule C is where I understand the income should go for wholesale income.