Got 3 Properties under contract in January, 2015 is looking pretty good!

[James Ihssen]

I just wanted to share to the world the success that I have had so far in 2015!  I am a slow and steady type of guy and have decided recently to accelerate my business, and have already seen the results of my work!

First of all, I am a Realtor and love being one! I scout the MLS in real time literally every day with my custom searches looking for good deals. If I had unlimited access to funding I could do a dozen deals a month easy (for both buy and hold & rehab acquisitions) but as anyone knows it is not that easy.

So far I have three accepted deals and two of them are closing here in a few weeks.  The third is a Short Sale so there is a timeline there but I am hoping to set up a pipeline of deals now (many short sales under contract) locked in at the (lower) winter prices for me to work with in the summer.  I have already witnessed prices bouncing a little from the winter doldrums and it is only February!

One of the properties purchased I will be putting into my IRA. This is an exciting strategy that will yield tremendous tax free returns (as soon as I get it rented).

Hopefully this post will serve as inspiration for those out there just sitting and waiting or stuck with analysis paralysis.  Get out there and write some offers if you want some deals!!

[James Ihssen]

@Gautam S. The best way for me to explain it is my IRA account, which has a balance, has a facility where I can issue checks either on a one time or recurring basis to cover expenses for the property. All utilities for the property (that are turned on while it gets rehabbed) will go in the name of the trust. It is kind of like bill pay from your checking account.

There are no fees for doing this with my account.  I did some good diligence and called multiple custodian companies, both on the national and regional level and compared their services and fees.   Some companies do charge fees for this.

This property in question is located in Berrien County Michigan.  I am familiar enough with that area to be comfortable investing 'out of state'.  To be fair it is only a few hours away.  I bought my first house out there in 2009 for 25k, put under 10k into it, and have had a quality tenant in there paying me steadily $900 per month for years now.  That place has paid for it self by now at least once and going on twice.  This house is also on five acres, and less than one mile from Lake Michigan.  That place was a score but I bought that when the market was at the very or near bottom of the cycle.  I would have loved to bought 10 back then!!

@Gautam S.  I do not mind to share at all! The way I see it, there is plenty of property for everybody and I am an open book! I love talking about real estate and spreading my knowledge!  My first purchase was a single family house in Seattle in 1999!!  I feel lucky to have witnessed the rapid rise and rapid fall of the market. There is NOTHING Like experience to gain knowledge and wisdom.  This cannot be found in a book!

@Pyrrha Rivers There is a ton of info out there on the subject! I would search these forums for REAL ESTATE in your IRA or google the same to get some good overview information. If you have any specific questions please feel free to ask! Good Luck!!