OMG - I did it!

[Dawn Hall]

I converted my IRA into an LLC SDIRA and today I bought a house at the Sheriff Sale. I thought the house was vacant, but it turns out it is not. I thought it might be squatters, but it turns out it was the prior owner. I went over there and posted notice to vacate signs after filing a Writ of Possession. When I came back later, the man was moving out. We chatted for a while and it turns out he is a reasonable guy who has fallen on hard times. He filled me in on some of the details of the house and he is moving out peaceably. The house will need some work, but I'm planning to offer it as a rental. It's a few blocks from the University in my area and should bring in $800-850 a month....not bad for a $50 K investment. I got it for about $15K under appraisal....the banks aren't letting much go here at the auctions these days.