All Forum Posts by: Daniel P.

I recently found a property I was interested in.   A little rough, but not enough to turn me away.

I was told by my agent that it needs a roof, she suggested a few roofers to call.  I have never worked with this agent before.  Talked with her a couple times, she seemed to be aggressive and a hard worker. 

I have my own roofers I use, and contacted them instead.  Turns out, they have bid on this job before and had concerns about dry rot and construction.  This was put in their bid.  Also, it was my own agent was the person that had previously requested the bid from them.  Obviously, she didn't share any of their concerns with me or tell me that she had asked them for a bid. 

My reaction is that she is being shady, trying to misrepresent the property... am I correct here?  Could this be explained by some line of reasoning like "she got the bid for another client and I am not privy to that"...  I'm trying not to overreact. 

How would you guys respond?

Thanks in advance!

Thank you Mark and Dmitriy.

I guess my question is if I utilize this 60-day rollover to purchase the property, is it possible to recover those fund through more traditional means within 30-45 days? Are there investors out there that do this and what is your experience? 

Thanks again!

I suppose I worded my title wrong. My apologies. I not looking to borrow from the IRA, I am simply going to roll it over utilizing my 60 day grace period... during which I would like to generate a similar amount of money through a refinance of the purchased property or equity loan from an existing property I already own.

House is 75K.  I have a few hundred K in the account. 

Hey guys and gals,

I found a SFH that is foreclosed and needs some work. I am interested in purchasing it and keeping it as a rental after I do the needed repairs and fixes.

Here is my issue...

In the last two years I have bid on several separate properties in my area and I have lost all of them.  It seems to be all cash buyers with quick closes.  The last property I was told that the bank even took a lower bid than mine that was all cash.  

With that in mind...

I have the funds to buy the house outright with my SEP IRA. Is it possible to borrow the funds from my IRA (I believe I have 120 days) and then replace them in some other fashion? Such as, home equity loan from another property or refinancing the purchased property into a 15-30 year traditional loan?

Appreciate any feedback.  Thanks in advance!