All Forum Posts by: Aquila Oliveira

Hi every one,

I have recently start a contract to purchase a property in Florida.

The sellers wanted a 12 day loan approval from initial date of contract which was nov 4th.  The closing was set for December 1st, but the seller Found out after 10 yrs+ that there was a lien on the property from the IRS that they never knew of and never received any letters from.

They requested that the closing be moved in order to fight it and pay the lien off in order to close. we accepted it and moved it to the 18th.  They needed time for responses from the IRS.

Now they want to move it to the 31st.

can they keep moving the dates on the closing?

I feel like they are just stalling and at this point im getting a bit aggrevitated with the situation. the only reason I haven't walked away yet is because the appraisal came back with 40k in equity.

any suggestions?

@Jason Moran

I definitely agree with what @Dmitriy Fomichenko suggested. I would contact the plan provider and find out if they are willing to even let you do anything.

@Dmitriy Fomichenko do you know anything about ROBS as Mark mentioned above?

@Mark Nolan

Wow! Thank you for all the knowledge you brought to the table.

To me, it seems more advantages to use a Solo 401(k) rather than SDIRA. Other than an extra form, I didn't see any other down side of doing it that way.

With the Solo 401(k), would you be able to defer the taxes using a 1031 exchange?

Would you be able to send some info on the ROBS as well? Starting a real estate company is also something that I was wondering on and would use another post for it. but, since we touched on the subject I would like to know some more.

@Charles Wiegert

I completely understand where you are coming from.

living in lower Fairfield county is not easy to say the least. pretty much every type of home in this area is super inflated in the price and its really difficult to get any return.

I'm actually thinking about FL as well, looking to move to West Palm beach area, but investing somewhere else. 

where were you thinking of going? 

I was wondering if anyone had good insights on how to use a 401k to fund deals and flips.

I heard you can switch your 401k to a self directed IRA and use the funds to do as such.

my questions are the obvious ones. PROs and CONs to each and if there is any book recommendation so I can get a more in depth knowledge on it.

Hey everyone,

im looking for a some referrals on some agents. 

looking for a real go geter type and closer! fast on deals that recently get on the market and easy to get a hold of. btw I'm looking in the Greater Danbury area.

any help will be much appreciated!

Hey @Victor N. have you tried a local bank? community banks makes it easier for investors to get loans.

you can also try Wells Fargo, they loan up to 70 LTV on non owner occupied and they have a portfolio loans department also.

Good luck.

@Brian Christoff take it from experience. you would want to screen everyone that would be living in the house.

protect yourself first!

I had someone come in that was not properly screened and it turned into one of the worst tenants in the history of tenants.

All the best. 

Hopefully this is the Final and best update!

went to court on Thursday and got the favor from the judge! wohoo

when we went into court both parties was able to speak. we pointed out what was going on with the eviction and why. the judge didn't care about what was happening with the house because the claim was for lapse of time. When it was her turn to speak, the judge said the same thing. Which was good. she didn't have a bases on to why she wasn't paying and everything else happening, was the cherry on top.

she now has 5 days to vacate or have a marshal get her stuff out.

but, she also has 5 days to reopen the case. thankfully she can only do so by, paying all back rent to the court. Most likely she wont, because she claimed in court she had not funds.

Thank you all for the kind words and happy thoughts. lesson learned now on to the next!!