All Forum Posts by: Dave Ramirez

Isn't this a second position note with benefits? Seems pretty good except for paying full taxes. I would buy it inside of an LLC and repackage it as a note and keep the appreciation and the payment spread for myself.

I have a large 2 bedroom near Dulles International Airport and within walking distance to a large Mosque. Each bedroom is a Master Suite with Master Bathroom. I want to let someone rent out one bedroom and AirBNB then other bedroom for $60 - $150 a night depending on conditions. Need to cover $1200 a month for the space per month to pay full rent and they can keep the rest. The AirBNB manager would need to pay me $800 per month for their side. If they make more than $$1200 that can keep the extra money. I would also require the manager to be a tenant buyer and put down an NROC (Non-refundable Option Consideration) They can buy the property in 18 months or we can put it on the market and they can get their NROC back plus $5000. Any thoughts?

Buy you list for six months We buy/research 1) Absentee out of state owned for 7 years+ 2) 20 years+ owner 3) Vacant 4) Land owned 3 years+ 5) Pre-Foreclosure's We pick our target market where we want to do business first and check on listsource and Zillow to see if there is the right amount of supply and demand for our strategy. Never A4 envelopes!!! Big envelopes only. Twice the price. Three times the response rate. No small postcards unless they are hand addressed. $1000 per month and you'll make $30k to $100k in a year just wholesaling.

Originally posted by @Brian Eastman:

@Dave Ramirez

Combining personal and IRA investments is very tricky to do properly, and much of what you seem to be outlining in your above post would result in self-dealing prohibited transactions that would invalidate the IRA and could result in severe tax consequences.

You'll guide us through this tricky IRA stuff. I'm not worried. 😎

Not to confuse matters but the bank will give lower rates to individuals to keep you personally vested. Instead of an LLC own the home with your self directed Roth IRA and you at the same time. It functions exactly like an LLC and you can avoid lots of taxes when you sell. The bank won't issue a "due on sale" letter either with an IRA added to the deed. Usually the IRA starts with low amounts and functions as a property manger. You can convert your property cash flow into ongoing expenses or just save it for a later day. By the way ... you can sell an IRA just like an LLC so you don't have to wait decades to gain access to the money. If your just gonna flip a house you may have to wait 12 months on an FHA loan to sell. You can ask the realtor/title company to time your sale at the 12 month and 1 day and still close. It saves you $10k in taxes too by waiting one year. You can also 1031 a home that you are just thinking of buying to save $10k. If you have a second property your looking at the rates on a second home and commercial loan are pretty much the same so go with the LLC because it gives you more flexibility. You can still own the home with a mix of LLC and IRA on this home too to save on taxes.

Send handwritten letters to Pre-Foreclosures and work with your mentor to get them locked up for the right price in the right neighborhood. Use your own co-wholesaling contract. You can use the co-wholesaling contract to work with other wholesalers as your buyers list gets stronger.

I have had success with Lima One. BP has a resource list here - https://www.biggerpockets.com/hardmoneylenders/florida

@Ricky Davidson I have gotten really good at click2mail.com. You can do post cards and letters on the site. Let me know if you need help. Their customer service is really good now. I mix up the peices I send to my list.  You can use handwritten real estate letters to get a better response rate.

Have you tried door knocking? I used to live in Westchester county. Any place you can door knock is a place you want to do a rehab too.

@Taylor Dove I switched from a real estate system that gave me three websites to a shared plan on HostGator for $25 a month. I can have up to 100 websites. I only have five which is hard to manage now. I let investors and friends use the extra slots for their sites and email hosting by naming their price. I'm cheaper than bluehost. For my main website I do use G-Suite from Google including two email addresses for $10 and free shared email addresses like info@, sales@, service@, etc. I only use WordPress. It's free too. I have a guy on Upwork that fixes all my mistakes for a couple a bucks a week (Shout out to Mohit!!).  I also buy one domain and have it match a prebuilt website with "DNS Masked Forwarding". So webuyhousesalabama matches page for page with webuybamahouses.

If you need traffic (new leads!!!) then you need SEO and PPC strategies ... which is a whole different discussion and 20 times more expensive than hosting and building a site.