All Forum Posts by: Brian Parsons

@Bill Gulley - Could to explain a little more about "transactional funding"? That's another area I haven't looked into, or really even was aware of to be honest. I've got a open mind to anything that makes sense. So perhaps a little bit more about what that is and/or where I could learn more about that.

Thanks!

Thanks again everybody for responding. All are such helpful suggestions and *very* much appreciated.

@Cary Trusty ahhhh, I did just miss that opportunity. I was actually thinking of joining the REIA here in Indy. I just haven't gotten around to it yet. Hearing about that makes me want to join now.

Okay after doing some reading around here for a bit, I'm pretty sure it's a broker that I'm looking for. It has also been suggested that I look into private lending and hard money lending. Honestly, up until now I haven't really considered hard money or private lending (Just investing in existing mortgage notes). The more that I look into that, I think the more I want to start there. And I think the first phone call I make should be to a good broker.

Any ideas on where/how to find a good broker that deals with private lending and/or hard money lending? I'm in the Indianapolis area, and I'd prefer to find a local broker.

I don't want to hijack this thread, but in keeping with the spirit of the original question ... I'm looking to dive into this lending space as well with a Self Directed IRA. I see everybody mention the term "broker" and "you have to get a broker" etc. the one thing that I'm wondering is, what kind of broker ... real estate broker? mortgage broker? or a broker that specializes in private loans if such a line of work exists? From the description of the duties that a broker will help you out with, it sounds like this is the type of person that I really need from the get go to help me get started out right.

I'm thinking one of the first calls I make is to call one of these brokers, and develop a good relationship with a good broker. I'm totally looking for somebody that will help out with the paper work and keeping within the law; and also (And just as importantly) help finding the deals based upon my criteria. And it sounds like the second call I need to make is to a RE attorney. Does that sound about right?

@Duncan Taylor - I briefly looked into REITs a while back, but didn't spend too much time on it, as I'd really like to stay away from the stock market as much as I can.

Are there any REITs in particular that do well for you? I might be interested in tossing some funds that way if they have a great track record.

Yes, I have formed an LLC in which I'm named the manager and that my self directed IRA is named the owner.

@John Rooster - That is true to a certain extent, but you can't paint all advisers like that. I personally know a couple that do not work that way, and are truly in the interest of their clients.

@Bryan L. - That's an interesting suggestion. I guess I'm so focused on mortgage notes, that I simply didn't consider private lending to other investors. Although, going that avenue, my original problem still exists, as I don't have too much time to do all the leg work involved. Thanks for pointing this avenue out though as it gives me something else to look at/consider.

Last year, I set up a self directed IRA in which I'd really like to use to invest in real estate. Initially I went back and forth on a few strategies on where to start, but i've narrowed it down to starting out on notes (Either performing or non-performing) first as my funds are very limited. Ultimately I'd like to end up with a healthy set of rentals 25-30 years from now such that I've got very healthy cash flow to retire on. So I clearly know the path I want to go. I've done lots and lots of research on investing in notes, and I really want to get started. The one thing I unfortunately don't have is the time to find the good deals, and the time to deal with the purchase and everything else that goes along with that. My day job as a software engineer (Which I love by the way, so it's not like I want to quit it to go into real estate full time) takes up a lot of my time. So I was wondering if there was the equivalent of an investment adviser/broker but for real estate investments that I can go to to work with me to achieve these investments. Investment advisers/brokers that handle the traditional stock investments are a dime a dozen, but I was curious if some actually work in the real estate arena.

When I say "investment adviser/broker" I'm talking about someone who helps you find the right investments for your goals and then you choose which ones they come up with and they execute them for you.

That's what I'm looking for. I've come to the conclusion that that's the service that I need. If that person exists, I certainly know there's fees involved, but from my point of view, I'm willing to spend the fees.

Does that person/service exist?

Dave Van Horn - Thanks for the book suggestions. I'll definitely check them out. That's what I needed!

Thanks!