All Forum Posts by: Brandon Spence

I kind of already knew the answer but wanted to be sure. Thanks so much for the responses!

That's kind of what I thought, thanks for the quick response!

Hi, I have a retired account through my last job (full time REI now) and want to transition the funds into a rental property. Can I use the funds in a self directed IRA to buy a property from an LLC that I own?

The funds and the property value are very closely aligned and we thought it was a great fit for our needs. 

Brandon 

Columbia, South Carolina

We're just getting started in the Columbia, SC market.  We think it has a lot of potential for many different reasons.  USC, Ft. Jackson and multiple large manufacturing companies moving to the state over the next 5 years.  Gonna be a good time for real estate in the south!

Thanks for your responses!  We are actually looking to pay cash for the property and we definitely understand that it will be a while before we can raise the rents to $650 and we're comfortable with that.  We've used the rental calculator tool and at $650 and it showed us a cash flow of close to $885.  @Melissa N. we took your advice and ran the numbers based off of the current rates and the cash flow is still over 50% of rental income at about $450 per month.  @Andrew R. Lucas we'd definitely like to connect with you on this and other potential deals.  We've recently sold a small manufacturing business and real estate is out next venture.  Thank you for all the responses! 

Hi Guys,

My wife and I have bought and sold several houses over the years and now we're looking at buying rental property near our home in Columbia, SC. For those that aren't familiar with Columbia, it's the state capitol and the University of South Carolina is located there. We are looking at a 2/1 duplex that is just a block or two away from the university athletic fields. The unit is old and has not been taken care of however it's made of cinder block so there's no real damage to be done. The current owner has not leased to college students in the past and has a tenet that has been there for 26 yrs and only paying $400 per month! We feel like it can be cleaned up and rented for at least $650 per month but we have a lot of questions and we're a little nervous about pulling the trigger. Any thoughts would be greatly appreciated? The website is great. Thanks.

Brandon