All Forum Posts by: Bruce Scannell

Thanks @Mark Nolan. I will look into them as well. Have you heard good or bad about Sunwest Trust in New Mexico? Theres an old thread here where most people seem happy, but its 4-5 years old.

sorry to revive this old thread, but are people still happy with their service at Sunwest Trust?

Thanks,

Bruce

I am looking to set up a self directed IRA, and I've done quite a bit of reading on bigger pockets about it. I understand their is some risk, but I do like the additional investment options. I am trying to find a reputable company as the custodian. I live in the San Diego area so was interested in IRA Resources since they are local. I have looked online and there aren't many reviews, about 50% are good and 50% aren't, but most look a bit dated. I value the opinions of the people here and would like to hear if you have had any experience, good or bad.

Thanks,

Bruce

nicely done @Marcus Auerbach! I saw you were an engineer, where at? I know exactly how you feel, being an engineer myself. I've caught the RE bug and have been burned out sitting behind the desk. Good luck with all your RE endeavors, both selling and investing!

Thanks @Keri Middaugh and @Joe Hazimi. Can you message me the contact information?

right on, thanks @Brian Godlewski!

Can you message me her details?

Hello,

I am an investor in the area, specifically Wayne County,  and I'm looking to connect with some active realtors who may or may not have experience working with investors. Let me know if you are, are know of someone who is. 

Thanks,

Bruce

Thanks @Joel Owens, you make a good point about the inspections. Staggering them is a smart idea to try and reduce the bleeding if things go south. The financials will definitely be step numero uno.

@Andrew Cushman, awesome reply, thank you!

You're right the wording is important and sensitivity should be taken, I'm not sure if we did a good job at that, but next time I will make sure of it.

We ended up just moving forward without them (they gave us a limit of 3k, big deal). After much discussion with the brokers and my attorney it just seemed like the sellers were gun shy, more than likely falsely convinced by their attorney that we would take everything they had, plus the building.

My due diligence is going to be very thorough on this one. No there aren't any specific concerns, just the way the seller acted, but in this case can maybe be understood. The sellers are in their 80s and their attorney is in his 70s, so they just want to done with it at closing. How good? I feel its good. Rents haven't been raised in years and the expenses appear high (about 60% of gross). They say its fully rented. Thats why I was willing to take the chance, didn't want to let this one get away. 

Thanks again,

Bruce

@Wayne Brooks, those or any other known disclosures from the seller. Possibly environmental or structural. Things that might not possibly be obvious during the standard mechanical inspections. My fear is that I spend the capital doing due diligence, and in this case even more if I need to go above and beyond with this red flag, possibly uncover something that the seller knew about, and walk away, out that capital. Or...I don't find it before closing and am stuck with it.

Have you had issues like this in the past? In your experience, are reps and warranties worth fighting for?