All Forum Posts by: Bruce M.

Alfred, Click the follow icon under my name and send me a quick message and check the box to request that you want to be colleagues. I will be happy to share some information with you on this.

Texas has a lot of potential but do look at the high cost of property taxes there when doing your analysis. Generally it is 3% of asssessed value, give or take, depending on city and county. That can be a lot; $3,000 on a 100K property for example. I own in the suburbs of Austin and am happy with my rentals there (bought them all in early 2006) but am not in a hurry to buy more there. I do like the Austin market though, just trying to diversify and get properties in other areas with lower expenses. TX never boomed like areas in CA so it did not bust as much either. I am not sure it has the makings for huge coming boom or not. Maybe others will have more to say on it.

I don't see why not but you may need some type of power of atty or something....probably need to contact them to fine out. I use bidders for trustee foreclosure sales all the time. I rarely bid on my own unless I am bidding on local stuff in my area. I have to use a power of attorney though.

There is a good attorney in Phoenix that sets these up and that is mostly all he does. I have spoken to him before, and the company I use for the self directed IRA, Pensco, has worked with him before. If you want some additional info., PM me. I have no financial interest in this whatsoever, just passing on some info. His fee is reasonalbe at $1,000 and he knows what he is doing. You most likely will need to go this route (LLC) for what you are trying to do. Be careful too, the IRS is starting to watch these (and audit them) a lot more and if you make any mistakes and get caught they will void the entire thing costing you a ton of money and losing your IRA so be careful and work with the right experts. If you want a CA LLC, it will be the $800 per year too!

Jennifer, Glad to hear you are coming. I am very new to this group and forum as well. Just for a prospective from another newbie, when I first heard about this conference, I assumed it would be a sales/fluff type of event as I call them. However I looked to see who Josh had booked as speakers and I knew some of the names and was very impressed. He has lined up some well known and very credible speakers. I can tell this will be a very good event. Before I knew it, I had signed up to come and booked plane tickets. I am glad to hear you are coming now as well. Hope to meet you there.

Take Care, Bruce

Josh,

Does the hotel honor the conference rate on Saturday night too? Thinking of extending my stay.
Thanks!

Ditto on what you said Jon, I could not agree with you more.

Actually Greg I had to change my flight, I don't get in until after midnight now on Thursday night/Friday morning....I won't be getting much sleep the night before. Should be fun trying to get to the hotel from the airport at that time of night too.

Bienes,
Many of these properties (if in FL where you are located) that are on septic are also on wells. I have some of these and the septics are not much of an issue or a problem, but if the properties are on wells and not the city water system, look out! The wells and the well pump systems are nothing but troubles and lots of expenses there.

Michael,

I looked into this in Las Vegas and another city too. The fees are very, very high. You pay HOA fees, mgmt. fees, maintenance type fees, etc. Just watch out for this. At the end of the day, the profit was small if any each month.