All Forum Posts by: Caleb Christopher

Very helpful. Thank you!

I have searched the web for ~20min and can't find an answer on this. I'm asking because there's a general prohibition of direct or indirect benefit for the IRA owner...

If my self-directed IRA bought and flipped a property, am I eligible to buy it from the IRA in a for-sale-by-owner scenario (no agent fees)?

And vice versa, if I buy and flip a house and like it, is the IRA eligible to buy it from me?

Nice to see you here. Hope things go well!

@Remone Randolph

I knew I wanted to buy a house when I was renting, and I arranged for a 6-month lease. My landlord was agreeable to the idea because I brought it up in the beginning.

That said, if you have a good reason to let them out, I would just charge them any repair costs and as much of the lease remains until you can get it rented under reasonable measures.

@James Hamling

"Never lose money"... I can't get with that. Maybe "don't" but not "never." If your goal is to never lose money you won't take the right risks.

Wasn't it Kiyosaki who said he's never met a wealthy person who hasn't lost money, but he's met plenty of poor people who have never lost a dime?

@John C.

Thank you for this wonderful reply. Lots of wisdom and experience. I want to save this.

@Helen Hernandez

The amount of cash you have to bring to closing will eat that up and more unless you find a way to use other people's money.

You CAN locate deals and wholesale them (check the laws in your state!), and make cash off that and/or use that to build relationships with others.

You CAN house hack (maybe) and start earning more and learning to deal with tenants.

You COULD sell off a car or two and downgrade to have more cash?

You may be able to find investors willing to let you your tour their renovations in your area by networking here... People do love to talk about themselves, so tap into that and use the opportunity to boost someone's ego and learn.

#1 - why aren't there any SLIDERS at the end of the BRRRR calculator? They exist on the Fix-and-Flip and Rental calculators!
I want to use it as a single calculator to figure out what purchase price would be appropriate so I can make an offer. Currently I have to go edit the whole calc to get slight adjustments. The missing sliders are kind of a big deal, I feel like.

#2 - Am I missing something, or is the BRRRR calculator? Here's a scenario when the calc doesn't work for me:

• I want to cash purchase a property at $20K. (I use the "cash purchase" box on the calc)
• ****** It needs $35K of work. (the calc accepts this input, but ASSUMES it's cash? There is no way to finance this, unless I roll it into the purchase price?)
• The ARV is ~$95000, so I can use the rest of the calc as expected to figure the refinance costs, rates, term, and amount. It even shows me me my total cash needed is $70,000 (repairs, fees, etc).

^It's that 2nd step that's driving me nuts. If I don't somehow roll the renovation into the "purchase price" it's assumed to be cash? Shouldn't I be able to use the calculator to show I'm financing the rehab?

@Alex Olson thanks for the context. I'll have to research roommate agreements!

Because you are required to charge late fees if that's what the lease says... And they can avoid those fees by doing something like I suggested above.