All Forum Posts by: Charles Sterling

Kiyosaki's whole point of the comment was cashflow.  While you are living in the house, the money is flowing out of your pocket, making it a liability.  If you sell it or rent it out, the money will flow into your pocket and at that point he admits that it is an asset.  Cashflow is the bottom line in all of his books.  He just wants to get that concept out there... to look at which way the money is flowing.

If I do an IRRRL loan, does that free up my VA benefits to use on another property, or is it still considered a VA loan on that property?

I've read the book. He has chapters on buying notes, wholesaling, buying dividend stocks, REITS, the BRRRR method(he doesnt call it that), crowdfunding, tax liens and a chapter on roofstock.com. He even has a link to bigger pockets in the notes chapter. Nothing new or ground breaking, but it was a good book and i'm glad I read it. If you've read any of his other books, you know what to expect.

I'm lending money from my SDIRA for someone to buy a Fannie Mae foreclosure property.

I attempted to give them a screenshot of my SIDRA account with a letter stating that I am loaning the funds for the full purchase price.

She was told that that was not good enough, they wanted proof of funds in her name.

I'm not giving her the funds prior to closing, so we re-submitted the P&S with my SIDRA or assigns as the purchaser.

Nope, they wont accept an "or assigns" contract.

So we put me and her on the P&S and I plan on signing a quit claim at closing so she will be the only one purchasing the property.

I'm curious how other investors normally handle this situation.  The seller is being a real pain in the neck and they are blaming it on Fannie Mae rules.

I'm not an expert, but my understanding is that you can us a self directed IRA for rental properties, and if you later run a business that qualifies for a Solo 401k, you can roll over the IRA into a solo 401k as long as it isn't a Roth.