All Forum Posts by: Chris Chappell

Thank you that does help.

Thank you for the response John.

So I would still need to get a separate insurance, just probably not one as extensive as would be needed in a standalone rental property? I'm afraid my understanding of insurance is one of my weakest points in what I've learned of REI.

I'm new to REI and I'm considering buying my first actual rental property. The property I'm considering is a townhome that has an HOA. On the MPLS it says the HOA covers Blanket Insurance as well as a few other things. So my question is would I still need to look into getting Rental Property Insurance for this property?

@Travis Sperr I figured there would be some sort of difficulty like that.

What made me wonder about it was I read about private lenders loaning money from their self directed ira to real estate investors. So I thought one might be able to use their self directed ira like a private lender to fund the purchase and rehab of a house that needed to much work to get a conventional loan. Then refinance with a conventional loan, payback the ira with interest if needed, and rent out the house to pay off the conventional loan.

Is it possible for a person to use their own Self-Directed IRA to buy and rehab a house, then get it refinanced to pull the IRA money back out as a method of buying a rental property? If so what would be the difficulties and pitfalls of using this method? Can you just pay back the amount borrowed from the IRA without needing to pay interest? Would this just be more complicated than its worth considering other financing methods available?

Thank you for the suggestion.  Is there a specific one or do you mean the series?

Can anyone suggest some good part time rei strategies or good books on the subject?

The house I'm currently living in, in mesquite tx, needs quite a bit of work. I need to find a good reliable contractor to help me get this place fixed up. I'm working on getting the financing to get everything done at once but if I can't get financed I'll be needing it done one piece at a time. Once it's fixed up I plan to use the equity in this house to make a down payment on another single family home that, depending on what deals I find, I may need a contractor for that one also. Can anyone suggest someone.

Northridge Estates in Mesquite