All Forum Posts by: Chris Fore

@Brian Eastman That was amazing.  Thank you!  And thanks @Chris Seveney for throwing it his way.

Just to clarify, if I use the Self Directed IRA for the downpayment, can I still make the payments from my personal account for the remainder of the mortgage period or does it all have to come from the self directed IRA? You said "it is not you buying the property using Roth money. The Roth IRA is investing in the property instead..." so I was a little confused as to whether I could "comingle" my personal and retirement funds for the remainder of the mortgage payments on the home.

Thanks for giving me a lot to research on Self Directed IRA's. All new stuff to me.

I have a solid ROTH IRA and I was interested in using some of the contributions as the down payment on a property. That money has already been taxed (as per the definition of a ROTH IRA). However, once that money gets tied up in the property as equity, when I sell that property down the line, will I pay taxes again on that money?

I was asking a realtor friend and he didn't have an answer.  

Obviously I'm not looking for "official" tax advice but does anyone know the answer off hand?

Thanks Melanie.  I'll pass it along.    ;o)

Just spoke with them.  There was a car jacking in Florida when they were on vacation.  That was a $5000 claim that I was unaware of.  

Still think a 25% increase is crazy tho.

Hi, this is actually a question from a family friend that I wanted to post here in the forum.  Their homeowner's insurance policy jumped up 25% yoy without any claims made on the policy.  Is this normal?  Seems like a huge hike.  The home is fully paid off and they've been with the provider for over 30 years.  

Should they simply shop around for a different provider?  Is there a limit to the increase a company can charge like an insurance usury law (i know it's not interest but you know what I mean).

Have you seen this before?

Thanks!

Hi, I'm just looking for one solitary lovely little BP Convention ticket.  Anyone have a spare they can't use?

Thanks!

-Chris. 

@Shawn McCormick Learned something new today.  Thanks so much for your response!  

@Shawn McCormick Can you elaborate on your advice to get a note/mortgage for your money?  I just assume this would be standard issue?  Are you saying as opposed to a handshake deal where you just fork over cash without receipt?  What's the trap that you're warning against?

Thanks for your advice.  I didn't ask the question but it's great to hear the comments of experience.

Hi guys.  I'm looking for a good book to shore up my property inspection skills.  I know in The Book on Flipping Houses, J Scott recommended Carson Dunlop's Book: Inspecting a House - A Guide for Buyers, Owners, and Renovators.  However, the latest edition I can find is from 2004.  I'm thinking a more modern book might be a better bet (unless you think this is the definitive guide). 

Anyone have a recommendation for a good book on Inspection so I can educate myself better as I walk through these properties?

Thanks.

Hi, thanks for taking a sec to read this post. I am interested in a house hack to start building a portfolio. I know that using the FHA program requires you to live in the unit for one year.

Background:  I work primarily on ships for a living so I'm gone in international waters for 6-10 months out of the year.  

Question: If I bought a duplex, rented out half to a tenant and then left my things in the other unit, would that pass muster under FHA guidlelines? I'm not going to be physically there for large chunks of time, but I wouldn't be living anywhere else either. That would be my primary residence where I'd get mail, utilities, etc. I'd just physically be at work on a boat floating in the blue for the majority of that year.

I know that's an oddly specific question, but I kind of feel like I could potentially house hack my house hack if I am allowed to work offshore while I gain equity and pass my 1 year required time.  Then at the end of the year I could rinse and repeat on another house while I leave on a ship again.  I have a contract stating what ship I'm on and my sign on/sign off dates too for legal inquiry.

Thanks for any wisdom you guys have.  

-Chris.