All Forum Posts by: Chris Policicchio

@Christopher Gil There is a lot of good information in this thread, but I wanted to add that while I agree your close rate has a lot to do with your ability to close (i.e. how good are you on the phone, your general RE experience, etc.) it also depends on your goals (for each opportunity). You might want 15% CoC or $300/month cash flow or properties where the ARV is $150k or a wholesale fee of $10k. That can and will impact your close rate, too.

FWIW, I have only been doing this for about a year.  I have completed 3 campaigns by following the advice in the podcasts and reading the forums.  For 2000 letters, I would expect 2-3 deals.  5 is not unreasonable, IMO, but there are a lot of variables.  

It's super important to keep track of all of your data.  I track the # of letters I send out, the number of calls, actual leads, and deals (plus a few others).  

Good luck!

 Thanks a lot for the info @Brian Eastman.  I sent you a colleague request to inquire more about your services.

I am in the process of setting up a self-directed IRA and then an LLC so I can have checkbook control. I want checkbook control to avoid the fees associated with money going in or out of the IRA. While vetting a few attorneys who can help setup an LLC, one recommended that I have someone else (e.g. a friend) officially manage the checkbook. I will have a property manager, but I am not entertaining the idea of them having checkbook access or control. The attorney indicated that the IRS tends to target LLCs of Self Directed IRAs where the IRA owner is also the single member of the LLC.

I'm only going to have one property (rental) in the IRA. Rent checks will be coming in. At some point, I will make some improvements to the property and I'll have to pay some other bills (e.g. taxes) but for the most part, there is going to be little activity. I don't think the extra layer is worth it. Does anyone have any thoughts or recommendations?

Anyone out there have a similar setup?  Are you managing the checkbook?  Or is someone else?

Thanks in advance!

Hey @Lonnie Freeman  I'll send you a colleague request.  Thanks!

@Ray Li I would find an attorney that practices in the state where the property is being purchased.  For example, if you live in CA and are lending to a borrower who lives in Texas but is borrowing money to purchase a property in Ohio, then I'd find an attorney in Ohio.  The laws can vary from state to state.  

@Bernard Reisz Thanks for the reply.  I am a little familiar with UDFI.  I would not be financing the purchase or any rehab and expenses, therefore, there will not be any debt (related or unrelated). 

@George Blower Thanks George!

Does anyone have any recommendations or referrals for someone who has setup LLCs to manage Self-Directed IRAs? I'm going to purchase a rental through a SDIRA that I'm going to setup and I'll want an LLC to manage the money. I live in PA if that helps. Thanks!

Hi BP! I was wondering if someone could recommend a real estate attorney who is licensed and practices in Kansas?  Specifically, someone who has experience with structuring private lending opportunities (note and mortgage) in the Wichita / Sedgwick County area?  I have reached out to the local Bar Association for their help too, but while I wait on their reply, I wanted to see if anyone has some recommendations.  Thanks!

Welcome @Josh Carter to BP and REI!! I am still a new investor, but I'm happy to help, if I can. Have listened to many podcasts? They are a great place to start. Also, the free course is awesome, too.  I'd also recommend Brandon Turner's book on rental properties.  Good luck!  Let me know if I can help.