All Forum Posts by: Dan Barman

Am interested in using a non-recourse loan with my SDIRA to purchase investment properties and am wondering who are the best lenders to speak with? 

This is my first time doing this (I've used my SDIRA to buy property, but not with a loan). Any tips/advice etc. on terms to look for, general navigation of this method of financing would be most appreciated! 

Can I refinance or use a HELOC to leverage the equity from this type of property, or not possible with an SDIRA / non-recourse?

Thanks everyone! 

I'm considering buying in as a Limited Partner in a ground-up, large multi-family building in New Jersey. However, the agreement is in Hebrew and I'm hoping to find a Hebrew-speaking RE lawyer who can review it to make sure there are no red flags. Any recommendations / introductions to such a person would be very much appreciated!

Long-story short, this opportunity came in through a friend of my wife, who is from Israel. Most of the other LPs are Israeli, hence the Hebrew language contract. 

Thanks!

Thanks @Jonathan Greene. Great food for thought!

 Great advice @Jonathan Greene, much appreciated! 

Curious about coaching vs neighborhood ginder. What would you define as the characteristics of a neighborhood grinder? In my previous work, I did a lot of outside sales in North Brooklyn (Williamsburg, Greenpoint, Park Slope, etc.), some of the most desired locations for residential (I've also lived in Williamsburg for 15 years). I have a lot of knowledge of these neighborhoods, know the blocks, the schools, etc., so I think it makes sense to focus on these locations. I know how to talk to people and manage a sales funnel. 

That being said, some industry specific training would be helpful and in my mind I seem to be gravitating toward some of the bigger companies (Corcoran, Compass, Douglas Elliman, etc.). I see other, smaller brokerages around the neighborhood, but have no idea what their business flow is like. 

After dipping my toe as a RE investor, am considering transitioning to selling residential RE as a full-time broker here in Brooklyn. Looking online at options for getting my license and seeing many companies offering different tiers of courses that cost between $300 - $1,000.

Would love some advice on which company and which program to go with. What do I need / not need?

I'm currently working a FT job so will want flexible schedule and to take classes online. 

Am also wondering what NYC brokers have to say about which brokerages are the best to work with. I have strong sales experience working with SMBs in tech, eCommerce and retail. My main concern in getting started is to find a good mentor who can help drive lead generation in the beginning, and help me to build a system for a sustainable, successful career. 

Happy to hear everyone's thoughts. Thanks in advance!!!

-Dan

Thanks everyone, this is very helpful. 

Basic takeaway if I have it correct is that there isn't necessarily a standard practice here, and as long as she's not double dipping as both a GP and taking commission, it's not a red flag. However, I need to make sure everything is kosher from a legal perspective. I assume having a lawyer review the contract before signing and sending funds will suffice here, correct? 

Anyone have any RE lawyer recommendations in the NYC, NJ area? @Christine Bellish, I see you're in Jersey. This project is in the Jersey City area and I'm here in Brooklyn. 

Thanks again!

 

Am considering going in as a first time investor / hard money lender (limited partner) on a large (150+ unit), ground-up multi-family.

The opportunity came to us by way of one of the managers of the deal, who is a friendly acquaintance of my wife. As we understand, she helped to find, vet and secure the land the property will be built on, put the numbers together for the project, etc.

She’s partnered with a builder / property management company to do the buildout and manage the property until it sells.

She’s charging a 3% commission / finders fee for anyone who comes in to the deal through her. Is this standard / normal? This 3% comes out of our stake in the deal, e.g. if we invest $100K, she keeps $3K and we’re invested for 97.

As it happens, I ran this opportunity by a good friend who is a RE investor that knows the neighborhood very well. Turns out he’s already in on the same investment but came in through the partner / builder side and was not charged a fee.

Would love some advice on this 3%. Is this normal / cost of doing business for these types of deals or is something fishy going on?

Thanks so much!

Thank you both. I spoke with Equity Trust today and they claim that you can access your account from any device, anywhere and transactions will be done in appx 45 seconds. Sounds like this is different from what you've both heard about them however...

Opening a self directed IRA for the first time to be able to use IRA funds to invest in RE (closing my first land deal as we speak), and wondering if anyone has experience with either New Direction Trust Co in Louisville, CO or Equity Trust Co in Westlake, OH. Good / Bad experiences? Thanks!

Will do Ritch. Thanks!