All Forum Posts by: Dan Costantino

I am lending money out of my IRA. I have done this before, but I lent the money to a business partner in one lump sum and he released the draws in agreed upon sums. We would partner up on those transactions.

I am now lending on my own. I want to lend out of my IRA (Equity Trust) and release the funds according to the draw schedule.

I would think I can wire the whole amount to the settlement company and have them hold back money in escrow, correct?

Is there a better way?  Should I just wire in separate transactions?  (costs go up)

I will call Equity Trust in the morning.  Just trying to get answers quicker.  

Any insight is greatly appreciated.

Hi Teresa.  I am born, raised and still live in Pittsburgh.  What area of Pittsburgh are you interested in.  I am an investor (not a realtor).

The one thing with Pittsburgh is that because of the rivers/bridges/topography, most realtors and even investors specialize in 1-2 areas of the city.

THEY ALL SAY they are knowledgeable about the whole city.  VERY few are!

So, if you know the kind of are you are looking for and a price range, I'd be happy to give you a few names of realtors that would match your criteria.  

Besides the winters, you'll love it here!  :-)

A couple things. Make sure they have 3x monthly rent in VERIFIABLE income. Ask for pay stubs.  You MUST check landlord references on your rental application. Run background and credit.  

I buy most of my properties from people that don't do the above :-)

I buy with Private Lending, rehab and then seek a long term loan.  It isn't easy, but I've been fortunate enough to get all my cash out (plus some) without seasoning for 12 months like most banks want you to.  

Credit, debt/income ratio and relationships help :-)

If you own one property, it is probably a waste of money.  IMHO.

I have allowed this before and it wasn't so bad.  I have the same stance as you.  I want happy tenants and I feel like she is being professional about her request.  It would obviously be easier to just deny it and move on, but something tells me it may end up more painful that way.

I have 3 tenants in a unit. It is a high rent producing unit. One of the tenants emailed me to see if I could 'work with her' because she found a house she wants to buy. The lease isn't up until the end of June. I have had this happen in the past where tenants find a new roommate, but it IS a pain in the butt. 

For those that have encountered this before, what have you done? Just point to the lease, or have them offer another suitable roommate that fits your criteria?

Some people (like me :) spent a lot of money to 'learn' about real estate.  You learned the best way.  You acted.  Good luck!

I found a seller that is looking to sell her parents' home.  Here is what I know:

They owe $125k in principal (1st position...no 2nd's to my knowledge)

They owe $19k in back escrow

They haven't paid since February 2015

Wells Fargo is the bank and the interest rate is roughly 8.9%

ARV is $250k+ (Fantastic neighborhood and school district)

It needs everything...easily a $100k rehab

I would need to buy this for $85k roughly.

I started the process of one short sale and the seller got cold feet.  It was going to be listed and I wasn't even sure I was going to get the property.

I've heard of taking the property Sub 2 so you have control, but that mentor also said that you shouldn't count on discounting a 1st lien.  

****If you've successfully purchased a short sale before, can you let me know if this may be worth the effort?  My thought is to let an agent do the work for me.  

Thanks!

As you know, there are 3 agencies.  Scores can be different.  I think Credit Karma is great.  I use it to keep track of my accounts and overall score.

So, I'd say yes.....in general