All Forum Posts by: Dawna Willis

I was looking to do the same for my daughter to help cut college costs. I found the cheaper route was to find either a condo with 3-4 bedrooms that was set up for share housing (meaning a bathroom to each bedroom, the ability to lock your bedroom door) or to purchase a duplex (2/2) so you end up with each duplex only having to share with one other roommate versus one condo and 3 roommates.  --- So for an example, for our 2 bedroom house the average rent would have been about $750-$850 a month in the class B/C neighborhood closest to the local university.  We advertised to college students who are used to rooming and charged $800 per bedroom plus a portion of utilities- So we collected $1600 a month for a tiny 2 bedroom house as opposed to $800. If it was 4 bedrooms we could have collected $3200. 

Thanks Dmitriy,

I have a solo401K, but have it set up with TD Ameritrade and not really able to do real estate deals or borrow against those funds in a brokerage account. Any recommendation of a solo401K friendly bank/brokerage account that would allow me to do both or should I just open a new bank account and roll funds into that account for future use (think we’ve missed the ball on this one). 

Oh no, that's what I was afraid of.  So the SDIRA is out.  Thanks for such a quick reply.  He may just have to look for a hard money lender.  Thanks

Because time is of the essence, I want to make sure I find the best way to do this transaction, and if I am even ABLE to do this transaction. I am aware a sibling is not a disqualified person and my brother wants to pay off my father's reverse mortgage. He is currently staying in the home and has to pay $56K to settle the loan. He missed a deadline for paperwork to extend the timeline for him to get conventional financing (would take over 30 days and would lose the house in foreclosure sale). I don't think that I can use my SDIRA funds combined with some of my funds to pay the reverse mortgage because my dad owned the house - but technically they now have a lien on it and he passed, so I am unsure if that still counts as a disqualified transaction on my end -If I am paying the mortgage company. But because he left the home to both of us, my intention was to just quit claim my portion to my brother once he got financing. The only other alternative I can come up with is to loan my brother's company the funds (half from my SDIRA 60% and half personal cash 40%) and do a contract where the monthly repayment goes back to the respective accounts 60/40 and give him 6 months to a year to get refinanced. And refinance at maybe $66K to account for having to use my SDIRA funds (could have been invested in something else and to account for some of the equity I am giving up by not just selling the property and splitting the equity). The home appraises for about $95K and we have gotten offers on it, but he would rather stay in the home for $56K than try to find somewhere else to stay in this market. Hard to find anything in our area under $100K. So can I pay the reverse mortgage balance or loan to my brother's LLC with my SDIRA? Thanks for any help

@Douglas Skipworth thank you, I will reach out to them. 

Any recommendations for lawyers used in obtaining the deed to your property won in the Memphis tax sale? 

Looking for any recommendations for lawyers or attorneys used in obtaining the deed in tax sale properties in Memphis.  @Tan Su we used Civic Source and no problems with bidding or paying, but too early to fully review, need to get title to property first.  But I like how Civic Source staggers the end times of auctions so you can bid potentially on more than one property and you can save your favorite properties to a watch list.

As a parent of one college student and one soon to be college student- there are still some students that are electing to go live in on-campus housing (at a small discount due to COVID) and off-campus housing for various reasons - even if the college courses are virtual. In my parent groups, there seems to be a shift towards off campus housing due to less crowding/exposure than traditional dorms. So either way, I think it’s a good area despite COVID

Hi I have a property in Gary, IN that I want to sell.  What are suggestions for finding cash buyers other than posting here?  A search for posts in Gary, IN didn't result in any hits.  Craig's list doesn't have an option for Gary, IN.  I've posted on Facebook in an Investors in Gary, IN group, posted here, and intend to eventually post on zillow.  However, was looking for other options before posting on Zillow.  I've also tried to connect with the Real Estate association for Northwest Indiana but most of their meetings/networking is done in person.  Am  I able to post link to property here or only in RE listings in BiggerPockets?

Thanks

My spouse and I set up solo 401K trust accounts at a brokerage firm that also provided me with a check book and a debit card for my individual account. I rolled over part of one my non-Roth IRA accounts so I could borrow 50% of it to fund more real estate deals. Is it recommended or required to get a separate account for the participant loan amount to assist with better record keeping? My intent was to use it as needed for rehabbing two tax lien properties and then once properties were sold, replace funds and repay loan off early.