All Forum Posts by: Dawn Young

No, actually we used the funds to purchase an RV park, and are actively looking for another multi-family (most likely commercial) investment.  Call guidant, they are one of the few that seem to know anything about ROBS.  One of the biggest annoyances is that no one knows anything about it.  So you mortgage company won't understand, local bank won't understand, none of our friends understand---we're not rich, so a lot of people thing we're being taken advantage of or that its some kind of scam,  but its not.  Also you probably already know that c corps stink a little, or a lot.  And we've had to hire lawyers to do things that if we had just paid the taxes, (and organized as an llc), we would have done ourselves.  But I think it was worth it, financially, although its been stressful.  message me if you want to chat on the phone and I can give more info. 

I'm using a robs to buy an RV park.  It's my understanding that parks are definitely considered a business.  There are many lots.  There's a "job" there.  

What Guidant and the Attorney told us was that if you had several rental properties, you could be seen as the management company of said properties. That's not what we're doing with our 401K robs, but that's what they told us. Always double check though! Another note is that Robs is definately not worth doing if you only have a little in your llc. There are expenses to doing it this way a corp is different than an LLC. Time will tell if my hubs and I made the right decision ourselves!!! I'll try to keep updated on how it goes for us.

my understanding is that you can't sell it to yourself or your llc, or your son/daughter/parent/sibling.  Granparent, yes, you could.  but I'd definately ask a pro first.  We have a company servicing our ROBs (guidant) that we can ask questions of, or you could ask an attorney.  sorry, i know this is an old thread, but i'm sure the question will come up again, and there isn't a lot of info out there on this subject, so I thought I'd chime in.  :)

I'm hearing a lot of people say shop for private insurance, I need to try this, but I do know that in my nieghborhood, is in a 100 year flood zone (6 inches of flood, every 100 years).  when the hosues were put in, they were required to have a flood cert done, which we did.  We did an inexpensive build (used manufactured homes) and built them to standards that the city said.  foundations bring the houses above the flood line by a brick or two.  Neighbors had a federally backed loan, and were required to have an engineered hills built.  I'm sure it was spendy, but they told me at the time, that it meant they didn't have to pay for flood insurance.  Then they lost the houses in forclosure/sales, etc, and new people bought them.  THESE people are being required by lenders to pay for flood insurance!  I am pretty sure that if they had the flood cert done ($225) or looked up the original (its only been 12 years) that they wouldn't have to pay it, as it sounds like the first owners didn't.  So, have a look at the property, if there are other newer properties around, that the owners know where the flood level was (around here, they stick a red   plastic ribbon on a tree, I just remember which knot of the tree the ribbon was on) and that would show you your true level of flood risk. locals will also know if  new flood canals have been built to change the flood behaviors--city hall would be up to date on that.  Other than that, yep, flood insurance is a thing we deal with.   

Hi, annchen!  do you mind sharing who the private company was?

my experience has been that with fema insurance--owner occupied is $500, non owner occupant $2000.  So, if that 4k quote was for an investor, and you sell it to an owner occupant, it be be a non-issue for them. They just roll in into their mortgage payment, when comparing to other properties.  or they my ask you to pay for the first year for them at closing.  Its worth talking to a good insurance agent, we use country.  I think some people are getting a better deal than I am, so I need to do some research myself.  

Yep, find a different park.  There are great ones out there!

Hi!  I do mobile homes in Tricities, WA, which is a couple hours away from Spokane.  My husband and I know a little about the spokane market, not a ton.  :-)  We'd love to own a park someday.  Maybe we could partner.  I have a lot of good instincts about parks, and I know I could turn them around with little invested.  (not to brag, lol, I was just poor for a long time!  You get creative!)