All Forum Posts by: Drew Poniewaz

@George Blower @Brian Eastman @Carl Fischer @Dmitriy Fomichenko

Thank you all for your responses. I already work with Advanta IRA but was curious about the locality strictly for the purposes of networking and meetups. I thought that might be a good way to make some contacts here is St. Louis in regards to finding private investors.

I've never really heard or seen anyone tackle the issues of escrowing taxes and insurance when setting up an owner finance deal. Can anyone offer their thoughts on the process from, collecting the first year upfront, or if you use the money that the people put down to start the escrow account. Is there any interesting or creative examples that I should think about employing in my own business and situations? 

Thank you.

Does anyone know of or have any recommendations on Self Directed IRA companies out of St. Louis?

@Patrick Desjardins

I have not... Thank you.

@Ray Trounday

Thanks for the response. I am to assume that I have to purchase the note before seeking out the bankruptcy trustee.

I am looking at a non-performing note that the owner is in bankruptcy. What kind of pitfalls do I need to be mindful of? Where can I find a good resource on these types of transactions?

Thanks in advance.

Want to to get some of your thoughts on your note bidding  criteria. 

From what I'm gathering there is a fine line between bidding aggressively and "low-balling". So I hear 'if you are getting lots of bids accepted you are bidding too high' and 'I have made x amount of bids and only had 2 or 3 accepted' and 'you don't want to offend someone by bidding too low' and maybe even as extreme as 'you can run the risk of getting blackballed'. I know there is nothing concrete but maybe a few examples or tricks. I have heard no lower than 42% of UPB and that you can give your indicative offer and then try to shave down your offer after you dig deeper into the situation. I realize that once you have more familiar relationships with people that you might be able to break some of these barriers but anything anyone would like to add would be appreciated.

When creating a contract for deed, is the title being transferred at closing? Do I need to close at a title company? Will it shown as sold in the public records? If anyone has any help or advice along these lines it would be appreciated.

@Justin Windham

I own a small business that we don't offer 401k for our employees so I can't so a solo 401k. I looked into that option.

@Brian Eastman @Carl Fischer

Thank both of you gentlemen for replying. I have some money with Advanta IRA that I have used with a JV partner to invest in non performing notes. So far no complaints and I would assume my situation is more like a custodian. I listen to a particular podcast on the subject and they mention another SDIRA company and so it just got me thinking. I will in the near future have some money from my wife's IRA that I will be changing over into self directed.