All Forum Posts by: Ezra Nugroho

I am not very happy with my existing PM, and I've made up my mind that I'd replace them. I've found a replacement that I am comfortable with.

Per the existing contract, I must provide a 2 months notice to the PM, unless if the property is being sold. I have one tenant that is moving out soon, should I wait until the vacating tenant be properly serviced before I rock the boat? I am worried if there will be issues related to the final assessment and the fairness of the security deposit return.

What are the steps that need to be considered while replacing an existing PM to ensure the smoothest transition ?

I can imagine at least I'd need to:

1. Replace all the door locks.

2. Transfer the utility bills.

3. Backup all invoices and statements from the PM website/portal.

4. Inform my tenants about the transition.

What else? Any advice from past experience?

J. Martin,

Are you suggesting that there is a BP-induced micro-bubble ? :)

The Dow is currently dropping $400 and is now below $16000 after reaching the highs just weeks ago. There seems to be a general concern of global economy, etc.

What are your thoughts on how this climate is going to affect Real Estate market in the near future ? 

Interest rates are probably going to stay low for a while, but what about other things?

Are you adjusting your RE investment strategies ? How?

@Christopher Winkler This one is basically for a brand new note. The loan is only at 45% LTV, so the buyer is bringing a lot down.

I think for this actual deal, I may just take it slow since I don't have the infrastructure set up, i.e. SDIRA. I don't want to rush everything and make mistakes just to make the deal happen. I am sure that other opportunities are going to show up in the future.

@Sandeep S. Correct me if I am wrong, but I think if someone doesn't have a Solo 401K, one cannot just roll over an existing traditional IRA or 401K to it, right? One has to build it from the beginning, and it may take some time for it to amount to some significant number to access these investment vehicles.

@Dmitriy Fomichenko Thanks for your response. There goes my grand plan! Ha ha.. :)

How long does it take to convert a traditional IRA to a self-directed plan?

Hi all,

I am considering doing a small private lending which would provide me a 1st position note on a property. Closing is expected in 3 weeks.

I'd love to be able to service the node using my IRA money, however it is currently not under a self-directed plan. I am not sure what it takes or how long to convert my current plan to a self directed plan. I am guessing that I would not have enough time to convert it service the loan for closing.

Suppose if I service the loan using my savings for now, how do I buy my own note using my IRA money in the future? I am sure that lending opportunities are not that rare, is this worth all the hassle ?

The loan is at 9% for 44% of the property value, 1st place. Is this an attractive loan?

Thanks for the insights!

I am a bit bummed that I cannot make it this month. 

I am currently in the middle of closing on a duplex in East Coast, and considering to do a small private money lending. Hopefully I have something exciting to share next month.

Have fun guys!

@Harshad Ranade Welcome to BP! Make sure you come to the next bay area meet up, there are some very knowledgable people in here. 

I consider myself as a newbie, so we'll learn this thing together.

I do invest out of state, however I think that it's not very easy for someone to start by investing far away from home if you don't know the area. 

Buying a property out of state is rather easy, but finding the right one and finding boots on the ground to manage the property is the hard part.  I invest in Central Pennsylvania because I've lived there in the past. And I still do have some contacts over there. 

Central Valley seems affordable, but you'd also need to familiarize yourself in that local market so you'd know what works there.

So maybe I'd put it like this: 'Always invest locally, even if it is out of state.' This means you'd have to adopt that out of state market as if it were local to you. You gotta know the area, the economy, the politics, the demographics, and even the weather! 

Looking forward to see you around.

Robyn,

Do you mind send me a PM with the address and asking price?

I may also have a few pointers for you.