All Forum Posts by: FRANK R.

Brian, My first visit here I did a drive-by posting. This time I read thru the entire post and was spellbound as the saga unraveled.  Wow!! You are a motivator and a change agent. Thanks for sharing.

I purchased a similar house with the debris left behind. The hardest part of the cleanup  was a drowned rat in a water bucket under the sink (age unknown) and getting rid of the smell. Still made a decent profit.

Empty lots with septic tanks, city water or well, and sewer sell well in the Panama City, FL panhandle (if you buy then at the right price).

SFR, "as is", vacant. Looking to make $10-20K wholesaling.

Dmitriy, Brian, and Loren,

I felt that it was probably illegal, but didn't have any references and don't have any friends that can discuss SDIRAs. Thanks to y'all for the good advice. I believe I will just leave these investments as they are, collect the cash flow, let the properties appreciate, and call this action completed.

I am trustee holder for (I own) four rental properties through my SDIRA (Self-Directed IRA). I heard from a tax adviser that a rental property in a SDIRA is a tax shelter within a tax shelter. I thought about it and agree. I am missing out on many end of year tax deductions that I cannot claim because the property is in a SDIRA.

So I want to buy the properties out of the SDIRA, one at a time.  I know I cannot buy them directly because the "self dealing" rules prevents me from buying as a disqualified person. I understand a brother is not disqualified person. Is it legal for him to buy the property from my SDIRA and then I buy it from him?  

Frank here in Dothan, AL.  Originally from Alton, Illinois. Totally retired from multiple careers (military and medical field). Now I am working for myself as a real estate investor.  Eager to participate in BiggerPockets and see what it is all about.... looking to network and find my way around.