All Forum Posts by: John N.

@Dmitriy Fomichenko

I have a question for you.  If I setup a solo401k account and just wanted to lend myself my own money for a residential lot purchase (which intend to resell in next 6 months)....are there any term limitations....ie, amortization period, interest rate, simple interest vs compounding, baloon etc?  Say for $50k max loan.....

As you know, banks will lend only at amortization schedule of 15 years or so, with 20% down, etc.  Do the payments for a $50k loan have to be amortized over 15 years or can they go longer, or what are the rules here?

Or anyone else know?

Thanks in advance!

Hi James,

I am trying to evaluate whether to put in the $40k myself and sell to an end retail buyer or sell as is to a person that wants to live in flip (owner occupant).  Im just not sure how to do this with some things that need to be fixed to pass an inspection and all of that.

Here are some numbers:

Id like to sell it for around $125k.

ARV is around $185-$195k depending on how nice.

Do I just go ahead and pay for rehab upfront and sell it to retail buyer?  Or sell as is?

Hey Bigger Pockets,

So I have a scenario for all of you that is all too true for me.

I have a house that needs a ton of work to get it into retail shape.  Like $40-$50k, I am currently getting quotes to verify costs.  There are a few items that will need to be repaired (retaining wall and roof and maybe others) or the home will never pass an inspection.

Anyways, any advice on how to market this to a "Live in Flip" or a fixer upper (NON INVESTOR)?  Every realtor that we talk to wants to try to buy it to flip on their own or they do not have any clue....pretty frustrating to say the least.

It would be a great deal for someone to buy it and put in their own labor and less than $30k in materials and have a home with some equity.  The problem is I have no idea how I market this?

Any help anyone??    I know investors would gobble it up because it is in a great neighborhood with great comps etc.

Anyone have any experience with marketing to a non-investor, non retail buyer....? List it? etc.

Thanks in advance!

Brandon,

Sigourney is a small town in a rural area.  Its about 1 hr from Iowa City and 1.5 hrs from Des Moines, too larger areas in Iowa.  You are right about being nervous about the area for sure!

Let me know if I can help you out in any way.

Thanks

john