All Forum Posts by: Hal Cranmer

I know that you have to have some self-employment income to be eligible for a self-directed 401k. But the IRS sees rental property income as investment income, not self-employment income.

However, if you are the property manager of your own rental properties, wouldn't it make sense that you are generating some self-employment income as a property manager?

Any experts out there that can give me a ruling? Thanks in advance.

Bill (or anyone else) - I was wondering what and where other people advertise it as a FSBO and what success they have had, particularly as a lease option/contract for deed/rent to own?

Thanks again to everyone.

As a follow up to this post, I had someone call on my ad from craigslist. The person said they could put $5000 down and could make payments for a contract for deed from their section 8 income. Should I run away from this person or is this something anyone else has ever done before? Thanks again for any help.

I am trying to sell a house contract for deed. I purchased the property originally to rehab and sell back in 2007 but could not sell it so I turned it into a rental. Now my tenants are moving out and I would like to dump it because I lose money on it every month.

I owe about $190K on it and my realtors believes it is worth about $205K. I was wondering what would be the best way to sell the property? How can I attract buyers for this and how should I structure the deal?

Thanks for any help you can give.

Thanks Uwe. I just sent him a request, and will be sending you one. This site is sure awesome for networking!

James,

Thanks for the great advice and totally understand you can't give away your secrets - but I may hire you to market my next flip!

Hal

James,

Great advice. Thanks. I just sent you a message and colleague request because I saw you invest in Minnesota.

Thanks,
Hal

Sorry James - I'm having trouble PM'ing you. If you want to get in touch, could you try to PM me? Thanks.

James,

I'm glad I'm not the only MN investor who has caught the REI addiction! I'll PM you. I have been investing in the twin cities for about 5 years now and would really like to ramp my business up.

Thanks,
Hal

Chris and William,

Thanks for the replies and the confidence boosts. I am running comps on the properties and am working on my bottom line numbers to offer. I would like to (ideally) flip the first one and lease option the second one, so I will have a plan going in. It sounds like the best thing is to listen to their situation and try to find a solution. I told them both on the phone that if we can't come to a solution that works for both of us, we could just part as friends.

For the fix and flip, all I should need for paperwork is a purchase agreement right? Anything else you suggest? I will also have a lease option agreement for the other one.