All Forum Posts by: Ian Jaeger

So one of the things we can't do with an IRA is self manage your property. But you can invest in someone else's property.

So what are the rules if two friends who both have $ locked up in their IRA's would fund each others rental properties. For example I invest in a buddy $50k from my IRA, and he invests $50k from his to me?

Kinda curious.

@Andy Mirza

Not sure I was totally clear; I’m not closing this off for a room. It’s going to be a garage, but finished out with epoxy floors, good lighting, actual cabinetry, and electrical for a real workbench or Tesla charger.

Here in Dallas, people do take pride in functional garages. And there are some of the new build houses where they literally spend more in the garage than in the family room... I’m not that deep into it, but definitely looking to make this a big upgrade.

I’ll post pics as the work progresses... or maybe start a thread and just link to that.

I just installed the Yale / Nest locks and love them.  Pricy at just over $200 but nice fit and finish and super easy to use.  They don't integrate to Alexa yet, but they're great from the NEST app.  Can have multiple users with specifically allowed times all managed from the app.  Setup was a breeze.

Hey all, recently bought a property here in Dallas and am doing some work to it prior to doing a house hack / airbnb thing with it.  The majority of the house was actually in pretty good condition, but the garage was a wreck.  

I'm trying to set up a line of credit to smooth out the cash flow for the refurb and one of the things I'm struggling with is how to 'value' a garage refurb.  Intrinsically, there's value to turning an old, dingy, rodent-infested, unfinished dirt-catch into a clean, well-lit, nicely finished space complete with a stainless workbench with sink / drain, cabinet enclosed, stacked washer/dryer, matching cabinets around a large gun safe and the water heater.  And Epoxy/Poly-U floor coating.

Does anyone have any information on what a comparable set of properties with the only difference being a clean, finished garage versus an original, unfinished space is?

-Ian

Be careful about increasing the rent because of adding another person. Your rent should not be based on occupancy, but rather market pricing.

What you SHOULD do, however, is a full background check just as if they were a regular tenant.  And it's totally OK to have them pay for those checks and the time it takes to do them (assuming you charged that to the original renter as well).

Sort of.  I've thought about that, but based on the prices I've seen, I'm not sure it's financially feasible... better than nothing of course, but I'll have to see if I can make the initial idea work... and if not, then I'll consider doing the crash pad thing. 

Thanks @Andrew Freed, I'm on about 250 right now, but will skip ahead to that one for the next one.

Well, technically my second house purchase, but the first was well over a decade ago... different time and place and career path.

This one is planned to be the first of my investment portfolio.  I probably overpaid for it because the Dallas housing market has been stupid hot, but I can make the numbers mostly work and I really just wanted to take that plunge and make the first, hardest, step happen.

The plan is for this to be an AirBnB type rental near DFW airport for a select clientele since my schedule is 2 weeks out and one week back in Dallas.  I'll eventually be tracking down you AirBnB gurus in Dallas to link up and maybe get some pointers on what does and doesn't work, but right now, I'm making a few adjustments to the house prior to moving in.

Turns out I like knocking down walls and improving spaces and while this particular house didn't quite need it, I'm now knocking down walls and improving the spacial layout. So my next one will likely be more of a flip / BRRRR than this one which was technically almost ready to go.

Just wanted to say I finally pulled the trigger and am making my way into the investment space!

Hey All, need a recommendation for an electrician to do a pre-purchase inspection of a home I'm in the option period for.  Has Al Wiring, so want someone to go through and make sure the plugs / pigtails / connections were done correctly when the bathrooms and kitchen were done.  

Needs to be a certified master electrician but not interested in them trying to hard sell me a subscription contract to check light bulbs every month (seems to be the current thing with electrical contractors).

Anyone here in Dallas have someone they trust that is familiar with old Aluminum wiring?

Property is just west of DFW airport in Euless, TX 76039

So this is going to sound odd.  You've become one of the 'village elders' here on BP based on the fact that you've seen and heard most of what's been posted; and you've posted over 1200 times yourself, so you've obviously been party to some great conversations.  

Based on my experience on other forums (for wildly differing subjects than this) my transition into the known voice position put me in the same situation, I felt like I wasn't getting anything out of the forum anymore... but the reality was that I was the one now putting back into the forum what I had taken out earlier.  It was my obligation to go back through and help all the people who were 'new' figure it all out; and faster than I did because now I had the forum information and ability to easily pinpoint valuable discussions for others.

You may not be getting much out of BP, but I can assure you that others are probably getting much out of you.  So please don't leave or get discouraged... it's all part of the cycle!

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