All Forum Posts by: James Cheung

@george blower. Thank. 

@dmitrity fomichenko.  thank

I recently set up a solo K and want to open a checking account with local banks. It seems that the retail branch doesn't know how to handle it. Those of you have set up a Solo K or Checkbook IRA, who is your checking account with? Thank

@Christopher Winkler.  As future note owners, we can not call or contact them until we own it.

I suppose this applies when u want to talk to the borrower about the loan.  Can we contact them if we want to figure out a solution for the borrower?  e.g. as buying the house from him as a short sales or other creative means.

what does "record a DOT in escrow" do? Thank

can you share how to structure it?  thank

what are you bringing to the table and what do you expect from your "partner"?  if I were to guess, the area you refer to is Mt Washington.  There are quite a few hillside vacant lot available for sub-$100K.  It would be very costly to develop.  As pointed out by a few BPers, the development cost will be a lot higher than your $60K estimate.  Just building the house alone is easily $200/sf, your $150 is way too optimistic.

I like this, probably a structure I will use too,  thank

I would look at 2 numbers:  1)  what is the $/sf selling in your area? 2)  what is the median sales price of a house In your area?  Adding the 360sf at a cost of $100k=> your cost is $300/sf.  I suppose the market price is a lot higher than $300/sf.  And if the additional square footage won't make you the most expensive 10% in the area, I would go forward with the addition.

other than financial perspective, you may need to consider the trouble you have to go through living there while renovating.  Sometimes there are things money can't buy.

Good point.  Thank.  What about the rest of junk there?  Like I said, this is my first trustee sales.  I need advice on how to either locate/notify the home owner to come pick up the stuff or dispose of them.  Just want to know the proper procedure.