All Forum Posts by: Jarid S. Johnson

@Shane Connor thank you, I will add Advanta to my bookmarks and explore.

@Justin Windham thank you, I will look into it. Does your company provide services outside CO? I will look at your site and perhaps we can have a conversation if I have additional questions?

Cheers-

Jarid

I am researching self directed IRA custodians. Three I am looking at are Quest, CamaPlan, and New Direction Trust Company.

Who has feed back on any of these or can add others to the list?

Cheers-
Jarid

@Cassandra Kimberling Welcome to Bigger Pockets. I came to you through Alex Wade; he and I just connected here, though Alex set me up with my first home mortgage a few years ago. I live in Gresham and am always interested in meeting local investors and contractors. I am interested in flipping to get started then plan to move into rentals to build cash flow. I've been looking at investments in other parts of the country as well, but ultimately want to invest locally.

Cheers-

Jarid

Hi there-

My intention isn't to hijack this thread, but I thought it would be prudent to jump in here instead of starting a redundant discussion.

I'm in the Portland, Oregon metro area. I'm talking with a local Portland investor whose investment focus is the Pittsburgh area, and I found this forum as a way to learn more about the market.

He has a team on the ground in the area finding homes, doing the rehabs and selling. He also has property management available for rentals. My role would be to provide the financing while he does the work on the ground with his local team, taking his margin on the front end. We haven't talked about specifics yet, but this is generally the plan as I know it. Since I provide the up front cash purchase, I would reap the profit benefits of a flip or take possession of any rentals, which I would likely refinance using the BRRRR method outlined here in BP.

My initial goal is to flip 3-4 properties and as I gain knowledge of the area, begin to build a rental portfolio. He offers up properties in the 60k-90k range (cash purchase, holding and rehab cost) with ARV from 110k-130k. (estimates)

Am I to understand correctly that the area is going through a renaissance of sorts, with a growing local economy and jobs outlook? What towns in the Pittsburgh metro area are in good position for flips and/or buy and holds right now?

Cheers

Jarid

I had a similar inqury here on BP. My understanding is I can't use my own SDIRA to finance my own deals, but I can lend it to others.

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*This link comes directly from our calculators, based on information input by the member who posted.

Thank you everyone for your responses.

I have been attempting to create a network of real estate agents and brokers who might feed me potential deals with the intention of providing monetary compensation for their efforts. It seems however, a lot of agents with whom I speak glaze over when I tell them I am an investor looking for undervalued properties to fix and flip.

Common reactions are “isn’t everyone?” or “there are no deals to be had in this market” or “I don’t want to work for free,” or, once I tell them I’m already working with an agent, the conversation stops all together.

I have a broker with whom I am currently working. We have an understanding that he will represent me as my agent on deals. He set me up with an automated listing service that I can customize with keywords to find undervalued and distressed homes in my market. I find a property, drive by and look at them, check the neighborhood etc.; he provides seller’s reports so I can better analyze the deal; if something looks good, I get my contractor involved and we all talk about it.

My agent and I also have an understanding that I need to network with other agents to increase my deal potential, he gets that. What I find is other agents aren’t interested once they know I’m already working an agent.

I see the term “investor friendly real estate agent.” Am I to presume that many agents prefer to work retail only, but others are also interested in working with investors, as is my agent?

What is the proper approach or etiquette for talking to agents about networking with them to find fix and flips?

What kind of monetary incentive will agents expect if they feed me a property? At that point do they want to be my buyers agent, making the offer and receiving the commission, or do they just want a finders fee if the deal goes through? Perhaps it’s different for each agent?

I am interested to better understand the relationship between investor and agent.

Thank you.

Thanks @Carl Fischer, it is all becoming clearer now that if I were to set one up, I can really only use my own SDIRA to invest in other peoples deals. My goal now is to educate potential investors on how they can set up an SDIRA to invest with me.

jarid