All Forum Posts by: John Smeltzer

Has anybody used, or have any experience with Credit Union Mortgage Association for financing real estate deals?  My understanding is that they find credit unions to lend and they seem to get very competitive interest rates.

I'm looking to explore new markets and wondered about Minnesota.  Is Minnesota generally still a good market for real estate investing and more specifically, what about Bloomington and Rochester?  Would appreciate any insight current investors are willing to share.

@Chris Seveney

Thanks Chris.  I reached out to Quest.  Have you used them before?

@Brian Eastman

@Dmitriy Fomichenko

Thank you both for your responses.  I had mainly thought about a provider in Savannah in the event that there were differences in the state tax treatment of Sefl-Directed IRAs.  Agree that the expertise is more important than location.

We're deciding on whether, as part of my wife's public school pension, to take a lump distribution in exchange for a smaller monthly pension amount. In thinking about whether or not to take the distribution, I want to consider using a Self-Directed IRA to purchase an investment property in Savannah. Can anybody recommend a provider in Savannah?

Hi - Looking for some feedback. Four years ago I purchased a condo in an HOA community. We bought it for relatives to live in.

Within two years of purchasing, the HOA Board put out a vote to disallow rentals and the vote passed. Owners with tenants could keep them but once they moved out, tenants other than family members were no longer allowed. There was no grandfather clause.

The tenant living there is planning to move.  Based on the change to the bylaws, I will be forced to sell.  In a normal real estate market, I probably would have just done a Section 1031 exchange and found another property.  However, in the current market, it's much harder to find properties.

I want explore my options including consulting an attorney and asking the HOA Board for an exemption from the bylaw to disallow rentals (I will be surprised if they agree). I'm curious if anybody else had a similar situation and how you handled it, legally or otherwise?

@Mason DeJarnett

Have not bought anything yet.  The market there has been pretty hot the past few years and I thought that Covid might create a buying opportunity but it's been the exact opposite there and in probably a lot of other markets.  It's a sellers market with low inventory.

I'm hoping in 2021 there will be more inventory with a chance to find a property without overpaying.  Even prior to the pandemic, it was impossible to find anything in Sea Pines that would come close to cash flowing with professional property management.  The one thing I learned from these forums is that there a lot of investors that are successful at self-management and that is something I'm seriously considering.  

In the meantime, I've continued to invest in Savannah and will continue to look in Hilton Head for an opportunity.  For me, a purchase in Hilton Head would be more about having a second home rather than pure investment.

I assume you are looking in Hilton Head?  I would be curious to know your view and what you are seeing.

@Ryan McCarthy - I'm looking to enter the Hilton Head market.  It's been hard to find a place where the rents will cover all the expenses.  We've been looking in Sea Pines.

I'm continuing to look for a STR in Hilton Head (Sea Pines) to be used currently as a STR and eventually as a second home during the winter months when I retire. For current investors and investors looking for STRs, I'm curious how the HH market is now and what expectations you have for the HH market through the remainder of the year and what sort of approach you plan on taking?

@William Garcia

I have purchased several condos with an HOA. As part of the condo documents I request as part of the purchase diligence, I request the latest financial statements. The financial statements likely won't be audited so you have to keep that in mind.