All Forum Posts by: Joshua White

@Chuck VanDyne @Brian Eastman Thanks to you both for all of this great information. Looks like I have lots more to things to consider as far as which way I want to go. 

@Jeffrey Giffin Hey Jeff! I think what youve done here is great, as far as rallying the Delaware troops. I have asked the same question on here and its great to see all of the Delaware folks come together. I am super flexible in terms of the date of the meet up. I would love to attend and network with others in the area. From the sound of it, a lot of us are in the same boat as far as being beginners in real estate. I look forward to the meet! Until then, good luck with everything!

@Robert Hidrogo Thanks so much Robert! I pray all goes well with this one!

@Tom S. I am unsure of what the property is appraised at. I definitely will get that done before going through with the deal. I've actually only looked at Zestimates (am I the only one who looks at those. I tend to use that as a ballpark). The Zestimate actually had the house at $90k. One of the guys who has been coaching me on a few real estate deals I have been analyzing thinks I should offer $50k. 

The seller does own the house free and clear, and is in a position to offer seller financing. 

So my wife and I are giving serious thought to starting a Self Directed IRA with plans to eventually purchase rental property. I haven't really been able to find a concrete, clear, concise breakdown of how it all works. The extent of my knowledge is that the IRA allows a person to use pre-tax dollars to invest in nontraditional investments [mutual funds]. I do understand that the funds cannot be used for personal use or gain. (i.e. - personal residence). With that being said, I have several questions that I haven't found the answers for anywhere else. Im sure some of you will be able to set me straight.

1. Who are typically custodians of the Self Directed IRAs ? Do Credit Unions administer these types of IRAs ?

2. Can you take out a HELOC on a home bought with a Self Directed IRA in order to purchase another home ?

3. What is the annual limit on how much you can put into a SDIRA?

4. Is there a minimum amount that I need to start a SDIRA ?

I would really like to take advantage of this benefit, but before I do, I would definitely like to find out a lot more to ensure it fits into my family's plan to create wealth!

Thanks in advance you guys!

Josh 

@Chadd Naugle thanks so much for he feedback! As far as major repairs, I don't forsee any in the near future. There was a new roof put on about 3 years ago. I'm scheduled to sit down with he seller soon, so hopefully he's in agreement.

Thanks again!!!!

Hello Everyone,

I am in the proces of formulating an offer that involves seller financing. Ive included the numbers of the deal. Have I missed anything ? Seem like a good deal ?

The home is listed at $69,900. A duplex (2BR, 1BTH & 3BR, 1BTH) in a C/C- neighborhood

My offer is as follows with numbers listed below:

Purchase Price: $62,000.00

Amortized Over: 30 Years

Loan Interest Rate: 5%

7 Year Balloon Pmnt

Monthly Income: $1,913.00

Vacancy: 7% - 133.91

Cap Ex: 5% - 95.65

Insurance: $150.00/Mnth

Repairs: $95.65

Electricity: $50.00

Prop Tax: $390.25/Mnth

Prop Management: 114.78

Monthly Cash Flow: $561.20

Please let me know if I've left anything out. I really think this may be the deal for me. I'll definitely need you guy's expertise to guide me through. 

Thanks in advance!

Josh

Hey buddy! I live in Delaware now but I grew up in CT. All of my family is still in Ct (Windsor) so I'm always there! I wish you the best of luck my friend. The areas you mentioned are great for REI!!!!! Go get 'em!

With the changes that are soon to come with the Dodd Frank Act, I am starting to get a bit worried. I haven't been able to wrap my head around all of the changes that will occur as a result of the new regulations. My main question is, if an owner owns a house free and clear, will the regulations put forth by the Dodd Frank Act still apply ?

Wooow!!! I actually love Pensado's Place! It's so crazy how things line up. I say nothing is coincidental. I'm a musician myself and I think lots of us don't take into consideration that we won't be able to rip and run forever! Real Estate will never go away... Rich Dad Poor Dad is probably my favorite book, period! Good luck with everything !!!