All Forum Posts by: KANE WHITESIDE

Hey guys thank you for the rapid responses. To answer your question MR Worland Currently I have a conventional 401k plan I m wanting to Roll over into a self directed 401k for purchasing some rental properties. Thank you Dmitriy Fomichenko I will contact you soon to discuss further in detail my goals and some options. Ideally I was hoping someone local would be available to set down face to face its my first time doing this and am just trying to be as cautious as I can thank you all for your help.

hi I was curious if any one knows or would recommend anyone in or near Chattanooga tn  that handles self directed 401k's  and or setting up trust for rentals?

Hi I am working on getting a couple loans for some rental properties and some of the lenders are needing appraisals done on the home which I will have to pay for out of pocket. I am trying to be super carful with these deals and cant really afford to pay out for an appraisal and then the property fall short of the loan criteria which intern leaves me in the hole and no loan.   I was wondering if anyone could give me any suggestions on how I might fine tune my ability to predict the properties value before the official appraisal outside of just pulling comps?

Hey I m looking into taking a loan out from my self directed 401k to purchase some rental properties,  I am trying to be as carful as possible by planning for the worst case scenario.  I was curious if those who have used this technique for purchasing rentals have came across any situations where some one has done this and things went wrong with renters not paying or something happening to the property, just anything that might go wrong, and how I can protect myself from anything that might put my $401k in jeopardy?

Ya he contacted me last week about approving my loan and little by little more and more red flags starting popping up, he contacted me on a sunday insisting I send money to his assistant in Maryland but like you said his company is out of ohio, to a PMI company in newyork who's address is in New York. After doing some reading I read of some people requesting video chats and most the time they will come up with every ecuse in the world not to, so I requested a video chat and of coarse he avoided that, so then I sent the email below and I ve not heard back from him since..

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I am just trying to be cautious, please under stand I m being asked to send $530 to someone I’ve never met or seen that’s business is in Cincinnati OH, Yet I’m being asked to pay someone in Baltimore city, Maryland, USA. In order to pay a company (fundspeedinsurance) whos address is in NewYork, to which there are no reviews good or bad nor registered with bbb and whos address is the same as the allstate office, no mention of them on angies list at all which is very odd considering how long you have doing business with them. I have no problem paying the 1 % mortgage insurance but as of right now I have no way to guarantee that if I send the $530 that I will receive the funds. I cant find any information on your company online i have know way protecting myself from loosing this money and the only thing I can find online about fundspeed is an article that stated “”

"They were doing a unsecured $XX, 000.00 loan for my (your business here) business. I was told I needed to obtain PPI insurance to guarantee the loan and directed me to a company called fundspeedinsurance. I could find no fraud or scam alerts. But I still needed to do further research after I spoke with someone who sounded African (ethnic accent) and Mr Morgan was messaging me at 1a.m. not normal business hours. I found fundspeed address is actually a Allstate office not a fundspeed office and the agents is not the agent I was directed but strangely enough his bio is verbatim what Mr Wilson of fundspeed has on his. Renaldo L. Morgan obviously sends ppl to this phony insurance company. You send them...whatever sum (mine was $XXX.00 almost $1,000.00!!!!!!!) to supposedly secure a loan and probably never hear from them again or they tell you the loan didn't go thru and your stuck with a phony ins. Certificate."

I hope folks getting mortgages, selling homes or businesses, Realtor, mortgage brokers, etc, find this and share.””””

I m just trying to be careful with my money just as careful as I would be with your money as well I m looking for this to be a win win for both of us and be cautious. Perhaps you might be able to provide some type of proof of funds or some type or an escrow acct setup so that neither one of us can take money out of the account with out the others permission and have a neutral third party handle it. Any Suggestions on how we might protect our selves?

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Hi MR Harper has approved a loan that I was needing but before I send the money up front I was trying to find out a little more about him did you do business with him?

Wow thank you so much everyone for the great advice, that establishes a great starting point, I'm reorganizing all my information as we speak, I have pulled and printed my credit score to take with me, I m going through and writing out my goals once I'm finished organizing, Also studying up on the portfolio 30year fixed loans.   I ve emailed Jimmy and contacted Richard.   I'll keep you all posted on the results.  Thank you Again

I have a couple of rental properties in Atlanta I am trying to get long term loans for and having trouble with conventional loans because I am self employed.  I have one rental property in Chattanooga that I have purchased using my home equity line of credit from my primary residence.  My credit is decent like 650-700 range, I have money to put down, its just finding the right place or the best way to get them financed,  Does any one have any ideas or advice that migfh