All Forum Posts by: Kenny Hardcastle

@Matt Devincenzo what would be those companies that do the self directed IRAs?

Hello everyone,

I'm trying to figure out how to exactly use my self-directed IRAs to lend money to investors. I've read a few articles that give me the generalized step-by-step instructions of find a flipper, rehabber, ECT draw up a contract and then submit it to your IRA administrator. However when I contacted my administrator at Charles Schwab they did not know what I was talking about, and said that I would not be able to lend money from my IRA. I made sure to double and triple check with them that my IRAs were self-directed however and they are.

So a couple of questions..

1) how do I specifically use the money in my IRA to lend to an individual? And how do I set this up with my financial institution?

2) Where's a good place to find a contract for terms and conditions.

3) where is a good place to find a rehabber or flipper to lend money to?

I read through some of the other posts about this and could not find exactly what I was looking for, which is why I am posting my specific questions. 

Krystle thank you for all the good points and information. Based off what everyone has pointed out, the ROI is not worth it.

I tried to be green to help the planet, but it just doesn't make sense to do it. 

Also can someone tell me how to @ someone.

@Diana Costta some sellers have a POS inspection already done, however most don't. They normally wait for a buyer to do it, because the city puts a time clock on the work getting completed. More than likely you are going to get sellers who don't want to do the POS fixes so it'll be up to you. That is what kept me out of a lot of the A class areas for a price range I was comfortable with. But good luck hunting

Jeff thanks for the info. I'm in the process of closing my first duplex and want to split the water meter. As I am a out-of-state investor I was looking for a Wi-Fi enabled meter. I'm going to give flow.com a look and research the products off of your suggestion. Have you looked into or has anyone ever used EKM?

https://www.ekmmetering.com/collections/water-meters?gclid=Cj0KCQjwk4yGBhDQARIsACGfAev9-VoSPmh8pZpIwmvRKXovqE3yjzh2D1w_Rr-rN-_Yfr8y7uQIqBkaAqM1EALw_wcB

Yes I agree. After doing a little research you do have to reside in the residence to get any tax benefit. I find this to be counterproductive to the green initiative. I like the idea of having a greenhouse but not if it's going to bring no value.

Yeah I did not think about having to live in the property to get the tax benefit. I just assumed seeing how the property was being used for the solar initiative I would be automatically allowed. As I am still in the research phase I will have to find out more about that and we'll definitely let you know.

As far as the all-inclusive goes for utilities I have seen it mostly for apartments one or two bedrooms. I figured that I could apply the same concept as I have just purchased the property and will be installing energy efficient appliances and HVAC As I need to be replaced anyways.

again just being in the scheming phase I will have to let you know how it all pans out.

So the reason rental price was based off of other two bedroom one baths duplexes in the area that also offered utilities paid. That was where I was coming up with that number.

I would have a problem buying them out right, I just don't see the point in paying for something 100% upfront when I can get someone else to pay it off for me. As I do plan to hold on to this property for the long haul. Understanding that things could definitely change in the future.

I will definitely look at other threads on the forums to see what is being said.

Originally posted by @Joey Yip:

Avil does have a maintenance ticket system and you can put a note and repair cost to the ticket. However Avail doesn't have any accounting features, so the repair cost is just a text for your own record. 

Yes, you and your tenants can communicate through the system. From my experience, we communicate the repairs through cellphone text messaging and I put information to the ticket myself, so all parties can still see the progress. 

The only drawback for me is the ACH deposits. I'm a paid subscriber and enabled the FastPay pass, but I can only get the next day deposit only my tenant also enables the FastPay as well. So at the end, I pay $5 every month for helping my tenant waived the ACH fees but nothing really benefit to me. 

Overall Avail is a very good all-in-one online application to start with, but I'm looking at other options as well. 

 So the tenant also has to agree to or sign up for the fast pay? I agree with you what is the point of paying the $5 per unit just so the tenant doesn't have to pay $2.50?