All Forum Posts by: Kirk Berryman

I realize I'm digging up an old thread here... and that managing a property yourself may be a bit fuzzy.  So the recommendation is to hire a PM to do it for you and that would remove the potential conflict in the eyes of the IRS. 

What if you are the owner of the property management company that manages the rental in your SD IRA? Do you think this would still pass the sniff test?

I am also looking for the same.  Did you find anyone Anton?

Congrats Bruce!  I'm back in Michigan now, moved back from Oceanside over the Holidays to focus/speed up my portfolio.  I was getting sick of trying to buy from far.  Let me know if I can help out in any way.

@Mark Barnes Could I ask what bank/financial institution was quoting you for a HELOC on an investment property? I have called about 50 different banks and credit unions both big and small trying to find someone who would do the same. The property is in Illinois. So far I've struck out.

Thanks for the link @Jay R. and the info @Victor Chico

I saw a question on financing earlier.  Anyone have an answer to that one?  Are US mainland banks lending in Puerto Rico?  

 Good question, it's a really simple one actually they just didn't finish ;)

I bought in right after the first major dip in the recession. I think the previous owner was over leveraged and just gave up on this one. It was bank owned by the time I got to it, and had been vacant for at least a year.  

There was drywall up on most walls and original wood floors which was the major selling point for me. Both bathrooms had most finish work completed and were livable, just needed paint and cleaning. But the rest of the place was a disaster.  There was new electrical and plumbing, but it was bare wire and pipe, so I basically had to complete all finish work but only after figuring out what exactly was completed and how it was all laid out.

Congrats Brian!  Which end of town did you buy into?  I'm still tentatively looking at the area myself.

I've built a pretty comprehensive Google spreadsheet for tracking everything with my rentals I've built over the years.  Shoot me your email and I'll be happy to share it with you.

I started with 5k down on a 100k purchase price. Then another ~15k in rehab to make it livable.  It was a failed rehab by the previous owner.  I did a live in rehab before converting it to a rental and a cashout refi in 2008 to purchase 2 more properties.

Did you paint the cabinets?  I'm always curious about that.  It seems the time cost of your/or your painters time to paint them would outweigh any savings over replacing them.  Can you talk me through your decision and how you painted them?