All Forum Posts by: Lance Wakefield

I would place them in the name of SDIRA if the company gave no push back. If the company is unwilling which they shouldn't be I would put them in my personal name. 

@Heather Gall

I work in Mckinney with my wife. We wholesale, buy and hold and fix and flip. If you and your husband would like to get together to go over something things feel free to message me. Good luck in your investments. 

@Colton Joseph

You're right on with 140k cost to build with 36k skin in the game. You will get draws to do your work frequently after the work is done for example your foundation will probably cost 25k give or take then after you have paid out of pocket to have the work done the bank will reimburse you. Be aware of how the bank does draws. Then you will owe the bank interest on the 25k you have borrowed on a monthly basis. As work progresses and you borrow more you will owe more interest. I think this answers your question. 

Plumbing could have broken pipes, sewage could be cracked, electrical box could be shot, pests would be a huge problem in my guess. There is lots to check and watch out for, so keep your eyes out. With out turning utilities on it will be hard to know. 

I would not do an assignment in this situation I would pony up the extra cash and do a double close. The bank is never gonna let you get away with an assignment I would just add the additional closing costs to the purchase price and pass the cost along. 

@Brandon Turner

Hey Brandon you and I are in a very similar situation. So I have been putting a lot of thought into this at the moment. I would for sure keep things separate and I would make your full time employee log which company she is working in so she can be paid appropriately. When you put in an offer always put and/or assigns on there so you have options during that option period. 

I keep my wholesale stuff separate from everything else because I am spending my $$$ marketing and doing the follow up etc. I want all of that separate and if I so choose to keep this deal in my portfolio I will assign it over to my holding company or flipping company. 

@Colton Joseph

Banks usually want 20% of skin in the game. My experience with lots is they are only going to give you what you paid for it, not what is on the tax roll. So you could build at 140k or so. There are some things you're mission though. Soft costs. You are going to HAVE to come out of pocket for soft costs because banks don't cover that, plus the monthly payment no your interest only loan. Construction loan are running 6-8% right now. You will need to pay interest on what you have drawn out at that rate. Plus you need survey, geo tech, architect, engineering, and permits. So if you think you can finish this build with out any more dollars out of pocket you will need to adjust your plan. 

I am unfamiliar with the method. I feel like it creates more work than is necessary with each deal. As far as I can tell even the big guys don't go to these steps to do their deals. 

I do not really see a question here, but as far as I can tell you need to get a CPA that has lots of experience with 1031 exchanges. Emphasis on experience. It sounds as though the exchange has already been done in which case I have no idea what your question is. Good luck 

Podcasts provide a great foundation. I have listened to every single one and I highly recommend them. They're a great starting point and really easy to do during driving. Some are excellent and need to be noted and listened to again at a desk with a note pad. I recommend reading lots of books that are recommended in the podcast as well. There are several must reads. Doing those things combined with ACTION are better than any guru.