All Forum Posts by: Ann Zane

@Michael Borger- Hello! are you still wholesaling in the Lincoln area? I would love to connect if so!

Hello- does anyone have any experience or insight on legal recourse against a lender who failed to deliver in time to close a deal with repeated delays and mistakes on their end?  Talking about 120 days extension after original close date, them repeatedly losing items, not ensuring they got all the appraisals from the middleman even after 2 months of being alerted that they didn't have them all, etc.  It's been horrible and will be losing out on 4 properties and thousands of dollars in inspections and appraisals, not to mention the anxiety and hours spent dealing with them.  

Thanks in advance for any insight or help!

@Paul Moore and @Dave Foster- thank you so very much!  Both sets of insight are very helpful!

@Todd Powell.  I forgot to tag you!  And I would love to hear what you did and how it turned out!

@Dave Foster  Hi Dave and Todd- reading this as I have a similar situation but am not 100% following.  Here is my situation.  My fiancé is doing a 1031 for $164K.  We are turning around and using that to purchase two homes with a partner that total $237K.  The partnership agreement is that we have 60% and the partner has 40%.  Right now our lender is coming up tight on the deadline getting everything finished with the loan under my fiancé's name.  

My questions:

Do we need to take this as "tenants in common" with our partner, and if yes, will that cause an issue with the lender and the work he has done to-date?  Given all the issues we've already had I don't want to do something that would impact the lending process.

I have an LLC that I hold all my rental properties in. Once married sometime in January (thank you Covid for that delay) we will want to add his properties, including these two, into that LLC. Does that change what we need to do now in terms of how we close this deal?

Thank you in advance!

Thank you so much to everyone who has responded and really helped with how I am framing my thinking about this!

Hi everyone! Thanks in advance for your quick help on this! My situation- I have some cash to invest ($120K right now) as well as $320K in my self-directed IRA. I have never used the SDIRA funds and for some reason am having a hard time deciding on what strategy I want to use it for/understanding what would minimize the UBIT/maximize return. I am going to be closing on a SFH this Friday (fingers crossed). It is a cost of $49K and probably needing about 10K in rehab. My question is: do I use my cash, or do I use money from my SDIRA? My question:

• Use all of the SDIRA for a flip when a good deal is found to replenish some capital being left behind in my first few BRRRRRs?
• Use $60K towards this house (refi the house on a non-recourse loan later), and then use the rest for a flip?
• Use for buying foreclosures when the "wave" hopefully hits? I am not sure the implications of using these funds for foreclosures-would love your thoughts!
• Should I look into note investing with this money? I have never done this but have read that people like this option for their SDIRA
• Should I do hard-money lending?  Again, I have never done this but have read that people like this option for their SDIRA
  
  
• Basically any guidance on what would generate the least UBIT/most profit would be greatly appreciated!
  

@Oliver Graybar- looking to purchase and BRRRR an apartment complex myself and would love to hear how your experience is going/went?

@Tony H. So helpful! Thanks for this!

@Pat Jackson  What a great job!  I love the creative ways you found to make this a success!