All Forum Posts by: Lyle McCartee

Thanks Pri,

Both good reads. It's a shame there's scams out there (in any industry) that give legit hard working people and businesses a bad rep. In terms of the 1st article, I am assuming that the answer to my question is "no." It cannot be done?

Thanks again for sharing the articles.
Best,
Lyle

Hi colleagues,

I have a SD-IRA with less than $2,500.00 in it. I started the account last year with a custodian out of Texas, and really haven't done anything with it yet. I would really like to start using it to my advantage. I know that whatever comes out of the IRA in an investment, must go back in after the exit strategy is exercised.

My question is, is it possible (or even a good idea) to "pool" that money with other funds such as private lending, HELOC, partnering, etc to leverage the purchase?

Any thoughts, advice or suggestions are welcome. I appreciate your insight in advance.

Best,
Lyle

Hola colleagues!!

How bout these apples?  Somebody posted this video on linkedin. Weirdly cool how this foam works! Before I moved back to Colorado from Austin, my condo there had this done. They had to drill about a 6" hole in my STAINED CONCRETE floor (I lived on the bottom floor) and pump this stuff in. And of course they couldn't drill the hole under the fridge or stove, because there was a support beam going through. I've never seen what this looked like from underneath.

Cool stuff!

Video of foam, jacking up a foundation.

Unfortunately, I am in a position where it needs to be nearly 100% financed. The most down I can leverage is about 6.5%. I appreciate both of your input. It gives me something to think about. I understand that this property is not a complete dump that needs tens of thousands of dollars sunk into it. If anything, I now fully understand the saying that a lot of my mentors live by. "Big problems = Big profits"

Greetings Colleagues:

I have a Single Family House in Pueblo Colorado under contract and I am seeking a hard money or private lender to finance a flip, however, I am also open to having it be a buy/hold/rent deal as well. It's in a very good area of town, near Colorado State University-Pueblo. Please see the specs below:

ARV = $163,660

Purchase price: $121,900

Closing costs: $3,500

Rehab: $9,500 (mostly cosmetic)

Carrying costs: $1,050 x 2 (60 days rehab max)

I would prefer not to pay any more than 9% , but can push to 10%. Total amount needed is $136,000. I have the .pdf if you need numbers. Closing is within 30 to 45 days, however I do need a prommisory note in the next coming days (seller has requested it).

Thank you,
Lyle McCartee

McCartee Holdings, LLC

Thanks for the insight Fred. I recall Austin having a pretty high sales tax and even the hotel tax in the Austin area was pretty high to compensate for the lack of state income taxes. At one point a few years ago, Austin City Council started requiring homeowners to have a permit (for their own homes) to rent out their houses whenever SXSW or ACL music fest would come to town. That was brought on by the hotel lobby in Austin, because they were upset that homeowners were raking in huge profits and it was all untaxed, whereas the hotels were being charge about 15% (I think) tax per room!!

I'm thrilled that you and the other professionals are up here on these forums with a treasure chest of knowledge and experience. Thanks again for your thoughts and insight!

Thank you so much councilor!

Thanks for all the insight everyone. Looks like I have options. Options are a good thing!

Have a great weekend.

Thanks for your input Steven and Fred. Fred, I'm curious if there would be any tax ramifications or discrepancies between the 2 states. One (Colorado ) has income taxes, the other (Texas) doesn't. Not sure if that even matters. Wondering if I should buy an hour's worth of time from an RE attorney or a CPA.

Greetings colleagues,

Last year, I created an LLC in Austin, Texas. I never really got anything off the ground there with it, because I had a bunch of "fires" to put out personally and professionally. Fast forward one year. The LLC is still there doing nothing, but I now live in Colorado after some changes brought me North.

My question is, is it possible to transfer an existing LLC out of the state of Texas and into the state of Colorado, or would I have to dissolve everything and start all over? After some thought about it, I feel if there's going to be any hang up with it, it would be at the TX Sec. of State's office and/or the local/county tax office. Any thought, opinions, or advice would be greatly appreciated.

All the best to your success in 2017,

Lyle