All Forum Posts by: Mark DiPietro

Thanks @Justin Reed. Let me look into that site. I really appreciate the info. 

@Avram Shabanyan thanks for the great info. I really appreciate it.

Have you found any quality non-recourse lenders to work with that you like?

Investment Info:

Other buy & hold investment in North Myrtle Beach.

Purchase price: $230,000
Cash invested: $51,000

Charming 3/2 oceanfront condo in a small, three story building right on the incredible Atlantic Ocean in NMB!

What made you interested in investing in this type of deal?

We have always wanted a beach place AND wanted to see if we could make money with a vacation rental. With no experience, we thought we would try it. It hasn't been perfect, but we are breaking even and have a place to stay when we want to make the four hour drive down.

How did you find this deal and how did you negotiate it?

We found the deal through the MLS and negotiated directly with the seller. The seller even took a small portion back in seller financing to help close the deal.

How did you finance this deal?

Conventional financing, although after we closed, we did find out that we could have done it as a second home and put down less money. Lesson learned.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We did work with a terrific real estate agent named John Krajc who put it all together for us.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $226,000
Cash invested: $60,000

Single family, 3/2 all brick ranch in downtown Mooresville, NC. The home is a beautiful, 70's style, within walking distance from both the high school and the elementary school. Quaint street with long time residents.

This is GREAT information @Brian Eastman!  Thank you so much!

I would LOVE to be a part of one if anyone had the interest.  We have done a few through our other business, but never really were consistent.  Love to hear about any ideas others out there have.

Does anyone know of a friendly lender that will allow conventional financing for a long term residential rental using self directed IRA money?

I tried to close on a property recently but the lender would not allow the close in an entity. i know this is typically common when trying to o a conventional loan and close with a LLC, but I didn't realize it was the same with a SD IRA.

In the end, we closed, but we had to use other money and it was a PITA. I want to use the money in the SD IRA still, but don't want to go through the crap again.

What kind of turnout did you guys have for the first "live" meet up last night Caten?  I'm eager to hear.

This is terrific info Scott, thank you!  

We own some single family rentals, a commercial building (that we operate our business out of) and a vacation rental, so we are comfortable in that space.  We are interested in seeing other what other types of investment classes have to offer by way of being even more passive with a better return potential.

I appreciate your willingness to share the info.  I hope you and your family have a blessed Thanksgiving season.

I've blasted this to LinkedIn and Twitter too @Caten Murphy