All Forum Posts by: Michelle LaRue

Thanks @George Blower. I will check that out. 

@Dmitriy Fomichenko,

These are the things I need help with. I can negotiate the terms however I like. Currently it is proposed $45K loan paid back over 3 years at 20% interest. It is unsecured but they suggested I put a lien on the building should they default. Do you have any suggestions?

Hi, 

I have the opportunity to loan (via self directed IRA) money to a community center for renovation purposes. This project is a revitalization of an old community center that has been out of service for many years. The new owners wish to renovate and rejuvenate the area by way of the community center. This is an extremely impoverished area and is in much need of a place like this. I have never done anything via Self Directed IRA before much less loan money to anyone. Has anyone done this or something like this? I have been provided with the business plan and MOU. I'd love some direction. Thanks in advance.

Thanks @Carl Fischer! I have already started there. 

Hi, I was wondering which Self Directed IRA companies you guys have experience with. I am looking to start one and trust the Bigger Pockets family to tell me the truth! Who do you like and why? Thanks in advance.

@Wayne Brooks ok, got it! Thanks!

@Wayne Brooks, just for clarification, I need to obtain a Certificate of Insurance on an Accord form from their agent? Or, I need to be added to that certificate? 

Thanks @Wayne Brooks! Will do!

Hi, 

So I have purchased a SFH 3/2.5 ba approx. 1450 sq ft. I have been doing my due diligence and getting multiple bids to renovate and update this property. I intend on keeping it and renting it out. BRRR. I have my team in place but I don't know if I need more insurance. Some of the contractors are licensed and insured others I am not sure yet (like my painter). Also, assuming they do have insurance do I need to get them to add me to the policy until the job is done? I have heard many answers but thought it best to hear from my BP family.

Best, 

Michelle

@Thomas DeMoss LUCK!! Pure luck! My property manager lives across the street from the seller. The seller inherited the property in January after his mother passed. Unfortunately he is a heroin addict and just wanted cash super fast. We settled on $39,000 cash. His parents took excellent care of it but it is a 1970's house and needs cosmetic updates. Also clean up as he and his addict friends squatted there for several months. ARV is around $170K.