All Forum Posts by: Mitch Black

Noob here.  This is a heavily loaded question.  I am not expecting a lengthy response, just maybe a pearl of wisdom or two from those more experienced.  Or, possibly a book or website recommendation.

1)  What are some of the tip/tricks/short-cuts to narrowing the field of potential markets?  I know my goals, and I know the numbers which make me comfortable.  But, how do I narrow the entire US to a field of potential areas which would be worthy of a deeper dive?  I am looking to develop a process which relies on quantitative data - I am an analytic type.  I have been looking at job/population growth forecasts for areas individually.  Cumbersome!  What are good data predictors?

2)  Further, once a market looks attractive based on the process, how to determine which neighborhoods are the up-and-coming ones versus the, perhaps, not so desirable or ones in decline?  For example, I know in my home town to buy north of Main street and east of 1st but never south of Main or west of 1st.  I know crime stats are useful, but they don't always tell the story of those areas which are up-and-coming.

Thanks in advance!

Good turn-out Wednesday, Joe.  Count me in again.  Thanks. 

Name suggestions... maybe later :)

Well, that wraps up that question. Thanks much for the feedback guys!

If I use a self-directed IRA to purchase a property for a BRRRR, can I refi the property using a conventional loan and pay the IRA back?

Example:

1. I Buy full-cash for property X using 60K from my self-directed IRA.
2. I Rehab property X using 25K from my self-directed IRA.
3. I Rent property X
4. I Refi property X with a conventional loan from a local bank providing me with an 85K mortgage. Can the 85K go directly into my self-directed IRA?

Any insight/experience appreciated.

Thanks!

I have a fair amount of equity in a previous rental. Have held it for a loooong time. I am beginning to focus my attention on REI. Better late than never. Anyway, I am looking at doing my first BRRRR and have considered two paths to getting the 'B' done with a cash offer:

1)  take a HELO out of my existing rental to supplement the cash I have on hand for the full amount of purchase

2)  partner with someone to supplement the cash I have on hand for the full amount of purchase

My concern is, even though I have excellent credit, will using the HELO for the purchase hinder my being able to complete the refi on this BRRRR?

Any insight/experience is appreciated.  Thanks!

Thanks, @Joe Prillaman .  Count me in.  Looking forward to it.

Thanks @Phillip Marshall

Late to the party... just catching the last part of this thread.  When/where are the upcoming meet-ups?  Thanks!

@David Smith Wilmington is a competitive, small market.  It's an interesting town which is in a major growth cycle.  I have some work to do to get my ducks in a row so I can move more quickly.  I am trying to build a team... open to connections :)

@George Blower PM me I’d like to understand the solo 401k better.