All Forum Posts by: Pat Bahn

i have sent the package to bill.

Like i said, I am no CPA but, if someone could
explain to me what "Due from Related Parties" means
and

I'm not much of an accountant, not like a real CPA but, i was wondering, I went and looked at opening an account at Equity trust company www.trustetc.com. SO as part of due diligence, I asked them for documentation and they sent me a 'Safety and security" package,
which included their balance sheet.

one thing i don't understand

it lists some $57M as customers accounts, but there is no offsetting liability for custumer obligations.

do i just not understand trust company accounting?

i can email the sheet to anyone who is interested

When I say slumlord, I mean renting in somewhat sketchy areas to what may or may not be sketchy people. I prefer working class, employed types, if they show up at a ob all day, they are less likely to want to dick with me.

I'll make sure the roof doesn't leak, the mechanicals work and the place meets code, but bare white walls,
thick urethane floor varnish, and that's about it. Used Appliances, ...

Hi

I have a shot at buying a small MFDU in DC that has section 8
tenants in it. Now, the plus side is that voucher should pay me the
rent. The negative is you are dealing with some real low level
characters.

The deal looks like it will produce a cap rate of 13, so
that's decent returns and it's close to mass transit so the area should improve over time.

But what do you all at BP say?

This may sound very odd, but, I had the folks at Equity trust company send me their
Investor "Safety and security " package.

So it had a few oddball nits,

1) They are a south dakota company doing business in Ohio. Why shouldn't they be an ohio company or a deleware company?

2) They say they keep your account in a client account at first citizens national bank of ohio, i called them and didn't know anything about these guys

3) their CPA is some small shop.

what do all you smart guys think?

You could try tokens?

solid

i take it you mean udirectira? or when you say Udirect, is it someone else?

Well, the guy i speak with has a direct dial number now. Now maybe they put their efforts into
"Sales" and "Capture" and once they have you start ignoring you like crazy, but, perhaps as you
say the email may work better.

I am looking to do a self directed IRA, i was thinking of using
the "Equity trust Company" www.trustetc.com.

Their fees seem reasonable, the service seems capable, and they
are out of Ohio which is not a hotbed of fraud unlike Florida and Nevada.

Pluses: They were recommended to me. They are a family owned private business. They have been in business for a while

Negatives: They are small $64MM assets, their CPA is a one horse shop.

As I am trusting my IRA to them, I wanted opinions. My IRA was at Merrill, and they exploded, so the big guys aren't safe.
Madoff was a family enterprise also.

So what do you all think?

pat