All Forum Posts by: Paul Duncan

@Aaron Davis let me know if you end up not going forward with it or want to assign the contract. I’m in the process of identifying a replacement property on one I am selling.

Does anyone use a loan servicer if they have done seller financing? For a seller, it seems like it would be a headache to track and manage the interest versus principal payments, and especially if the buyer makes any extra payments randomly throughout the loan. On a quick google search I found Accruit, which sounds like it’d handle what I’m looking for but does anyone else have any suggestions? And do you know what the typical fee is for this service?

Thanks Don.  Besides the family members being excluded, do you have a suggestion on the structure?  Is the business entity the way to go?

What is the best method to use other people’s money with a self directed ira? My goal is to use money in someone’s ira (whether my mom, mother in law, or family friend) to purchase real estate.

I haven’t talked to any of the custodial companies yet but been looking at some of the information on their websites. A lot of it seems to be geared towards if you were using your own money to purchase real estate. Is it safe to assume the best way to use other people’s money is to set up a company where they are basically investing in a company I set up? Then, with that company I go purchase real estate?

I think I've seen some stuff related to it having to be non recourse loans, but if the LLC purchases a property with a loan and me as the guarantor, is that different? Would their be any issues with a family member investing in my "start up" company?

If you have better ways to invest with other people’s self directed ira, please let me know!

When doing a 1031 exchange, I know you have a certain number of days to identify a property (I think maybe 45 or 60). But what happens if you identify one but during due diligence you discover things that cause you not to want to move forward with the purchase. What happens if you are past your “identification” period by this point? Does the clock start over or is there some sort of extension to identify a new property to take its place in the exchange?

What are some of the restrictions you have to take into account on the refinance when doing the BRRRR method? Isn’t there restrictions on the property seasoning or “cashing out” on an investment property? Does the loan type or the lender make a big different, and can do you do that with a conventional loan?

How long did you have in their for your due diligence period and time to close?  You mentioned finding the investors took a lot longer than expected, but if you already had it under contract with a clock ticking, did you give yourself enough time?  I'm curious to know for my own knowledge to be sure to make the terms reasonable when trying to accomplish taking down a deal like this.

Who are the best companies to set these up? Are there any recommendations for self directed IRA’s? It doesn’t look like I can just go through Fidelity like my other IRA’s.

I've heard plenty of times on the podcast that if you find the deal, and if it's good enough, there are plenty of people who will invest in it - but where do you look?  I'm not a newbie investor, but I'm trying to take a step up into the next size of investment and need to find someone who wants to join in on a deal.  I don't need 100% of the money, but at least 50%.  Where do you go to find partners like this?  (I'm not looking for hard money lenders).

Is it possible to get into a loan with a bank by using seller credits or seller financing as a down payment?  If I have a bank who will let me do 20% down on a mobile home park or small apartment building by keeping it as an in house commercial loan, will they let that happen?  For example, if I wanted to purchase a $1M property and the seller was willing to credit $200,000 at closing, will the bank accept that as my down payment, or do they want to see the $200,000 coming from my account?  I realize on the residential loan side that can't happen, so my question is geared more towards portfolio/commercial loans.  And if that wasn't a credit, but instead a $200,000 seller financed note, does that change anything?