All Forum Posts by: Peggy Mitchell

Hello Cassandra!

Press on I will indeed.  Yes, I have heard that approach as well but I have not yet pursued it. I am currently creating a buyers list and am utilizing my network to draw interest to investing relationships.  It's just a slow process.  Understandably, people want to get to know you and establish a certain level of trust.  I would surely treat giving my funds out (which I do by the way) no differently.  Don't take my comments the wrong way, I am by no means complaining.  I feel that I am doing quite well considering and I have no intentions of slowing down.  My point is only to be successful in this industry you must be committed to both putting in time and persevering through the process.  Thanks for your share!

Hi Robert!

As unfortunate as it is, my research has concluded that of the people who play in this market also have some other sort of business or job on the side that produces the revenue stream needed to continue to be eligible for funding. Unless I can connect with private money lenders who are willing to write a note with reasonable terms, I'm going to have to wait for my agent work to produce income suitable for banks to begin funding again. Likewise, if you run into any new options, please feel free to share. 

Hi Rumen! 

The properties are held personally. Since losing my Corporate job though I've run into a brick wall with traditional lenders in trying to grow my portfolio because I no longer have a regular stream of income. So that whole rinse and repeat concept will not work for me.

Hard money eats all the profits and requires HUGE money on the front plus penalties for refing out. 

I have excellent credit and will need to depend on private money lenders who are willing to find a middle ground for lending. If you know anyone in this category please do feel free to share info. 

Thanks for reaching out Rumen!

Hello All!

I am a licensed Delaware Realtor with 25+ years experience as a Landlord/Property Manager managing my own personal rental investment portfolio.  My husband and I moved to the Newark area two years ago and we are looking to grow our portfolio in New Castle County.  Up until recently, we've relied mostly on our Corporate careers in Technology & Finance for our financial freedom.  In April of this year, my Corporate job came to an abrupt end. 

Since real estate is my true passion, I am now focusing all of my energy into doing real estate full time.  In addition to our passive rental portfolio, and now residential buy and sell transactions, we are also engaged in note buying and selling.  We have acquired two note deals and are working through the pains of the infamous Peak bail out and getting our files transferred.  As a result, I am very much feeling the pains of the recent BP podcast that speaks to the emotional drains of being an entrepreneur, the 80+ workweeks, and lack of social life due to time constraints and the personal investment of growing my business.  Even though my success is taking hold much quicker than I could've imagined, the struggle is still very real. 

Looking forward to getting to know folks and connecting here on BP. 

Thanks
Peggy Sue Mitchell

Thank you everyone. This has been a great help!

Thank you Brian? I am aware of the rules but others have suggested it's possible which is why I was struggling with understanding how it could be structured. Maybe this is where people get creative and have an LLC who's sole owner and member is the IRA, yes? I do have the question out to my custodian but thought I'd post here for a quicker response. You've been very helpful. Thank you.

Thanks Presley. Did the 60% come out of your IRA or the other 40%. Who are the lenders that typically finance these types of transactions if other than traditional banks? Yes I have an SDIRA and I'm aware of the special rules.

Hello everyone! 

Buying a new rental in New Jersey. Struggling with how to properly structure this purchase. My personal credit is in the 800 range and traditional lending can get me financed at 4 to 5%, this is my 5th property. I was going to fund the 20% + closing with my SDIRA and finance out the rest with a traditional loan. Not sure how that would work, would tenant make two payments every month 1) to IRA based on % contributed to purchase and 1) to us and/or LLC? LLC is newly established and has no credit per se. I'm guessing that means it's not eligible for traditional financing correct? How can I purchase this property and acquire the financing I need without putting it on our personal credit or paying a higher interest rate? I'm guessing there are plenty of experts out there that can help me work through this.

Any help you can offer would be greatly appreciated.

Thanks

Peggy Sue