All Forum Posts by: Chip Chronister

You are correct about doing repeated business but as with many IRS laws what is their meaning of repeated business and if you have a W2 job I would think it would change their thought too but if you do several than you will get into trouble. Trust, Just use a trust an have a trustee, Now you need put money down treat this transaction like a business bc IRA's has rules. If you are wholesaling and assigning the contract your trustee needs to sign the original purchase and sale agreement and the assignment of contract and in your trust you need to have it so your trustee gets paid. This is a business transaction and not a buddy deal. You need a paper trail for every step of this if you decide to do a wholesale deal in a IRA. Where some people mess up an make a prohibited transaction they will pay for something out of pocket instead of using the IRA fund to pay for it. Now free advertisements are ok.

It looks like with no closing cost etc you will make 100k but lets just say as is you will make 75k now you still have plenty of room to make some profit on you and you have to determine if lowering your credit score is worth it. In Fort Smith getting 2900 dollars a month is a very end rental. Now as far as the price I don't know where your at in Fort Smith or the neighborhood bc we have a wide range of neighborhoods in Fort Smith and you can go from street to street and it can change quickly. Sometimes it is worth hanging on and then there is times you just move on and make more money somewhere else. Wish you luck

I would like some advice about a robs ira I have been told that you have to be an active investor but what is the definition as an active investor mean? An IRA specialist told me that he has rentals in his robs account but when I call the person who can roll over my account (she didnt act very confident) said that I had to work in the business 20 hours and I have a W2 job. Can someone with a robs please help me

Arkansas is a very friendly landlord state and there is ways around the rent moratoriums but at this time I like month to month bc if they are going to leave they are going to leave most renters just use the lease as a way to know that their housing is not going up for x amount of months and I have a handyman on call 24-7.  

I invest in fort smith but what made you choose fort smith? You can really invest anywhere just as long as you know your numbers.

The River Valley Navigators meets up at Colton's Steak House in Van Buren Arkansas every 3rd Tuesday of the month at 6 pm. If anything changes please follow us on facebook plus we have a lot of extra stuff on there too.

With Dodd Frank there is several gray areas and as a builder can I legally owner finance a new construction home out?

The rule is gray but I don't understand why a builder could buy a house and flip it and then finance it out but he can not construct a house and then owner finance it out. Can some one that understands Dodd Frank more than me please explain this to me. Thanks 

This is a very open ended question. For example are you going to use a fiberglass shower or tile or tub and shower. Monolithic slab vs block, how level is your lot. Have you ever built a house?

Bc a builder can tell you it is going to be X dollars amount but a lot depends on your style, finishes and how you manage your job.

Looking for non recourse lenders. Who have you used and what did you think about them.

What is their LTV ratio.

Thanks

I expected to pay UBIT on this. Do you know of any non recourse lenders that would go 70 -80 percent loan to value?