All Forum Posts by: Shawn S.

I got our first appraisal back yesterday. We got the property for 71.5 though that included 3.5k of closing costs the seller picked up, so we really got it for 68k. The appraisal gave a figure of 75k. I was pleased.

Just today I had to answer an e-mail about a measly 1300 deposit in my account that was an employer reimbursement. I was surprised they were that picky.

My brother works for the lending company, so that helps to get the info I need faster.

@Matt Devincenzo

Thanks for reminding me of number 1. I will check on that question before preceding.

Interesting concept on number 2. I only have 1 property so far and am pretty anxious for 2 and 3. I have a bit of reserves already there, but it is another solid thought to consider. The required reserve amount is 6 months on each property correct?

I looked up your verse, great thought,

Shawn

I believe it is actually a 403b that my retirement is in if that would make any difference. The loan can be spread out over 5 years at 5.25 percent interest. My lender has told me that I can use this money for downpayments on properties with no problem. I have asked him to inquire further though to be sure before I put an offer on a place after reading comments here. I have seen different reports as to whether lenders look at dti with it or not, it may vary with the lender but I don't think that would cause us to have issues by itself anyway.

Would you advise trying to structure a SDIRA in order to put the money down on a few properties, or would I be better served to take out a loan from my IRA which would allow me to get the down payment money for one or two more places? From what I have read trying to get a loan within an SDIRA seems like it has some hurdles.

So I'm embarrassed to say this, but this morning I turned on the tv to watch sportscenter and abc was on. It happened to be the view which I never have watched. What caught my attention is that I like to make photo books and they had an add on there for shutterfly. Anyway, if you would like a free 8x8 photo book, a 30 buck value, go to

http://abc.go.com/shows/the-view

No strings attached that I can see.

Shawn

So in checking the cost of a 1k deduuctible is 866 per year. 2k deductible is 770 per year. 5k deductible was 665 per year. I had hoped the difference would be more.

I've enjoyed following this thread and learned quite a bit. I did have a question that may be simple to answer and maybe not.

Would you guys advise trying to structure a SDIRA in order to put the money down on a few properties, or would I be better served to take out a loan from my IRA which would allow me to get the down payment money for one or two more places? From what I have read trying to get a loan within an SDIRA seems like it has some hurdles.

My wife and I have credit right around 800. My mortgage banker told me each of us could have 10 mortgages at a time. So our initial plan is 20, we just have to get the down payment for each one but I think Aaron Mazzrillo is right in that it will snowball the more you get.

As a combination on some of the advice here I think I'd consider getting some bids on it now and getting the opinion of some professionals as to the safety of your roof. Sure they may tell you to replace it cause that's money for them, but if they know you will be working with them if they will honor their quote a couple of years down the road you might be surprised by the answers.