All Forum Posts by: Michael Campbell

Hey guys! I've got a question.. I'm into a handful of SFR rentals and no longer have cash free for further downs. I partner with my brother and in order to maximize the number of mortgages, we alternate on who takes out the mortgage. Anyway, I need to withdraw half a down from my SDIRA to season in his account and my fidelity rep is making this sound way to easy. He's basically telling me once the account is active, I can do whatever I wish with it as long as I stick to the rules and my CPA can account it all. And there are no fees!

Now anytime I've looked into this before it's always seemed much more complicated. For instance, the custodian reviews and approves, holds title, etc etc.

What do you guys think? Is this a good route to take? My thought is that I only have two options left, this, or take the tax/penalty hit.

Ann Bellamy, thanks for that note. I guess I need to followup on this title thing! Grrr.

Will Barnard That works, I'm in NoHo during the days. I'll get something on the calendar.

Well I'll submit some experience.. we just closed on a GoHoming.com SFH last week and it was relatively painless; 5 weeks to close and we even used their title company. I actually ran into this post right before I made my last bid so I was prepared for the worst.

Will, let's get together for coffee! ;) I'd love to pick your brain.

Thanks for sharing that. I always thought "highest and best" was reserved for multiple offers. Good to see a win while sticking close to your intuition.

My brother and I just started REI recently and we've been hesitant to venture outside of a very narrow formula that we started with: particular city, particular side of town, price range, x, etc. So far it's been working for us pretty well but inventory is low and it's been challenging to find stuff that fits. So we're starting to expand a little.

Anyway, this little dump shows up on CL:

This is way outside of our investment model as we don't do complete tear downs, and that's really this looks like. We also target a different type of tenet. Never-the-less we need to expand our scope to continue so I'm interested in thoughts from you guys.. would something like this be interesting to you? If not, why? Or what price would it be? Have you guys ever bought a property and had to evict tenets for rehabs? How difficult is that process?

Any thoughts or advice will be great ammo for us later.

Completely agree with Joseph M on cash flowing in LA. My brother and I wanted to start here as we live in So Cal, but could never figure out how to make any real revenue. It took us a while but we figured it out.. we found some spots in central California and now we're on our fourth SFH. It's a lot of driving as we do a lot of the rehabbing ourselves, but it's finally paying off.

Copy that guys, I won't be going that route. I'll see about getting a $15k loan to pay it back as Jon K mentioned.

Thanks!

It's closing Friday or early next week, so there is probably little time to do anything.

Now what if I become my own custodian (retroactively)? Or is that fraudulent?