All Forum Posts by: Rhett Dantzler

Welcome...just stay plugged into the this sight and listen to the podcasts and you will learn a ton. 

@Jessy Milner    I would be careful using an app for estimating costs. A couple things here...Estimating construction costs is where most people fail miserably. They check out these shows on TV and think you can remodel an entire home for 15k. Its just not possible.  

I was a project manager for 7 years and we used a program called Xactimate for smaller jobs or to give a rough estimate. Insurance adjusters use it for claims, so it takes into account what area contractors are charging.  With an app, unless it is area specific, I just don't think you could get a good estimate for what you may need. Hope this helps

@Dmitriy Fomichenko On the self directed IRA, I understand that you can not do any of the work on the property yourself. Would any certified contractor be able to perform work on the house?

sorry wrong person....@Justin Fernandez Ill check out that podcast.. Thanks for the help. 

I am interested in buy and hold and possibly some flips. @Account Closed Ill check out that podcast. Thanks for the help. 

At some point though, for the ones who are involved in real estate for a living, you would have to go get an LLC. Am I correct on this? Since the bank will only allow you to have a certain amount of home loans in your name. @Johann Kleisch

What are some of the benefits of getting a real estate license? Ive have done some research and understand that I would be able to see the mls as soon as they come out.  Is this the only benefit to getting it?  

I understand the point of saving. I am a Dave Ramsey Alumni. =-) I just started reading the book by Brandon Turner. He mentions creative financing and I hear a lot of talk on his podcasts about ways his guest got started in the industry. Many of them took risks to get started and many of them never put any money down. Thats what I am going to learn to do. The topic of the IRA came up in a conversation with me and my wife. She is much more frugal than me then it comes to investments. I tend to be more risky but I also want to be smart about it. From what I have read and heard that many investors do well with partnerships. I understand it adds another variable to the business and probably more headache at times but 50% is better than 0% according to Mr. Turner. Thanks for the advice though...Im going to look into the Self Directed IRA and see what other ideas will work.

I am being reading a lot on here about self-directed IRA's. That seems like the better option if I am going to us that money for real estate investing.

Here is my situation in a nutshell.... Married with 2 kids. I am a Firefighter/Paramedic and my wife works for a family business.  I am 32 years old and I am wanting to start investing in buy and hold real estate.  

My question is: I have about 45k in an IRA that we have saved through the years of marriage. Is it a good idea to use this money to get started in real estate investing or is the better route trying to find a partnership? Thanks in advance.