All Forum Posts by: Rick Pozos

If you are going to be doing 4 properties per year that is about 200k per year. In 5 years total you will need $1mil. 

With that in mind, I would raise the money from other investors. This way you have the money on hand, right now. OR you could raise it individually from investors. 50k from one friend, 45k from another. You would give each investor their own deed of trust.

Borrow from friend's and family's retirement money. They will not ask you to put down 20%, maybe 5%, maybe nothing. Google-Self Directed IRA. I borrow from several friends and sister, brother in law.

Live well below your means. You would be surprised how much you can save by not buying a new car every few years, eating at home or taking your lunch to work, no Starbucks or whatever your normal vice. 

I take the more frugal approach. If you are making 20k per year plus tax benefits, keep it. THAT is your retirement account. Leave it there, take care of it and it will be $2mil when you retire and sell. 

STAY where you are at your home. Do you really NEED a bigger house and a bigger mortgage?? Probably NOT. Save that money and get ready to buy another property where you are locally.

Most people never prepare for the hard times. One or both spouses can lose a job, get in a car accident and can't work, hospital bills, cancer, slip and break a leg at home and cant work for a month. Lots can happen. Stay lean and put that 20k into another rental property locally. Does each kid really need their own bigger bedroom?? (the answer is NO)

Hey @Rudy Garcia III there are a bunch of meetups where you can meet some people in person. Maybe it's just me, but I like to be able to really meet people in person.

Most people on here are very willing to help others. My phone number is on my profile. I dont think you need to offer services for guidance, unless you are super clueless and want someone to hold your hand for everything. And if you do, it is going to cost WAY more than free property management.

Do you have a property that you own or rent that you are going to use for an STR?? What area of town are you looking to do your STR?? Who are you going to market to for your rental??

We have several, but we are more mid term instead of short term. We target 1 month to 3 month tenants. We have a couple units by Trinity University in Monte Vista and several units by the medical center.

It sounds like you have been making income from your house all this time. There may some little expenses here and there, but nothing big. NOW that you have some bigger expenses, you want to claim them on your taxes?? BUT you have not been claiming the rent as income.

You, as the homeowner, would have to change the a/c, get sewer lines unclogged, change out appliances, etc. anyway even if you were not renting rooms out.

You can not have it both ways. You have been taking income, well...you are going to have some expenses also. Take the good with the bad. Pay the expenses and be glad you have made tax free money all this time.

We have wifi and Smart Samsung TVs. They have a bunch of internet TV built into them. AND antenna for local 3 main stations and PBS.

Hey @Patrick Aukes private money is just that, private. Talk with friends, family, people you do business with that might have some money in self directed IRAs. Or high net worth people. Those are the ones who are willing to lend you $1.6mil. Actually they are the ones who have that much money to lend.

Hey @Eric Clance the whole post sounds kinda slimy.

She is my fiancé, but I am not really going to marry her.

I am lending her money from my retirement account, but she is not really going to pay me back EVER or make payments.

I know there are rules, but I am not going to follow them, EVER.

If you really want to help this lady out, buy the property from her or lend her the money from your own personal account, not an SDIRA. 

OR just have her refinance the property for another year or with another hard money lender.

 OR find a friend that has a SDIRA and they can lend the money to you guys. NOW you can spend the night there, you can clean up with her and use your furniture. BUT now you have to make payments and pay them back and maybe even marry her!! I know that is a lot of commitment, but that is life.

I would definitely do a title search with a title company. It should only take a few days. Close at a title company. This way you have insurance if something goes wrong. The title company makes sure that she is the actual owner of the house. They check ownership. They check her drivers license. They will know if something is not right.

Just think if I went to you asking for 20k for a house that I saw was under construction and said that it was mine. Lend me some money, I will give you a lien. If it is a stranger, do you really know if it is their house????????