All Forum Posts by: Rising Tide

I'll make this as brief as possible. I purchased a waterfront investment lot for $300,000 in 2006. It was part of a 1031 exchange. It is now worth $90,000. There are plenty of comps and the bank's appraisal was $90,000. The loan balance is $130,000. I am trying to negotiate either a write down or lower interest rate to keep the lot and avoid foreclosure. Can someone tell what I can realistically expect from the bank as far as modifications? Any advice is appreciated.

Donflips thanks for the reply. I assumed I would have to take that course, but was hoping for a less expensive fix. One thing I have noticed that stands out when fixing up properties is previous repairs/improvements that were obviously completed by the prior owner and not a professional. Crawl spaces are great places to see these "attempted repairs." :)

I have a crack on the bottom of a bathtub in the middle of the tub about 6 inches long. I attempted to repair it with a fiberglass repair kit, but it reopened. It appears that the tub may have been installed incorrectly and has a gap between the bottom of the tub and the wood support. The previous owner didn't weight much and that may be why it's now broken. Any cheap hints other than having the old tub pulled out and another one installed? I sometimes find these projects challenging and have considered filling the area below the tub with a fiberglass blow-in foam to give it support underneath and then repairing the crack again. I'm in no rish because it's a flip than I'm living in and I have 2 other baths in the house.

Wheatie thanks for the info, especially the UBIT details. That is precisely what I wish to avoid because I've heard of it happening occasionally with self-directed IRAs when one doesn't plan properly in advance.

I've always used my self-directed IRA to buy, flip and hold individual lots and never considered financing due to the non-recourse lender hurdles.

I'm interested in some raw land and the owner is willing to owner finance for 20% down. My question is this, if I have my IRA buy it do I need to do anything other than make certain I have enough in the IRA account to pay each month's payment?