All Forum Posts by: Account Closed

I searched the forums and found a lot of people have questions about self-directed IRAs and for good reason, they are confusing! I read through about 50 posts but did not see the answer to my situation and I was hoping someone could help. 

It basically boils down to this: 

a. I currently invest X with a partner who flips houses. He does all the work and gives me a static percentage once the house is complete. 

b. I could invest 10x with him if I used my IRA funds.

Is this do-able? Is it legal? Are there any gotchas I need to know about?

Thanks!

Welcome to NW Indiana. There is a NICIA meeting this Thursday (http://northwestindianareia.com/). I am not sure if that is what you are looking for though. I have never been to one of their meeting but am going to try to hit this one. If you are planning a pure BP meetup of sorts I would be interested. 

@Michael Barbari I was wondering how to do that. Thanks!

I guess when I thought about being a landlord I automatically gravitated towards multi family. I have never given much thought to single family (being new at this). This may sound like a dumb question, but is there as big a demand for SFH rentals as there are for multi?

I am looking at the multi family homes as something I can buy and hold for a while and get some passive income coming in. I know it wont be as much income as if I were flipping or wholesaling, but I am just starting and this seems like a pretty safe way to begin. 

I am always open to other suggestions though, that's why I'm here!! 

Like the title says I am going to look at a few duplexes tomorrow. It's my first time looking at property for investment and I am pretty excited to get the ball rolling. 

I've looked around the forums for a while but haven't noticed if there is any type of a "checklist" of things to look at or ask when looking at multi-family housing.

I have put together a spreadsheet with all the info I could collect online so I could ask intelligent questions, but has anyone else seen (or used) a checklist or anything else for something like this?

Is there anything else I should be doing to prepare to go look at these? 

Any input would be appreciated. Thanks and wish me luck!

Ok guys, I am 100% new to this, so go easy on me. I am looking at generating passive income over the next few years with some buy and hold duplexes. I am going to go view a few this upcoming weekend and have a question:

I am looking at a unit that is currently occupied on one side by its owner and on the other by a tenant. The owner has stated that they would continue to live in the unit once sold, but just didn't want to deal with owning it anymore. 

I am a bit nervous that the current owner might feel some form of "privilege" having owned it. Basically I dont want this to end up being a relationship where they think they can tell me what to do as they have owned the property for years. With this being my first deal I dont want to make it any more difficult than it has to be. 

Has anyone else dealt with this? Did it end up working out ok for you or was it something you ended up regretting?

Any and all help would be appreciated. Thanks in advance!