All Forum Posts by: Bob Randolph

Hello BP,

I'm an accidental landlord. I want to sell. Anyone interested in Edna, TX? Plants in the area make this a rent producing property. Details on request.

~Bob

Thanks Dmitriy!

I became an accidental landlord after the Flipper I loaned to welched on his payments. Now i'm collecting rent and doing the landlord dance. My question is; Can i get any deductions for time, mileage, etc. when my SD IRA is the entity that owns the property? I'm also wondering if any good Fort Bend County CPAs I could talk to. ... OK, two questions.

Many Thanks!

Bob

HI Bridget, OUAT I had an SDIRA and loaned some money to a flipper. Skip to the end and I wound up owning a floor to ceiling storage unit masquerading as a SFR. Since I didn't have the emotional/family tie, I feel qualified to give you this piece of advice. RUN. If you must help, do the legwork to find your father a reputable outfit that grooves on taking this type of property and making it shine. Be prepared to be shocked by the low, low price that rehabber will offer him to buy the gem. They will have a lot of outlay on their plate to get the house back in fighting shape. Since it's 70's vintage, there may be MANY other capex issues not mentioned in your narrative. I was fortunate in that some wonderful folks here in Texas took pity on me. I am happily severed from my "Learning Experience" and it is going to be ready to go on the market in a couple of months. Again, if you can, take your Dad, and your "Family Home" out of the picture and do an objective analysis.

All the best to you and keep on looking!

~Bob

So... After a nightmare experience w/private lending (Thank-you Hurricane Harvey) using an SDIRA and having to foreclose on two properties, I find myself with one property and tenants. At least until I get a buyer.  All that to say that now I find myself wondering if I should get some financial advice.  Accountant, CPA, other?  Any thoughts or advice would be appreciated.

I'm an "Accidental Landlord", I had to foreclose and inherited month by month tenants.  Haven't gotten a new lease signed with them yet.  They are hard-working folks (A husband & wife in their 60s) that pay on-time and in  full.  On recent inspection I saw lots of "Baby roaches"...  They don't see this as a problem but I'm grossed out and want to get an exterminator in their at least quarterly.  My question is should I increase their rent to cover the cost?

@Rick Pozos Thanks for your input! In answer to your questions; Yes, yes, and yes.

@Bob Randolph Thanks to all for your input!

--I'm a first timer. Hence the hairball I'm in.

--I've got Deed of Trust and promissory notes on the two properties the flipper has borrowed against .

--The flipper doesn't pay taxes his properties so there's a lawsuit on file for the back taxes.

Loan term was up. flipper says he's going to wholesale it short and that I should be happy to get something. Thoughts... Foreclose?

I'd love to hear thoughts from the group on selling to my son utilizing seller financing with option for renting back for mine and my wife's lifetimes. Pros, cons, testimonials?  I heard about this many years ago but have not met anyone who's done it.