All Forum Posts by: Savana Rose

Hi Jeff,

I totally believe in buying silver and gold for long term investment. (I cashed in my constantly fluctuating mostly down IRA to purchase gold and silver) Bought from Monex.com, US silver and gold coins and I dont think it was $5 over spot. Plus they were REALLY knowledgeable about all the options, helped me decide what/how and then it was shipped easy and safe. I bought silver at $32 this summer, its gone up and down, so right now it's just even, but I think its a wise investment. GOld I bought at 1520 after "thinking" about it for a year and missed out buying at 1100. Its over 1700 now. All good. But I'm not into it for trading, I'm into it for the long haul, under the mattress rainy day.

Good luck!
Savana

Thanks Aaron! I tend to agree with you about just get in there and get some deals done, but I am also concerned about having a business entity because we need to borrow just about ALL the money we need to get started. So we have this 3rd (or 4th) person involved with their money. Thought they might want some thought given to the structure of the company and how they would be paid. Also, I have a partner, so he and I need to have a few things figured out too. If I was alone doing this, I wouldnt worry about any of it til tax time. :)

Also, we're in Oregon if anyone out there has any other ideas.

Thanks!
Savana

One quick thing to take into account. If you only put in the cheapest finishes, like those oak builders grade kitchen cabinets, it will look cheap and not improve your sales price. You dont have to do custom cabinets, but please think style, not just cheap. Kitchens and bathrooms sell houses. Use better more stylish finishes, subtle but attractive paints, attractive laminate floors (I've see some really ugly ones and they RUIN the look of a house). If you don't have taste, find someone who does....your girlfriend perhaps? Spending any extra couple thousand on better fixtures, cabinets, floors, lighting will mean top dollar on your sale. You've got potentially $70K of wiggle room, dont be cheap. Good luck!!

Why in the world haven't you driven by yet AND gotten an agent to show you? If you live within driving range and like the numbers, you gotta see it. One look at the block and the neighborhood might answer all questions. :)

There's another reason why rentals are exploding. There's been millions of foreclosures in this country. All those people need somewhere to live and because of the foreclosure and the hit to their credit score as well as their economic situation, they won't be able to buy for a long time. Millions of people who can't buy. They have to live somewhere - why not your rental property? :)

I'm interested in knowing more about what kinds of structures some of you have for your businesses and whether it might work for me. (I will be seeking an attorneys advice as well) But before I do that, I want to get an idea of how others are setting up their biz entity.

I have a business partner and we will be equal partners. We will have an investor(s) who will put up cash for buying properties. We'll be doing flips and possibly buy & hold rentals. My partner and I will find the properties, put them into contract, supervise all renovations and work with the selling agent, or become the property manager in the buy/hold scenario. We will split profits with our investor(s), but we'll manage everything. I think we need some kind of LLC or Corp to be the umbrella for this operation.

Any examples out there of a similar business set up or what you've seen work for something like this? Advice?

Thanks!
Savana

I'm interested in knowing more about what kinds of structures some of you have for your businesses and whether it might work for me. (I will be seeking an attorneys advice as well) But before I do that, I want to get an idea of how others are setting up their biz entity.

I have a business partner and we will be equal partners. We will have an investor who will put up cash for buying properties and we may have to borrow as well. We'll be doing flips and possibly buy & hold rentals. My partner and I will find the properties, put them into contract, supervise all renovations and work with the selling agent, or become the property manager in the buy/hold scenario. We would want to split profits with our investor(s), but we'll manage everything.

Any examples out there of a similar business set up or what you've seen work for something like this?

Thanks!
Savana

I'm a newbite too, so no advice here BUT I am interested in knowing if you area allowed to use IRA funds for RE investments? I am looking to put my IRA funds into some kind of real estate, but I dont know how. Let me know if anyone out there knows what to do.

Good luck on your complicated deal. :)

Savana