All Forum Posts by: Shawn Casinader

I found a duplex and on Zillow it is valued at $550K. One unit needs a lot of works I am guessing arouns $50K. I think I can purchase the property between $350K-$375K. Would I want to arrange to do the rehab work before we close so the property appraises at the ARV value? Could I get cash out at closing to cover the rehab or up to 80% for the ARV?

Thank you

@Daniel Dietz

Here is the list of lendrs I received from Quest IRA Daniel.

1.North American Savings Bank (www.iralending.com)

2.First Western Federal (www.myiralender.com)

3.Icon Bank in Houston (http://www.iconbanktx.com/)

4.Sherman Bridge Lending (https://www.shermanbridge.com/)

5.Bay Mountain Capital https://www.baymountaincapital.com/

I am looking to covert my IRA to a Self Directed IRA to help purchase investment properties. With the self directed IRA's the loan has to be non recourse and the highest LTV i I have been able to find is 70%/30% depending on the cash flow of the property. Is there a lender that offers a higher LTV than 70%/30% non recourse loan for Self Directed IRA's?

Thank you,

Shawn

I think being mentored by a successful local inventor would be invaluable. I live in Austin,TX and I don't think a lot of the standard rules of investing apply right now. I find the best partnerships are ones that both parties benefit from working together. I would like to hear your ideas of way I could offer value in return for being mentored. 

I have a friend who is doing well in Detroit. He is buying place for next to nothing putting $10-$15K in renovations and selling them for $30K. I think if you're looking to finance these deals you would need a hard money lender or a personal line of credit. 

I use to be a loan officer and there is no way we would approve a loan before seeing your credit and income. This looks like a scam. 

Thanks for sharing. Sorry you had to hear you had to go through that but I did learn from your ordeal. 

Why don't you do something nice for your client that can benefit you at the same time? Send them a cookies to there office with balloons. People will ask whats going on and your client will say my realtor sent them to me and maybe you might get a referral out of it.

Hi Gabriel,

My question to you is how are you going to finance these properties? You do have a great benefit being able to qualify for a VA loan, 0% down and credit is not a big factor. I would start there and may be look at a three or four unit property for your first purchase. I really like the calculators on BP. There are a great tool to analyse deals.

Sincerely,

Shawn

I think if your able to get out of renting and get into a place where you are close to breaking even with what you're paying now for rent long term it will be to you're benefit.