All Forum Posts by: Shelby Willitts

@Daniel Dietz

Yes I spoke with Dimitriy a few days ago. He doesn't do the SDIRA's but was willing to set up the checkbook IRA for us. We're still evaluating these products before making the final decision.

@Daniel Dietz

I talked with my current financial advisor yesterday and as expected he gave me many pitfalls of moving to a Self-directed. However, the only thing that scared me was that he stated a client of his was required to do an evaluation on the property every year (basically an appraisal) and that the SDIRA charged him $2500 to do this. Do you know this to be true? If so this will change some things in my calculations. Also, none of the people at the SDIRA companies I’ve talked to have mentioned this nor is it listed in their fee schedules. Could there be other hidden fees they don’t need to disclose I should be aware of?

@Brian Sherman

I’m having issues up the 50 corridor as well. I haven’t been able to find anything from Folsom to Placerville for quite some time. Off market deals scare me because of the risks of misinformation, hidden liens etc. I feel your pain. I think it might just be a matter of time. Inventory is always low around the holidays but as the spring approaches inventory increases. I’m hopeful that the next month or two will bring some more options.

My daughter is away at college (Oregon) and we are thinking of buying a place for her (and some roommates) to live in after her dorm stay is over. What are the returns like for a rehabbed rental in a college town? If you upgrade flooring and kitchens/baths are you able to get more in rent? Also (aside from college aged partying) what are the rates of damage (should I charge a higher deposit in an area like this?) and non-payment of rent among students vs. a single family? I am just wondering if the numbers make sense on a BRRRR strategy when the area has a consistent clientele like this or if there are more risk factors to account for?

@Sarah Shellam That’s awesome info. I didn’t realize that a simple could be self directed so that means I can still contribute at the higher rate! Thank you for the clarification.

@Daniel Dietz Thank you for all this detail. We have quite a bit of cash in our current IRA's. My question now is can I convert funds from a Simple IRA to a self-directed and how simple is that process? I have researched all the restrictions and I'm fine with the rules and regulations because we have funds that we can put to better use. However, I've read that the contribution limits are different for these two vehicles which makes me think I can't convert the funds because they're not equivalent.

I am thinking of transferring funds from my Simple IRA to a self-directed real estate IRA. Wondering if anyone has done this and how difficult is it?

New(ish) to BP.  Would love to attend the next meet up!