All Forum Posts by: Thomas B.

Will, I used Equity Trust and it was a total disaster. I was days from closing on a deal and I couldn't get through to anyone for a week and we fell out of escrow. I was furious and pulled all my money from them and had my lawyer send them a letter saying we were going to sue, and they actually send me some money.

I changed my self directed IRA to Entrust (all these names sound the same)...and have been very happy with them.

In its defense Equity trust said they were currently undergoing 25% growth each month! at the time...and so were overwhealmed. But anyway, I'll forever be a negative advertisement for them because of that little condo that I was in contract with that I lost because they wouldnt wire the funds.

Sorry if that was a bit off topic.

I own a 4 plex and 1 of the units just becqame vacant. My interest rate is 5.75% 30 year fixed with Wells Fargo.

Can I move into that unit and then refinance as a owner occupied property? And if I do that for how long do I have to live there?

Sorry Bryan.....my bad.

I think it's a golden opportunity AND too much risk. You're jumping quite a few levels in the Monopoly game from where you're at now. We all make mistakes at the personal levels were at, whether that's the guy who owns 3 properties or the guy who owns 15 units. Then you learn from those mistakes and don't make them again. My point is that you haven't operated on this level yet, and thus haven't made your mistakes and learned from them yet. A mistake on this level could be devastating. I know someone that bought a 30 unit building in Arizona that was filled 100% with Hispanis tenants. He wasn't aware of the bill that was about to pass in regards to illegal immigrants not being able to work or rent. Anyway, months after he bought the property his vacancy rate soared to 80% as the Hispanics fled in fear of the new law. He lost his personal property which he had used as collateral because of it.

I would try and find a partner who does deals like this regularly. Failing that, I would pay some $$ to a consultant company that evaluates deals like this on a daily basis. No offense to the Bigger Pockets people; but the majority of us don't do such large deals regularly.

Maybe there's a website called "Bigger Suitcases" for deals like this...:)

Why do I need a website I ask?

I've been doing fine buying HUD homes and bank owned properties. I dunno, I don't like the idea of a website advertising all the property I own.....as it would make me a target in some ways.

What are the benefits of having your own website (maybe a good new topic??)?

I was just wondering if anyone knew of a good website or program to track private money lending?

My parents helped me finance a property and I am paying them back over 3 years. I'd like to have a program that will take into account every payment and overpayment and calculate it out amortized over 3 years with the interest rate that we've agreed upon.

Thanks,
Tom

I have a 4 plex with 1 water meter and i subdivide the water bill among the 4 units on a per person basis. I just put it into the lease and theres no arguing. I checked with a lawyer and its legal. I count children under 12 as a half a person.

It was easier than paying to add extra water meters to subdividie it all out.

Yes, its a Roth IRA. Thank you.

Ill tell you This, feeling rich in Sioux Falls is going to be very different that feeling rich in New York or Los Angeles......

Im a Physician and a specialist and don't feel rich at all.....

NO NO NO NO....dont do it. I signed up with them....abou a year and a half ago...and I guesss they were experiencing super growth at the time...as they were completley unreachable. I was in contract on a deal and then out of the blue couldnt get ahold on ANYONE for 8 days...and so the deal fell through.

I moved all my money to Entrust (how similar these names are) and have been quite happy with their responsiveness.

Jeez....just hearing their name in your post makes me angry.

Maybe theyve cleaned up shop in the last year and a half......but they ruined a deal for me. Thats all i know.