All Forum Posts by: Stephanie Gothart

 Am I allowed to partner with my husband on this since we are married? I thought that wouldn't be allowed?

We have a construction company but outsource to our subcontractors. Would that be allowed as long as we are not personally working on the house? Also by saying not managing the property do you mean if we rent it out? So I would need to outsource the property management to someone else? Do you happen to have a resource where I can find out more information on this topic? When I google it I don't seem to come up with much and a lot of people, even my tax person, don't know much about self directed IRAs. Thanks!

I want to convert my husband's Roth IRA to a self directed Roth IRA to buy properties with. He doesn't have quite enough to purchase a house yet. Is it possible to finance a property in a self directed IRA?

Currently using Buildium and Quickbooks. I have a lot of double entry and I don't use all of the features of Buildium. Is there other software out there that you feel is better or easier to use? 

I have several LTR in Huntsville, AL and have been thinking of turning some new property into STR. Are there any STR property managers here in or around Huntsville?

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $76,500
Cash invested: $47,500
Sale price: $185,000

This one was in my self directed IRA. It was a complete gut job, pretty much everything was new. We were able to repurpose some solid oak cabinets from a remodel job from our other company and reuse a bathroom vanity from that job as well.

What made you interested in investing in this type of deal?

I had a first time home buyer looking for a property and we just couldn't land a deal for anything on the market.

How did you find this deal and how did you negotiate it?

The listing agent called me because we had lost out on a deal on another listing he had and knew we did rehab and that I had a buyer looking in that size house. The lady was about to lose it in foreclosure and he knew we would be buying with cash and quick close.

How did you finance this deal?

It was a cash deal in my self directed IRA

How did you add value to the deal?

New roof, water heater, all new flooring, paint, granite, the works!

What was the outcome?

The first time home buyers are ecstatic! We made money and because the market is so great here they had gained about $10,000 in equity by the time we closed.

My husband and I own a construction company and a property management company. We are investors and we flip houses and rent them out and help other investors as well. On the construction side of things he builds custom homes and does remodel jobs for people. The property management company is running just fine but on the construction side of things our business has exploded and he is having a hard time handling it all. He has spent 20 years building his name in our community as the company that will do what they say and do the job well. We hired a project manager for that company about 2 years ago but we are getting so many jobs now that we are having to turn down work. He wants to hire another PM but is scared to turn just anyone loose with his name on jobs. He keeps trying to manage it all himself but I feel like it is time to hire a coach to help guide him in things that he can do to help increase productivity and loosen up some of his responsibility and stress level. I totally get that owning your own business is stressful and so time consuming, I come from three generations of entrepreneurs but there has got to be someone out there that can help us figure out what we are missing as far as handling the growth of the business at such a rapid rate. Any suggestions on coaches that specify in construction companies? 

I've been managing properties for about 13 years and this is a first for me. I screen people really well and everything seemed to check out with this lady. We have a strict no pet policy and explained multiple times about it. Did the lease signing, she signed stating she had no pets. This was all on Friday morning at 9:30, Monday afternoon she called and said she hadn't moved in yet because she didn't know how to handle to pet situation and told us that she had a small outside dog. She is giving me all kinds of excuses like her son will be so disappointed, his dad died last year, her older son potentially may be living with her for a few weeks and he also has a small dog. Just a lot of different information that was not given up front before lease signing. She has asked to be let out of her lease because I told her that she has signed the lease and we've had the property off market for a few weeks now so we aren't giving her the money back. Should I take this as a warning sign that she's going to be a bad tenant and just shred the lease or should I enforce the lease we signed and tell her she can move in without the dog? I'm really torn on this, I don't want to be heartless but she blatantly lied to us at lease signing about the pet.