All Forum Posts by: Steve C.

I'm also just now looking into a SDIRA, meeting with a lawyer 7/27 & getting more details. From my research right now, I've spoken with SunWest Trust & it's a flat fee of $275/year after a $50 start up fee. That's $50 + 2.75% if I'm only putting in 10k to start, but the price/year doesn't flux with amount managed. So as I grow that percentage drops every year. If I'm doing Roth, I can pull out my initial capital anytime with out penalty is my understanding. The 10K is 2 years of contributions.. Only my gains have to be left in.

Maybe look for a smaller bank with more flexibility. You won't be able to pull a total of 100k out though, nobody's going to take 2nd or 3rd position up to 100% LTV, maybe up to 175k or 200K total debt, (70% or 80% of LTV AT 250k value) I would think.

I've had great work done by Sunflower Construction with paint & drywall work. Very professional, thorough & fair prices. Also had J Picini flooring re-floor 2,400 sq ft of an SFR. Great prices & they moved so fast I couldn't keep up with them! Work was top-notch. Ask for Danny Pino there & tell him Christmas sent you.

Certainly a lot of options, which is isn't a bad thing. I just rented out my SFR and bought a new home. One thing I wish I'd done was get a heloc on it first as owner occ, then rent it out(my value has doubled since purchasing & rents for $1,600, PITI is $742). When I listed it for rent I had a lot of other agents calling me trying to list it.. My response was a simple question back to them: "would you take $150K today if you didn't need it.. Or hold for another 25 years & make well over half a million in a tax advantages position?" That generally ended their sales pitch fairly quickly. 😉 Again, the only thing I wish I'd made more of a priority was accessing that equity while in an easier position to do so from a banks perspective.

Hello Kurt Brauner , welcome to interaction here! I did much like you & soaked up info for a good year, now have 1 SFR rental here in Vegas so far & my RE license as well. Like many in town, my day job is a night job, so selling during the day pads my investment capital for more acquisitions. I think you're on a good track & certainly isn't a bad time to be listing & selling in town, even if you're investing out of state.

Welcome to BP Damon. There are no shortage of flippers in action here. I'm seeing a lot of this going on downtown Las Vegas where the home are a bit older, with some deferred maintenance. Maybe find a neighborhood you like, drive it & start reaching out to some of the listing agents to see if their clients would like to connect with you. Many are in a time is money situation & having an apprentice who can lend some value for wisdom could help all parties.

Megan Phillips I totally agree! So much good info in there. I swear the biggest lack of effort on thorough leases oddly comes from "professional" property managers with 2 page leases! Personally managing our own dots & crosses a lot of I's & T's. If you haven't picked up Heather & Brandon Turner's book on Managing Rental Property, there are a lot of good forms in there as well (rules & regulations, charge amount estimates for damage, etc) my lease is a modified compilation of the two & together, I feel it's fairly solid as they both cover things the other does not. Best of luck with this one!

In reading through a lot of these, many are great ideas. Most of what I've read is already in the lease agreement included when you purchase Landlording on Auto Pilot by Mike Butler. I used his word document, and added/modified it using the example Lease included with The Book On Managing Rental Property, and our local landlord/tenant law for things like time lines for entry, etc. I put all the documents from both downloads into a three ring binder & spent an hour reading it to my tenant. By the end he was almost falling asleep and just signed everything. I keep a copy & left one with him for reference. One thing that impressed him was my thoroughness compared to his last management company. I told him we take our business seriously & want you to know what we expect of you & what you can expect from us.

Check out David Bindrup Law Firm, CPA & Lawyer 10424 S. Eastern Ave Henderson NV 89052 United States

I'm certainly a biased opinion as an agent in town, but I'm not a fan. On the purchase side, when shopping for a home, one listed by open door on the MLS with a sign in the drive way didn't even show up on their app to view the home, so they missed a potential sale. On the listing side, they're offering a quick close in exchange for 10-30k in value left on the table, with fees adding up to a 7% commission + closing costs. Generally they're buying low, painting, maybe replacing a room of carpet & re-listing 15-30k more. for A traditional sale in this market will move just as fast & help the seller retain that equity in the sale. Who ever is the investor with a broker's license running it.. good for them, not so good for the clients.