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All Forum Posts by: James Sullivan

James Sullivan has started 11 posts and replied 29 times.

Post: Center Point, AL - Wholesale

James SullivanPosted
  • Investor
  • Birmingham, AL
  • Posts 30
  • Votes 2

I have a Duplex in Center Point, there is potential and cash flow in that area. What do you mean investor friendly? Most investors choose what type of property that they will invest in whether it be A, B, or C type properties. It is up to the investor to know if it is a deal or not. Do you have the offer on a file that you can send me?

Post: sdira

James SullivanPosted
  • Investor
  • Birmingham, AL
  • Posts 30
  • Votes 2

Thanks! @jonholdman i have been reading up on the disqualified person, but couldn't get a clear understanding. 

Post: sdira

James SullivanPosted
  • Investor
  • Birmingham, AL
  • Posts 30
  • Votes 2
I have some funds in my self directed ira that I want to use (around 10k). Can I loan the money from my sdira to another LLC that I created? I'm not sure if the LLC I want to loan to is a disqualified person

Post: SDIRA checkbook status and credit card

James SullivanPosted
  • Investor
  • Birmingham, AL
  • Posts 30
  • Votes 2

Years ago I secured a business line of credit that was somehow was not tied to my personal  ssn, but only to the business . Could this is be possible with the sdira?

Post: SDIRA checkbook status and credit card

James SullivanPosted
  • Investor
  • Birmingham, AL
  • Posts 30
  • Votes 2

Thanks for the feedback. I do recall signing some docs, just need to go through them again. I agree, It just didn't seem right using a cc, so i DIDN'T thanks for the confirmation.

James

Post: SDIRA checkbook status and credit card

James SullivanPosted
  • Investor
  • Birmingham, AL
  • Posts 30
  • Votes 2

I have recently went through the process of setting up my SDIRA with checkbook status. The bank that is housing the LLC insisted that I have a credit card. Is it a prohibited transaction to use the LLC credit card to pay contractors to do work on the property or as a down payment to purchase a property?

Post: Property Tax Appeal/Protect in Birmingham AL

James SullivanPosted
  • Investor
  • Birmingham, AL
  • Posts 30
  • Votes 2

I am in the Birmingham area and just posted the same question.. Sorry I don't have any input just looking for help. 

Post: Property Taxes

James SullivanPosted
  • Investor
  • Birmingham, AL
  • Posts 30
  • Votes 2

 Is there a way that I can dispute a property tax assessment? A rental property that I have came back with a market value of $81,500 and $815 due at the end of the year. This property appraised for only 65K just like 5 months ago. 

1) Why are the values so much different? 

2) How can i dispute the market value with the appraised value and is there a way to pay the taxes based on the appraised value?

3) If I can't use the appraised value with the county can I try to refinance the property based on the market value?

Post: Need help with purchase of condo

James SullivanPosted
  • Investor
  • Birmingham, AL
  • Posts 30
  • Votes 2

@Dawn Anastasi I am still trying to work the deal out. The seller is not an investor, so i will be explaining the ins and outs of a lease option, and or subject to deals etc... I only qualified for 170K but the selling price is 218K. Are there ways of taking out a 2nd mortgage to cover the 48K difference and pay that to the owner over time? I am just trying to come up with some solutions 

Post: Need help with purchase of condo

James SullivanPosted
  • Investor
  • Birmingham, AL
  • Posts 30
  • Votes 2

Yes, they are counting my rental income. Yes, I have had rental income for more than two years. I already have someone lined up to move in my current residence, which will + cash flow $650 before 50% rule (house built in 2012). I don't think they counted this as income though. I tried but they never responded. I will ask again this week