All Forum Posts by: Theresa Pereira

Hi, A little confused about the MLS website. From what I've read, I would not be able to access the MLS unless I have a real estate license but i went onto MLS.com and found that I can just register for a free trial (it's actually $1) after being redirected to GETFORECLOSEDHOME.com. After 30 days membership its $50. It does not ask me for a license # or anything. Am I doing something wrong here? So confused. Also, I have an insurance brokers license. Would this be sufficient as a license? I did see that MLS is used by real estate firms, mortgage firms and INSURANCE COMPANIES. Would my insurance broker license qualify? Thanks, Teri

Hi Dimitriy, Yeah I read about that non-recourse loan. So what I'm think I would have to do is use a portion of my self-directed ira to purchase the property along with the non-re-course loan and use the remainder of the Ira for rehabbing...but I would need to come up with that 30-50% deposit for the loan right?

Hi. I really just have one question that's alot confusing to me. I have a basic IRA which was rolled over from a 401K. Right now it has about $83,000 in it and I still contribute $80 a month into it. I want to change it to a self-directed IRA to buy, rehab and flip properties. We live on Long Island, so the houses out here are around 130k-300k as a mid-range. Of course you will see houses below and above that, but most houses are around that price. So my $83,000 to buy a house isn't enough, I would need to get a mortgage to cover the rest and for the rehab expenses. My question: I've read that all expenses related to the property owned by the self-directed Ira must be paid from the self-directed Ira. If all the money from the Ira was invested in the property how can you use that money to pay any expenses related to it? Thanks for any insight you might give! Teri

Hey Dave, Thanks for the support! Teri

Hi Valerie, Thanks for the reply. I just bought the bigger pockets house flipping books. The more info I can get the better. I think my next step is going to be networking and see about financing. I want to make sure I have the right team behind me and the funds. All in all thanks for the help. Much appreciated! Teri

Hey all...so just a little background on my family and I. I currently work for an insurance company as an underwriter. My husband is a private music teacher. We are living in my grandmothers house while she is at a nursing home. We are trying to save the house and keep it in the family. The house that we were previously living, we are renting out. That house is still underwater or possibly a little above. We do not like renting, it's a really big headache for us. The people living there didn't turn out to be as good as we hoped. The rent is pretty Michu paying the mortgage. Nothing over.

What we would ultimately like to do is fix it up try selling it, maybe make a little profit and start flipping houses. I've been listening to a bunch of podcasts, reading and trying to get really educated. I'm wanting to go to seminars and also go to meetups to try and network a bit. My concern right now is where that money will come from to purchase. Not sure if a financial institution will lend us money...we'll see.

We've been trying for years to find something to get us financially free and I think this has clicked in both of our heads. We are very dedicated to this new venture and I have a lot of confidence in us.

Thanks for listening!

-Teri