All Forum Posts by: Tidal Creek

Quote from @Matthew Becker:

It seems like you can cover it so just do it. There is no real risk. It seems the profit would cover taxes, and you would have more capital to do other stuff. You can also just do a self-directed IRA and start making your money work better for what you are doing.

I started a self directed IRA about 15 years ago, this particular deal  won't work due to the math and other things. On that note, I'm considering converting that self-directed real estate IRA into a Roth, ideally for generational purposes down the line.  

Thanks for the replies. It's for a lot flip. I've previously used my equity line, but I'm in the middle of remodeling and can't use it now. I always have a plan B and if I can't flip the lot in 60 days, I'll sell some stock to avoid the IRA penalty. If I sell the lot quickly, it will be a sweet deal.

I want to use my IRA to buy an investment lot. I want to use my IRA and do a 60 day rollover and put the money back in the IRA before 60 days to avoid early IRA withdrawal penalties. . I want to be able to do a cash deal to get a lower price and avoid all the cost that go along with a lot loan, fees, points, etc. Do IRA laws still permit this typed of rollover?

I’m trying to buy a lot which has a modular home on it. I want to keep the modular to repair and rent it out. The owner paid off the note on the modular, but can’t find a signed lien cancellation document. For some strange reason since it’s modular, there is DMV involvement with the paperwork. To close the deal I’ve been told to get a duplicate of a lien cancellation that was provided after the seller paid off the company that financed it. Has anyone ever dealt with this? Any suggestions? Thanks

In “normal” transactions where there is a cookie cutter property and no issues anticipated, it appears that quite often the buyer’s closing attorney will also handle the deed preparation. I’ve always thought it was a potential conflict of interest just in case anything unusual arises. I have a closing coming up which involves 5 acres of land with barns, stalls and outbuildings, one recorded easement, another implied easement, a collapsed well, a collapsed septic tank and other odds and ends. So what I’m getting at, is in a situation like this, I think the buyer should have an attorney of his choice handle the closing and the seller should have his attorney handle the deed prep even if it’s going to cost a few extra dollars. Then if any legal issues arise there will be no question as to who the lawyer represents. Opinions?

thanks!

Does anyone know of an inexpensive or free software for offer to purchase forms, North Carolina specifically. I’m looking for the kind that can be emailed, e signed and initialed to eliminate fed ex and hard copies by mail. Thanks

I am about to rehab a house. It will need a full REO cleanout of contents, plus the demolition of 2 large detached garages which are collapsing and beyond repair. A have a couple questions, what is general rate for emptying a house of approximately 2200 SF? WAG figures are welcome. The last ones I hired out they put the debris in a large trailer and made several landfill trips. Also, considering that I will be having the garages demolished, could I possibly get a lower rate by having one company perform both tasks and haul away the contents in their dump trucks or put it in their dumpster if they go that route. Thanks in advance.

My daughter has been renting a house for a couple of years. She is about to sublet one of the rooms to someone. The new tenant is requesting my daughter fill out a W-9 so the new tenant’s employer can pay her rent directly from her employer to my daughter. This sounds odd since my daughter is not the landlord, she pays all the rent to the landlord and is renting one bedroom to the prospective tenant. Any suggestions or input is appreciated.

I own several vacant lots and also flip lots on the side. Some I bought very cheap and am waiting for sewer.  I'm considering putting a mound system (septic) on a particular lot that I'm making an offer on. The cost figures run between 10-20K with annual costs of about $500 for maintenance,  Has anyone here been successful using mound systems for flips or for buy, build, rent and hold?  They seem to be used most often for custom built homes.