All Forum Posts by: Tom Burns

Cheri,

I am licensed, I have been in Atlanta since 1981, live near Emory and experience all over Atlanta. 200+ SFR properties I have had myself plus 1K+ MF properties, I am happy to talk to you about selling your properties.

Also, how is equity participation a prohibited transaction?  If a flipper comes to me and says they will give me 25% of the profit if I fund 50% of the deal, and my SDIRA does the funding and all the proceeds go back in the SDIRA, how is that prohibited???

Gang, I am a bit confused... I posted above that he could not do it, it is prohibited, but a couple posters kind of slammed me.  Not sure why?  I just reiterated what another poster had said (you can't mix them).

Maybe he did not realize the part about the 1031...  Yes, you can't mix them, big no-no with the IRS.  I write paper and do equity participation with my SDIRA and you can PM me with any questions you have.  Citadel, Class of 1990....

Buy a quad or a duplex in a good area. They will cost more up front but cost less over the long run. I have been involved with 1K+ MF units over the years from duplexes to 250+ complexes and from experience can tell you that stuff with a sexy price and a high CAP is going to drive you nuts. Also when you buy do due diligence on leases and length of occupancy. Owners will sometimes fill them up to make the numbers look good, and then everyone bails on you in three months. Take your time, find the right place...

I am in Atlanta and have had a SDIRA since 1998. I use Advanta, who has a local office here, they are a SDIRA custodian. You can do it yourself, just a matter of filling out forms to transfer your IRA from one holder to another (one who allows SDIRAs). You can't use the IRA funds for a personal business, but rather for investments where all the funds stay in the IRA. In mine, I write paper and do equity participation with other parties. If you are over 59 1/2 and your IRA has ROTH designation, you can pull it all out tax free. I converted traditional IRA to ROTH in 1998, when you could spread gains over 4 years, then converted my wife's in 2010, when you could spread over 2 years.

Have had a SDIRA for nearly 20 years. Moved it to Advanta a couple of years ago and then set up checkbook IRA LLC myself. It is not hard to do at all. I primarily do equity participation / write paper with the LLC.

4 side brick duplex, $1,920 combined monthly rent paid electronically, full rehab in 2008 (roof, windows, kitchen, HVAC). Separately metered for all utilities including water, tenants pay ALL utilities. Off-street parking, hardwood floors, units include washer / dryer. 1 mile north of Decatur square, bike to Emory & CDC, #1 rated school system in the entire state of Georgia, small MF in City of Decatur is very hard to find. No grass, about as turn key as you can get. I can provide financials, you can drive by, please DO NOT go on property, long term tenants love this place and their privacy.

I have a duplex in North Decatur (ranked #1 on your list above) that I listed in marketplace last night.  It is zip code 30030, City of Decatur north of the square on Church St, 2 miles from Emory / CDC...

4 side brick duplex, $1,920 combined monthly rent paid electronically, full rehab in 2008 (roof, windows, kitchen, HVAC).  Separately metered for all utilities including water, tenants pay ALL utilities.  Off-street parking, hardwood floors, units include washer / dryer.  1 mile north of Decatur square, bike to Emory & CDC, #1 rated school system in the entire state of Georgia, small MF in City of Decatur is very hard to find.  No grass, about as turn key as you can get. I can provide financials, you can drive by, please DO NOT go on property, long term tenants love this place and their privacy.