All Forum Posts by: Tricia O'Brien

I am considering buying an older triplex in Indiana, and I want to know if I can purchase a home warranty policy on this.  I am interested in coverage in case the roof or HVAC system goes out in the first 1-2 years of ownership since it is near the top of my price range.  It is 2 stories and approximately 2500 square feet.  Would be non-owner occupied. Any replies would be appreciated !

Hello Joe Marshall, I've been making offers on SFR in Muncie for a couple of months now, but haven't bought anything yet. You might want to connect with Jameson Drew here on BP...he lives in San Diego CA but owns several rentals in Muncie (SF and multifamily). I live outside of Indiana, but have been told Muncie is more of a buy and hold market than a market for flipping. Have you gotten familiar with the neighborhoods in Muncie? Cheers !

Hello Alice K!   When you ask for a rent roll / expenses list (tax return)on a property you are considering, do you ask for the most recent 2 year? Or do you prefer to go back 3-4 years? Also when they send you a chart that shows expenses like Jan $400; Feb $125; March $57.25 is it acceptable to ask them to reply in writing with what they spent each for (like $400 toilet replacement, $57.25 repair front door, etc?)

I'm looking for a good title company to do the closing on a deal I'm working on. Who's reputable in Indy?

Hello Joe Villeneuve, Who do you recommend for property management in Ann 

Arbor? Sounds like they're doing a great job for you!

Hello David Hanson,  I was wondering how an equity partner works... you mentioned in your post yesterday you might want an equity partner to help with the down payment.  Would that be someone who, for example, puts up $100K for the down payment and then gets that money back in 5-10 years (plus interest) when you sell? Or does an equity partner get a % of the annual cash flow, if any? Or both ?

Dmitriy, If the Solo 401K owns the rental property (and it's not a Roth 401K) and then I retire when I am 59 1/2 or older, can I owner occupy the property  without any penalty from the IRS?  Would I basically owe the IRS the taxes on the house as a distribution? So, for example, if the house is worth $100K fair market value at the time I retire (say at age 61) then I would pay taxes on the $100K as income?

I am considering creating a Solo 401K to buy a home which I would turn into a rental property. If I do that, can I later use that home as my personal residence? Would I have to keep it as a rental for 1-2 years before I could have it as a personal residence under the Solo 401K rules? Would the same or different rules apply for a self directed IRA (regarding using it as a rental and then converting it to owner occupied)?

If I set up a Solo 401K now, can I transfer IRA assets from an old IRA I established 2 years ago into the new 401K? I'm referring to an old IRA that holds stock mutual fund (say a Janus Fund). Or is the Solo 401K only to be funded from money I earn from self employment after the 401K is established ? Any replies would be appreciated!

Does anyone know any good property managers who work in Daleville and Muncie IN with SFR? Any replies would be appreciated!