All Forum Posts by: Frank Fiore Jr

@Justin Silverio It was a great event, and very informative in many areas. Thank you.

I look forward to the day when I'm a value added contributor; answering questions; currently I'm soaking it all in planning my next BIG MOVE!

Thanks again.

I hope the microphone idea pans out, it was very difficult to hear a lot of people.

@Justin Silverio

Sean, This is my first attempt with this process, I was a bit concerned about that as well. I was hopping the photos attached to the ad would do the trick; but; would I apply to rent a place without actually seeing it? Regardless of how many photos there are? Probably not. Back to the drawing board.....

It hasn't even been a week yet; and I only put an ad on Craigslist, I have yet to receive an application from the site. Forward to a few friends....

I will probably post on another site; and see if I get any hits. If not I'll change it up a bit, Phone screen, met at location show apartment, ask them to complete the application and background check at the site.

Maybe I'll have the option of going to Rocketlease and filling out the application and running the background check or returning a paper copy of the application with all necessary paperwork and running the background on SmartMoves.

I guess you can say this is a work in progress. Where I only have 2 units I guess I shouldn't be so worried about my overhead as much.

My "problem" with SmartMoves, it doesn't seem to have a formal application, It is providing information background information, credit check etc... but you still need to have them fill out an application of some kind, and having this all in one location is preferred, desired.

I want the application and background before I even meet them.

Hello.....

Well it has come to my attention that charging an application fee in Massachusetts in not legal? Or shall I say BREAKING THE LAW! Looking for confirmation? Anyone?

In this situation; I finally got around to posting my rental on RocketLease.com a site I found while reading posts on this lovely little gem of a site. :)

For those who don't know they offer an online application and run the Background + Credit + Eviction + Sex offender report. The fee for this is paid by the applicant. And I don't receive the application in less they agree to the terms and pay for the reports.

Although I look at this as paying for the reports I can see how from a legal standpoint they can argue they are also paying to fill out the application. (they fill it out before paying but I don't get it until the reports are run)

This is my first time trying this out, if anyone is familiar with this site I wouldn't mind hearing about success or failure stories.

I really wanted a one stop shop so potential applicants wouldn't have to go to multiple sites to fill out an application and run the reports.

Ideally I want them to pay for the reports, I see this as a first step to weeding out potentially problems!

@Brandon Turner

Thanks for the “Bump” what exactly does that mean? J, Remember there are no stupid questions; just stupid people asking questions. LOL… that one always kills me…. Just kidding around… Thanks again…. And keep up the great work….

@Jeff Barnes

Thanks for the feedback; I believe Jaime answers your question regarding the LLC partnership; or is implying it can be done. Obviously I'm not the expert here but it's my understanding it is legal. "Just when you learn the answer; they change the question"

@Ellis San Jose

Thanks for the input; appreciated. Cost, cost, cost.... always on my mind, don't get me started... I boycott ATM's for this reason; I walk by one and I go on a 5 minute tirade about the percentage they are taking, people laugh and shake their head.... LOL.... "SUM" the only way to go..... Am I really talking about ATM's?

Looking for feedback positive or negative, and a slap in the face if necessary…

For clarification: when I refer to SDIRA I am talking about having the ability to invest in Notes, Real Estate etc… at my direction….

High Level Overview:

Long term goal:

Buy Notes and Rental property; with my SDIRA, and the kids down the street have a rather lucrative lemonade stand I may take them national… J

Funding / Structure:

Funding is going to be difficult; I have no existing IRA; and my only 401k is active and doesn't allow active rollovers. I anticipate opening a ROTH IRA and fund the maximum allowed under the law for as many years as I can and or need. If I leave my current job I'll rollover a portion of my 401k.

Structurally; I would like to create an IRA owned LLC; and partner with myself; so I have passive income flowing into my retirement account; and also flowing to myself directly. It is my understanding this is possible.

I am 85.7% sure I want to set up my SDIRA with uDirect; based on the BiggerPockets threads, and a cursory level review of a few custodians.

Timeline:

Without having the ability to rollover funds from my existing 401k this will take some time to fund on the SDIRA side.

Questions / Misunderstandings

1. Can you open a SDIRA from scratch or do need an existing IRA to roll over?

a. Am I better off going with a managed ROTH IRA until I accumulate the monies I need to venture into Notes, RE, and then roll it over to a SD IRA (uDirect)?

2 Can you create an IRA LLC at any time? Or does it have to be created at the same time you open the SDIRA?

a. Can you allocate a % of the monies in a SDIRA to the LLC? I am wondering about asset protection here; if for some reason my LLC is getting into legal trouble are all the assets in my SDIRA at risk? How do I protect my other, non LLC investments?

3. How important is it to be close to your custodian; uDirect is in California, and I am on the East Coast?

Not direct advice; just a hello, welcome and a little rambling...

Wecome! Duncan Banks I think it’s more than fair to say; if a person has dedication and tenacity they can achieve all they set out to achieve (Love this country, and thank you for your service).... Education and more importantly intelligence allow for fewer mistakes. In my opinion anyway.... So that being said; if it’s really what you want you'll obtain it all.

As for Bigger Pockets; this place is Disney Land for REI's!

The more you read and participate the more you’ll learn. The members are an excellent resource and it still amazes me how much feedback you can get; if and when you can’t find an article or blog that already covers your questions.

I myself am new to the site and slowly putting together a plan and trying to narrow down my next move. I have made my share of mistakes; before finding Bigger Pockets; but nothing that can’t be overcome; and with all the people here willing to help I see no reason not to move forward with my plan and accomplish my goals.

As for your background; you are way ahead of the game; your structural knowledge alone will allow you to see things others don’t when evaluating a property, (not to mention having an idea of cost association) and if you can fix, repair, items you’ll save yourself some money; until your time is more valuable than the cost of a handyman.

As for where or how you should start your journey that’s up to you; and you’ll get some solid advice from those more experienced than I.

Welcome and Good Luck!

“No One Gets In To See The Wizard! Not no one, not no how!”

No Pets, No Carpet, Not no one, not no how!

Thanks for the feedback and links to other articles... Ann Bellamy, Yiv L., Ben Skove, Deborah Saddler, Tamara R., Matt Devincenzo

Still undecided but will post when I finalize....

Long and short of it; I want to raise the rent 100$ a month; and plan on doing it over the next year; with $25 increments every 3 months.

Suggestions on other methods?

1. We have a verbal TAW agreement; currently; (6 month lease has expired) that will be changing to writing TAW in a month or two; as I work on my new agreement and updated clauses. (I will have written information pertaining to scheduled rent increases going forward)

2. They are good tenants that pay on time and take care of the inside of the apartment. (mentioning only as a point of reference that I have been debating this for a while)

3. I am betting 50/50 that this will make them move out, but if they do I know I can get more than what the rent will be with the increase.

4. I haven't raised the rent in 2 1/2 years . From the day they moved in.

I have debated the $100 a month vs. a good tenant but I need every penny I can get out of this place and even @ $1000 a month it is below value. So i am trying to make it a manageable increase and not lose a good tenant.