All Forum Posts by: Loren Whitney

Good stuff, thanks Josh!

@Joshua Dorkin 

Do post scores have any real impact as a user on BP?

Thanks Jon

Hi All, I'm performing a short survey for those of you with with rental property in your SDIRA. Please take the time to share your thoughts.

1. Would you enjoy a feature that allows your tenants to pay rent to your IRA online?

2. Does your current IRA provider have a system in place to take online rent payments?

Thanks for your time!

To clarify what Edwin said, when an IRA purchases real estate directly, it must take responsibility for it's portion of equity. For example, if my IRA purchases 50% of a property, my IRA must also pay for 50% of all expenses tied to the project. Likewise, the IRA is entitled to 50% of income or sale proceeds.

I'd also suggest checking for non-recourse loans with smaller regional banks and credit unions in your area. The national lenders will always be there but also aren't as competitive. From my experience, some of them are willing to consider non-recourse, even if they haven't done one before. I'm happy to speak with your lending institution if they're interested but need more information/clarity.

I have some experience with CA probate. I'd suggest looking up the stage rules for proceedings and then follow up with county/city processes. Once you have an idea of the stages and process, then get after some properties. Good luck!

Chip Chronister So close. Will $10k be enough to cover your down and lender requirements (like reserves)? I deal with non-recourse lenders regularly so I'm just asking for clarity purposes. I've had clients that meet down payment figures but miss reserve requirements. Assuming you can come up with the $10,000, do you qualify for annual contributions? That can help you get closer and may be a starting place. If the deal is really good, you can also ask your CPA about making an over-contribution to the plan. There are specifics rules that apply but that may be another avenue to explore. Lastly, have you consulted a hard money lender? That's what comes to mind at the moment. I'll check back tomorrow. Good luck!

Hey Mike ,welcome to BP! The Solo(k) plans have their advantages but what you really need to do is determine if it's necessary for you. There's definitely more involved in managing your own plan when compared to the IRA structure. If you have any specific questions there are several people on BP that will be willing to help, myself included. Cheers

Welcome Jon! Brett and I never had a chance to catch up. Please know that we'd still like to talk about education.