All Forum Posts by: Andy M.

I'm planning on sending out another postcard to my list (approx 5,000 people). I have already mailed the list 4 times this year since January, so they get something from me every couple months. My next mailer is going out the first of November and I need to get a little content. My overall look is the same (color, size, format, etc.) so they will recognize I'm the same buyer, but I need a theme for this postcard.

Here were a couple of my thoughts for "themes":

-Property taxes due ("I can't believe your paying taxes on this property AGAIN!" Then offer to pay their 2011 taxes when I buy their property)
-Winter maintenane ("Snow removal, frozen pipes, high utility bills, you ready for winter this year?!")

Anybody have a creative idea that might be a funny/interesting angle? Especially something that has worked for you in your market. I personally like the funny angles. My last postcard started out with "We pulled out 56 cats and not all of them were alive."

Thanks in advance.
:lol:

I've used them on a few properties and they always turn out to be more of a pain and don't work in my favor. I don't use them any more and have never had a negative result. The only thing you need to stay on top of here in Utah is the gas in the winter time. I just make sure it stays on in-between tenants if there is winter turn over. My two cents.

Randy, thanks for your response. That is exactly what I am talking about. I would be using the combined funds to purchase a new property or fund a new loan. I wouldn't be buying a property from myself or loaning myself money, all transactions are arms length. But you answered my main question, as long as all parties that contribute to the purchase or loan have a clearly defined % interest and they receive equal compensation proportional to their contribution then it is okay.

Any one else see it another way?

I beginning to think i might have been given bad information.. So is it okay to combine multiple self directed accounts at all?

Example: a borrower wants a 200k loan can I break it up as follows..

-20k from my Roth
-50k from uncles IRA
-30k from wife's IRA
-100k from friends IRA

If the answer is yes, then are you saying that this is a prohibited transaction if instead of using a friends IRA for the final 100k I do that portion from my own personal account? This is all assuming of course the loan is to a non prohibited party. Again, I was under the impression that as long as all parties to the loan received an equal share and were treated the same throughout the loan it was okay.

I recently did a hard money loan where I combined multiple self directed IRA accounts and money from my company as well. Basically my self directed Roth, my wife's IRA, and the balance was from my LLC. My administrator (APS) didn't have a problem with the loan, but I recently went to lunch with a friend who claims that the IRS frowns upon this. His argument was that I was personally benefiting so the IRS could ultimately unwind the deal. Even though each investor will have equal profits proportional to the % interest contributed to the loan.

I plan on doing a lot more deals like this in the future so I want to make sure that I can "top off" loans with my own money when necessary.

Anyone have experience with this? Again, my administrator claims that it is fine. Is my friend just being ultra safe?

I agree with Scott, there are lots of people who would love 10+% return on their money as long as you can show them it isn't risky with you. I also know that once you start making people money consistently you wont have the problem of finding the money. The money is always the easy part if the deal is good enough.

Instead of giving up on the property why don't you see if you can find a landlord or rehabber in the area who would take it for $2500? It could get you some quick money and also might start a mentorship relationship with a more experienced investor.

You might just learn why you don't want it at any price. :D

I've found that most of the time it is better to be tight with the REO agents secretary or another agent who is friends with them in the office. The big REO agents are busy and won't jeopardize their contract with the bank to help out another investor. What you want is someone close to them that will let you know when you need to act.

A perfect example of this was a deal I did earlier this year. An agent I buy from is close to a big REO agent, he tipped me off to a property that had a failed contract AND an authorized pricecreduction from the bank. I was the first offer in after it came active again and got it under contract before anyone else had time to notice. Turned out to be a sweet deal. Contract that failed was 112k (even though property was listed for 105k) bank authorized a 20k reduction before the contract had failed, once it did I offered 80k on their 85k active listing, they countered at 83k immediately and I accepted. :D

I took a property sub 2 earlier this year that I flipped. Wells Fargo was the lender and they actually did call the loan due even though it was performing! This was the first time I have ever heard of a bank actually calling the loan. Fortunately I was out of the property in 6 months anyway so the bank didn't get a chance to start the foreclosure on my PeRFORMING LOAN. I've probably done about 15 sub 2 deal and this was the only one that I ever received a letter from the lender calling the loan. I did catch up about 15k in arrearage the day I closed, that might have tipped them off, but still, PERFORMING LOAN. I've been investing 9 years and I still don't understand banks.