All Forum Posts by: Sri Voodi

Yes, you can do SDIRA buy a distressed property and rehab the property.
BUT be aware of "Prohibited transactions" and "disqualified person".
Where did you set up your SDIRA ?
Do they give you documents what you can DO and DON'T .

Diyan,

I haven't even set up SDIRA yet. I was contemplating if such a scenario is allowed or not. I was aware that you can buy a property but wasn't sure if SDIRA allowed rehabbing. Thanks for replying.

Thanks,

Voodi

0 Votes

@Zachary I would be interested to k now why you would not recommend all in.

Thanks

Voodi

0 Votes

Hi Experts,

Can I buy a distressed property and rehab the property using Self directed IRA funds? I plan to rent it for a few years and sell it depending on the market conditions in the future. Is this below scenario possible?

Example -

Funds in SDIRA - 500K

Distressed property - 300K

Rehab Costs - 150K

Funds left in SDIRA - 50K

1 Vote

Quote from @Theresa Wallace:

Quote from @Sri Voodi:

Quote from @Theresa Wallace:

Following this post as I am also new to the Akron area. I am an out of town investor, based in Maryland and in the process of renovating properties in Akron. Would love to connect and share knowledge

Same here. How is the renovation going on? Did you a find a Property manager? How is your experience so far?. Thanks

Hi Sri - thanks for asking.

A few things have changed for me, I've decided to flip my properties (2 SFHs) instead of doing BRRR and reinvest the capital into another asset. So I no longer need a PMC. I decided to work with subs instead of a GC because it has been challenging getting GCs. They either don't followup for the walkthrough or can't start for 2 months. I don't want to wait too long because as we know, winter is close by and I'd like to get my properties sold before December of this year.

Everyone has been really nice, from the GCs, subs and folks at the county/city departments. I am working towards getting estimates on permits and inspections. I was told the best way to do it is to send a report summary (if I remember the name correctly) to the county/city for approval. In my case since I am doing mid-level reno work but remodeling the kitchen I have to send a report for approval and a 'hand sketch' of my kitchen plans are acceptable. There is a 2 week wait however. I will be drawing my plans and sending by end of week.

I am also buying an outdoor camera and remote door lock. It is a little pricy once you include the tech and installation but I think its worth securing the properties.

Lastly, the insurance policy I have on the properties will need to be adjusted - I got the normal landlord policy but because they have been vacant for a lot longer. I will be getting a vacancy policy now.

What are you investing in and how have you been progressing?

Thanks for the update Theresa. Wish you good luck.

As of me, I think I will wait till next spring. I don't have good experiences buying properties after August in the year. And right now the numbers don't make sense unless you buy with cash.

0 Votes

Los Angeles County, California

Quote from @Sarah Kensinger:

Try to connect with @Kimberly C., she purchased a property in Akron earlier this year and may have some recommendations.

Thanks will do.

1 Vote

Akron, Ohio

Quote from @Theresa Wallace:

Following this post as I am also new to the Akron area. I am an out of town investor, based in Maryland and in the process of renovating properties in Akron. Would love to connect and share knowledge

Same here. How is the renovation going on? Did you a find a Property manager? How is your experience so far?. Thanks

0 Votes

Los Angeles County, California

RE Gurus,

Recently started looking to invest in Akron/OH for single family homes. They seem to have good number of properties under 100K built in and around 2000's. We are out of state investors. Any advice from local or OOS investors who are currently invested? Any out of state investors who are invested in Akron? How has been your experience so far? How is your Property manager - ok or terrific? How much do the PM's usually charge? In state of OH can a real estate agent be a property manager too? Any personal PM recommendations whom you worked with? Currently looking at Zip codes - 44307/44307/44320. What do you think of these Zip codes?

Any insights and hand on experiences are welcome. Thanks guys

3 Votes

Akron, Ohio

Quote from @Joe Homs:

@Sri Voodi Equal or greater value combined is OK and also any state. 1031 is not state specific.

Thanks. That's what I thought. Thanks for confirming.

0 Votes

Los Angeles County, California

Quote from @Erik Estrada:

Quote from @Sri Voodi:

All gurus,

I have a Single Family Home (SFH) property that I want sell and do a 1031 exchange.

Scenario 1 - Sell the property and buy 2 SFH's out of state. Does it qualify as LIKE-KIND property?

Scenario 2 -Sell the property and buy a Multi unit? Does it qualify as LIKE-KIND property?

Thanks

Hey Sri,

Are the purchases out of state going to be equal or greater to the sales price? - Should be greater

Is the Multi Unit going to be in the same state? and equal to or greater than the sales price?

Are the purchases out of state going to be equal or greater to the sales price? - Should be greater. I plan on buying 2/3 properties where the combined value should be equal or greater than Sale price.

Is the Multi Unit going to be in the same state? and equal to or greater than the sales price? - Hmm Does it matter which State the property is in? In this case we have 2 scenarios

1 - sell property in CA and buy 2/3 properties in NC

2 - sell property in CA and buy multi unit in CA or NC

In both the cases it should be equal or greater than sale price

0 Votes

Los Angeles County, California

Yes it is an investment property and currently rented out. Sorry forgot to mention the most important part.

Thanks for the confirmation.

0 Votes

Los Angeles County, California

All Forum Posts by: Sri Voodi

Sri Voodi has started 9 posts and replied 81 times.

Post: Buying and Rehabbing a distressed property using SDIRA funds?

Post: Buying and Rehabbing a distressed property using SDIRA funds?

Post: Buying and Rehabbing a distressed property using SDIRA funds?

Post: New investor here and looking for agent and PM in Akron, OH

Post: Investing in Single Family homes in Akron/OH

Post: New investor here and looking for agent and PM in Akron, OH

Post: Investing in Single Family homes in Akron/OH

Post: 1031 Scenario - is it possible?

Post: 1031 Scenario - is it possible?

Post: 1031 Scenario - is it possible?