All Forum Posts by: Walter Ellis

I am trying to move some money from a 401K to a self directed plan with checkbook control. Has anyone used IRA Financial and what do you think? Does anyone have a turn key company they use that you recommend?

Has anyone had experience with Madison Trust with their self directed IRA's. The fees look very reasonable and I have a lot of knowledge about do's and don'ts so I am just looking for a good company to be the "holding" company. I am fairly sure I want to have checkbook access for convenience and flexibility.

@Alina Trigub

1031 is something we have considered and are still considering. This property is not in a great area, it’s a C market, small town type area. I worry that we will have a hard time selling it where it’s at. I know the numbers will justify a good appraisal, but getting someone to pay that might be a different story. I am new to this though, I could be wrong.

@Henri Meli

We have reached out to lenders but we haven’t found anyone willing to lock in a rate, it’s all been variable rate. I was hoping to get a locked in rate so that if interest rates keep going up, I don’t continue to have my payment go up.

@Bjorn Ahlblad we are in the same boat, nothing on my radar currently but I want to have capital available when I do locate the next property. This LOC option sounds like a great option and I will be pursuing it further.

@Oleg Shalumov thanks for the tip, I had not considered that option but that is a great idea.

Bought a 24 unit complex 2 years ago.  It had been foreclosed on and was empty and trashed.  Now it has been rehabbed and is at 90% plus occupancy.  Would like to refinance from local bank at variable rate to a permanent rate.  Should appraise in the $700K to $800K range and would like to do a cash out refinance so I can by my next multi-family property.  Any suggestions on where to start the process?

Hello BP, my name is Walter Ellis and I'm from right outside of Little Rock, AR.  I joined BP because I am very interested in learning the ins and outs of real estate investing.  I am a homeowner but outside of that I have zero experience in real estate.  I plan on using this website as a valuable learning tool to further my knowledge of real estate investing.  

I currently work in northern IA for 5 months out of the year, but I have a 2 year old and my wife is 8 months pregnant and we are looking to supplement our income so we can relocate back to AR full time.  (much to cold in northern IA for our taste) 

My initial investment plan was to only participate in flipping houses, but after listening to my first podcast, I am much more open to rentals, so I hope to further my knowledge by reading/listening/networking on BP.  

Glad to be a part of the team!!