All Forum Posts by: Sandy Uhlmann

Ron,

Recently I discovered a podcast called NoteMBA.  They have lots of information about note investing and they interview people that are in the note business.  They had a podcast where they interviewed Fiquan Bilal from the National Note Group.  He mentioned that he had opened his "vault" of podcasts, videos, mastermind group and blogs to students for free.  I have been taking advantage and they are really good.  Here is the link:  

http://www.nngnoteacademy.com/

Here is a little more information to what they are calling the mastermind group.  They assured me that it was for beginners or anyone that needs extra help/insight in learning how to get started or improve their skills in the note business.  Here is a bit more information of the program:  

http://www.meetup.com/Investing-in-non-performing-...

Essentially, if you purchase the notes, either pre-selected in pools of approx 3-5 notes or if you choose notes from their vault worth $25,000 or more, you can join the group for free and get education on how to work these notes.

He also mentioned in one of his podcasts that he was going to start a teaching program where if you buy $25,000 in notes from NNP,  he will help you learn to work them out.  This "class" starts in September so if you are interested you need to move fast.  It seems to me that it is also a good way to connect with others that are in the note business.  

You can use your SDIRA money to purchase these notes too.  I recently signed up for the mastermind group because I decided it was time to take some action.  I'll let you know how it goes!

I am new in the note business and looking to learn the note business using money from my SDIRA. I have made a few acquaintances from BP and are hoping to JV with them to help me learn the note business. I am hoping for a win-win situation for both of us. I know (or at least I hope) that most of the people on BP are genuine and are not out there to sc*** the new guy but I am also aware that there are predators out there too. Can anyone guide me on what to look for in a mutually beneficial JV note deal? I want to know how to separate the bad guys from the good.

Thanks!

Can I use my self directed IRA to buy a property, rehab it, and sell it? I know that I should be talking to my IRA company for these questions but being that it is a Saturday, I thought that the next best option is to ask my fellow BP members. Thanks in advance!

I have had TWO separate contractors that have told me that this can't be done very easily-something about it being very difficult to cut out the old pieces because of the way that nails are at placed at the tongue and groove junction.  They told me that it is not easy to cut through the tongue and groove section for this reason???

I have a rental that was built in the 1920's.  It has a tongue and groove screened in porch that is in good condition except for some significant wood rot at the junction where the porch joins the landing to the steps.  My contractor says it is due to water/snow sitting there.  (drainage issue)  He says that it is near impossible to replace the boards in a tongue and grove porch and he proposes that we cut out the old rotted wood and try to find some sort of grate or old metal floor vent to put in its place so water can drain through the floor.  the size of the grate/vent needed is something like 12X 32 as it is right below the screen door.  We have looked at the grates that are used for sump pump driveway drains as a possibility but we are having trouble finding something this size to fit.  Does anyone have any other solutions to this problem?  Any advise would be appreciated.

Thanks for the input. My properties are not held in an LLC at present but my LLC currently is collecting rent checks, maintaining the property, ect..... My attorney is a real estate attorney and she is the one saying that I may need a property manager to manage the property because of the Missouri statute that individuals can manage their own properties but LLCs cannot. Kyle, I agree with you 100%-that makes sense to me, I addressed that very issue with my attorney who said that "person" (individuals) does not include LLCs and therefore my LLC cannot be manager of my rentals unless my LLC is a brokerage.

In my eyes, this leaves me with only 2 options; Manage in my own name or become a broker. I am just having a hard time believing that this can my only options. Why bother having an LLC at all for real estate in Missouri if this is the case. I just don't know what to do.

The statute she points out is Section 339.010.7S if that is any help

I own a handful of rental properties of which I am currently managing myself. The properties are not within an LLC because they are traditionally financed. I have an LLC set up mainly as an asset protection vehicle. Currently, my LLC is performing manager functions such as showing and renting properties, collecting rent, doing rehabs, ect.... My attorney seems to think that in Missouri, I can't manage my own properties within the LLC because I am not a broker/my LLC is not a brokerage. This seems crazy to me. Does anyone have any experience with this or any suggestions? I really don't want to have to hire a property manager but I also fear managing the properties in my own name vs an LLC.

I own a handful of rental properties of which I am currently managing myself. The properties are not within an LLC because they are traditionally financed. I have an LLC set up mainly as an asset protection vehicle. Currently, my LLC is performing manager functions such as showing and renting properties, collecting rent, doing rehabs, ect.... My attorney seems to think that in Missouri, I can't manage my own properties within the LLC because I am not a broker/my LLC is not a brokerage. This seems crazy to me. Does anyone have any experience with this or any suggestions? I really don't want to have to hire a property manager but I also fear managing the properties in my own name vs an LLC.

What is the typical cost of doing an exchange?  Is it all paid to the QI?  Does the QI do all the paperwork or just hold the funds in escrow?

When doing a 1031 Exchange, is there any way that I can purchase a property that needs fixing up and have the actual property acquisition price plus the rehab price considered when doing the Exchange? 

I have a house that I purchased approx 3 years ago for about $130,000 that is currently being rented but the tenants are moving out soon. I find that the ROI on that property is not nearly as much as if I purchased a property very cheaply (under $50,000) and rehab it, putting $10-$30,000 into it, depending on its needs, so it is an medium to upper scale rental.

Is there any way to do this within a 1031 Exchange or am I just going to have to purchase 2 cheaper properties and use my own money to rehab them?

Any input would be appreciated