All Forum Posts by: Sandy Uhlmann

Have you considered painted bead board as a cheap alternative for a back splash?  You can even buy the vinyl kind that would make for easy cleanups.  Not sure if I would use it behind the stove though.  It can actually give a very upscale, clean look.  I think an 8 x 4ft sheet runs about $30 or less.  Here are some pics: 

before and after:

Welcome Todd,

I got started with RE investing by learning through BiggerPockets.  I like to buy cheap, rehab, then rent upper-scale rentals.  Let me know your buying criteria and I might be able to help you out.

Thanks to all for the advice.  I agree that I need to find a CPA that is knowledgeable in these areas of real estate.  It is so frustrating when trying to explain wholesaling and other less well known areas of real estate investing to accountants and even real estate attorneys who are not familiar with these areas.  They see these real estate investment choices as either shady or fly by night.  I find it so tiring to explain and/or justify these investment choices to them.

I recently set up a self directed IRA through Midatlantic. I was wondering if I use my self directed IRA money to wholesale properties, does that avoid the dreaded dealer status?

One of the Midatlantic reps suggested this was a good way for people that have a relatively small amount of cash in their self directed account to increase their cash quickly. He suggested that I use a very small amount of IRA funds to get the property under contract, when the contract is sold to the end buyer, those funds would get put back into my self directed IRA and I could repeat the process.

Up to this point in time, I have been fearful about fix and flips or even wholesaling because I feared the dealer status. I was wondering if the dealer status can be avoided if I keep everything within my self directed IRA?

This is what I was talking about.  For this specific kind of epoxy you can mix the colors directly into it and pour it onto your existing counter tops, MDF, or plywood or whatever.  The additional colors are layered into it as you desire.  They also have mettallic powders in copper, grey, and other colors that you can mix directly into the epoxy.  The epoxy is self leveling, can stand up to 500degrees heat and is suppose to be safe for food preparation.   (although I would use a cutting board to cut anything) Because the color is mixed into the epoxy as opposed to just applying clear epoxy to a surface that you have sponge painted on first, the process seems less time consuming vs sponge painting the surface first.  The 1st, 2nd, and 5th pics were of  epoxy with colorant added and 3rd and 4th were of a bathroom where they sponge painted the colors on first and then applied clear epoxy.

Looks great!   Did you just use a skim coat over existing countertops or MDF or did you make a form and pour concrete into it?

I was looking for a way to provide a higher-end look to a rental home at a bargain price and I came across some pics/how to videos of expoxy countertops and I was wondering if anyone has tried this?  The kind that I am speaking of is a product where you can use existing countertop, wood, or cut MDF or MDX any shape that you want and then POUR (as oppose to the sponged on product) the expoxy that has color added, onto your countertop/MDF.  You can pour on and mix as many colors as you like to get the look you want.  After the product is poured on, you quickly go over it with a torch to pop the bubbles.  The look is very impressive (at least on the videos) but I wonder how it holds up to scratches overtime.  It is the same coating that they use in bars over wood but you can add color into the mix.

Here is the link to one of the brands of this:  

http://countertopepoxy.com/

Has anyone used this product and care to comment on it?

The property owner says that he purchased the properties from the bank, therefore the title was clear, and that he has has held title ever since.  He believes that if he conveys title in this manner, the sale price of the property is not recorded thus he does not have to pay capital gain taxes or 1031 the property.  I was under the impression that this was only done when you transfer a property to a family member or when money doesn't transfer hands.  This makes me wonder if this can even be done when wholesaling a property.

I am a novice at wholesaling property and I have a motivated seller who insists on quit claiming the property. He states that he purchased the properties as an REO from the bank via a quitclaim. Can this be done within a wholesale deal? Is the paperwork any different? I appreciate any advice.

I recently came across a VA owned home that I wish to purchase. I was wondering if anyone else has any experience bidding on these homes? Is there a rule of thumb as to what the VA will accept? Is there a waiting period for investors to place bids? Is there a limitation to how soon after purchase the house can be sold? Many thanks!

Sandy