All Forum Posts by: Sandy Uhlmann

My son has a very small Coverdale Education Account of which I am the custodian until he is 21. It has just under $3000 in it at present.  I converted it to a self directed account so I can have more diversified investment options with it however I am finding it difficult to invest with such a small amount of money.  I know that tax liens seems like a nice investment however it is a bit difficult to accomplish with his SDIRA company custodian.  If anyone has any suggestions, please let me know.

Thanks

Much more competition with HUD if you wait until investors are able to bid. I had a homeowner that was interested in this home within the period that the home was available only to owner occupants. This house would have bid far above what the buyer purchased it for if we had waited until bidding was open to investors.

@James Conaway, @Marcia Maynard  Thank you both for your advice and input!

I already sent my agent a pre-qualification letter with the balance of the funds available in my account. I am assuming that that letter was sent to HUD as proof of funds so that should not be an issue.

@Marian Smith I agree with you. For some reason the HUD agent that the Realtor is speaking with seems to want a "gift letter" from me. My agent keeps telling her that this is not a gift, that I am lending the money to the borrower. They then ask for a Lender letter. My agent is worried since I am not considered a traditional lender the deal may be jeopardized when I provide them with a lender letter that is non traditional since my SDIRA will be funding the deal. I just don't want this deal to fall through and for my prospective borrower to lose his earnest money and lose this home because of this.

I was wondering if anyone had any experience in financing a HUD home to an owner occupant? I offered to finance a HUD home to a friend/handyman who never thought he could afford a home/be a homeowner. We found a home on the hud homestore and we checked with the realtor to make sure that it was OK to provide financing. My friend bid and hewon the bid. He was so excited he was crying! My realtor called today and now thinks there may be an issue with me financing to him since I/my SDIRA who is lending him the money is not a "conventional lender."

Does anyone have any experience with financing to people who buy HUD homes? I don't want my friend to lose his earnest money because HUD won't let me finance to him.

Any advice would be appreciated.

I have a tenant who is moving from out of state and would like to rent my 3 BR single family home.  The prospective tenant is moving with her daughter, her significant other as well as with her brother who is just over 18.  I ran a screening on all of the adults including the brother.  The tenant  (at her brother's request) is wanting to leave the brother off of the lease.  What is the general consensus about this and the pros and cons?

Thanks,

I believe that Pro Title gets you a report for about $100.  Very fast and accurate.  

I have SDIRA funds that I would like to invest by lending some money to a manager at one of the parks that I own a mobile home in so he could invest in the purchase a mobile home. We have an excellent working relationship and I would like to create a scenario where I can assist him to become a real estate investor (by funding him) as well as helping grow my IRA. He is able to fix almost any part of a mobile home so I feel very comfortable investing with him as the home would be the collateral.

 I could do a straight interest only with payback in X number of years, I could create an amortized note payable over a longer amount of time.  I know that there are probably a number of other creative plans that could benefit the both of us.   Does anyone have any good suggestions on how to create a mutually beneficial investment plan?  

Thanks in advance for the input!

Sandy

I agree with Percy N, you probably need more than your estimated 4K and don't forget all of the holding  costs that can add up quickly such as water, electric and sewer bills, taxes accruing, insurance, ect.  I  don't mean to be negative, I just want you to attain enough money to finish the deal with the least stress possible.

Do you by chance own a home that you can have enough equity in that you can use a home equity line of credit (HELOC) that you can borrow from? Many people forget that this route is available to them at extremely low interest rates.

Good luck!