Seems to me she has a regular IRA, not a self directed IRA, it may be in mutual funds, she can't or doesn't have much management over the account.

Best believe I will not repeat that lesson.I would like to learn more about MLO and acquiring multi-unit blds because my goal is to be financially stable that I wont no longer need a regular job.

Here's how the conversation went: Me: So what is your situation. lead: The property is an auto body shop and a lot that fits 10 cars.

If they always pay bills on time and have small (or no) animals, they are dream tenants - charge a regular deposit.

The gated community which consisted of around 300 houses has security guards as well as other amenities, and it's run by an HOA body.

Could still be profitable if "blow-up" happened annually, which appears very unlikely.Desirable area near public transport & 1 block from Lake Merritt in OaklandNow let's talk numbers..MonthlyOwner rents units to me at: $1,000I rent them out at market: $1,600Gross Spread $600Vacancy Allowance from owner $42Total Monthly Gross $642Actual Vacancy $133Other turn costs $42Net Profit per Unit/mo $467# of units 3Total Cash Flow $1,400.00 /moThat pencils out to just under $17K net annually to me if there are just regular turnover costs, without any "blow-ups" like drawn-out evictions, significant damage, etc., which I would expect to be rare, given the tenant I believe I can pull due to the desirability of the area.

I currently have keyed entry door knobs on the garage door from the house to garage and was thinking of replacing them with regular door handles that don't have locks.

c) Exceptions The term ''personal holding company'' as defined in subsection (a) does not include - (1) a corporation exempt from tax under subchapter F (sec. 501 and following); (2) a bank as defined in section 581, or a domestic building and loan association within the meaning of section 7701(a)(19); (3) a life insurance company; (4) a surety company; (5) a foreign corporation, (6) a lending or finance company if - (A) 60 percent or more of its ordinary gross income (as defined in section 543(b)(1)) is derived directly from the active and regular conduct of a lending or finance business; (B) the personal holding company income for the taxable year (computed without regard to income described in subsection (d)(3) and income derived directly from the active and regular conduct of a lending or finance business, and computed by including as personal holding company income the entire amount of the gross income from rents, royalties, produced film rents, and compensation for use of corporate property by shareholders) is not more than 20 percent of the ordinary gross income; (C) the sum of the deductions which are directly allocable to the active and regular conduct of its lending or finance business equals or exceeds the sum of - (i) 15 percent of so much of the ordinary gross income derived therefrom as does not exceed $500,000, plus (ii) 5 percent of so much of the ordinary gross income derived therefrom as exceeds $500,000; and (D) the loans to a person who is a shareholder in such company during the taxable year by or for whom 10 percent or more in value of its outstanding stock is owned directly or indirectly (including, in the case of an individual, stock owned by members of his family as defined in section 544(a)(2)), outstanding at any time during such year do not exceed $5,000 in principal amount;"End quoteMy first followup question:It's my understanding that I need not be concerned about the impact of the Safe Act and licensing requirements if I'm using just my money to loan to others, and that I have a broker creating the loan documents.

In war zones in Baltimore City properties regularly sell for under $10KYou paid 50$ and sold a house and made 5k in a day.No I didn't make it in a day.

For a regular every day customer, 1/3 upon signing contract, 1/3 when we start, and 1/3 on completion.