These type of projects are easy to burn out on.

thanks for the great insight Ty Burns.

This can help promote some goodwill with the tenant and add some nice value to their living situation.

Here in southern California we just sold a house 2350 sq. ft. for $675,000, cost of the lot $175,000 (with utilities, fees etc. already paid as the lot had a house on it that had burned down).

You might get something or you might get burned but have to be okay with never making anything or taking a loss.If this purchase represents a big chunk of your available cash then I would steer clear.The biggest issue is many areas after damage like this are deemed swamp land and no longer buildable.

He sounds very sketchy, and I'd hate to see you get burned.

People have been so pumped up by SDIRA promoters about how they can make a fortune lending their IRA's that everybody with an IRA now considers themselves a private lender.

I have a job that pays me about $75,000 a year, good credit and a burning desire to get on with this already.

You don't yet own a home, but you have $20,000 you can invest and a burning desire to start clawing ones way out of the rat race so you can actually experience living again.

Would only do nothing down and non-recourse and that way you only have time into the deal and learn experience and can hand the dog back if it doesn't work out.This is if you are new and have time to burn to learn the ropes.