Make no bones about it, this is being watched by other legislators (maybe from your state) and with the cumulative issues that exist in the real estate market/industry today (not to mention all the bashing in the media and growing public disdain), this could just take on a life of its own and spread like wild fire (to other state platforms)...Some of you might be reading this and say, "Scott's a lender and this is a self serving crusade from a self-important blowhard who sits at a table for one

I've seen an ad in the paper where the investor was looking for people with I think a self directed ira to put up funds into houses.

:welcome:It helps if you update your profile so people know where you are from and how to get in touch.Tell us more about your self and your partner.

I don't wanna be locked into using one company for the rest of my life.I have never had that limit placed on my non self directing IRA.

In fact, I used to believe the same my self and I would be more than happy to show documentation of such investments.

Step across the street and critically assess the curb appeal.

I'm guessing that ARV will show to be between 125k and 140k [still need to do a bit more definitive research, as it's not in a subdivision and not my local market], while the tax assessed value is just 70k.I have a phone number for the owner's son and plan to get contact info for the owner, but HOW do I 'get the deal on paper' when I call the owner of a trashed, abandoned home?

It is a foreclosure duplex 2600 sq ft assessed for 94kAsking 35k I will offer 25k plus 10k to fix upBefore the bank took it the property was renting 650 per unit with tenant paying for everythingThe agent told me that the previous rent was a little lower than market for a 3br apt.IncomeAnnual rent (based on 600 per unit) 14400ExpensesTaxes-3900Insurance-980Property management-1440Vacancy(5%)-720Maintenance- 1440Total-8480Net Profit- 5920 Loan at 8% with 3500 down= 231/per month, annual- 27725920-2772= Cash flow- 3148The agent said That after fixed I could get easily mid 60's and that is even 30% below assessed value so should I cash flow this or just flip or neither and wait for a better deal?

Simply getting the mortgage payment to a level that will allow cash flow is not the objective.

Too many self-help conversations where people focus on the cost of set up and not on the full legal implication.