Again, I’m not a lawyer so I can’t give you legal advice. Go have a serious talk with your attorney about a Series LLC to see if it would be right for your situation and business plan. If you need a good real estate attorney, I have several in my network to whom I can refer you.
It depends. If houses in your market are selling for $185 a square foot and you can add 600 feet at $105 a foot to bring the square footage in line with the market, then yes because you would be adding an extra $111,000 of value for a cost of $63,000. On the other hand, adding 600 feet to a house that is selling for $105 a foot would not make any sense.
Is it possible for me to self-direct my retirement account from my last job so that I can use that money on a real estate deal?
Let me say that I am not an Attorney, CPA, or Financial Advisor and this is not to be misunderstood as legal or financial planning but yes you have options. I will let you talk to your self-directed IRA account manager to help you decide what you can and can’t do with your IRA money. Don’t have a self-directed IRA and want to learn more about it? I have the business cards of a representatives from a few accounts that can help you out.
Yes, they do. You may know someone right now who knows and trusts you that has money sitting in an old IRA account still sitting at their old job making a lousy interest rate. You could show them how to move that money into a Self-Directed IRA account and loan it to you to fund your deals for a big win/win.
I have mailed out a lot of letters and haven’t found a deal yet. I think I need a different approach.
Marketing is the life blood of your business. If you don’t market people won’t know you, what you do, or how you can help them. Selling a house is a big decision and there can be a lot of investors trying to get the attention of the same seller. The reality of buying and selling is that the decision maker needs to be in the right frame of mind when they see your marketing piece for them to respond. Often, they will allow the cards and letters to pile up until they are ready to deal with it. That might be tomorrow or two to three months from now. Consistency is the key. Give that seller multiple opportunities to give you a call. Four letters or postcards to 200 people is way more effective than 1 to 800 people for the same cost.
My wife and I argued over the ceiling fan. I wanted one that looked a lot like hers but was about $40 more in price because it was just more my style. She said the one she like worked just as good and would look fine in the room.
Price is important on a flip. A lot of little extras here and there can add up quickly but price isn’t everything. The products you choose need to work in the grand scheme and be functional for years to come. However, listen to your wife on this one. A big mistake new investors make is rehabbing houses to their own personal taste. Just remember one thing. You are not going to live in the house and the family moving in was given no choices so they will love whatever you pick as long as it fits and works well.
No, it’s important to look at the neighborhood. If your competition has open floor plans, then yes tear down that wall but if the nearby houses in your price range are not open concept then only do what is necessary to produce a quality rehab and get it on the market.
Yes you can. It takes very little money to put a house under contract and then sell the contract. It would be hard to do a fix and flip without money but if you find a property with enough spread between what you buy it for, what it costs to repair, and what you can sell it for then yes you can do that using other people’s money. It is also possible to find an equity partner that will provide the funds while you do all the work for a large portion of the profit.
We provide consultation with you on any potential deals from start to finish. If you’ve been thinking about Real Estate investing in the DFW and/or North Texas area, don’t you think it’s about time you took action? If you want more in depth training, we offer the REI Systems Academy. Check out REISystemsAcademy.com to see if that format might be a fit for you!