We spent the last couple days in Boston at a Pensco Trust Company symposium learning about all sorts of different alternative investments that can be made using a self-directed IRA. There’s so much you can do with your IRA beyond just buying stocks, bonds and mutual funds. Did you know you can buy and sell property within your IRA tax free?? You can wholesale real estate contracts, buy rental property, give notes and mortgages, and buy tax liens.
Since the majority of our private lenders use self-directed IRA money to lend on our deals, we find it helpful to stay on top of whats happening in this area. If you have any questions or want more info on self-directed IRA’s leave a comment below or shoot us an email at firstname.lastname@example.org.
Now onto one of our latest short sale deals.
We started negotiations on the property at 35 Dorothy Ave in the beginning of January and had an approval by mid March. This is really fast seeing as how most of our other short sale deals have taken 6 months to a year to get approvals. I think this one went so fast because we were dealing with a small servicer and we had direct access to the Sr. Asset Manager who was very responsive and proactive in his approach to getting the approval. This asset manager would actually call and email us looking for updates if he hadn’t spoken to us in a few days. This is a very refreshing approach as compared to dealing with the likes of Bank of America or Citi, where every little task takes them 30 days to assign or review.
So we closed on Dorothy Ave right at the end of April. This is a real cute ranch home located in a great neighborhood in Chicopee. It needs the usual updates; kitchen, bathroom, etc…. but the biggest improvements we are going to make is converting it from a 2 bedroom to a 3 bedroom and finishing off the basement. Adding bedrooms and additional square footage is a sure fire way to raise the value of any house!!!
Here are some pictures:
Well that’s it for now.
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