As you all know I purchased the Private Money Blueprint Program about 6 weeks ago. Over this time I have been going through the program, listening to the modules, updating the presentation and mentioning it to people who ask how the "house thing" is going. Well after talking to my parents, they decided they wanted to learn a little more about investing their hard earned 401k money. This past Monday I sat down with them, presented my program and they were very interested. I'm hoping that in the next few weeks we'll be purchasing a property using their self directed IRA (which needs to be set up and funded, of course). I am also rolling over my 401k from a previous employer in to a SD IRA. The tax benefits are outstanding! From what I'm hearing this is the concern most of my prospects have is paying taxes on the money they would be investing with me. However, if they roll their money in to a SD IRA it is tax free. THEN, when they get their profit upon closing it is directed back in to their SD IRA tax free. Woo Hoo! The only draw back would be if someone wanted their profits in their pocket and not in their IRA acct? I imagine it would be doable but highly taxed. Sooo I told my dad that if he was happy with his return to just mention it to all of his friends that are retired with big 401k's! Hopefully this will start the ball rolling and I'll get more people interested in hearing about the program.
We got a new contract on the property that had the FHA buyer fall through. I emailed the buyer that was super interested when we accepted the other offer and told him the contract fell through. They went to see it 2 days later and put in an offer the next day. It is lower than the first offer but I want the house gone so I can move one! We are scheduled to close at the end of the month (4/30). Fingers and toes are crossed.
Since we are heading in the private money direction I'm putting in offers like crazy. I feel like I have a little more flexibility even though nothing is set in stone regarding the PM. There are a bunch of HUD's and other regular bank owned properties out there that I'm watching. Already this week 2 HUD's have been sold to o/o's and just today I got a multiple offer notice on another property. Urrghh.. frustrating! But it's part of the game we play and I hope we'll get one under contract soon!
Tomorrow we are looking at 2 or 3 properties and Sunday I am going to look at 2 more. There is a HUD that just came on the market today with a phenomonal list price. I cannot bid on it until a week from Monday but that gives me time to go take a look and be sure it has a back wall : )! If it's in good shape I will probably be offering full price. We'll see, I'll probably have an o/o beat me out anyway... I'm starting to get a little frustrated with no properties under contract BUT I just keep submitting them and know that I'll get one soon!
****Non real estate related**** I am making a commitment to do the 60 day insanity workout program as soon as I get it (just ordered today). I have to lose this extra weight, it is really bothering me!! I don't really have a lot to lose, maybe 10-15 lbs but, urgh, I just want it gone. I'll be the first to admit that I suck at sticking with programs, I love junk food, I love to sit around, I love my cocktails, you know all the stuff that's not good for me!! BUT, I need to make a change and I'm committing myself here, today, that I will do the 60 days to the best of my ability!!!
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