Posted by Stevo on November 10, 2002 at 22:42:44:
I have recently opened a self directed IRA with Mid Ohio for the purpose of buying, repairing and selling properties (no rentals or long term investments). I am a full time RE invester with about 35 transactions behind me in the last 2+ years, mostly foreclosure purchases and resales. I use QBooks PRO for accounting and love what I do!
I understand the rules regarding self dealing etc. and understand that a direction request form is sent to Mid Ohio to sign offers, contracts, closing docs etc. I know that the direction requests are used to pay bills for everything from contractors, taxes, to utilities. My intention is to grow my retirement fund rapidly, nothing else.
Are there any problems, pitfalls or rookie mistakes to watch out for during the purchase-rehab-resale of the property?
What pitfalls or mistakes might an experienced RE investor make who usually moves quickly at every step of the process?
Is it possible to have Mid Ohio presign offer forms to have them available for instant offers or do you have to wait for snail mail and signatures and the chance of being too late?
Do you set up the utility bills in the name of the IRA?
Can checks to your contractors come through yourself or do they go directly to the contractor?
Thank you