All Forum Posts by: Alan K Auman

Sorry but what are commisioner sales? I've nevr heard of them before. I'm in Indiana too so this may be something that I should know about. 

Sorry @Dominique Alexis , I wasn't responding to you. I was responding to someone above you. I'm new to the BP forums and haven't quite got a feel for how everything is set up. I understood what you were saying and I appreciate the response.

Could you elaborate? I'm not sure I understand what you're saying.

I want to buy a sfh rental using my 401k. Essentially I want to be my own private lender by loaning myself funds out of my 401k to buy the property free and clear and then do a refi 6 or so months down the road in order to pay back the 401k loan in full. If you have done something like this or have any experience with this sort of strategy please chime in. Also if you can think of any pitfalls by doing this feel free to share that as well. I know about the dangers of 401k loans such as losing your job and having the loan due in full within a short time frame after losing your job. Also I'm aware of the other drawbacks of 401k loans so I'm more interested in any potential pit falls of this strategy on the real estate side. One thing I'm especailly concerned with is doing this deal and then not being able to get a refi and being stuck with the 401k loan for 5 yrs. So anyway, please if you have any experience with this method chime in and let me know your take. Thanks

Hello @Glenn Antoine, nice to see a fellow Hoosier! I'll be sure to check out some of those podcasts for sure. Try to stay warm up there....this weather has been horrible! 

Regards

Hey Brandon..thanks for the suggested reading. I will definitely check out all three of those links. I'll be taking your advice to set up the key words as well. Thanks for the tip!

Hi James, as for right now I plan on keeping with the day job while trying to build a portfolio of rentals. Hopefully one day I can do real estate investments full time! 

Hello BP community! I'm an aspiring investor with an eye towards buy and hold rental properties. Real estate is always something I've been interested in but just never really knew how I wanted to go about getting involved. In my early 20's I thought long and hard about getting a real estate license but then life got in the way and kids came along. I ended up finding a really good paying job but real estate was always in the back of my mind. Now that things have settled down a bit at home with the kids getting older I finally feel like now would be a good time to jump in. 

Currently I'm what you could call an "accidental landlord" in that I'm currently renting out the first home I bought for me and my family. It wasn't a complete "accident" though as I thought doing so would provide me a bit of experience about what being a landlord is all about. For that reason I decided to rent my first home instead of sell it. 

Looking forward I hope to be a successful investor by way of buying and holding rental properties. My goal is to buy at least 10 properties over the course of the next 10yrs though quicker would be even better. I'm grateful to have found this wonderful community and look forward to learning from so many of you other experienced investors. By the way I'm located in Terre Haute IN so if there's any other folks from around here let me know!