All Forum Posts by: Andre Davis

You @Rodney Marcantel, you can borrow money from most 403b plans if alllowed and most employers and plans do provide that as an option. Generally, you can borrow up to 50% of the value and can take up to 10 years to repay if you are using the funds for a primary residence. Certainly, you can invest your funds however you want. You can do a tax free-transfer to another 403b plan to suit your investment objectives of 6-7% or better depending on your risk tolerance.

This is much less complicated and you can own the property outside of your retirement plan and use the proceeds or income to repay the loan back to the 403B.

Hey @Brian W., sure no problem. @Victor Olowu no problem. Let's keep it moving until we get it going. For everyone else, I'm still game for this weekend and @Victor Olowu, I have no problem with Sunday either. 

Hey @DionDePaoli, thanks for the info! Nothing official yet as far as head count. What you see hear is the gist of our plans so far. 

@Victor Olowu  and @Mark Ainley I would be willing to meet this weekend since it's just the 3 of us so far. There is a Starbucks in Bronzeville on 35th and State. We can talk about getting started with marketing. I also listened to a killer podcast featuring Grant Kemp (show 70) on "subject to" financing which may be another good topic. Saturday around noon is great for me. Also, I could take you by my property that I'm rehabbing for my personal home just to get an idea of the process if you haven't gotten started on a project YET. I hope to use my home project as a way to build a track record.

@VictorOlowu, as I said to Mark I was extended a kind hand from a BP member and I will certainly ask her if all 3 of us so far may attend. I'm still willing to meet some where even if it is just the 3 of us. One man can impact the world, imagine what three BP newbies could do.

Hey Mark, thanks for responding. Another member offered to invite me to a ongoing meeting in the South Loop. I'll be more than happy to ask her if you can come as well.

Hi Bp,

I'm new to BP and I'd love to interact in person with some members who are interested in getting together on the South Side of Chicago preferably in Hyde Park or Bronzeville. Please hit me up here if you have any interest in talking about marketing, financing and just getting started. Thanks.

Those rents are overly optimistic don't you think? I grew up in that area and I would never pay that amount of rent in Auburn Gresham. You would be lucky to get $1,600 for section 8. Good luck with this one.

@Sean S and we also have our own home project that we are working on and plan to refinance shortly where we should create about $60k of forced equity. Also, we have about $13k in cash.

@Sean S., Well I used the analysis tools here on the site. There would be cash flow that I could use to upgrade the property and my wife has excellent credit, so the building would be titled in her name. When an emergency comes up, there would be the money for cap ex, repairs and vacancies to fund a loan if it was beyond the monthly money set asides for those instances. She is also a licensed real estate agent so, on closing we would use her commissions as our initial reserves. 

What would give me a chance to make this a great deal is that we have a relationship with the owners.