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All Forum Posts by: Account Closed

Account Closed has started 2 posts and replied 12 times.

Post: Wanting to pull the trigger- 1st time REI

Account ClosedPosted
  • Sioux Falls, SD
  • Posts 12
  • Votes 0

I agree with Kuba. I would try and get it for less. It never hurts to try. When negotiating with them go over some costs and point out everything that is wrong to encourage them to drop in price

Post: Build and hold 8 Plex help

Account ClosedPosted
  • Sioux Falls, SD
  • Posts 12
  • Votes 0

Is there some sort of zoning law that would prevent this, or have you already looked into all of that?

Post: South Dakota Real Estate Investors Meet up

Account ClosedPosted
  • Sioux Falls, SD
  • Posts 12
  • Votes 0

Any chance someone could record or something? I work every Saturday so I'm never able to make it. I have yet to make it to one, but have been wanting to since I joined BP

Post: The decision to take equity out of my house or not.

Account ClosedPosted
  • Sioux Falls, SD
  • Posts 12
  • Votes 0
Originally posted by @Lana Lee:
Originally posted by @Account Closed:

I'm looking into this as well. I'm working on finishing my basement. Added a room and remodeled the rest of it. I'm wondering if they will come inside and actually check it out, or do they just look at it and say it's a 4 bed 2 bath, check out comps, and give a value based on that?

 Our hiloc didn't cost a dime. They didn't come to do the appraisal, despite of my statement that we did big renovation. So I guess used comps. It is a fixed rate of 3.99 , 3 years draw period and 10 years Amortization. We didn't use any money yet, waiting for a good deal to come along.

 I was under the assumption that all helocs were a variable rate. Now I'm even more tempted to go this route

Post: The decision to take equity out of my house or not.

Account ClosedPosted
  • Sioux Falls, SD
  • Posts 12
  • Votes 0

I'm looking into this as well. I'm working on finishing my basement. Added a room and remodeled the rest of it. I'm wondering if they will come inside and actually check it out, or do they just look at it and say it's a 4 bed 2 bath, check out comps, and give a value based on that?

Post: Commercial loan balloon payment

Account ClosedPosted
  • Sioux Falls, SD
  • Posts 12
  • Votes 0

I've been looking at a couple 6 and 8 plex buildings in my area as my first investment property and I was just wondering how you all deal with the balloon payment of the commercial loan? There's no way I would have that much capital in such a short period. Are there any options besides trying to refinance or sell?

Post: Is Cashing out my 401k to buy a duplex a good idea ?

Account ClosedPosted
  • Sioux Falls, SD
  • Posts 12
  • Votes 0
Originally posted by @John Johnson:

I would never advise any of my clients to cash out a 401K. There are far better alternatives. When I do run into this, my first advice is to move the 401K into a self directed IRA. It opens up buying opportunists without the tax exposure.

Can you roll your 401k into a self directed IRA tax/penalty free?

Post: Wholesalers in Sioux Falls

Account ClosedPosted
  • Sioux Falls, SD
  • Posts 12
  • Votes 0

Just out of curiosity, why do you feel a double close is questionable, legally? I don't see how it's any different than holding on to the property for a while, then selling it. I'm just getting started and still doing a lot of research, which seems to be a lot more work for a non disclosure state, I'm finding.

Post: Doorbell system for multi family

Account ClosedPosted
  • Sioux Falls, SD
  • Posts 12
  • Votes 0
Originally posted by @Andresa Guidelli:

Thank you @ Andrew

Do they offer the ability to buzz people in?

Andresa

Is it an apartment building with secure access? That I have no knowledge of. I thought you were just asking about plain doorbells

Post: Doorbell system for multi family

Account ClosedPosted
  • Sioux Falls, SD
  • Posts 12
  • Votes 0

If you want to go an extremely cheap and zero work involved method, Amazon sells those wireless doorbells. You plug in the receiver into an outlet where you want to be able to hear it, then put the battery operated button outside. I think I paid about 20 dollars and that came with 2 receivers. A lot easier than having to go wire in an actual doorbell.