All Forum Posts by: Andrew Ramirez

Thanks for the input guys! @Lucas Miles @Young Park @Andy Rousch @Danny Webber

I'm going to finance instead of waiting to pay all cash.

So I'm trying to decide on saving up to pay all cash for my first BRRRR or pay cash for the down payment and finance the rest. Obviously all cash would be best but that will take years of saving to do so. Is it worth it?

Also, house hacking that first BRRRR is a high possibility for me. Just wondering everyone's thoughts on house hacking my first BRRRR oppose to just saving up for the larger down payment if I don't house hack?

Thanks ahead of time for your input!

@Justin Windham, thanks for the info! That clears it up a lot for me.

Appreciate the warm welcome from everyone! 

@Justin Windham, I've heard a lot about Solo 401k but it's still a little unclear to me. I believe I want to transfer my 401k I have through my job into a Solo 401k but I guess I'm wondering the benefits, as well as how to actually go about doing it? Thanks for your input! It means a lot

@Alex Tabarini From my understanding, yes. You can do a home equity loan, HELOC(home equity line of credit) or a cash out refinance. I believe those are the only 3 options but I'm not positive. Research those options and hopefully that'll answer your question!

@Andrew Syrios, thank you!

Hi there! My name is Andrew and I live around the Hagerstown, MD area. I'm new to investing in real estate but VERY eager to learn. I have yet to do any deals or make any offers besides purchasing my primary residence a little over 2 years ago. I'm looking to start out wholesaling to build capital and eventually purchase buy and hold rental properties. I'd like to connect with some local investors that have experience in wholesaling. If anyone is interested in some free lunch/coffee on me, please reach out and we can chat about your wholesaling experiences. Although I lack experience, I'd love to help you out in any way that I can as well. Thanks in advance! 

@Ned Carey I'll take your advice and stick to BP for those questions. You guys have been very helpful. I'm really just looking for the best way to fund my first investment property and I wanted to explore the option of doing so through my 401k. I don't know if I like the idea now that I know you have to wait until retirement to benefit from it. If I don't decide to invest the 401k money into buying real estate, should I still transfer my 401k out to a different plan?

Also, selling my primary residence and using the equity from that is another option that was brought to me today. That seems more logical to me to start cash flowing right away. 

@Dmitriy Fomichenko , Oh okay that makes sense. Thanks again!

Greatly appreciate the help @Ned Carey , thank you very much!

@Dmitriy Fomichenko , very useful information. I was unaware of those alternative routes and ill make sure to consult with my CPA before I make a decision. If I may ask, how long is "later on". And at that point do all incomes and gains come to you at once? Also, is there any deductions or do you receive the full amount you gained? Thank you so much for your help!  

@Cherie Gatling , thank you for the warm welcome! More than happy to be a part of the BP fam.