All Forum Posts by: Anna L.

Hi, I am newbie (just had my first successful flip). My plan is to start using 401k $ to fund next flips or buy and hold deals. 

Here are the two options I am thinking about: 

1. X-fer from old 401k to Solo and start investing

2. X-fer from old 401k to new 401k and borrow for future project

Here is my dilemma: it would take me few months to understand all the details about investing using Solo 401k. So, I don't feel comfortable to x-fer $ from my old 401k to Solo 401k yet. But, I know that I can only use prior employer 401k funds to do so. Now, I can x-fer $ from my old 401k to my new 401k to maximize the amount I can borrow. But I am afraid that I will no longer have an ability to x-fer to Solo 401k in the future, because all the funds would be with my current employer. 

Which option would you go with?

Thanks!

@Mike Cumbie, can you please share how to get access to Realist? My husband just passed his test and is about to get his licence. We already have access to MLS, but I can't seem to find Realist tab anywhere. Is this something that broker has to sign up for?

Thank you all for the valuable data! My agent reached out to the listing agent and offered a low ball offer (to be on a safe side) to which they responded that they have better offer. For me that was very strange, as I thought that wholesalers know exactly the price they want and typically sell to their preferred list of buyers. It feels shady, so we didn't proceed. 

Now, another question - is it unethical to contact home owner and submit my cash offer? 

Hi BP,

I found a great deal on MLS with description: "This is an assignment of contract. All offers must list "equitable owner" as seller and include proof of funds", I understand that this is a wholesaler. I really want to submit an offer, but it says "drive-by showings only". 

I have an idea of how much I want to offer, I have good comps and understanding of ARV, but estimating the cost of repairs is the variable that can be off by tens of thousands of dollars if I don't see the property inside. With that, there is still a room for me to make mistakes and get positive margin.

My questions are: 

- has anyone ever bought from wholesaler without checking the property inside? 

- when you buy from wholesaler, do I still bring my agent or do I need to hire an attorney to ensure that everything is legit, since this would be my first deal from wholesaler?

@Joseph England, thanks for sharing your story! 

Can you please share what your expense for taxes and insurance? Did you assume 50% of rent for additional expense (like vacancy, PM, CAPEX, et.c.)? What rate did you get on re-fi and why closing costs are so high? Is this norm? Who did you re-fi with?

Sorry if this is a lot, but I am working on my first BRRRR after one flip and what to learn as much as I can.

Thanks! 

Seems like a lot of folks are from either Phila or Montgomery county. We should meet somewhere in between at local chain restaurant or diner that has separate quiet area, so we can hear each other. 

Are you going to prep an agenda? It would be best if it's organized. 

interested

Hi Eric,

It's been 6 months. Have you invested in Turks and Caicos? Did you learn a lot about investing there? Would you mind sharing?

Thanks!