All Forum Posts by: Anthony Smoke

@Bob Anthes - Hello Bob, you can send a message to just me (email) only and that will allow you to provide that information. 

@Justin Robert - Hello Robert, are you doing the Solo 401K to invest as well? 

Of course, now I have to watch Dorian. It may landfall in Wilmington. 

For those of you in Wilmington, good luck with the storm. 

Thanks to all those that have posted. 

@Sandy Sciales - Hello Sandy, the closing attorney was Moore Law, but I don't think I would recommend them. The house had a foreclosure being issued against it, and they missed it. My wife is an expert on mortgages, and she sent back the Statement of Settlement Cost back to them about 7 times before they got it right.

@Bob Anthes - Yes, I will update here any updates. Can you recommend a contractor to help with the rehab?

@Michael P. - It will increase about $400 per month, but after reading the NC Codes, I may need to bring the unit up to the building codes. I know there are some minor rehab that needs to be done. 

I closed on the Wilmington property on Friday. There were some last minute hiccups, but we were able to get everything straightened out. We allowed the owner to stay one month so he can move, and we have tenants already renting with the owner, so we will not receive any rent until October 1st. Now do we rehab the place or not. We cannot rehab with tenants. I think we will see how the tenants are for a month or two before making that decision. I guess I'm not really doing the BRRRR method. Instead I am doing a buy and hold rental. I have been looking at the non-recourse loan options out there, and the costs of doing these (which is required because of the solo-401k) are not very good. Most of the fixed rate plans I am seeing range from 50% to 60% LTV with an interest of 7% and higher.

Hi,

Sometimes I like to perform calculations using both the Rental Property Calculator and the BRRRR Calculator. Is there an easy way to switch the calculator without having to re-enter all the values. I also wish there was a way to go the field you want to change when you do an edit instead of going through every page again and again. I change my values a lot to see how the numbers change based on different scenarios.

Thanks in advance for any help or support. 

@George Blower, @Bernard Reisz, and @Dmitriy Fomichenko

Hello and thanks everyone for replying to my questions. Yes, I need to reach out to my plan provider. The reason I was asking was to see if I could leverage my Solo 401k money as a way to purchase property instead of using a hard lender, then paying the loan back to the Solo 401k once I refinanced using a standard lender. Unfortunately the limit of $50k prevents me from doing this. I already have the Solo 401K setup and this is the vehicle that I am using to invest in properties. 

I realized later that I posted this in the wrong forum, so I apologize for that. I meant to post in the financial loans forum. Thank you again for the responses. 

As long as the cash flow works with taking all the 20K, then I would take the money. The ROI will be greater, and you will have more money for your next BRRRR.

@Justin Windham and @Daniella Sanchez

Thank you. 

@Brant Richardson

I am planning on buy and hold at the moment. The place already has tenants that want to stay, and the cash flow is good, so we may wait to rehab it until after the tenants decide to leave. what we are going to do is still fluid at this point. I will know more once it closes and we can meet and talk to the tenants. I would like to do the rehab, but it is working as is. We still need to find a contractor that can do the work as well as provide a quote for the rehab work. I will check out the other post.