All Forum Posts by: Brandon Brown

@Luka Milicevic always providing great value!

Wilson Bank and trust will hold some loans in house.

Interesting thread. 

@Prakash B. what problems has she been causing?  Why do you feel obligated to see the status of her electric bill?  I would be careful listening to other tenants, there maybe a backstory.  I would call the utility company out and for inspection.  Make sure she is in fact stealing before jumping the gun.

To answer your original question it’s not realistic.  You have to bring something to the table.  This may change once you’ve built a good reputation.  Then hard money maybe a little easier to qualify for in terms of down payment.

It’s sounds a little ridiculous if you say I’m new to flipping will you give me money so I can learn.

If I were you I’d probably save up a down payment and try a live in flip. Then you could gain experience working with contractors and managing projects.  That’s  probably the way to do it with little money down.

@Daniel C.

I’m in a similar situation, with around 50k (a little smaller than 250k 😃) in a 401K, getting ready to switch jobs in the near future.  To be frank it’s basically a no brainer.

You absolutely have to cash in the old 401K to buy cash flowing properties.  If you were buying a Lamborghini that would be a different story.

Reasons why:

1) you will eventually have to pay taxes on it at some point.  Wouldn’t it be better today because you know what tax bracket you’re in and how you will be taxed.  Who knows what the rates will be in 20 years and what tax bracket you’ll be in at that time.  And just to be clear who wants to be in a lower tax bracket during retirement? - not me．

2) build your real estate  portfolio now - why wait and let your capital sit in some account when you could use it to build your empire now.

3) there are no guarantees in the stock market.  Who knows what the return will be when it’s time to retire.

4) You probably aren’t losing any of your money. For example if we ignore the market return and say your initial investment was 125k and your old employer matched the 125k you would still be ahead after taxes and the penalty. 

I’m a bit surprised on a real estate website so many people would advise anything else.  People see the words tax and penalties and become timid on the other hand words like closing costs and points are accepted.  

Another vote for Get rich education with Keith weinhold.

I'm not a turnkey investor but Keith has some great mindset and wealth strategies.

It sure has been a long time @James English.  I guess great minds think alike lol.

But I am really interested in mobile home parks with 20+ Pads for 1 million or less.

For Apartments buildings I'm not too sure, I guess it would be based on what deals are available.

Regarding section 8 I'm am very open to it would be interested in section 8 deals.  I currently do not accept section 8 in my rentals.

Hey James - welcome to BP.  I am currently looking at buying a smaller apartment buildings or mobile home park in the middle TN area.  What markets are you working in? 

Owning your home provides a better quality of life imo.  I have a big dog and barbecue every weekend.

My in laws are long term renters and we’re informed their lease would not be renewed, right before the holidays.  Those 3 reasons are enough for me.

Building wealth is possible either way, renting or buying however, I believe forced saving of buying is less tedious than other investment vehicles.

So bigger pockets is that new social network all the kids at school are talking about?  Where you learn about self directed IRAs... sarcasm finished.

If you’re a kid and interested in this stuff, more power to you.  You do get a lot of entertaining post but the content is what it is.  

My 0.02 cents on advice:

Advice given by anyone is a subjective opinion.  People are given advice everyday but it is up to the individual to filter the “good and bad” .

I charge the background check fee.  I prescreen before the check so as long as there is no surprises the tenant is usually accepted if they make it to the application.