All Forum Posts by: Beau Jensen

BP, I have a rental that I unintentionally house hacked. I have 5.25% on 30 years with $75 PMI each month. I purchased it in 2014 at $95,000 with 5% down. It appraises at around $110,000. I currently owe around $86,000 on the principle. I have had it rented for 11 months for $850 a month cash flowing $200 a month. Should I try and REFI and get a better interest rate and get rid of the PMI? Would I need to put 20% down on the current principle owed to get rid of the PMI? I understand I would have to pay closing cost. Looking forward to responses. Beau

Thanks for all the replies! A lot of great info! 

Beau

Mark, 

Thanks for the reply and ALL the information.  

I am currently W2 employee, however could I create a "part-time" Self-Employment and use the Solo 401k?

Beau

I have been trying to educate myself on the advantages of a Self-directed IRA vs Roth IRA.

My curiosity was peaked when I listened to a Podcast recently about a gentlemen that purchases "investment properties" with his Self-Directed IRAs.  In addition, he mentioned that he purchases "investment properties" for his children (who are minors) with the Self-directed IRAs. 

A Couple of more questions: 

1. Can you use a Self-Directed IRA similar to a "Checking Account". Can I purchase property through it and make monthly payments through it allowing the "Cash Flow" to gain interest?
2. Can I roll my current Roth into a Self-directed IRA?
3. Typically, do investors form a LLC when using a Self-directed IRA when purchasing property?

Looking forward to responses from BP members. 

Thanks,

Beau Jensen

Thanks, will be sure to check it out! 

Beau

Thanks! Yes, this area is great! Def. huge for the the area that the draw-down was small. Good Luck to you as well in Clarksville! 

My name is Beau Jensen, I have limited experience in real estate, however I have one investment property.  In addition, I am currently working a business deal and once completed will acquire a one acre lot.   My real estate goals are to continue to acquire rental properties, that create passive income for my family.  Lastly, I have been listening actively to the BiggerPockets Podcast for a couple months and decided it was time to join BiggerPockets.