All Forum Posts by: Brian Henderson

@Perry Farella Thank you for the reply and specific questions I should’ve addressed. Yes I am still employed by the same company and receive equal pay as before my injury. I will be going back to the same position with the same employer once I’m healed and able to work again. I’ll still be employed full-time with the same wages, hours of work, etc. Nothing will be different once I return back to work. Do you or possibly other lenders you might know be able to help with my situation? I’d love to find a way to get conventional financing if possible.

@Ryan Hill Thanks for the reply. I can't say exactly when I'll be able to go back to work because it depends on my progress. My work won't accept me back until I'm 100% because my job is very labor intensive. Since they are saying I need to be 100% I'm hoping to be back in 8 weeks after my physical therapy has been completed. I have about 65k and was going to do a BRRRR with about 55k so I can keep 10k reserves. I'll definitely look to use the resources my property manager will offer such as a contractor and probably have them oversee the rehab. Just feeling unsure about the economy and home values after the rehab would be complete along with trying to cash out refinance. I'd still like to go conventional with 25% but I haven't found a lender who accepts temporary workers comp income. Anybody else care to share their opinion/help?

I'm looking to buy my first out of state property and have started building relationships with a team in the ground. I've found an agent, property manager, and home inspector. I feel the property manager seems reliable and could help me through the process fairly well which gives me a little more confidence. I want to BRRRR but am having second thoughts mostly due to Covid and the current state of economy. My biggest fear is that banks will temporarily not do LTV refinancing 6-12 months from now due to Covid. I'm also because prices may drop going forward which would mess up my appraisal. I originally was going to buy with conventional 25% down but was injured at my job and had to go on workers comp. This has made it hard to find a lender that will accept my current income which made me think of doing a BRRRR so I don't need a loan upfront. Just a really overall disappointing situation being in pain and not being able to purchase my first property until I'm at work again. It just seems like my only option is BRRRR since I can't find lenders to accept my current income. Does anyone know of lenders who accept workers comp income? Does anyone have an opinion one why a BRRRR from a distance for first time buyer is good/bad? Is it ok if the numbers make sense? What is your experience with BRRRR from long distance? Thank you and hope to hear from you all!

Thanks @Derrick Dill! I might look into taking out a loan, I just don't like the idea of having to worry about paying it back. I figured that my 401k would be taxed at retirement anyway and we know that our tax bracket is normally higher later in life. I don't mind having to pay the taxes now since I don't really plan to hold my 401k until age 60. The only drawback I really see is the penalty which I feel that I could make up through strategic real estate investments. That's helpful to know about withdrawing from my Roth IRA, I didn't know I could do take out my contributions for any reason. Anyone else want to share their opinion?

Hey everyone, I'm trying to see if anyone could help me figure out if I'm able to use my 401k and Roth IRA to buy rental properties. I've tried to google these topics but didn't get much information. I'm 24 and have about 12k in my 401k and about 20k in my Roth IRA. I plan to grow a real estate portfolio in the future to the point where I can support myself comfortably throughout my entire life and leave my day job. With this being said, I don't see myself keeping a 401k because I don't plan on being employed by a company until retirement age. I also don't receive a match on my contributions so I'd like to put them to better use between now and age 60. Does anyone know if I can take out my 401k funds even though I'm still working for this company? I read some stuff online saying I'd have to leave the company to cash it out? Is this true? I'd also like to know if it's possible to use a portion (not all) of my Roth IRA to buy rental properties because I know it's possible to use a Roth IRA for a primary residence. Thank you in advance for any help!

@Josh C. I appreciate the response and will message you now. I agree that it's a great idea to have multiple experts in the field give their input to help expand my knowledge. I'd love to hear anyone else on here who has a good PM to refer or knows someone in their network who can help.  

Hey BP! I'm a new investor looking to BRRRR single family homes from out of state in the Indianapolis metropolitan. I've already formed a new relationship with a broker in the Indianapolis area and now am looking to connect with an amazing property manager. I would like to hear any recommendations and experiences that anyone has enjoyed with their current or former property management company. It would be ideal for myself to use a company who is great at working with out of state investors and has great communication. I'm 24 years old and have some knowledge through books and podcasts so it would be even better to find someone who can be patient and informative of the market. I hope you're all safe during this pandemic and thank you all so much in advance!