All Forum Posts by: Cary Beadle

@Brian Eastman

The 2K would be the total loss including the early withdrawal penalty and loss of any return on investment. Basically after I closed the IRAs I would have lost around $900,00 from my original investment. The IRAs are both small and we are not contributing to them. I opened them shortly before I began researching real estate thinking we would be contributing to them. As much as I hate the thought of losing any money, I think we would be better of to use them for our next rental purchase.

Hey BP Community,

After purchasing our first SFH to rent, we are interested in purchasing another ASAP. As we considered our options to pull together funds for a down payment, we considered closing our Traditional IRAs. We opened them years ago and do not contribute to them at all. Closing them would mean a 2k loss. Not massive by any means but as we are trying to increase our wealth, every little bit matters. Can y'all offer any advice to the pros and cons to closing and using the funds to help with a down payment versus leaving it alone?

My thoughts are that even losing the 2k, another property that cash flows as well as increases in value would have a higher return than our IRAs return of 7.5%.

I would not give a copy of my driver's license. I would find out his reasoning and if it is because he wants to be sure you are who you say, then find a safer way to provide him proof. Keep record of his requests and your responses. There are ways to prove you own the property without putting yourself at risk.

Renovation looks great. Congrats on your first flip.

I just bought my first SFR and am currently looking for my second. As I am always trying to think of how to fund the next deal, I considered selling my primary residence and downsizing to use the extra cash as down payments for multiple rental properties. Does anyone have experience with this? I know that using a HELOC or refinancing are options, but not using leverage for the down payments would be preferable.

As others have suggested, hire a PM. Even if you can manage it yourself, why not hire a PM to help you get started? Once you see how the property performs and how much involvement is required, you can then determine if you can successfully manage it yourself.

Hello everybody,

I am looking for a real estate agent in Knoxville, Tennessee that works with investors or invests themselves. I am looking to purchase a multifamily in the $150,000 range within the next month or two. If anyone would be able to send me a name a contact information I would greatly appreciate it!

For those of you that are experienced in REI, do you rely on the help of an attorney and CPA that specialize in real estate? I have listened to some podcasts that have strongly recommended using an attorney for contracts/entity formation as well as a CPA that could keep as much money my pocket as possible.

What do you do?

Who do you recommend?

I will be ready to purchase my first property in the fall. I am currently considering investing in a multifamily in the Knoxville, TN area or purchasing a Turn-key SFH in a state that is more landlord friendly.

What are your thoughts?

I have been doing some research of the Knoxville market and almost feel like I could get more bang for my buck choosing another market. However,  I am new to market research and willingly admit I have more to learn about Knoxville real estate.

Can anyone comment on whether Knoxville is better for SFH's or Multifamily?

Hello everyone. My name is Cary Beadle and I am new to REI. I live in the Knoxville area and hope to begin investing as soon as possible. I am very interested in Buy and Hold rental properties and am most interested in multifamily properties.

I look forward to meeting you all.