All Forum Posts by: Chad Ackerman

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*This link comes directly from our calculators, based on information input by the member who posted.

@Account Closed, thanks for the feedback.  I missed the thought that I won't be able to find lending for $30k.  Good catch.  I've got a private money lender that should be able to cover all the costs anyway that I'll partner with so I should just change that out.  

There's no HOA on this place and my plan was that the tenants would pay for the water, sewer, trash and other utilities.

I'm going to get into the house today to get a better feel for the rehab costs.  

Thanks again for your note.  For the first house I feel like I'm flying a little blind.

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*This link comes directly from our calculators, based on information input by the member who posted.

@George Blower Thanks for the extra info. This is helpful. Currently I work full time and I'm looking to get into the REI space so its not a concern today but I'm hoping it is one soon.

@Brian Eastman thanks for the confirmation and explanation on this. I've been researching online and haven't seen it clearly stated that the money definitely stays in the IRA or there are penalties/tax involved. But I assumed that was the case. In any event I like the option as a better means of investing that money and if I go this route the lessons learned will be valuable as well.

I appreciate the quick feedback.

@Brian Eastman thanks for the wealth of information on this subject. I'm just starting out in the REI world as well and I'm looking at ways to utilize an IRA I have to help get me started. I've been reading different articles on SDIRAs and I like the flexibility it would give me to get started.

I found an interesting article on BP from 2010 about using a 401a as another option instead of the SDIRA. Do you have any experience with this area that could help me better understand the pros/cons of either option? My current IRA is about $170k which I thought would allow me to get into this business. I just want to look at my options to minimize fees, keep control of the money and be able to access the money as income without taking be tax hits along the way. My goal is to make this business work well enough that I can do it full time because its a lot more exciting than my day job. ;-)

Thanks.

Chad

I like @Scott Smith's advice.  I am sitting with my attorney tomorrow to have the same conversation with him.  Sounds like the next meeting I should have is with my insurance agent like @Tim Herman suggests.  Good advice as well and as always Mr. Herman.  Thanks!

Good luck @Cristina Cantos!

Thanks for the tip.  I've set a goal to run at least 2 houses through one of the calculators a day just to get used to the figures and what looks like a deal.  I've taken the approach of modeling the worst case scenario and if it still pans out then I can only do better when I finally start making offers.

I haven't gotten pre-approved yet because of the private money that will carry the deal, but I guess it wouldn't hurt to go through those steps in preparation anyway.

Thanks.

I am a newbie to the REI world and I have been trying to "prepare" as much as I can with education and networking before my first purchase. I've been listening to podcasts (Bigger Pockets / Take Action - local to me) and reading a few books (Rich Dad Poor Dad, The Millionaire Real estate Investor, The book on Rental Property Investing...) to learn more about the industry and lately I've been shifting gears towards building my network to help me get more educated on the current state of investing in real estate.

To date I have been able to connect with a private investor to help fund a deal, I have a couple realtors that I have known for 20+ years that can help me find deals, I'm starting to meet with a couple people that I know that have invested in the past or are currently investing, and I have a couple of lenders in mind to reach out to as well to have on hand if need be.

My question for the forum is whom else should I be networking with to be ready for that first jump into an investment?  I'm thinking of starting to look for a lawyer.  I've got a good accountant but I haven't discussed this with him much yet.  No idea on contractors or property managers, but I thought for 1 property I'd probably try to do most of this on my own. 

Thoughts are appreciated.  Looking forward to pulling the trigger on my first deal by the end of the year and I'm just trying to get as many ducks in a row as I can.

Bummed I missed this last night.  I'm a newbie wanting to learn more and working a full time job so the topic sounds very close to home.  Any chance there is material available from the discussion last night that can be shared?  I'll get on the mailing list and will target to attend the next meeting to meet people.  Looking forward to it!