All Forum Posts by: Chris Davidson

I would look at growing it and taking a hit on an early withdrawl once the numbers make sense. All this after you try growing funds else where. 

Best of luck!

 Hey Benji, With that much saved up you have options and that is important. You are pretty much spot on with the prices, and if you are looking at the greater Boise area you can get in the 400's on duplexes still. One thing if you are looking at investing out of state is not only the purchase but management. Bad management can turn a home run deal into a nightmare. I would look to see if a house hack would be possible in your area before looking out of state. If you have any questions about the Boise market or out of state investing feel free to shoot me a message.

Best of luck!

@Tucker Myers Being an agent I am biased, but I would reach out to an agent and see who they recommend as they likely have done many deal with them and know they can perform. Or find a mortgage broker in your area and reach out to them. 

Doesn't have to be local though.

 That could make it easier for you or harder depending on your state/ city laws. I would see if he will move out for a couple hundred, and if not let him know you are going to evict him, and that will make it near impossible to get a place to rent again.

Hey @Cameron Turley not in your area, but MTR's can be great for house hacks, and a nice way to learn that model. As far as teaming up with a wholesaler and getting a deal you can finance it could be possible just not to probable. However only way to find out is get out there and make some connections. Remember we are coming out of what is normally a slow season so inventory hopefully will pick up soon as we get towards the more common times to move.

cheers!

@Apostolos Karnavas are you the PM as well, and they know you are the owner? If so no. If you are another tenant paying rent in their eyes go for it. 

Default is always no, if they ask why they didn't get an invite just be professional and say it was a religious party, and you don't mix business and pleasure. 

@David DeLeon if you have a lease with them that will be what matters. If cash for keys doesn't work just go lawyer up and get the problem resolved. Sometimes a letter from a lawyer might take care of everything, but you might have to go the whole way.

Haven't seen the video, but tenant screening laws don't apply to non real estate professionals renting out their own house. Eviction laws are likely going to apply especially if you have a lease.

@Tucker Myers get your finances in order if they are not. Make sure your credit is good or improving. Save Save Save. Cash makes things easier from traditional lending to creative deals. You likely won't be able to get a loan until you have some time in employment, so unless you go creative that will be the hold up. And even going creative they are going to want to know you can pay. 

While you are saving and getting your finances in order start educating your self on everything you can about the area you will be in and start networking.

Best of luck!

@Stephen Grindle if you invest inside a IRA you can't touch the cash flow without dealing with the IRA restrictions.

Also getting loans inside an IRA is difficult and more complicated so the BRRR would be difficult. If you are open to partnering I would just look at being a lender out of your IRA and be a debt partner. If you are looking to live off the cashflow I would find a different way.

@Scott Phillips buy and hold can work, but you miss the biggest advantages of tax benefits of the buy and hold. I would look more to notes. Also if you use leverage in your 401k on a property you pay taxes on that portion of income, but can't use any funds generated inside the 401k without a early withdrawal.

Cheers!