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All Forum Posts by: Christian Rodriguez

Christian Rodriguez has started 2 posts and replied 6 times.

Post: Can i take out all of the money out of a 401k account ?

Christian Rodriguez
Posted
  • New to Real Estate
  • valley stream, ny
  • Posts 6
  • Votes 8
Quote from @Chris Seveney:
Quote from @Christian Rodriguez:
Quote from @Chris Seveney:

@Christian Rodriguez

How old is your mother?

More importantly / Why would you ever take someone’s entire retirement amount and invest it in one property?


 My mom is 53 years old and she wants to invest the money through real estate instead of it sitting in a 401k account not making any money on it, her retirement is very well assured or else she wouldn't be taking the risk she is by throwing it all into real estate !!

If she is working at that company she cannot take it out. she potentially could get a loan but that would be a question for the plan sponsor. No one on BP can really answer that only her employer can. Curious though how has a 401k that has been sitting not making any money, the markets have been nuts the last 3 years.

 No i apologize i worded that wrong, i meant she wont be making any money on the account because she is leaving that company this month and is asking me if i could find a property that cash flows so we can use the money she has in the 401k to buy it instead of putting it into a CD. thank god for the bigger pockets community for helping me realize i have way more research to do!!!

Post: Can i take out all of the money out of a 401k account ?

Christian Rodriguez
Posted
  • New to Real Estate
  • valley stream, ny
  • Posts 6
  • Votes 8
Quote from @John Morgan:

@Christian Rodriguez

Some plans allow for it if you’re under 59 1/2. Mine does not. Check with your company’s plan. However, I’ve take five 401k loans up to 50k to buy houses. Maybe that’s an option too?


 i would have to check with her company but i don't think so. Yes that can be an option but at the moment right now i have a deal in the works where i would need more then 50K to be able to make the numbers work 

Post: Can i take out all of the money out of a 401k account ?

Christian Rodriguez
Posted
  • New to Real Estate
  • valley stream, ny
  • Posts 6
  • Votes 8
Quote from @Chris Seveney:

@Christian Rodriguez

How old is your mother?

More importantly / Why would you ever take someone’s entire retirement amount and invest it in one property?


 My mom is 53 years old and she wants to invest the money through real estate instead of it sitting in a 401k account not making any money on it, her retirement is very well assured or else she wouldn't be taking the risk she is by throwing it all into real estate !!

Post: Can i take out all of the money out of a 401k account ?

Christian Rodriguez
Posted
  • New to Real Estate
  • valley stream, ny
  • Posts 6
  • Votes 8

Still working on finding my first deal but luckily have found my market ! Now i have been tasked with helping my mom invest the money in her 401k account, I was wondering if there was a way to be able to take out 100% of the accounts balance to buy property with it . I'm not too familiar with this form of financing would love some advice on how to capitalize on it !!

Post: Is ohio a landlord friendly state?

Christian Rodriguez
Posted
  • New to Real Estate
  • valley stream, ny
  • Posts 6
  • Votes 8
Quote from @Jude Campbell:

Hi Christian!

Ohio is often considered pretty balanced when it comes to landlord-tenant laws.  Like any state, there are specific regulations you must adhere to.  

Here are a few I would suggest as important: landlords can evict tenants for non-payment of rent or violation of lease terms - Ohio requires a three-day notice to vacate for non-payment of rent; landlords must return deposits within 30 days of tenancy termination; Ohio law protects tenants from retaliation if they've reported a violation to a government agency, joined a tenant union, or exercised a legal right.

Reach out if you have any questions!

Jude


 Thanks for the great info will definitely put it to good use and hopefully will be in touch in the future !!!

Post: Is ohio a landlord friendly state?

Christian Rodriguez
Posted
  • New to Real Estate
  • valley stream, ny
  • Posts 6
  • Votes 8

My name is Christian Rodriguez, i am a real estate investor starting out still trying to find my first deal in the (US) preferably in Columbus, Ohio is where i am focusing my time on analyzing deals. Im wondering if anyone can tell me if they've had any past experiences, good or bad, that i should know about before really pulling the trigger, and also if the state of ohio is a tenant friendly or landlord friendly state.

this is my first of many more post to come from me about this market so bare with me here !!

Hope everyone is having a great year, Thank you!