All Forum Posts by: Colleen Pelliccia lavin

Hi there, Lisa Phillips has mentioned http://www.narpm.org before. It's the national association of residential property managers. Maybe that would help.

Congrats! That's a major accomplishment!

That makes sense too but before that I need some help strategizing my first purchase based on the money available to me.  I have a few family friends who have invested in real estate, I think I need to reach out to them. Thanks so much.

great advice thanks!

Thank you everyone. I really need to do some serious planning. 

Thank you Lacey!

Thank you so much.

Wow. Ok so I know it's controversial, but I'm considering cashing out my 401k to use for a down payment. I own my primary residence and doubt I'd qualify for another significant mortgage.

So I'd have a down payment but that's it. In my mind, my only option would be to pay for a less expensive property with cash (out of state, I'm in California). After penalties & taxes I'll probably end up around $80K.  Then I could get some experience. 

Does that sound like a reasonable next step? Thanks in advance!

Great info! Do you always have to qualify for the mortgage based on your income vs rental income? If there are existing tenants? 

We're saving up to invest in the next year or two.  If I approach a lender with 20% down but no landlord experience, will there be a problem? How can I prepare now?

Thanks!
Colleen