All Forum Posts by: Com M.

@Vincent Buggs I'm not sure about the cost of the HELOC but do know about pulling money from your 401k. When you pull money from the 401k as a loan this is not reflected on credit, and you pay back before taxes, also the interest paid goes to your account. In my current company the interest rate is 6%, and a set tiered fee schedule (does not go to your 401k this goes to your 401k provider).

Which is better depends on tax brackets and state tax rules.

I guess it really comes down to overall cost and which can help you create wealth more quickly. A HELOC can be used to finance initial purchases and repairs, then paid off with a quick refi for ARV equity, and used over and over. The 401k loans are not as easy to utilize and can be limited depending on the rule of your plan and group.

Best of luck, can't wait to hear how this goes.

@Mark Nolan Thanks so much!  I already purchased every book suggested in the BP reference section and both the Real Estate Investing and Real Estate Management books published by BP... Its a lot of material but I am enjoying all of it.

@Brett Synicky Thanks for the links, I hadn't seen the meet page so it is really good to know.

@Bryce Sawyer That is almost my exact intro story too, except 36 today and 2 kids!  Welcome.

@Michael S. Thank you so much for the welcome! I'll be reading up and chiming in when I can help. Its great to find such a resource for REI and on an online forum that is right down my alley.

I appreciate the welcome and look forward to whats next!

Hello BP community, my name is Com, I'm 36 and I'm a new member here to learn and share. 

Currently I am a full time IT exec in Southern California, but am working to build a rental portfolio as a family business. I do have a background in Mortgage Finance and have purchased homes before just never as an investment, that has to change! My goals are to find a market friendly to investors and purchase my first property this year.

I look forward to meeting all of you and learning as much as I can.

Thanks

Com