All Forum Posts by: Account Closed

Thanks. I've also been getting advice from an old friend who's been doing this for 20+ years and says he bought his first house with a personal loan. I want to look into this and figure out other ways to help kickstart my RE investments.

Thank you all for the advice. I just found out that my husband's employer does not allow 401k loan. Can they do that? Also, what about other options to have a down payment/cash, like hard money lenders? I'm already looking into the pro's a cons about it. Anyone started out that way?

I am looking to purchase property to rent out. Say I have $15k in cash. Looking at cheap bank owned properties on auction that require cash only purchases, some as low as $10k. Most likely a fixer upper, right? -or- Put $12k down for a $50,000 single family home and pay mortgage on it with rent.  Which is the better option?

Thank you for the advice! I never heard of a solo 401k for me. I will definitely look into it.  The 401k is actually my husband's under his current employer. Can he roll it over, or maybe take out a loan? We hardly have hard cash on us at the moment so this is a little frustrating. 

Hello! My husband and I are learning how to invest our money into real estate. Right now we have about $5k in equity in our home, and $17k in 401k. Great credit, we have also been approved for an investment loan.
My first question is, What do you think about using our 401k or equity as part of a down payment? If so, how do we do it? Honestly, I'm not sure which steps to take first. There is a house we are interested in, to buy and hold and rent it out. The owners inherited it and is planning to sell very cheap, around $40,000. It's a nice little 3 bedroom house but needs work- electrical, hvac, windows, pipes, maybe roof. I feel like it can be a great opportunity to start with.