All Forum Posts by: Corwin Hernandez

Sorry for the late reply, I attended the meeting I believe you're talking about at four points and thought I saw you but wasn't sure. My apologies! There is another one this Thursday I plan on attending. I'm interested in York county

Welcome to BP! I'm new to the area but looking to invest in the York County as well. Just got preapproved for a loan and am looking at properties this weekend with my agent. Looking to hopefully find my first dalal after saying it instead of doing it for 2 years. Since we're in the same area, I'd love to get together sometime and talk real estate. Good luck with your goals

Yes the owner owns it free and clear along with a couple more rentals. That's what I told him because I dont believe it's a very good deal because the seller bought at the height of the market and wants as much as he paid for it. Also, could one of you tell me how to mention someone in a forum post here? I'm not sure how to do that, only reply to posts

@Dennis M. The rent he pays is $900 but with the garage, altogether it is $1,125

I have a friend who is interested in real estate investing and currently looking at different properties in the Dove Pennsylvania area. He is currently renting and wants his landlord wants to sell. His landlord bought at the height of the market in 07' and wants $120k for the single family, 3 bed, 2 bathroom house. It needs an updated kitchen and some repairs. The average fixed up home in the market is selling for around that $120k mark or just above. My friends concern is that the asking the price doesn't justify the home because of the numbers. After the mortgage, cap ex, maintenance, planning for vacancy, and property management, all factors we've been using when running numbers on a property based off the information gathered here on BP, it would only cash flow $26 a month at a purchase price of $100k. However, the garage is rented out for $225 a month. It is a 2 car garage and it's current use is fixing vehicles. After that, it cash flows over $200. However, my friend's concern is if the garage being stops, could he rent it for just as much? What is the typical amount a garage is rented for? Would it be a good deal if it doesn't cashflow without the garage? Also, is there anyway to deal with a seller who has bought at the height of the market and is trying not to budge on the price too much?

This wasn't the exact link I was looking for but I appreciate it. I think in a webinar or YouTube video, Brandon Turner mentioned he recorded Amanda and himself going and actually setting up his own personal self directed/ solo 401k

@Dmitriy Fomichenko thank you very much. I will be sure to take a look. I appreciate the help

I can't remember where I heard @BrandonTurner say this because he's all over haha but I have a meeting with a financial advisor next week and would like to go over the video and or audio he has mentioned was recorded of him and Amanda Han, his CPA making and discussing the self directed 401k. I have listened to the podcast but I'd like a little more insight of it actually being made to go over with my financial advisor. I've browsed the forums and can't find it. This has been my strategy I have wanted to implement for a while but just have been putting it off. Any other information about the solo/ self directed 401k would be helpful

1. Originally posted by @Dmitriy Fomichenko:

Corwin, you can reach out to @Steven Hamilton II or @Brandon Hall, both are active members here on BP and work with investors. 

 I will definitely do that, thanks so much 

They do allow you to take loans against the 401k. I spoke with a colleague earlier this week who had done the same thing. However, long term I can only borrow so much against it (up to $50K I believe) like you said but you have to put everything you've borrowed back in before you can borrow against it again and to the best of my knowledge, can only do this once a year. I just relistened to the podcasts with Amanda Han and was wondering if I could open a self directed 401k and invest out of that by putting my money into my company 401k and keeping the contributions my employer matches and moving am of that money every quarter or so while still keeping the 401k with my employer open to still have my contributions be tax free as well as keep the money my employer matches. I also have many other questions I need professional help with and am looking for a real estate savvy CPA who can help me develop a plan/strategy to get started investing