All Forum Posts by: Craig McLaughlin

@Saqib Raja. Your age is very important also. If you are older and close to being able to avoid the penalty (55yo?) then you should probably wait. Personally, I did take a withdrawal and pay taxes (penalty was waived for Covid) because I knew I didn’t want to wait until “retirement age” to have access to that money. This far it’s worked out ok.

Thanks everybody for the responses.

I am thinking about using a recently acquired property for solely Airbnb. I am curious if anybody has been able to get a bank to do a cash out refinance on an investment property that has no lease? My plan is to buy with cash, do a little updating, furnish it, put on Airbnb, and then 6 mo to a year later, do a cash out refinance. Thanks in advance.

Hi all,

I currently have lived in my primary residence with my wife for 10 years.  I have recently taken a new job about 100 miles away.  Am I able to purchase a house at the new location with cash, live there as MY primary residence while working for the next 5 years while my wife still lives in original house, and then when I'm ready to retire;  sell the 2nd(newer) one, move back into original, and not have to pay taxes on any appreciation since it was MY primary residence?  Also, would I be able to rent a room or two out at the new place or would that get even more attention from IRS.  I am not looking to be shady, but this situation, if allowed, would really benefit me.  Thanks for all the input

@Jay Mersfelder. Just got a rate locked for 5.75% for 30 year loan.

@Bryan Campbell. I believe that within 10 years bitcoin (not “cryptocurrencies “) will operate as everyone’s de facto savings account. Right now with the current tax code, it’s hard to see it as a day to day payment system. Since I can put bitcoin into an account and know that nobody will ever be able to inflate it away I feel more secure for my future. I think once people realize this, many financial planners will be out of a job. Just my $0.02.

@Logan Aldinger

Welcome. I thus far only have done 3 single family homes in Cedar Rapids area but wouldn’t mind somebody else to talk thing over with. Message me anytime.

@Tom Arttus

There is a provision in the house reconciliation bill currently working its way thru Congress that will disallow a 401k and IRAs from investing in non-registered securities. Which I believe includes all real estate. Bill also says (as of now) that IF a retirement account is invested in non-registered securities; you must dispose of it by dec 31st , 2023. Proceed carefully until this bill passes as is or not.

I just heard that in the reconciliation bill that may soon be passed, there are several major changes regarding real estate coming. Specifically, you would not be able to invest IRA or 401k money (including self-directed) into ANY NON-REGISTERED SECURITY, which is what most real estate is. Further; if you have invested your IRA or 401k money into any non-registered security, you must "dispose" of it by December 31, 2023. It's in House reconciliation bill sec. 138312 and 138314. Not law yet of course but seems like a major change coming. Thoughts?

@Robin Brown do you happen to remember the books and/or articles you read?