All Forum Posts by: David Barnett

 This is very interesting.  If you don't mind me asking, how many of your clients are using BLM signs as criterion for a neighborhood that they would like to live?  I was wondering if you'd mind sharing the profile of these clients?   Are they younger/millenials?  Blue collar/white collar?  Curious to hear the demographic data about who is using this item to narrow down their house search.

My thoughts are as follows.

If you'd like to purchase real estate, it might make sense to reduce your 401k contribution to save for your first purchase.  I agree with Steve that you would want to make sure not to reduce below 4% to lock in the match.  I would never recommend not contributing the minimum to get the match.

I wouldn't take out your 401k funding to invest in real estate (even if you can).  I believe with the CARES ACT, you'd need to show that COVID-19 affected you to be able to take out funding.  Plus, you'd unplug your investments and would be taxed on any 401k funds that you take out.  It also depends on your employer's rules.

A roth/roth 401k might be a good option for you.  If your employer has a roth 401k option with good choices, you could use this if interested in contributing after tax.  You'd be in a low tax bracket and would be paying taxes on a lower rate with tax-free growth (important with how young you are).

A Lowe's/Home Depot card's interest rate doesn't matter as long as you pay it off in full each month.  The key to credit cards is making sure you pay it off in full each month.

Yes, opening up multiple lines in one month or having multiple hard inquiries in short succession will result in a drop to your credit score.  It will likely return to normal in 3-6 months assuming you don't have any negative marks.

I agree with @Ann Shanley, wear a long sleeve shirt and problem is solved!

I would pay off debt/improve the credit score first.  Sure, one could buy a property with creative means (seller financing, etc.), however a good credit score/less debt will leave you with more options (conventional purchases).  I view it as an investment to make future investments easier (more options).

Another thought that I didn't see addressed above is what type of bank/financial institution are you looking at? Are you looking at a local bank, regional bank or a big national bank (like Chase, Wells Fargo, Bank of America)? If you are looking at a big bank, a HELOC might get yanked, depending on how the COVID situation plays out (and how the economy rebounds or doesn't).

I would go to Google and type in principal and interest amortization schedule.  You should be able to run it out for whatever period you'd like, at whatever interest rate and get a month by month break-out of total payment, the principal portion and the interest portion.  

A little late to the party.  6 units in total, all paid in full.  All paid within the first 5 days of the month (grace period).  

@Puja Shah I quickly skimmed through the responses and wanted to throw a quick item out there.  You'll probably pay somewhere in the $22k-$25k range for closing costs.  I sold a condo last year and my closing costs were about 10% of the sales price.  

@Randy Bloch I use Insurance Warehouse out of Golden Valley and have had good experience with them.  They are timely, were able to negotiate on my behalf and are quite responsive.  

Just like flipping, kitchens and baths sell houses and help rent units quickly.  I make sure that these two areas are updated.  I also agree that nice flooring is pretty important.  I'm against carpet and will only use LVP or refinish hardwood if it is there.  The other thing that I've noticed that really helps rent and keep tenants is in unit laundry.  Is it a bit extra?  Sure.  However, I think it helps bring in quality tenants and minimizes turnover.