All Forum Posts by: Derrick Dill

I took mine out for one time withdrawal for first home purchase. I took out 10k (maximum) after it was open for 5 years with no penalties/taxes.

It's a retirement account and there are special circumstances where you can take out the earnings early like my situation or school expenses, but for the most part you have to wait until 59 1/2.

5 years from when you opened your ROTH account.

the 5 years is from when you initially open the account. You can withdraw all the contributions. You contributed 18k in your example, you can withdraw all 18k with no penalties. The earnings your 18k contributions made, (around)~6k will have penalties if you try to withdraw them.

Basically the $ you put in has no penalties when you take it out, but the $ that was made has penalties.

If you want no issues, just take out the 18k contribution

Refinance your FHA to conventional. Purchase next property closer to work, use FHA again, have to live in it.

1. If you made 10k in rental income it's added to your adjusted gross income. Let's say for example, you made 100k from your job, then your income will be 110k (100k + 10k rental income). You always pay taxes.. you can lower your tax burden with (taxes, insurance, interest, depreciation).  These are not examples of rental "loss".

There will be a box that very specifically annotates "rental income" and you can MAKE SURE it's included.

2. This varies between lenders, but generally they use 75% of the rental income (ex. rent is 1,000$, they include 750$ in your DTI) until you get a full year of rental income, then they can report the full 1k in your DTI.

3. Yes.

Disclaimer: I'm not a tax professional, just a real estate investor who's familiar with tax code.

I'm not a citizen over there, so I'll have to look at my options. I have family over there and I trust them as much as you can ( I know Filipinos, haha).

I wouldn't plan on taking out any debt for the project, 40k is still within the realm of possibility for me.

Thank you guys for your input, will really help me.

1. Dispute anything incorrect on your credit report

2. Raise your credit limits on CCs by asking for credit limit increases. Higher credit limit = more available credit and lower credit utilization (because you're using less of available credit).

Thanks for your input Shaheed.

I'm considering 4 floors of 4 bed/2 bath each floor. I'm excited at the prospects

Hey BP,

My grandfather recently passed away (Filipino) and he left me land walking distance from University of Antique. I was thinking of doing student housing there. I've been trying to do my due diligence, but it's proven difficult to find quotes for the area. From what I've gathered I can build nicer student housing for about 20k (USD).

Couple questions:

1. Is the 20k I found a reasonable estimate?

2. What can I expect in rental returns (USD) / month?

Thanks in advance!

Any insight in greatly appreciated!

I prefer SFR cause HOA fees can hurt returns. HOA fees can also go up depending on the association.