All Forum Posts by: Dennis Parslow

I am also having a hard time getting an answer to this question;  Can I pay it off early, as soon as I can refinance, for instance?  The figure given shows the interest as a lump sum, indicating you may have to pay all of the interest no matter when you pay it back.   Does anyone know?

Ah, there's the rub; I can't liquidate because I still work for the company.  Therefore, the loan is my only option.  Yet, the lenders tell me that they don't like it because it's essentially 100% leverage at that point, in their mind.  Even though the loan is from my future self.  

https://www.biggerpockets.com/member-blogs/12752/88574-find-a-realtor-to-start-your-investing-team

Lenders, lenders, and more lenders.  That has been my focus this week.  I've seen a few properties, and analyzed a few as well, but mostly it has been talking to lenders from hard money to conventional and some 'in-between'.  I believe i'll have the financing once I get a good deal to bring to them now.  I was given one contact, who didn't work out for what I'm doing right now, but led to another contact who seems very promising.  Then, because I"m posting about my progress another lender reached out to me, and that too seems promising.  The more I reach out the more momentum I gain.  A body in motion tends to stay in motion...

So far, the hard money lenders I've spoken to only work with entities, not individuals.

Yes, I will have to pay the taxes whenever I take the money out, and assuming I'm 'going to be in a lower tax bracket' later is not enough argument, since I hope that's not the case.   My plan is to use the money many times to create enough wealth to use while I'm still alive and establish wealth for my children.   There is some perceived risk, and as a Project Manager I always focus on risks, but I've decided.  Thanks,

Thank you, @Andrew Postell.  I have weighed the option for over a year and I have decided to liquidate, rather than take the loan.  In the end, it came down to confidence in my own bilities after so many successful years managing major projects and programs for Fortune 500 companies, and completing two sucessful live-in flips at the same time.  I'm taking control of my own money and future, and I feel good that one more decision is made.  Analysis Paralysis be damned.   

This week I spoke to several more lenders and visited more properties.   I've decided to liquidate my 401k next week.   I did find a property I really liked, but it was snatched up just after I looked at it.   So, today I drove around more and took down addresses that looked vacant or distressed. Ttomorrow I will search county records for each of those.  Finally, I called one for sale by owner property and practiced some of the techniques taught by J. Scott and David Greene, Grant Cardone, and others.   I found out he did some of the electric work himself, has a renter in 1/2 of the duplex paying only $500 because he has part of the ceilling torn away from a project he started and didn't finish.  I also found out he's not negotiating the price.  So, I plan to put together several offers for him next week.  

I've created a member blog called "Deal Won" and will begin using that to track my progress for those who want to follow along.