All Forum Posts by: Derek Harden

 How come?

 Yeah I figured it'll be difficult to find something that cash flows right away due to interest rates but I'm a patient guy, I'll be learning about creative financing soon just in case it makes sense to go that route and if I have to do something like MTR's then so be it.

Regarding the down payment, I'm saying that my intention is to withdraw my contributions from my Roth IRA so as not to incur any taxes or penalties but only if the returns on real estate are as good or better than what can be expected in the stock market. We do have a cash savings available but I'm trying to preserve that for our home that we build unless COC returns can be expected to replenish what we withdraw by the time we want to build.

 Thank you very much

Well I'm glad to hear that we shouldn't have a difficult time qualifying just because we are 1099 contractors. 

@Kristen L Garner what are back statement loans? I've read about DSCR loans in Chad Carson's latest book and that certainly piqued my interest but I've got some research to do in order to fully understand them.

I appreciate the help! And @Ryan Muska I appreciate you offering your time, I'll keep that in mind as I enter this new world.

Derek

 That makes sense. Thank you for the explanation.

Is there any concern for liability? My worry would be that somebody gets a bit to inebriated and decides to be a hero and cranks the heat up past what they can handle and ends up in some kind of medical situation. 

I suppose if it's electric you could limit the temperature to something more mild.

Hello everyone,

I am a new real estate investor looking to jump into the real estate pool. My wife and I are in our mid 30's and are currently at Coast FI via index fund investments through retirement accounts. I am interested in utilizing long term rentals as a way to cover our required income needs so that we can live a true FI life. 

Issues that I am looking at right now are:

-We are both 1099 contractors so it seems that lending will be difficult to acquire 

-I only have availability to a down payment of $29,000 in my Roth IRA (contributions) as long as the numbers show an equal or a better return than what can be expected in the market

-We intend to build a home by 2025. Will having investment mortgages affect my availability to acquire a personal mortgage? 

The plan at this point is to preferably invest locally here in Michigan but if numbers show that investing remotely will produce better cash flow then I am not against doing so. 

I look forward to learning from the community!

Derek