All Forum Posts by: Diana Jing

FHA is only for primary residence. Good for house hack, but you will need 15% to 20% for a rental property. Great rates right now!

@Account Closed

I've use Filipino VAs that have all been very good and cheaper than Fiver I think.  Onlinejobs.ph is where I found them.  A timeproof feature takes screenshots of their computer to make sure they stay on track.

@Justin Windham @George Blower

Do you know what typical non-recourse financing terms look like?  I'm having a hard time finding adequate financing options.  Do you have any recommendations for non-recourse lenders?  It almost seems like a lot more money is needed down allowing me to purchase less homes through a SDIRA, so now the question becomes do I take the funds out of the SDIRA with the penalty to obtain better financing to buy more homes, or the funds in the SDIRA to buy less homes?  Also, any ideas what type of penalties there is if I take the funds out?  Any assistance would be greatly appreciated!

@Justin Windham

Thank you very much for the insight. This is something I really know nothing about, but I've always heard of many investors successfully investing through their retirement accounts. I would definitely like to connect with you to learn more to explore if this is a good option for me. Do you mind explaining the difference between using an IRA vs a 401k to purchase rental real estate with? I have both, and don't really know which is better to use? Any insight would be greatly appreciated. Also, what do typical non-recourse loan terms look like? I haven't looked into any, but I know you can't use conventional it sounds like. I've only purchased using conventional loans so far. I'm in the process of getting a HELOC on my primary to access more capital, but I would like to look into the retirement account options more as well.

Thanks in advance for your insight into this!

Yes I used conventional for my first ones! 

@David Bushroe II

There is so much information out there sometimes it's hard to know where to get started.  I would suggest defining your criteria for what you want to achieve on your first investment property, and then taking action!  Don't get analysis paralysis like so many new investors.  Once you find a property that meets your criteria, and if you are working with a reputable team you trust, take action on it.  That first investment property doesn't need to be perfect, it just needs to be the first one to get you in the investor mindset.  Over time as you become a more experienced investor you will likely define your criteria further, but that will come with time.  So for now, just stay motivated, and set yourself a timeline to get into that first rental.  Good luck!! 

@David Bushroe II

I like your ambition!  I feel the same way.  How are you planning to purchase your first rentals?  Conventional financing?

@Richard Douglass

Hi Rich! I just purchased some turnkey rentals in the Minneapolis/St. Cloud area. Seems like an excellent place to invest that is growing fast! Have you looked into FHA loans for a 2 to 4 unit that you could house hack? My husband and I did that with our first home (duplex). We only had to put 3.5% down, and then 5 years later when we sold it for a gain, we did not have to pay any taxes since we lived there for 2 out of the past 5 years!! Great option to get started!!

@Riley Schaefer

Thanks for the reply! I just asked Edward about input on the SDIRA route. It looks like you have experience with that as well, so I would be interested to hear your experience as well and if this is a good route to invest with. I'm not sure about all the pros/cons of investing through a SDIRA, and when it makes the most sense for me. I've been able to connect with a SDIRA custodian on how to set up the account, but he didn't go into depth on why it is beneficial to use a SDIRA or any other options I might have. Does anyone have recommendations for anyone else to speak to about a self directed IRA to invest with? I'm currently under contract with rent to retirement for three more properties, but after this I may be a little strapped for cash and need to explore more creative options to continue investing with.

@Edward Dawson

Thanks for the reply.  Can you explain more how your 1031 & SDIRA are going?  I'm familiar with the benefits of a 1031, but I'd like to know more how a SDIRA can be used to purchase rental property.  I have some funds sitting in a SDIRA account that I have thought about, but I'm not at the point where I've had to rely on that to invest with.  I know a lot of people are using that to invest with though!  I'd appreciate your input to learn more.

All the properties are going well on my end so far.  I'm actually contracted currently with rent to retirement to purchase 3 more that should be closing in about a month.  After that I may need to explore the SDIRA route more!