All Forum Posts by: Edward Kiser

I bought a house with my VA loan in Jacksonville NC and was hoping to have it rented by October. However Hurricane Florence threw a wrench in those plans! My insurance is covering repairs which should be done in a couple weeks. I want to manage the property on my own but am looking for suggestions on how to market? Also once I do screen and choose a tenant, what legalities need to be put in place to ensure I get paid, my tenant is happy and I don't lose my butt if the place gets trashed... (Fingers crossed) Of course I need a contract but other than a good contract what else do I need to be aware of? Also what makes a good contract and where do I get one? I'm a newbie I could list a million more questions but I hope your answers lead me in the right direction! Thanks!

Lets say I were to invest in a business, and made some sort of profit.... Would that profit go into the IRA or would that be considered a personal gain?

Thank you gentleman for the advice and prompt replies! Your input and creativity is much apperciated. I will do some more homework on this topic.

I have about $20,000 in an IRA I set up right when I enlisted in the Military. I'm wanting to fund my first real estate investment but don't have the cash. Can I use my Traditional IRA to facilitate something like that? And if so what kind of penalties, tax related stuff are invloved? Are there any do's/ don't associated with this?

I need help on a certain scenario I am in. I am currently in my due diligence period on a single family property in Jacksonville NC. Basically I don't know what I have regarding to the BRRRR strategy. I am looking at a single unit in a duplex for $58,000 that was just appraised at $58,000. It looks beautiful cosmetically but has some underlying issues that the seller has agreed to fix. I am using a VA loan with no money down. It being a VA loan I have a buddy (roommate) that will pay $700 a month to rent out his room. (VA loan requires this be my primary residence until I move, refi, etc.) My mortgage, property tax and insurance are running $450 a month. (I have all the details on the Bigger Pockets calculator) with all my Cap ex, vacany, and such accounted for. It only cash flows at $25 a month. I'm new to this but my REA recommends treating the property as my own home until I get out of the military in a year or so, at which I can rent it out without having to worry about VA loan stipulations. How do I force equity out of this home to refinance and use to aqquire another rental property? Is there even any equity in this home? I apologize for any confusion, I'm new to this and feel a little bit over my head. I knew I needed to start somewhere.