All Forum Posts by: Evan O'Brien

Hello! With a Multi-family rental property what utility costs are expected? Is it possible to have the tenant pay the utility costs if their unit in the property is individually metered for electricity, heat and water? And what is the process for a having each individual unit in a Multi-family property individually metered for utility costs?

@Jason Wray thank you so much for the information Jason. Another I question I have is once the “seasoning period” on the rental property I just purchased ends and if I’m approved to do a cash out refinance on the equity that I put into the property am I able to take that equity and pay off the loan I took from my investment account in full? Or does it depend on the type of investment account and brokerage?

Hello, my name is Evan O'Brien and I'm interested in purchasing my first rental property by taking a loan out on either my 401k TSP retirement account (I'm employed as a Social Worker for the Department of Veterans Affairs) or my brokerage account through TD Ameritrade. What is the process of obtaining financing on a property with a loan from your investment accounts? Does the lender require the completed loan application on your investment account to be provided with the appropriate financial documents? Do you need to provide a letter stating that you're approved to take a loan out on your investment account? Is there an initial process that needs to be followed? Would love to connect with any BiggerPockets members who have experience purchasing rental properties with this strategy!

Are you able to do the BRRRR strategy by only paying for properties with cash? Or can you also utilize this strategy with loans and putting a down payment on a property?

@Will Gaston I appreciate the feedback thank you so much. If you purchase a rental property through seller financing and the seller is acting as the bank and a balloon payment is established in the note, can the loan be renewed at the date of the balloon payment with the seller?

When you purchase a property either through seller financing or conventional financing with a balloon payment, are you able to refinance the property before the due date of the balloon payment with a lender? If so what is the process to do this?

Any suggestions of how much money you should have saved up before purchasing your first rental property?

What do should a person look for when hiring a property manager/property management company to manage your rentals?

What’re the best cash flowing real estate markets to purchase rental properties in Pennsylvania? I live on Long Island and I’m looking to purchase rentals out of state (2-3 hour driving distance from Long Island if possible)