All Forum Posts by: Mary P.

Hello - thanks for your input - I was looking a house in a small community near me with an eye to possibly moving into it and renting our own home. It's beautiful and in a nice neighborhood. The house next door is much smaller and was purchased to be a rental by someone who needs to move due to their job. The house is completely gutted and they are asking $10k for it. We could buy this house cash but I don't even know how to begin analyzing it as a potential investment.

What do I need to know? What questions should I ask the owner? I know I should find out more about the neighborhood (I haven't physically visited yet - it's been all online viewing.)

Not sure I'm giving enough information to get input - just curious how to even begin assessing something like this...

@Chris Nordella, congratulations and thank you so much for posting about your success. I'm in KC and am just in the start up mode, learning and getting started. It's encouraging to see so many people say they think this is a good market - especially @Jay Hinrichs who's BP podcast was the first I listened to and WOW - what a story and so therefore, a high recommendation of my city. 

I'd love if you'd pm me the turnkey folks you worked with for my information. Also, I can be some eyes and ears and even a talking head here on the ground if anyone is interested in partnering up with a beginner who is eager to learn and grow!

Thank you @George Blower - very much appreciated!

@Brian Eastman - Thank you for your prompt and thorough response! We are wanting to invest. If you'll indulge me another question - Would we need a business entity to clarify that or could we do it as sole proprietors?

As for the beneficiary account, that is where the bulk of our funds (it's not that much) and likely what we'd use for a down payment. I will have to talk with the husband about all of this. Thank you so much!

@Bernard Reisz - that's good information. I will have to do some more research on a solo 401k. Thank you!

Thanks in advance for answering this for me:

If we take money from our IRA or SEP to fund an investment property, what kind of tax implications would that have?

The IRA is actually a beneficiary IRA and the SEP is pre tax cash from our personal income (we are both self employed).

@Joshua Engemann, I am also in KCMO. I'm brand new to Bigger Pockets and REI, so we have a bit in common!

I don't think anything will stop me once I have a better grasp of the process and some good models and the right opportunity. It's a steep learning curve!

I'm interested in starting with a duplex and I'm wondering if it's wise to go through some sort of pre-approval process so that I know what I can finance or should I have the property specs in hand before going for financing. I'm curious how to gain financing without having a bunch of dings on my credit from credit checks.

Any insight is greatly appreciated!

Hi @Rachel Nodland, I just sent you an email. This property is near where I live and I'm interested in learning more about it. Thank you!

@Andrew Syrios - Oh it did! lol. Actually there's a lot of very informative stuff in there. I'll be digging deeper into your posts. Thanks for being so generous with you knowledge and experience!