All Forum Posts by: Greg Ouellette

I recently discovered that as long as it is used for the direct purchase of a home and the account is at least 5 years old you can use up to $10,000 (without taxes or penalties) of a Roth IRA to help buy real estate. I opened Roth about 3 years ago and I also have a 401k through my employer that I contribute 12% to. An extra $10,000 in a couple of years could help me avoid having to aquire PMI on my first real estate purchase. I’m planning on buying a multifamily residence, occupy one unit and rent the remaining and use the rent to pay the mortgage and other expenses, and if necessary the PMI. I’d like to hear peoples’ thoughts on whether it would be worth it to dip into my retirement to possibly avoid purchasing PMI.

@Alex Dem Thanks for the tip. I'll make sure to look out for that.

Filipe, Thank you for the advise. I've been trying to stick to a budget as much as possible but I've had a lot of unexpected expenses set me back recently. At this point I'm just tired of throwing money away by renting and I'm thinking about putting a lower down payment and taking out an FHA loan for an MFR as long as I can find one in an area where the average rent will cover my mortgage and the PMI. I don't have a down payment that I'm comfortable with yet but as long as I can stick to my budget I should have it within the next year, hopefully less. When should I start looking for a real estate agent?

Hey everyone, my name is Greg Ouellette and I'm new to real estate investment. I'm a somewhat recent college grad who's been working as an application developer for the past 3 years. Unfortunately my student loans have made it difficult for me to really invest or save much but after reading up on real estate investment I now see there are many ways in which I can afford to begin my investment career. I'm still not quite ready to make that first deal but I'm looking to make some connections for possible mentors or even partners in the future. Right now I'm renting and I want to get out as soon as I can. I think the best way to do that would be to buy a multifamily home, live in one unit and rent the rest to pay for my living expenses. Any advice on how to pursue that first deal is greatly appreciated.