All Forum Posts by: Steven Steele

Good Afternoon Biggerpockets!

I am in need of an accountant with knowledge about crypto tax. Any references would be greatly appreciated

Thank you,

Steven

Good afternoon BP,

I am curious how you all would invest $25,000 without income to qualify for a mortgage. Would you all wait until you get your income back?

Hey Sarah,

Have you found a property over the past 3 months? What type of property are you looking for, SF, or MF?

@Anthony Dadlani Thank you! It has been a 6-year journey to get to this point.

I have yet to develop a track record. I got a pre-approval back in Nov. and was working with a Realator looking for my first property. I was/and still am more interested in buy and holding Multifamily properties, but due to the circumstances, that plan is temporarily put on hold.

I never really saw myself as a flipper perse, but it will be a valuable skill to acquire.

As far as funds, I only have $50k liquid, and $38K available credit. I understand there are mixed feelings about using credit for flips, but I have a high tolerance for risk, and I wouldn't use credit for a buy and hold.

Steven

Good Evening, BP!

I was laid off at the beginning of May, and I don't see my job coming back anytime soon. That, plus the fact I can't find a job that pays close to what I made, is going to make it challenging to qualify for a mortgage. I did go back to finish my BS, which will give me a decent pay increase, but I would prefer not just to sit around and wait until I can qualify for a mortgage.

So, Until I find a replacement for my lost income, I am looking for a partner with experience flipping houses in need of an extra hand, or a cash infusion to complete a project. I have a lot of free time, which will allow me to do any physical work.  If you have any ideas of creative ways to finance without an income, I am down to hear them.

Thank you,

Steven

awesome! I just watched your case study, and applied to join your team. Crossing my fingers

@Pamela Sandberg, are you finding a lot of properties with a casita/in law suite here in phoenix?

Do you have any groups in Phoenix AZ?

@Kevin S. I still have income, from side gigs, so money coming in isn't the issue. I just don't have money coming in from the a place that I have worked for 2+ years

Good afternoon, everyone!

I'm looking for some advice.

I was furloughed on March 8th and "temporarily" laid off May 31st. The initial furlough caused me to go back to school to finish my BS which I am about 1.5 years away.

Here's my "situation":

1. I don't like the job, but I made good money.

2. As soon as I finish my degree, I plan on getting a new job.

3. I will be very surprised if my department gets back to business within a year. (I'm a banquet server in Phoenix, which is being hit hard by COVID)

With all of this in mind I called HR about rolling over my 401k, which she told me I was unable to because I am still "technically employed" even though I have been laid off. I asked her if I could resign, and then re-apply once business picks up, but she said there would be no guarantee the position would be open.

So as of right now, the ONLY benefit of me staying is having my job back if/whenever business picks up.

What I'm having trouble deciding is.

*Does it make sense to resign and roll my 401k over and start investing in Real Estate (I'm leaning towards bi/triplex rental in a different state, since PHX prices are crazy now.) If so how does that work with qualifying for a mortgage, since I will loose my 5+ years of steady work history.

*Should I just wait until I have 2 years of new work history, and then roll it over?

I spoke to a gentleman who mentioned taking out a loan against my 401k, but I'm not sure how that would work for what I want to do