All Forum Posts by: Jacob Sanders

Coming down from Douglasville for what will be my very first REI meetup! Excited to learn and network.

Hi, Rashida! I’m new to REI as well, and I currently live in Douglasville. Just like you, I’m learning all I can and practicing analyzing deals that I find on Zillow, Trulia, Redfin, etc. I’m hoping to attend some of the BP meet ups in the area soon! Might want to look in to some of those. I hear they’re the best way to get started! - Jacob

Originally posted by @Joshua Nobles:

Hello everyone! I am a newbie in so many ways! New to the Atlanta area. New to investing. I am just getting started and looking for my first deal. I would like to network and meet wholesalers and hard money lenders. I'm really excited to get started and really loving all the info on BP.

 Hey, Joshua!

Welcome to BP! I'm in the Atlanta area as well. I'm new to the world of Real Estate Investing, so I'm on here all the time reading and learning. 

Hoping to be in a position to pull the trigger on our first deal by the end of the year.

That's awesome, David Zheng ! Very inspirational to someone like me, who is just now starting out. I currently have a salary similar to what you did when you first started out. What were some actionable steps that you took to reduce expenses, and save money, during that period of starting out? Thanks! -Jacob

Thanks for reaching out, @Dave Visaya! Happy to be here.

Thanks, @Edward B.! I really appreciate it. You've given me a lot to consider. I think I am going to look into the specifics of a 401(k) loan through my 401(k) provider and see if the numbers make sense. I'm also going to start crunching the numbers on some flips in my area to see if it would be worth it. 

Your last point, about using it to kick start my investing, is the main reason I was considering it. 

Thanks Edward B. ! That's good info. Specifically, I was considering a loan from my 401(k), not just a straight early withdrawal. I do know that the company I use allows for loans. I have to get the specific repayment terms and whatnot still, though. So if I understand correctly, you're saying that I need to find a VERY good deal to flip if I want this to be an option that I even consider. Because I will have the interest for the 401(k) loan, AND the taxes on the income that I make from the flip. So after all things considered, is there a recommended profit margin that I should be looking for on a flip?

I'm still new here, so I apologize if there is a better forum for this post.

I am wondering if it would be worth it to use money from my 401(k) as a down payment on an investment property (a flip preferably). What are some of the pros and cons to using this method (aside from penalties for taking money out early)? Is there a way to avoid an early withdrawal penalty?

Thanks all!

Hey Brian Davis ! Thanks for the reply. It's encouraging to know that my goals somewhat make sense. The challenge for me currently is going to be finding a place to invest in that is in an area we would also want to live in. My wife and I have not ever purchased a home, so we're hoping to take advantage of any first time buyer programs. Do you have any experience with any of those, or know someone who does? I'll check out that article right now too!

Hey everyone!

I hope you're all doing well on this beautiful Saturday!

I wanted to introduce myself since I'm new to Real Estate Investing. I have actually been a member of BiggerPockets for a couple years now, but I have recently decided to commit to Real Estate. I have been doing a lot of reading, listening to Podcasts, etc. recently and I can say without a doubt that Real Estate Investing belongs in my future. I believe that it will be something that is crucial to my long-term success.

Here are my current goals in REI:

#1. "House Hack" our first purchase of a home. Looking into this being a multi-family home so that we can have some significant cashflow.

#2. Flip our first house by the end of 2018

#3. Purchase a "Buy and Hold" property with the profits from our first flip.

#4. Get GA Real Estate License to help with future projects.

#5. Keep Flipping Homes!

#6. Build Wealth to create Financial Freedom for my family.

#7. Enjoy Life, Be Generous, and Have FUN!

In terms of experience, I don't have any actual experience. Like I mentioned, I am currently in the "learning" phase of the journey. Trying to network, learn, grow, make a plan, and take some actionable steps to knock out my goals!

My plan is to be active on the BP website at least a few times per week for now. I look forward to "meeting" as many people as possible, and I'd love to grab some coffee or lunch with anyone in the area willing to let me ask a ton of questions. :)

Have a blessed weekend,

Jacob