All Forum Posts by: Jaden Lowe

What are your thoughts on working with a start up construction company? Their work seems to be very quality + they have invited me to come view their projects/product as I request. I met him through mutual acquaintances and he seems to be a good guy who's just looking to grow, just as a lot of us are.. I'm going to have him come do a walk through on my PR to do some potential work. Bought the house turn key but its an eye sore that needs some love but if all goes well, I'm going to consider using him for projects going forward. He also let me know that he is willing to provide his services for renovation cost estimates on properties we have eyes on. Just wanted to hear if any of you have had good (or bad) experiences with trusting your gut like this and working with someone like so, compared to the normal vetting the top of the top GC's in the areas. I believe this is how I build relationships so I'm going to try and go for it!

Quote from @Paul De Luca:

Quote from @Jaden Lowe:

Wondering what people’s personal experiences/thoughts are with turning their primary residence into a LT rental property! I know there’s emotional side to it seeing it’s a lot of people’s first home purchase. Me being one of them! I was hesitant to thinking of even touching my primary residence but the more I think about it I believe it’s a good bet: There are obviously risks in anything. But to think about the mortgage being paid for a few years by someone other than myself .. Not too sure why I wouldn’t cut one of my biggest expenses if possible! Thanks

 If the numbers make sense and you've found a new primary residence to move into, go for it! Especially if you bought sometime within the past few years, I'm guessing you have a low interest rate/payment on your home so that should make the numbers appealing compared to purchasing another property at today's rates.

Thank you Paul! Appreciate the information and input!

Quote from @Jaron Walling:

@Jaden Lowe My first property is now a LTR. We gutted and remodeled the bathroom, replaced the roof, replaced the water heater, replaced the sump pump, and bought new washer/dryers. There was a bit of emotion initially but after 2-3 years (beyond the 2/5 capital gains exclusion) you won't look back. If you're considering this I recommend repairing, replacing, or remodeling "trouble" issues. Look for and replace leaking drains, shower heads, toilets, or anything cheap that's going to cause future issues. You'll thank yourself if you're self managing properties. Best of luck. 

 Thanks Jaron! I appreciate that!

Wondering what people’s personal experiences/thoughts are with turning their primary residence into a LT rental property! I know there’s emotional side to it seeing it’s a lot of people’s first home purchase. Me being one of them! I was hesitant to thinking of even touching my primary residence but the more I think about it I believe it’s a good bet: There are obviously risks in anything. But to think about the mortgage being paid for a few years by someone other than myself .. Not too sure why I wouldn’t cut one of my biggest expenses if possible! Thanks

Quote from @Chris Seveney:

@Jaden Lowe

Quest trust

Madison trust

Midatlantic

AET

Here are a few

 Thank you! Will look into each of these. Appreciate you reaching out! 

Quote from @Eudith Vacio:

Hey @Jaden Lowem - what are you looking to do? is this for self-directed IRA's?

If so, I would check out directedIRA.com, they have great resources and videos you can watch through Mark Kohler who is a CPA that explains everything on there, too. 

Hello! I’m basically looking to use my current IRA as a way to purchase my first long term rental property (down payment / most closing costs) without spending a lot of out of pocket cash. I already used an FHA loan on my primary residence and want to perhaps get another rate relatively close to the one on this property. If I can, my IRA covers closing + DP. Just wanted to hear if any others have perhaps gone the same route or tried to and where they may have gone! Thank you for the tip I definitely will try that out! I appreciate you reaching out.

Hello and Happy Tuesday everybody. In the Chicago area, I'm looking for recommendations / referrals to some reputable IRA firms. I'm not sure if it's best to work with someone near me, or if it matters a whole lot. If there are any companies that you guys have worked with that you would recommend i'd be glad to hear! Thanks so much!

Has anybody transferred from a traditional IRA firm (Edward Jones, etc) to an reputable Investing IRA, where they will let you invest in rental properties, not just a primary residence? I'm looking to transfer my entire portfolio over to a company who is aligned with what I'm trying to do and will potentially allow me to use the funds from said account, as a down payment for a property. (I'm not sure if that is possible.. just thinking out loud) Wanted to ask you guys and see if that's something relatively close to anything anyone's done here!

Hey y’all and Happy Monday! 

I am a new member to the Bigger Pocket Forum and I have been doing my self education for about a year before I had even found out about Bigger Pockets in any facet! So when I found the podcast I truly was so thankful to find somewhere that I could actually understand the information being given. I’ve been doing my homework, running the numbers and crunching to see if i’m anywhere near where I want to be and I believe i’m close. I’m currently in my process of purchasing first rental property in Illinois, SF or low level MF. Going through my financing process as of now to see exactly what we can work with! I would love to connect with other investors in the area who might be interested in bouncing ideas off one another / how you plan to go about your own strategy, and see if we can help one another in some way or another! Whether it’s phone calls, emails, or texts messages just getting in tune with people in the area is something i’m very excited about. No pressure or stress if that’s obviously not your thing! I hope to hear back from some of you and hope the day is great! Thanks so much! 

If any of you have personally worked with reputable contractors/companies for your projects, please do refer them down below. Trying to get a list together for some projects (Single Family) and I want to hear who's been the best for you guys. Thanks!