All Forum Posts by: Jaren Woeppel

I'm looking for some meet ups and mastermind groups in OKC that are not all about pitches and sales. Just wondering what is out there.

what should one write on a handwritten letter? Has anyone found success in specific verbiage?

Welcome, Chad! As I am a newbie and only have a few deals under my belt, I may not have the best advice on the timing issue. However, from what I do know/hear is there is never really a "bad time" to be a REI there are just bad strategies in the given economic climate. The right strategy may work for a period of time and not during another, but there will always be deals!

Thanks @Chet Mazur I will look into the Quicken loan account.

Does anyone know of a small and inexpensive loan service company that may specialize in small loans like this? You never know.

Thanks @Justin Windham! Lets say that I took a private loan not from a 401k it was just a personal loan. Do you know of any company that offers an inexpensive and convenient way to service the loan? For example, if I have a mortgage with Wells Fargo, I can set up automatic payments, I can see all my past payments, I get a up-to-date principle and interest calculation, and I get a document at the end of the year letting me know how much I have paid in interest. Is there anything like this for personal loans?

Thank you everyone for the helpful information. The relative would fall under the disqualified family members (parents) as @Dmitriy Fomichenko mentioned. It also would be a current 401k plan, so that would require the loan to be paid back in 5 years.

@Justin Windham is there any more information you would like? I was not sure of all the detailed rules behind borrowing from private lenders using retirement accounts for funding. That is the great thing about bigger pockets, I get to pass my questions up!

Hey Everyone,

I have a project in mind and have a family member looking into giving me a loan. He would like to give me a loan from his 401k, but I don't really know how to go about setting it up. Any experience in this area, I hear about taking in private investors with their 401k money all the time on the podcasts? Are there companies that service these private lender loans to keep track of everything?

Nicole W. Thank you for your help. I kind of had a feeling the tenant wanted the door replaced, even though it really only needed a fix, or so I thought. The maintenance man said he fixed it but they were really looking for reasons it wasn't perfect, again going back to just the fact they want it replaced. I spoke with the tenant and we are working on finding a replacement, in the mean time I wanted to reach out and see what other people's experiences were. I guess I tried to go the less expensive route and fix it, but the tenants are great and I want to keep them happy.

Josh Compton No, I made a few maintenance calls for the unit and we eventually said it was past the manufacturing warranty so it would be better off to just replace it instead of all the repairs we would be doing.

Thanks Josh Compton The tenants actually just signed another one year lease, so I'm not too worried about them leaving. As far as maintenance, I recently installed a whole new HVAC system, but I installed it according to a maintenance schedule, so that's not really an issue. My main issue is finding a balance between getting the door repaired, as I did, and replacing the door new, as the tenant wants. I don't want to make it a habit to spend more money because the tenant wants new things, when a fix is perfectly fine. Just need to find the happy medium.