All Forum Posts by: Jerry Thompson

Hey all!

Super new to BP but I've been scouring the site for info about using retirement funds to invest, and their overall value compared to REI. The amount of knowledge is overwhelming, but I'm hanging in there.

My 401k and Roth used to be my rock, literally my goal to becoming financially independent, but I'm seeing now how thin simply maxing out a Roth account is for me as a plan. I'm 27 now, and think I have a shot at retiring before 35 through real estate. I'm not sure why I thought my 401k would get me there alone! My current job doesn't offer a match and I haven't been able to contribute to my Roth so this new strange space opened me up to finding the awesome community here

I thought I'd ask for some steering direction from those who have some experience so I can talk to a local professional (Dallas, TX) for the details/next steps. I've read about self directed IRAs (just learned about them) and I am also totally cool with gutting my accounts. I'm planning to use some of the money I do have saved to buy my first cashflowing property. I'm also interested in note investing and being a lender if terms make sense. The cash world speaks to me right now. I don't know how a rollover IRA compares to a roth in terms of taxation (this is all kind of confusing!) Some help would be appreciated so I can plan and position myself!

Currently I have:

$23k = rollover IRA

$13.5k = Roth IRA

*If it's of any importance, I'm unmarried, renting, no kids, and under-employed right now looking for an opportunity that matches my  normal salary range of $60-70k.

**thanks so much in advance, and if you're in the DFW area I'm happy to connect!!

***I tried to look up others with similar questions on the forum, If I missed it, my apologies!

From my understanding, the requirement is 12 months unless there are reasonable circumstances that have changed.. wanting to live in another place doesn't technically count haha Check around the forums, I found a few results pretty quickly: https://www.biggerpockets.com/forums/49/topics/114510-fha-owner-occupancy-requirements---less-than-one-year

Hey @Garrett Vita, welcome! I'm new to RE and BP myself but I'm also looking at a small multi-family for my first investment.. probably using a FHA loan. Outside of great advice @Matthew Ries shared, there's also the question of land-lording! Depending on the area you invest in, your demeanor/experience, and your tennants, all of those doors could be a hassle. I don't have any experience with it either but in considering it, I decided a 4-plex was probably not where I wanted to start... a 3 plex may be my lucky number when I find one ;)

Hope that was helpful, best of luck!

Appreciate the warm welcome everyone!

@Shellon Bristol - love the energy and best of luck on LI! Hope we will both have some great success stories to share soon :)

@Andrew Syrios - Thank you kindly, excited to be here... I have family in STL, maybe we'll run into each other... KC isnt too far!

@Bart H. - Glad to hear of your success.. as I'm also of the belief that opportunities do still exist! I am definitely looking for this first buy to be a home and a learning experience. Between having renters or AirBnb guests, I think there are opportunities for a home to be cash-flowing. I'm trying to figure out what market research really looks like in RE, but my interest is in the Irving area just because none of my commutes for work will be too crazy, prices seem ok, and downtown is still close. 

Hey fellow Pocketeers! :)

My name is Jerry ThompSon.. I'm new to real estate as of a couple weeks ago and relatively new to the Dallas/Fort Worth metroplex. I never saw myself being a home owner in any capacity until I read up on FHA loans two weeks ago. I quickly learned about the tax benefits and potential to earn income, and soon I was here on BP consuming the podcast like crazy. Lifestyle design and early retirement has always been my ambition and real estate seems like the best vehicle to get me there. I've already met a few members in the DFW area by attending different RE events and I appreciate how friendly everyone has been!

In the short term, I want to acquire a light fix multi family property (2-4 unit) by January 2018 as an owner occupier just to get started as I continue to learn and educate myself. After that, I'm going to see what opportunities make sense in the DFW market (I see it's not what it used to be) as I build capital with my day job. Completely open to investing in other markets if that will allow me to reach my goals more effectively. I love to travel and one day I could see myself purchasing properties overseas :) 

I'm particularly interested in understanding the makings of a great deal and market analysis right now.

If I can help in anyway, I'm happy to help, until then.. glad to meet you all!

Will do!

Thanks @Account Closed , haven't heard of that site either, will save it. I'm really trying to understand what the functions are as well... I'm that new to RE lol. 

Thanks @David Miller will spend some time scouring the site.. for info!

Hey all!

I'm new to real estate but I've got my eye on commercial real estate (large multi family) being my investment vehicle of choice. I also happen to be at a pivoting point in my professional career and thought that a move into working in commercial real estate would be a great idea to learn some specifics of the business.

My background is in logistics/process improvement as well as teaching and I wanted to know if there were some roles that could really help me lock in the fundamentals of the commercial space. I've seen job postings for loan underwriters, asset mgmt assistant, lease analyst, loan originator, and research analyst. Does anyone have any suggestions or experience to suggest a few viable entries that would really benefit my knowledge as an investor? 

Thanks!!

Incredible success story, to more amazing deals and decisions.. Cheers!