All Forum Posts by: John Duston

Wiley Uretz is great and in Santa Barbara.

If that's too far, he might know a college up there.

Sent you a DM

@Billy Caldwell

Sounds like you'd be living in it after the repairs are done then renting it later?

If that's the case it can be financed as a primary residence but the repairs would most likely be a separate loan

@Graziano Casale

I work up in Santa Barbara and come down to Torrance every so often.

Why are you looking for a CPA.

@Edit B.

I called my local representative

@Jonathan Greer in all honesty, they're just being asses. They made the mistake of threatening lawsuits (showing that they consider this to be the scary safty to heyyyyy what you want) just sue them and they'll back off. Might even settle

@Nik S. Typically people buy the assets out of an LLC and move it to another one to avoid any possible liabilities associated with the LLC

Partner with someone how has and also have a larger down payment.

If its a good deal 10% down with a partner is not far fetched.

I would argue that the answer is not a flat no but instead, it depends.
If you take out your 401k for a rental investment there’s a 10% early withdrawal penalty and it is taxed as regular income (unless it’s roth). This can easily can cost 5k+.
A better option would be to buy your first primary residence so you can take a $10,000 distribution from an IRA without incurring the 10% tax penalty, although that $10,000 would still be taxes as regular income (unless its roth).
Depending on your 401k plan you could take a loan from your 401k.
Another option is to roll your plan into a Self-Directed IRA which can directly invest in real estate.

It depends how good the deal is and what your personal finance situation looks like to save up the money.

 Haven't tried much networking over bigger pockets yet. I've met some great people over LinkedIn, from referrals, and local meetups