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All Forum Posts by: Johnny Horner

Johnny Horner has started 9 posts and replied 32 times.

Thanks, I will definitely check that out.

Thanks for the info, guess I need to go to plan B.

Quote from @Caroline Gerardo:

Most lenders will not allow the 401k vesting as is not a real person who can sign a full recourse loan. You need to have the financing lined up before you do this and programs are rapidly shrinking. 

You have 60 days to replace the money if withdrawn.

You have 5 years to return if a loan on 401k.

You may get stuck paying taxes if you don't have a hard money lender lined up before you do this.


 So I have a trust that owns the solo 401k, the trust buys the property, I obtain financing to purchase property and repay the solo 401k within 60 days with conventional loan and if possible to do this will I have any penalties to pay?

Can a person use a self directed solo 401k to purchase a property cash and after you close get a loan and pay back the self directed solo 401k without any penalties?  The thinking here is cash and quick closing makes offer more attractive.  Thanks for any feedback.

Post: Cold calling an owner to buy an off market property

Johnny HornerPosted
  • Investor
  • Lebanon, OR
  • Posts 32
  • Votes 23

@Steve K.

Some really good advise here. One thing I always do if I get a no response is to try and keep them on the line by asking them a another question. For example I will ask about the rental market in the area, who do they find is the tenant base. How did the begin investing. People love to talk about themselves. After a few minutes I’ve turned that hard no to a maybe or even a yes. I will take notes and then I will call back and start off by talking about something I learned from previous call. This will separate you from the VAs that call and read from some script. Be personable, genuine, problem solver and honest. I have called people and I keep in contact with them and 2 years later they say “hey, I’m ready to sale.” Relax and breathe, people are people. It’s a funnel, you will get X amount of no’s before you get that yes. Be happy with that no because you are that much closer to a yes.

Post: Long Term Rentals vs AirBnB Investing

Johnny HornerPosted
  • Investor
  • Lebanon, OR
  • Posts 32
  • Votes 23

@Alex S.

I'm on board with Alex S.. I think a little different than most people here. I don't look at vacation destinations to start a STR. I'm not saying vacation destination rentals are bad but just hear me out. I live in a small town that a majority of people wouldn't put on their vacation bucket list. It all started a few years back with a vacant unit in our 4-plex and my wife watching too much HGTV. She had a blast decorating the unit and put it up on Airbnb. Between you and me I thought she was crazy. Nobody is going to rent this. I was wrong, I can't say we have one certain clientele, we have all walks of life and different reasons. We ramped up to 4 STR then COVID-19 hit, our bookings dried up. We even turned one back into LTR, mistake. The downturn lasted just a few months and has come back strong.

So now you know my story around STR here are my thoughts. I dont want the STR to be the destination. You know, big house with the hot tub. Everyone knows this destination people are partying. Uncle Bob drinks to much and throws up in hot tub, cousin Sara spills the red wine on the carpet, nephew Jimmy breaks the lamp playing ball in the house, no thank you. People that stay at my STR basically want a place to sleep and are out and about during the day. A majority of the time the only thing people use in the kitchen is the coffee maker. Low impact on rental, cleaned on a regular basis, what more could you ask for. The key is having a good cleaner, ours is awesome, she has access to calendar and handles it without any input from us. Airbnb is a great platform to use. My wife handles all the questions, bookings and check ins and outs. Let's face it, we are all on our phones so answering a few questions, cut and paste info for the people, no big deal. Smart locks for easy check in.

Make sure you have a cushion, make sure it will work for LTR if you have to transition. Well that’s my two cents,

Post: How many owner carry contracts can a person have?

Johnny HornerPosted
  • Investor
  • Lebanon, OR
  • Posts 32
  • Votes 23

Thanks mike I appreciate your input.

Post: How many owner carry contracts can a person have?

Johnny HornerPosted
  • Investor
  • Lebanon, OR
  • Posts 32
  • Votes 23

@Mike Baxter

Could this be as simple as getting a prequalified letter from the lender for the amount of purchase?

Post: How many owner carry contracts can a person have?

Johnny HornerPosted
  • Investor
  • Lebanon, OR
  • Posts 32
  • Votes 23

I recently talked with a person that has a number of SFR and they would like to sale them on owner carry contracts but was informed they can only have 5 contracts of this kind. Unfortunately they have five owner contracts now. They were informed they would have to be considered a business to perform any more owner contracts, does anyone have any info on this situation? Thanks in advance.

Post: How will caronavirus impact student housing

Johnny HornerPosted
  • Investor
  • Lebanon, OR
  • Posts 32
  • Votes 23

The caronavirus has turned the world upside down, what is the BPs community opinion on student housing? Could this pandemic change the way colleges and universities conduct higher education? With this possibility it would seem that student housing might not be a good investment, thoughts?