All Forum Posts by: John Penola

@Misha Krul

Thank you everyone for the advice.

After reading all of your opinions I'm going to:

1) Do a little more research and consider my current position at my company

2) Lean towards not dipping into my 401k

Really appreciate all the input.

Thank you,

John

@Jaron Walling

Thanks everyone for the input.

The No and Low Money Down book is my next read....just bought it.

So if I use my 401k I better be sure that I won't leave my company while I have the property? That's what I'm hearing.

How about transferring my 401k to a self directed IRA to fund it. Can I do this without getting hit with the taxes?

To me this is the best use of this money if i can access it.....but I understand the caution.

I will read the Brandon Turner book and look for other options first

I'm a first time investor. My goal is to buy my first rental property in the Indianapolis area by Feb 1st 2020. I've been listening to BP for about 18 months and have read 10-12 real estate books.

I'm considering using my 401k to fund the down payment on my first purchase. I know there are many things to consider......looking for any advice from someone who has done this before?

Thanks,

John Penola

@Jim S.

Thanks for all the answers

Good to know this as I do a lot of research.

Thanks again

Does anyone have a recommendation for a great property management company in Indianapolis?

Taylor - thanks for the advice. Yes, I have cash available. If I do not do owner occupied I'm probably looking at 20% down....is that correct?

Jim S - great advice, thanks for the reply. I'll follow your advice. Do you have a good property management firm in one of your markets that you would be willing to share? I'm obviously looking to focus in the Indy area but I figure if I have a good one as a frame of reference it will help me identify what a "good" one looks like.

Couple quick questions:

1) What made you get into multi family vs other real estate avenues?

2) Do you visit your properties ever?

3) I've heard that $100-$200 per unit is the bottom line cash flow number to shoot for....is this a good baseline?

Really appreciate your help.

I am looking to buy a multifamily investment property. I am narrowing my search to a 2-4 unit building in the Indianapolis area.

I am starting the process with 2 activities:

1) Reaching out to brokers in the area

2) Analyzing deals (from BP and Loopnet) to learn the market

My goal is to purchase a property by the end of 2019.

Any advice would be appreciated - thanks!