All Forum Posts by: Jordas Reyes

I don't know of any way to this exactly. When I last tapped into mine I had to repay as you said before using funds again. I have heard of people leaving a job and rolling their money to a self directed 401k. Would love to hear from someone else if they know of a way!

Amber Napolitano Welcome! I'm just north of you in Naples and also in the start up phase. Lots of information here for you to learn from. Start by picking a few topics at a time and learn everything you can and then move on. You will always be learning so don't let that hold you back from taking real steps towards your first property. I am also in the retail world from the age of 18. I'm 28 now. PM me if you ever have any questions. I'm taking my real estate class next month! I'm confident it will help me with this business and the path I will be taking. This is my second time taking the class. First time I never went and took the state test.

@Lawrence L.

I may not have explained it well. It's just the way I personally like to run the numbers. If my monthly rent is 1,800 a month I like to divide that by 12 months and that's where I get $150 a month or in this case 8.3%. If my monthly rent is 1,000 that makes my vacancy $84 or 8.3%. So that's my sweet spot to give me a months worth of rent at 12 months. Sorry if I made that more complicated then it needed to be. The percentage does not change but I based that % on wanting a full month rent at end of year. 

What about spouse? Tapped out as well? I'm sure you already thought about that but just throwing it out.

Welcome Vincent! Lots of resources here! I too am working on my license. How do you plan to use it? As buyer agent for investors or to do your own deals? I have a few strategies in mind.

Not in buffalo either! But I just commented on one of your other post. Be patient the right property will come up. Just continue to Analyze more and more deals! When the right one hits you in the face be ready to pull the trigger. I'm curious cause in my market I can find some stuff on mls that works but I think doing direct mail will get me the best deals. Have you tried that yet? Best of luck! You got this!

I'm still in search of my first non live in deal and like many I live by the numbers! Don't let the emotions make you tweak the numbers to make them work for you. I'm sure that's nothing no one here has not heard but unfortunately many of us still do it. Especially in the early stages. Last thing I'll add is my opinion on vacancy %. I base my numbers on an entire month out of the year being covered. So 1,800 Monthly rent means I save 8.3% or $150 per month towards vacancy. That % changes by property for me. Best of luck!

Welcome!! Great response from Brandon on where to start. The podcast have been very helpful for me! It's very easy to get thrown off track with learning everything so try and figure out a niche or maybe pick a few topics a week to learn.

Debra Woods You have come to the right place! Welcome. Plenty of material for you to read. The podcast are also helpful and easy to follow. How long have you been a broker?

In my current home I was going to take this same approach with having the equity loan to cover a down payment on second property. From what i understand in reading on bigger pockets and through my mortgage broker is that those funds would need to be seasoned in a bank account for two plus months before using it for second property. That's been my understanding maybe someone else can add something different to that.