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All Forum Posts by: Account Closed

Account Closed has started 2 posts and replied 7 times.

Post: Thinking about cashing out $10k from my IRA for a downpayment

Account ClosedPosted
  • Rental Property Investor
  • Boston, MA
  • Posts 7
  • Votes 1

@Kaitlyn Pescatello weight* 🤦🏼‍♀️

Post: Thinking about cashing out $10k from my IRA for a downpayment

Account ClosedPosted
  • Rental Property Investor
  • Boston, MA
  • Posts 7
  • Votes 1

@Joe Splitrock thank you taking the time to way in! I appreciate your insight and encouragement!

Post: Thinking about cashing out $10k from my IRA for a downpayment

Account ClosedPosted
  • Rental Property Investor
  • Boston, MA
  • Posts 7
  • Votes 1

@Calvin Ozanick good rule. Don’t have. Nice goal.

Post: Thinking about cashing out $10k from my IRA for a downpayment

Account ClosedPosted
  • Rental Property Investor
  • Boston, MA
  • Posts 7
  • Votes 1

@Kaitlyn Pescatello I plan to avoid penalty:

https://www.nolo.com/legal-encyclopedia/using-ira-make-house-down-payment.html

Post: Thinking about cashing out $10k from my IRA for a downpayment

Account ClosedPosted
  • Rental Property Investor
  • Boston, MA
  • Posts 7
  • Votes 1

@Michelle Reid totally. That’s the way I would do it. “Cashing out” probably wasn’t the correct term.

Post: Thinking about cashing out $10k from my IRA for a downpayment

Account ClosedPosted
  • Rental Property Investor
  • Boston, MA
  • Posts 7
  • Votes 1

Thinking about cashing out my IRA for a down payment on my first home.

I want to buy a 3 bedroom in greater Boston. Live in one bedroom and rent out the other two.

Thoughts?

Post: RE Developer Partnerships: FHA savings in lieu of cash?

Account ClosedPosted
  • Rental Property Investor
  • Boston, MA
  • Posts 7
  • Votes 1

I’m trying to be creative with locking down financing.

Is it crazy to offer my sweat equity and my ability to secure an FHA Discount on a loan (since I've never bought before) in return for a mentorship, and chance to partner with a developer on my first deal (despite the fact that I cannot give any money, so the FHA savings would be in lieu of cash). I plan to live-in and manage the proposed property as well. Like a duplex / triplex / quadplex.

Is this an insane proposal? Will I get laughed out of the room? Do FHA discounts seem like attractive savings options for developers?