All Forum Posts by: Kreighton Reed

Elaine Gee opening a Solo 401K is a lot cheaper than a self directed IRA. Both Brian and Dmitriy do them. I'd reach out to either of them.

Tony - I would talk to someone at your company in HR and ask them about rolling funds out of your current 401(k). It used to be that most companies would not let you roll out funds but I've seen recently that more and more companies let you. At my current company I can roll the whole thing out. At my last company I could roll my contributions out but the companies match had to stay.

@Tony Gunter I work with Justin and his clients. (I open the 401K checking accounts). He's been doing this for a while (mid 2000's). I interface with his clients after they are done opening their Solo 401K and they are very well prepared with the ongoing forms they will need to transact business with their 401K and conduct the rollover from their previous IRA/401K. The Gold Standard in this business is follow up and follow through and Justin is 24 karat.

Time?

Rachel Nunes do you have 100k in an IRA or 401k? You could roll everything over into a Self Directed 401k and use 100% of it towards buying the property.

Credit union of Denver does a 100% LTV HELOC. Rate is 6%

I know some lenders in CO springs. PM me.

Josh my best friend is the district manager for Wells Fargo in Montrose. I hope to make it up there one day.

Joe Au I've recent seen plans allow you to roll out 50% of your plan. There were some stipulations (you had to be in your plan for at least 5 years) I think Brian Eastman is right I would definitely contact your plan administrator and see what the rules are, it's worth a shot. For what it's worth the plans that allowed it that I have see were from very large companies.

@Jeremy Babin  I'd say you could split your financing options into 3 fields

1) Personal Mortgage: You can get the highest LTV through this option. It will be based on your own credit and your own SSN. In the Springs I would use Michelle Bowles @ midland states bank. Most first time investors use this option

2) Comercial Loan: Requires larger down payment, 20-25 year amortization, rate is usually only fixed for 5 years.  Investors that have multiple (over 10) start to use this product. Pretty much any small bank in CS will do this.

3) Hard Money Lenders: there are plenty on BP.  They will want more down than option 1, have a higher rate that option #2 but are easier to get "approved" granted the deal you are putting together makes sense.