All Forum Posts by: Maggie H.

@Wayne Brooks

The property is worth $75,000, so there's $45,000 in equity.

@Tammy Vitale

There's only one spare room and in this C class neighborhood, I won't be able to generate enough income from that, but like I said, I have other irons in the fire.

Another reason to pay off the note is that I won't qualify for refinancing and I've been paying 8.9% interest on it since 1996. Long story short, my ex had complete control over me and my finances, so I couldn't do anything about it.

Thank you for your responses!

I want to invest in real estate, but I can't right now, because I have divorced recently, relocated to a different state and haven't worked an outside job in 13 years. I do have a single family house that I have been renting out all that time. I must move back in. I do have the money to pay off the note of $30,000, which I believe I will need to do, because of the job situation and due to some physical limitations keeping me from working right now. I do have other "irons in the fire" so to speak. Is there a way that I can negotiate with the bank on the payoff? 

Hi Linda,

I'm interested in going to an REI meeting in the area. I'm in Salem. What are the AIN meetings in Latham about?

Maggie

Congratulations Will. This must be a huge relief for you.

This case file is open to the public right? All landlords should know this guy's name, so they don't run into the same problem.

@Wendell De Guzman So happy to see you've decided to continue on with this new thread.  You've inspired many BPers including myself with your updates. Good luck with the $1 mil in 12 months! Go Wendell, go Wendell. We're all cheering you on.

@Wendell De Guzman I've been reading your posts for quite some time and it's hard to come up with just one reason why I would like to see you continue updating your posts.  Your updates have inspired me. If you should decide not to continue your regular updates, will they be archived, so we all can go back to the beginning and review them?

@Will Barnard  good luck, but you really don't need it as you're in the right and have remained on the high road the whole time. You will be rewarded for that!

I'm 53 years old and unfortunately, am limited physically when it comes to working an outside job. My original plan was to fix and flip. With help from Biggerpockets' books, blogs and community help, along with finding a mentor and creating a team, I believe REI is the best option for me. I'm not planning on going in blind. That's why I'm asking for advice!

Some of your advice doesn't make sense to me being a newbie. What's the difference between a solo 401K and a self directed IRA? I like the idea of loaning to rehabbers and would like to know more about it. And borrowing from the plan makes sense. Perhaps I should invest in a financial planner to help me out. I'm a bit nervous about that, because who can I trust?

@Dmitriy Fomichenko 

@Robert Leonard 

@Kimberly H. 

Thanks so much for your input. 

Dmitriy and Kimberly, I think the idea of a self directed IRA is most likely the best way to go then, but may consider Robert's suggestion with regard to investing a small part of it once the divorce is final. What is HML? I'm a newbie!

One problem I will have at the outset is, I will need a place to live when I move back to Upstate NY. I have a SF home in a C class neighborhood, which was my primary home for several years before I met my husband.  I've had the same tenants there for 13 years. I'd sure hate to 1) Move into that neighborhood again after many years living in an A+ neighborhood   2)Have to kick my elderly tenants out. Any suggestions?