All Forum Posts by: Marlon Ribunal

@Dmitriy Fomichenko sent! Thank you.

@Will Fraser thanks!

I heard IRA can be used to invest in real estate. I have a traditional IRA and I am looking at investing the fund into real estate. Does anyone have a good resource on how that is done?

Thanks in advance.

This story is very helpful for people like me who are aspiring to become RE investors! Thank you for sharing!

Marlon

@Heather B. Thank you for posting this! The answers here are quite encouraging and inspirational!

@Jon Schwartz if and when we're ready, I sure will ping you! Thanks!

@Zeke Conner I was once in your shoe. We didn't have enough cash to for conventional so we went for FHA simply because we didn't have enough cash then. With FHA, you have to pay an additional insurance called Private Mortgage Insurance. Depending on the loan amount, PMI can be a big expense. After a couple of years when our finance position got better, we did a no-cashout refi on our property to get rid of the PMI.

If I am just starting out now and have the 20% DP available, I'd go for conventional.

There might be ways to avoid PMI if you don't have the 20% down payment. I heard about "piggyback" loans but I'm not familiar with it.

@Jon Schwartz This answers one of my questions. When you say "income from the property count toward your total income," is the "income" the full rent paid by renter or the cash flow from the property? For example, renter pays $1200/month. And your cashflow is, let's say, $300/month. Which counts toward your monthly income, that $1200 or $300?

I think this factor will greatly help me if and when we finally pull the trigger on REI.

As always, thanks a ton Jon!

Regards,

Marlon

@Isaac Green Zero income might be quite a hurdle to overcome. But what your post tells me is that you have the right mindset to become successful.

Grab the book Rich Dad Poor Dad by Robert T. Kiyosaki & The Richest Man In Babylon by George S. Clason.

Keep at it. Don't lose sight of the goal!

@Isacc Lightbourn Thanks for the book recommendation. I'll definitely grab that book! I'm trying to immerse myself in as much knowledge as possible.