All Forum Posts by: Matthew Powell

@Brandon L. A good deal to me is something that makes it worth my time. If that makes sense. Not all “cheap” properties are good deals to me. If I were rehabbing a property to sell and make a profit, I would not consider a $100 profit from a 6 month long rehab a good deal.

On the rental side if I were to pay $30,000 for a property that generates $600+ a month after all expenses paid that is a good deal to me. Good deals come in all shapes and sizes. 

@Account Closed ahh yes Iggy did not stand a chance against the king. I will have to keep in mind that not every detail in all books are to going be accurate. Should be a fun process! Thank you! 

@Brian Garlington that’s quite the jump from the Bay Area to Cleveland. Definitely two completely different markets. Our main focus right now is to get a steady chunk of cash flow going. Once we are able to replace my income I will be able to focus more and help on rehabs. That’s the plan at the moment, but if the right deals pop up things may shift. 

@Alex Kamunyo I actually am expecting this book in the mail today. Super excited about getting this process going. Thank you. 

@Lane Kawaoka My goal is to be able to partner with other investors and get good deals that benefit all parties. Should be there in no time. 

@Caleb Heimsoth seems like a good plan of action. I have been soaking up the information on all the podcasts for a few months now. Just recently took the dive into actually becoming a BP member. Figured it was time to finally get involved in some active discussions. 

My wife and I want to buy another rental within the next 90 days! We are finding that the best deals out there are 2500 miles away from where we live. This makes us nervous. Do we find a deal that looks good on paper... make an offer... then if accepted fly out and take a look at it from there? What’s the best way to go about this? How do we know who the best people to work with are? I know this a very broad question. We just have no idea where to begin on a place so far away. 

Wow. You guys are amazing. I greatly appreciate all the words of wisdom. I am glad to see I have options. If I can make that money grow through investments more so than it sitting there I consider that a win. Even if I can’t touch it until I am “retirement age”. More money is more money.

Taking a loan out of my 401k seems like a good idea. I could used that money to buy a home, do a small rehab, rent it out, and then refinance to pay off the 401k loan. Potentially do this on a repeated cycle. The property itself would then give me passive income that I can use for further investments. But is this considered self dealing? Or am I not understanding that fully?

And self directed IRA or solo 401k would strictly be for saving funds for retirement?

Really appreciate everyone’s support. I hope I am responding to everyone correctly. I am still a newbie on BP and am trying to master all it has to offer. 

I have a 401k with fidelity that I have been contributing to for 8 years now. I have built up a good amount of money in this account. The ultimate goal is to quit my W-2 and live off of passive income. Which means my 401k will just sit there until I am in my 60’s. Is there any way I can use those funds to purchase rental properties? I feel like I can make that money way more valuable in the real estate world. 

Definitely do not have to be book smart in order to be considered smart. This is a great podcast for those that see achieving success in real estate investing as no possible. 

As we prepare ourselves to buy more I want to be sure we also want to be prepared for those dreaded taxes! My wife is a successful realtor. We have now gotten to the point to where we can no longer do our own taxes. Expecially now that we are wanting to buy more investments. It's becoming harder to save money for taxes and for investments at the same time. We live in the Portland, Oregon area and are looking for a CPA or anyone that can guide us in the right direction. IRA's... 401k's.... no idea what is best or where to start to put our money to lesson uncle Sam's blow. Any guidance will be greatly appreciated.

Can I transfer our current property from my name to an LLC once I create one?