All Forum Posts by: Mayank S.

@Michael D.if you don't have time and resources to build the foundation like finding the realtor, contractors, PM company then other way is to find reputable turnkey providers in the area you are interested to invest. Many investors out of state with not enough time/skills go that route to get into REI space if backyard RE market is not viable option. Ensure to vet them heavily along with the area and product and do visit the place. Never buy sight unseen and understand what you are doing. Just my 2 cents from a different angle

@Gabe G.Indy properties performing Ok since I bought it last year. No big issues so far, responsible tenants and rents rolling in on time. My appraisal was also 10k more than my purchase price however I wouldn't bet on appreciation when it comes to Indy. It is plain cash flow market and that's my main goal of being in REI space. If happens then icing on the cake...

Numbers looks good if no capital expenditure in near future like HVAC, plumbing, electric and all recently updated otherwise add 5-8% towards capex. Also recommend adding 10% towards pm expenses side. You probably are local and self managing but always a good rule of thumb to include that in your numbers. Who knows may be in future you want to go completely passive and have someone taking care of your properties. This is typical cash flow in Indy and I picked one through MLS with somewhat similar numbers last year.

People have different definitions of success. For some it's financial/ career/family/health etc. for some its mix of all. You can not define success for anybody other than yourself as it means different things for different people. For me success is multifold in terms of good health, family, relationship, career, finances , business, real estate, community service etc. It the mission in your life that you hold dearly is what makes life worth living for many. We all need to define our mission and purpose in life to determine and measure our success.

List them lowest to highest balance. Pay lowest first and once paid off, apply that payment towards the next in the list and continue. Kinda debt snowball in Dave Ramsey style.

@Glenn Szilagyi welcome to BP platform. You are at the right place to share your ideas, get advise from fellow investors and learn along the way. I am in nova too and just like you started in Rei space last year with two turn keys under my belt. Would love to do something locally but you know how nova market is.. Let's connect. In fact @Todd Krzeminski has created Google plus group and have few serious investors in there to motivate and help each other towards their success. Send him pm if you are interested to join. Good luck!!

Angie's list or checkbook are great resources for finding contractors and reviews. They are subscription based services though. Other option is to ask fellow investor so BP or local Rei club is good place to get some recommendation.

@Oliver Trojahn Thanks for the info. So you rolled over your old employer 401k to solo 401k - I have some $$ parked there but haven't thought through buying real estate using this fund. I assume there are lots of regulation and rules by using solo 401k as opposed to going through traditional way of cash or conventional financing. What are the most compelling reasons for people to use   the fund to buy real estate instead of just leaving money there for long term in stocks/mutual fund/index/target retirement date fund.

I am in too. Have couple of turn keys in Indy which I bought last year. Still newbie in this field and liked your idea of having small group for accountability and motivate each other to march towards one common goal - freedom...

Question 1:

Wanted to pick other seasoned investor's brain as I am analyzing my fund situation. I am about 2 weeks away from closing on my 3rd investment property. 30 year fixed conventional financing and closing is expected in 2 weeks. I have access to my untapped HELOC @ 3.25% rate (variable tied to prime rate) as well as own fund (online savings bank earning 1%). Now my question is- for down payment shall I use HELOC fund or my own fund. I know here people are big proponent of using Other People's Money (OPM) and being creative in financing hence this thought. I am earning practically nothing by having the fund in savings account but my premises is to have this fund available for reserves or possibly use for buying more properties or may be for nothing. I am talking here of using 15-20k roughly either from own fund or HELOC. what would somebody do creatively in my shoes?

Question 2:

Can fund from current employer's 401k be rolled over to self directed 401k? Contributing some % to get employer's match and that's about it. 

I know old 401k can be rolled over for REI investing? This wouldn't be hard for someone to answer with some experience using self directed 401k/IRA. Thanks!!