All Forum Posts by: Megan Arzt

I have done some initial research and found this a rather controversial subject but here goes...

I am currently a pass through entity and file as such. This means that all of my income is passive and that I can't contribute to any sort IRA or 401k. It has been recommended to me that I get a life insurance policy (lirp) and over fund it. My understanding is that it is after tax money but that down the road what I take out is tax free. Sort of like a ROTH. Also, I don't need the life insurance...no one relies on me. I'd be using as a way to lower taxes down the road. Once all my mortgages are paid off I'll be in the highest tax bracket for sure.

I guess I'm looking insight into whether this is a good idea or not, and also what pros and cons there are that I may be overlooking. TIA

So I just found d out today that the seller of the duplex I'm under contract to purchase is terminating the contract. They don't have any contingency to legally do so. I've already had the inspection and the appraisal has been ordered. I really like the property and don't want to lose it. I also don't want to get into some legal battle with them either or have them damage the property. To complicate matter the sellers per the contract are supposed to finish remodeling one of the units, which is currently pretty gutted.

Any input would be appreciated.

@Jason 

@Jason Shackleton Thanks.  Best of luck to you also!

@Jason Shackleton I am financially free enough to have quit my job. I need to be working towards handing off some of the responsibility and management though. Specifically I'd like to step out of some of the handywoman aspect of the job . Right now I do everything. As far as growth I started out small and just bought one house at a time. I reinvested all of my earnings from real estate, as well as any extra I had from my teaching job into buying more houses. I also had two nightly rentals that were super profitable for a few years but there is a lot of over building in Moab and I did a 1031 exchange last January. I swapped 2 nightly rental condos into 3 properties which equated to 7 more doors. I've never had a portfolio or blanket loan. I have one commercial loan but that's because it was the only way to buy a manufactured investment property. Everyone told me it couldn't be done but I found a way.

@Jonathan Duhon the rental market in Moab is really hard right now. There is very little under $400k and yet rents don't really go much above $2k (and that's high). So honestly it doesn't make a lot of sense. I'm lucky I started investing here a few years ago.

@Andrew Freed thats awesome. It will continue to snowball if you just keep pushing forward. Good work :)

@Jonathan Duhon yes :) I'm up to 18 rental units. This my third year not teaching and just doing real estate full-time. Thanks for asking...it's crazy to look at how much has changed in the last few years....

I did not....@naomi garza

16 units here. Just me.... I manage them all and do my own maintenance. I quit my day job 2 years ago. Best decision ever!

@Scott Jensen thanks for your input!