All Forum Posts by: Michael Forbes

Hey Henry,

I'll send you a DM. I've done 5 loans with one company here in the last 2 years.

Hey Kevin - I've been investing in Cleveland and have lived here for 10 years. If you have questions or need referrals, send me a DM!

You should talk to @davestokely from HostPros. They manage air bnb's and probably have insight in that area.

@Cody F. - With a bigger building, it would serve you well to pay for a management software like Appfolio, Buildium, or Rentec Eirect (my choice). They have screening software built in. It's helped me tremendously. 

Hey Brandon - I spent 7 years learning before I bought my first property. That was WAY too long. I should have bought a place after 6-12 months. I decided after 7 years that I would rehab and rent single family houses. I bought one, rehabbed it, and rented it. I then immediately realized that was going to be too slow for me so my next property was a 4 unit and I close on a 3 unit in a couple days. 

My point it that my plan changed almost as soon as I got in the game. My advice would be to get in the game as soon as possible (via meeting helpful people at REIAs) then adjust your plan as you go. It's impossible to steer a car that isn't moving. Get moving! Good luck. 

Clayton was recently on a podcast saying that he is investing in multifamily. That is fine but I think it is dishonest to leave that detail out of all of his own content. Many aspiring investors listen to him and follow his strategy as I did for my first property. Hearing the contradiction between his content and the podcast interview was a big clue for me that MI wasn't trustworthy. Unfortunately, I'm not surprised to hear of the issues in this thread. 

Great information everyone. Thank you. I'll get digging into this now that I know where to look.

*I'll also try my CPA again!

Hi All - I am 31 years old and found a duplex with a lot of upside but it has to be a cash purchase. I want to pull money from my Roth IRA but want to do it correctly so I don't get hit with taxes and penalties. I am 31 years old.

Retirement savings history: I started contributing to my company's Roth 401k option in 2010. I left that job in 2015 and rolled the money into a Roth IRA. Are these contributions eligible for withdrawal without tax and penalty? If so, how do I find out my contributions versus the growth so I don't pull from any growth? In 2015, I opened a Roth IRA with Charles Schwab and started contributing. How can I find out how much I've contributed here and is this eligible for withdrawal without tax and penalty?

Thanks in advance for the help! I only have about a week to get the funds together and my tax guy is slammed right now so I haven't been able to reach him. 

@Brian E. - Hi Brian - I'm in the same situation right now. Did you find a bank that let you pull your equity out?

@Steven Gesis - The complex I lived in was right by an interstate and a mall which made it very convenient. I would have chosen a place that wasn't so convenient however if I could have had the amenities with a slight discount for the loss of the convenience. The living space was more important to me than the location.