All Forum Posts by: Michael King

 No, there were no tax penalties. It is a loan that I'm paying back, rather than a withdrawal. 

If a building inspector saw it he would note it on the inspection. It needs to be sealed to prevent water ingress. Use a clear (or mortar colored) silicone.

I took out a loan on my 401K with a payback interest rate of 6%; the interest goes back to my account so it's really a big win for me in the long run. I did this well before the COVID thing.

My home was listed at $475K for about 2 years before I bought it for $325K. 

I would definitely set up separate accounts for your business banking (income and outgoing payments), and another for security deposits only. Your personal banking should not mingle with the business. 

As the other guys say, check your local market. I find it tends to go by price per square foot. In my market, a very good guide is $1 per square foot. 

@Sylvia B. Good catch Sylvia! That link came directly from (landlordology) Cozy.co website. The lesson is trust but verify.

 I don't know, it looks like this one says different, and this is where I thought I read it.

https://revisor.mo.gov/main/OneSection.aspx?section=535.300&bid=33548&hl=

Both are nice to have first, but really if you don't have the money, you at least need to know how much you can get before deal hunting.

Sounds like a possibility. I could be in that boat too.  I try to make it easy for realtors to make money off me. I give them a short list of properties in the same area that are fresh on the market. 5 days later the agent may be ready to take me through one of them (because all the others are gone). 

It seems to me that the best way to view a property is to call the listing agent direct. Or get my own license. That said, I do have another agent in St. Louis that I am giving an opportunity to.