All Forum Posts by: Marna N.

Brandon, would you mind sharing your contractor(s) names? We are getting ready to start a flip and the guy we had lined up has backed out because of something that came up at his work.  You can PM me names, if you're more comfortable than putting it public.

Congrats on your success thus far! We are doing both flips & rentals. If you ever want to network, let me know too. We are part of a local meetup as well as members of Upstate Creia.

Thanks so much!

Marna

@Patricia Miller we are doing the same thing as you!!  I don't think it's swiss cheese :) but I'm learning a lot about the whole process of getting money back out!  Good luck to you!

marna

@Christian Bors I see your point about a TK property & about paying cc twice.  I still don't see why there's seasoning.... Seasoning from what?!?  The purchase date I guess?  Out of curiosity: Why does a lender care?  Thanks.

@James Lusk my thoughts exactly about it just being a "finance" vs a refi.  I obviously have a lot more to learn! :)

Kerry, why is there any seasoning, and why can you only get out what you have in it??  I'm new at this, not trying to be argumentative in any way.  If my grandmother died and left me her free & clear house, why couldn't I go get a mortgage on it for 80% of its market value?  And obviously the grandma-died scenario is not what we're doing; we are actually doing what the original poster suggested.... purchasing with cash then refi'g.  My point is: why does the reason we own the house f&c matter to the bank??

Hope this all makes sense.... (it does in my head) :)

Thanks so much!!

Michael Noto I am interested in talking with your lender. Trying to get our ducks in a row before purchasing using the BRRRR method. I too am worried about refinancing.

Thanks so much!

PS - Not sure if I "tagged" you correctly.

Unless you are self-employed on the side, you cannot open a Solo 401(k), but you can open a self-directed IRA.

I'm a Plan Administrator for 401(k)/Retirement plans, so I can tell you: check with the Plan administrator!  Ask them "how can I take money out of this plan?". 

~Your employer's Plan may allow for loans, and you could withdraw straight cash.  You'd have to pay your account back with interest.

~Your employer's Plan may allow you to take what's called an In-Service Distribution. You could potentially roll this into a self-directed IRA.

Good luck and don't quit your job to get to your 401(k) money!  (Just my opinion) :)

Another PLUS, you're in HAWAII !!! Lucky duck :) Best wishes, sounds like it's worked out.

Anson, Thanks for the story. Very good for you 3!

I have read here on BP and other sources that MLS is so hard to actually find deals to wholesale. What do you say to that? I am a brand new wholesaler and feel like a deer in the headlights sometimes with where to start. The main theme I get is that a motivated seller should call me. There are no deals on MLS b/c they are scooped up by folks with 'inside' connections (?).

I may not be explaining myself well, but hopefully you get the idea of what I'm saying. : ) I'd love to hear your thoughts. (There. That's the bottom line ha ha).

Thanks!

Congrats on this deal! I have just read this WHOLE thread, and it was a nail biter. : )

Since this is your 1st one, am I alright to assume you have a "day job"? Just curious as to the time you've spent on this 1 project... I am just beginning and am starting out wholesaling. But after reading your post, I wonder if I should do a light rehab. I actually own my own small company (setting up small business retirement plans), so my time is extremely flexible but not limitless. I'd love to hear the "time" aspect for you.

You've inspired me Danny... you should be proud. Thanks for the post! PLEASE keep us tuned.