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All Forum Posts by: Jay Wright

Jay Wright has started 4 posts and replied 69 times.

Here are all the SFR mapped out if anyone wants to see

https://mapsengine.google.com/map/edit?mid=zuVaSH4GcXNM.kuON94860KUM

mapsengine is beta and works best with chrome or IE9-10

Wow...Not a single house over $3600.00

Post: Easy to Collect rent?

Jay WrightPosted
  • SFR Investor
  • Southfield, MI
  • Posts 70
  • Votes 19
Originally posted by Jon K.:

None of my utility companies, phone carriers, etc. remind me.

The bill they send would be the reminder.

The only reminder I send is mailed on the 2nd day of the month reminding them to add $50 to their mailed, dropped off or picked up rent.

Post: Easy to Collect rent?

Jay WrightPosted
  • SFR Investor
  • Southfield, MI
  • Posts 70
  • Votes 19

I like that idea.

I happen to live in the same neighborhood as my rentals so I allow them to drop it in my mailbox and text me afterwards. Some of the tenants text me and arrange for me to pick it up on my way home.

Post: Happy Systems Administrator Day!!!

Jay WrightPosted
  • SFR Investor
  • Southfield, MI
  • Posts 70
  • Votes 19

We are all free lance to some degree. I may be able to help. I do not do very much end user work anymore. Mostly higher level these days. VMware, Data backup, Firewall, Routing and Switching.

Post: Happy Systems Administrator Day!!!

Jay WrightPosted
  • SFR Investor
  • Southfield, MI
  • Posts 70
  • Votes 19

To any and all fellow System Administrators

Happy Systems Administrator Day!!!

Today is the 14th Annual System Administrator Appreciation Day.

http://sysadminday.com/

Hit the sponsor page for your free lunch box!

Post: And they said I would never do it!! If I can, SO CAN YOU...

Jay WrightPosted
  • SFR Investor
  • Southfield, MI
  • Posts 70
  • Votes 19

Single Family Rental

Post: Using Gift Money as Down Payment

Jay WrightPosted
  • SFR Investor
  • Southfield, MI
  • Posts 70
  • Votes 19
Originally posted by Ross Bernard:
My lender has informed me that I can take the money for the down payment out of my roth IRA without penalty as long as I replenish it within 60 days. So the gift money pays back the roth IRA account and everyone's happy.

Good to hear!

Best of luck!

Post: Using Gift Money as Down Payment

Jay WrightPosted
  • SFR Investor
  • Southfield, MI
  • Posts 70
  • Votes 19

They could. It may depend what the investments in the IRA are. Stocks or mutual funds. There will be a fee to sell of either. There may also be a fee to transfer the money. When I was looking into this when I started I opted to take the loan from my 401K since the 4.5% to myself was more than the market was paying.

Post: Using Gift Money as Down Payment

Jay WrightPosted
  • SFR Investor
  • Southfield, MI
  • Posts 70
  • Votes 19

Taking money from your IRA is not all that absurd. Access money from your IRA for a 60-day period with what is considered a tax-free rollover. This essentially means you can withdraw money from your IRA tax- and penalty-free as long as you put it back into the same or a different IRA within 60 days. Use the gift money to pay it back inside the 60 days.