All Forum Posts by: Nicholas Gessner

@Deandre P. Thank you for the response! 

@Erik Estrada We do not own real estate free and clear. My mom and I each have mortgages on our homes but no commercial or investment properties yet. I have a company stock plan, no longer at that company, with about $15-16K. My grandparents have offered before to help her with money for a business so they may help towards a down payment as well as my mom either drawing against 401k or a Heloc.

We do not have specific numbers yet for the current income or projected we have not yet met with the owner as we are still trying to figure out if acquiring the money is feasible yet. 

As for the ARV we do not have a specific number either. There is an outbuilding that is run down that we would work to improve and use as an additional event space as well as space upstairs that can be updated. I have two uncles that are contractors so once we get them in could get a better idea of costs.

Hi sorry for the late response thank you for your replies! 

@Chris Seveney Currently we have not discussed an exit strategy as up until now it has been all theoretical discussions. I know my mom spoke of drawing against her 401K or doing a HELOC. Still haven't developed an exact exit strategy!

Background: a couple years ago my brother had his wedding rehearsal dinner at a winery near my mom's house. We only knew about it because a friend of the family lived on the same road as the winery since the current owner does no marketing or anything. Nice location but could do with improvements.

Just this week my mom called to say that the location was for sale for sale. The asking price is $1.2 million. How would you approach hard money lenders or a bank regarding financing of this/ what other options for financing are there?

My mom, who loves event planning and has catered numerous events, and I have talked theoretically how to improve the venue and various other ideas to make it a profitable investment. Initially she/we would focus on turning this into an event venue. We would put a hold on the winery side of things but keep that infrastructure so that we could eventually produce ourselves, not the main goal currently, or lease it to a winery or someone wanting to use those resources already in place.

Thanks for your input!

Yeah I would agree that until married don't pay towards her loans. My fiancee and I get married in a few months. I plan on focusing on my loans which will be done by the end of the year. We have had the conversation that once we are married I will focus on contributing to savings goals like Roth ira, down payment savings, etc. Then contribute leftover monthly income towards helping accelerate her loan pay down. 

Hey everyone! I just started to work through the Loan Signing System this weekend and would love to chat with any current loan signing agents, escrow officers, realtors etc that are in the Lexington Area. My goal is to be certified and commissioned in within the next month-two months. I plan on splitting between signing services and direct signings initially but plan to focus on obtaining direct signing business by partnering with escrow companies.

The Roth IRA with match would be a good option in my opinion. You can always pull out contributions penalty free and leave the earnings to continue growing.

Hey yeah getting your credit up can be a journey. I know for a while after graduating and paying off debt I saw my score moving up but for whatever reason it kind of just plateaued. Looking at my report I realized that I was still on my moms card who had just moved and had debt. 

1.While being on someone else's account can help you your score gets weighed with the debt that your grandma has so yes paying that off would help but unless that's something you are feeling is the right choice or are in a strong position to do that maybe hold off. The only way I got it off my report was to have my name taken off her card but you may need able to call and negotiate with the credit bureaus or see what a credit repair specialist says.

2. It may crazy but sometimes closing an account can harm your score too. Credit utilization is how much credit you have on balances in regards to your limits. You said 4-5k in balance. Well if her credit card limit is 6k then your utilization is 83% which is high. Usually lower utilization helps your score more I've seen people say between 10% and 30% but having a 0% utilization from closing can also be bad because you reduce your available credit.

3. Think about getting a secured credit card. These are designed to help people who are building their credit. Pretty much you pay a set amount and then that counts as limit like a debit card. Then you could always consider having your name taken off your grandma's card.

Credit repair can also help if you are ha ing trouble.

Here is a calculator from ChooseFi that takes into account your 401k. https://www.choosefi.com/how-t...

If you are already used to having the contribution taken out I would keep doing it as it's not something you are missing. According to Chris Hogan in his book Everyday Millionaires the #1 way people reached that status was through a plain old 401k fund because you don't think about it just do it maybe increase once in a while. If you were doing more than the employer match then yeah maybe bring it down to meet it.

The biggest thing is that while you are still in your corporate job get that essentially free money. Then when you leave you can roll it over to an IRA. Depending on who you go with you can invest what's in your IRA into real estate.