All Forum Posts by: Nicholas Gessner

Are you looking more hands on or hands off? For hands on Fidelity is a good option. For hands off if you want a more traditional broker than Vanguard or for a modern one M1 Finance. I personally use M1 Finance because I set the target allocation for each of my funds and as dividends are distributed it works to keep those targets on track.

It was probably Persobal Capital that's what I use and I love it. It even looks at your funds and shows you how much you are losing to fees.

I am sorry to hear about that but it's awesome he left you the account. If it was your spouse leaving you an IRA you could do a roll over into your own self-directed IRA and use that to invest in real estate but with anyone else you can't do that. I assume you have income from a 9-5 also. How big is the RMD and based on that and size of the account is it enough to last years or only a few? You could always use leverage to buy multiple houses and then funnel the RMD into paying down those mortgages.

@Bryan Heflin are you hiring a cleaning service or paying a friend or someone to clean for you?

@Adam Amato yeah tying into what @Matt Devincenzo said you have to agree to it before hand. You said you were working with a partner to finance down payment and stuff. Are they a hard money lender? Someone that lends money out and you pay them back their principle plus interest? Or are they looking for the continued cashflow. If they decide they want to stick around with and be a part owner with you would be good to seek legal advice to draw a contract. Because never know down the line what may happen you need something saying if the partner wants to pull their money out you can buy them out or they may want to sell the property and you want to hold it still

I use Ally bank as my regular savings account haven't gotten a rental property yet. One feature I like and thought about when I saw your comment was that they have what they refer to as buckets. So in an account that has $10k in it you can create your own buckets to filter the total balance into. It's all one account but let's you visualize how your money is being divided up. You could create a bucket for cap ex, one for vacancy, etc. Just a thought

Hey Jasmine congrats on getting your first home I am looking forward to purchasing my first home later this year and it is exciting! That's the thing with condos and their owners association they can dictate how many rentals can be there at a time which can be difficult.

I can think of a couple options. Going with what Theresa said you can sell the condo and buy a multifamily property, luckily anything from a duplex to a fourplex is still a regular loan not a commercial one. Then house hack using the funds from that to pay down mortgage and save up to buy more property if you want. 

If you want to keep the condo reach out to your current mortgage broker and maybe shop around with a few others to see if you are able to get preapproved for another loan. It's free so why not, they will look and tell you whether or not they think you afford it and also gives you a number in your mind when you look for a property and a goal to save towards if you can be patient. Another option is to try to partner with a hard money lender. They tend to come with higher interest rates than regular mortgage loans but depending on if you pick a solid investment property you shouldn't have issues with cash flow.

That's my thoughts on it. I love to chat so feel free to hit me up if you need a sounding board for ideas. Best of luck

I have been looking at lending with a company called Steward. Basically they are a place investors can loan money to farmers, ranchers, etc for a specific period of time and earn a set interest rate for the life of that loan. Loan is backed by a lien against assets of the farmer. Seems like a good place to park money not needed over a short term (1-5 years). I have seen interest rates ranging from 6-8%.

Your Money Vehicle by Jedidiah Collins, The Simple Path to Wealth by JL Collins (no relation lol), Retire Early with Real Estate by Chad Carson, Set for Life by Scott Trench, The Book on Rental Property Investing and The Book on Investing in Real Estate with no (and low) Money Down by Brandon Turner. If you like a book that doesn't just give facts but is a story that gets the point across you can look at the Cash Machine by Dave Mason