All Forum Posts by: Nicholas Hamblen

@Carl Fischer Yes, the more I learn and talk to people, the more I realize there are so many different options to invest. It was very intimidating when my wife and I first started looking into this. We both have retirement accounts thru our jobs, but never really invested on our own before, so this is like  a whole new world to us. I am excited to jump in and try to do something.  

@Carl Fischer Thank you so much for the advice Carl. I had a feeling that was the case after researching, but I had that tiny glimmer of hope, there was some loophole I was missing. I really see your point on letting someone else handle the labor, and I can focus on looking for deals and learning how to make my money work for me. Would it be more ideal to use the IRA for buying rentals, as long as we contract out all the work?

I like the idea of loaning to other rehabber's also. I never thought of it, I like the thought of helping someone out. While still investing and making my money work for me.

Hi Everyone,

My wife and I were looking to start flipping homes and/or buy rental properties. She recently rolled over her old 401K from past employer into rollover IRA with Fidelity. There is 46K in the account. We have been trying to look for ways to legally invest this money as a down payment or help with rehab costs and possibly fund the rest with HML or HELOC. We would like to do some of the work ourselves and it seems as if Solo 401K or SDIRA's do not allow this. Would this be a possible scenario for us? Is there any other options to use this money without penalties or heavy taxes? Thank you in advance!

@Reggie Greene Thanks for the help. I find it hard to determine the ARV of some of these homes we are looking at. Some of the comps seem all over the place, people are taking these homes and making them look immaculate. I would love to be apart of bringing these older homes and neighborhoods back to life.

I am ordering my copy now thru biggerpockets. It might be cheaper on Amazon, but the extra money helps fund the site and pay the hard working people who keep it running. Not to mention all the add-ons make it more valuable.

@ZayVon Johnson I don't think it's so much how you make but how you spend. If you are early 20's and just starting off, hopefully you have acquired much debt. I would stay away from unnecessary spending on credit. I had to learn this the hard way a few times. Keep your living expenses small and follow some advice from people on here. If you are young with not a lot of money coming in, house hacking may be a great option. 

@Riccardo Gonzalez Welcome to Bigger Pockets and Detroit. I am also a newbie investor from White Lake. My wife and I have been searching in West Bloomfield, Waterford and Pontiac but haven't found the right deal yet. They have nice properties that come up still just have to jump on them quick.  Best of luck to you!

HI Everyone,

My wife and I are newbies. We live in Michigan, and have looked for potential houses locally, but havent found much we were interested in. We have a son who is a sophmore at Butler University and we really love the houses in the Butler-Tarkington neighborhood. We have been discussing starting in that area and after listening to David Greene on the podcast this week, we are more determined than ever, this is where we want to start investing. We are open to flipping and/or rentals. My question is are there any other up and coming Indianapolis neighborhoods we should look into? Also any advice on lenders, wholesalers, property managers, etc. would be greatly appreciated. 

Thanks in advance,

Nick

Thanks Mitch. It seems like I learn so every time I get on the site. I appreciate the offer and am sure I will definitely  take advantage of it in the near future.

Thanks Jordan. Right now I am focusing on trying to educate myself, while still looking to try and find a good deal. I am not sure if I fully understand how to pick the right deal. I am comfortable with the construction aspect, but working on strengthening my business knowledge such as taxes, arv's, etc.

Thanks Cody. I appreciate the encouragement. I feel it has helped managing many construction projects with tough deadlines and tight budgets. Most I estimate and manage myself, so I have had to work through many obstacles, and hopefully that experience will help when things don't go so smooth.