All Forum Posts by: Nichole Ovens

Hello, 

This is my first post on Bigger Pockets. I love all the podcasts and forum articles. Love, love love this site and hope one day to meet Scott Trench, Brandon Turner, Josh Dorkin and Mindy Jensen some day...maybe next time I get back out to Colorado to snowboard or visit the family.

In the meantime, I aim to get a couple properties under my belt, but I want to do it right this time. I have a "tired landlord"/friend who fixed up a 4-plex and two other properties. He wants to sell them all to me for what he has in them. $150k for the 4-plex which brings in $2080 in rents, a 4bd/2ba for $114k that brings in $900 or $950, and a 2bd/1ba for $75k that brings in $750 in rents. 

I have never consider multi-family properties until getting more involved in Bigger Pockets and now having my handy-man/remodeler boyfriend move up. I wondered if anyone could advise as to questions to ask the seller for due diligence and the best way to get the down payment.

Currently, I am still carrying debt from a very lengthy divorce and can't get everything settled around child support...so wonder if it might be better to wait until I get all of my debt cleared or move forward to build wealth to help me clear the debt with this or a similar investment...Note: I have about $15k in credit card debt but my net worth including my primary residence, car, and 401k is okay. I thought I could take a loan against the 401k or transfer one of my old retirement accounts with a previous employer to a self-directed one so that the entire purchase and proceeds are all handled within the retirement account and thus would not count as income for tax purposes.

Thanks all!

I love Oregon and can't speak highly enough about it. However, if you are looking for a place that is mostly warm, has mountains, lakes, rivers, wonderful flora/fauna and a low cost of living you might check out East Tennessee (Chattanooga, Knoxville and surrounding). I moved to Oak Ridge from the DC area for a simpler life and so that I could better afford real estate. There are definitely some cultural issues that took getting used to, but the recreational and real estate opportunities seem endless.