All Forum Posts by: Peace Lily

Hi BP members - 

we are searching for a place to retire and invest in northern Italy.  We ruled out big cities such as Rome, Milan, Florence, Venice etc. even though we absolutely love to visit, but we are planning to find mid-size cities where there are still lots of things to do but living cost is relatively cheaper which aligns better with our retirement goal. The places we are thinking of are Trento, Torino, Brescia, Como, Fermo, and perhaps others. Our primary goal is to find an ideal city to live while we can also run short term rental either Airbnb or student rental.  Capital gain and rental income are not our main investment objective but it would be nice to supplement our living expenses.  

I wonder if there is anyone has similar experience on this... any advise on how to start off, recommended consultant agencies to go over visa options, health insurance, buying properties dos and don'ts and more...

Thank you,

Ling

Hi BP investors and CPA professional, I have a question re. this topic. I currently have a loan of 30,000 against my 401K. Due to furlough status since 04/01/2020 and reduction of work force, my position was eliminated. Because of Cares Act, my loan was deferred till January 2021. My question is should I withdraw my 401K and pay off the loan 30,000 and then roll over the balance to my IRA account now or wait till January 2021 to do that? Would I have to pay 10% early withdraw penalty if I do it now or January 2021? My tax bracket is 24%.

Hi BP investors and CPA professional, I have a question re. this topic. I currently have a loan of 30,000 against my 401K. Due to furlough status since 04/01/2020 and reduction of work force, my position was eliminated. Because of Cares Act, my loan was deferred till January 2021. My question is should I withdraw my 401K and pay off the loan 30,000 and then roll over the balance to my IRA account now or wait till January 2021 to do that? Would I have to pay 10% early withdraw penalty if I do it now or January 2021? My tax bracket is 24%.

Dear BP member - I was wondering if any investors are doing differently on the overnight guests rule in student rental and liability issue after this pandemic. If the student bring in girlfriend/boyfriend or family/friend visitors to stay overnight in a shared apartment, it may create potential issue.  I have no overnight guests on our current lease. Thank you for your feedback in advance!

@Jonathan Taylor

Sorry I didn't state that i put down 10% down when I purchased the house in 2017. So I haven't reached 20% yet (bought at $365,000). HELOC is easy to get but if I use it to fund my next purchase down payment, That means I would have to keep paying HELOC interest (about 5% with the lender I talked to) so I would pay Heloc interest plus potential new loan for new purchase whereas with cash out refi I only pay one new loan. Does it make sense? Thank you!

@Jonathan Taylor

Hi Jonathan, I was debating if I should do cash out refi or heloc on my current 2-family investment property. The market value is about $500,000 with mortgage balance $315,000 (current interest rate is 4.4% with $50 PMI)I have good credit 740 up. My purpose of getting cash out is to use it as down payment to pay for my next Brrrr as primary property (hope for FHA loan). There are both pros and cons between Cash out refi and Heloc. Which way would it be better for my situation? Thank you very much!

@Rafael Martinez Sure, Inbox you.

@Tracy Minick Thank you. Tenant also left and old car pack of trash inside the car. It doesn’t look like it is operable. I text messages her to remove it, but she didn’t do it. Should I just have it tow and what i should do with it? Thank you.

Dear BP Members,

Tenants moved out before lease ended and said that I can keep the Security Deposit even though SD didn't cover all the trash they left and one month short rent. Is there official email I should send to protect myself keeping the SD so that we can officially end the lease early? I do not want they regret later and said that I didn't return the Security Deposit to them. Please advise. Thank you! 

@Bill Brandt I see what you are saying. I think 60 days could be a better alternative. Will do. Thank you!