All Forum Posts by: Richard Haug

BPers

I have been looking at the RE in Little Rock. Wondering how anybody might be doing in that market. Thoughts on what potential there is looking forward.

@Account Closed I have considered the lease option as being one of the best ways for getting better tenants. As potential owners you would hope they put more concern for the property. And you get the option $ right away.  Rock crab or Spider, I'd love to sit down and chew on some ways to get away from the shackles holding me down here.

PM me and let's talk offline 

OK I am having a dilemma washing around in my head. I have approximately 2 more years to retire with a pension that would provide around 1600 month and SS of about 1500 that would net me about $2000 a month to live on. 

Or I could cash out my pension and walk away with $180,000 seed money to start my REI career.

I have been in the study mode for more than two years and have not felt ready to start buying my first house. Visited two markets I am interested in moving to (Knoxville or Chattanooga TN) 

I have a son living in TN so that's part of the reason, other than how much I like the area and what it offers, and the potential in REI there.

I want to do some flips and buy and hold. Short term rental is also appealing. I know I could far exceed the income my pension and SS would provide by investing in RE. I am not opposed to being a do it yourself-er initially. In fact I look forward to it because I have boxes and boxes of tools to use. 

What would give me the courage to leap into my REI career path now verses waiting and saving capital to start with is having someone to help show me the way.

A little about me is that I am single and can move easily. I currently live in 50 sq ft which is less than most tiny houses, it's a boat so I don't have a lot of stuff. I pay $200 a month so I can save money towards my future REI. I have a credit score of 800 so I am a good risk because I believe in paying my bills and budgeting.

Problem would be that if I walked away and cashed out my pension I would then have no W2 and no income. So I am not opposed to finding other work after relocating. 

Any thoughts, ideas, encouraging words of wisdom out there from BPers would be much appreciated.

Thank You 

Richard 

@Rhonda Blue thanks for the clarification on this. I was in the Knoxville and surrounding area to see what the potential is for both short term and long term. Also looks like there are areas that would be good for flipping. Getting my resources ready for jumping into REI as my next career.

@Rhonda Blue Actually I was told by my host of an airbnb that it was a TN state law that was just passed. Maybe you need to look into this ?

@Rhonda BlueAfter a recent visit to the Knoxville area I was informed that you needed to live in your short term rental to be legal, and you could not have more than one. Apparently it's a new law taking affect today. How are going to manage this?

@Sarah Buchanan

As a dog lover and former animal control officer this situation needs to be addressed with serious consequences. It is obvious the owners have not and are not responsible dog owners and don't expect that will change. Make the report to All the authorities and city, county representatives. The one bite rule is there to protect people and was completely mishandled by the animal control. This dog needs to be put down, he went for your husbands throat with the intent to kill. This dog is a deadly threat to society!

Sadly this has been placed in your responsibility to handle. I totally agree that it is time to take all legal action immediately to remove the tenants also, they are not being responsible and taking this as a serious offense that it is. You will recover, and possibly save a future life. Find a tenant that will appreciate your good will and peace of mind will return to you.

Thank you for having this discussion to help us all learn what to have in our lease agreements.

Richard

Hello

I just thought of a possible way to shift funds out of my 403b retirement fund and wondering if it's valid.

I work for a university and have a 403b. Recently reached the age of 59 1/2 so I can take funds out without being penalized but would have to pay taxes. My question would be would it be possible to shift the funds from my 403b into a self directed Roth IRA to avoid paying the tax. And then use those funds to invest in real estate.

@John Leavelle my concern is that now that it has been refinanced at a higher value, then the mortgage and taxes would be higher. I believe that this would have to be considered in the initial purchase to provide a positive cash flow. Am I correct?

I am looking at a property that is posted and say's being sold only with Conveyed by Special Warranty Deed. What does this imply?