All Forum Posts by: Robin Secord

@Josiah Swartz

 - any thoughts on where we will be meeting up?

Here is a recent article from Forbes:

http://www.forbes.com/sites/navathwal/2015/06/30/t...

Detroit is one of the top 5 cities in the nation for flipping.

Does this mean that Detroit is coming back???

@Greg Mitchell

I feel that a couple of other things to look at here too are:

 Do you plan on staying with that company for the next 30+ years?  

If so, great!  Do they offer a loan program?  My old employer would allow a personal loan of up to 50% of my balance.  If they allow this, then you can use your own "free" money potentially to buy a property in which you are the bank for too.

If not - when you leave that company, the 401K is yours to do what you want with.  I am in the process of looking into options of rolling an old 401k over to see how I can best use it now for real estate investing.

Just a couple things to think about.  I am a full believer in taking advantage of the tax free money!  Good luck!

@John Warren

  I think this sounds like a very exciting adventure & can't wait to hear updates as you go along your adventure.  (I am a little jealous that you are comfortable making this move!)  Good luck!

@Derek T. This is an interesting question. I used to handle mortgages in a previous position & the bank I worked for always used the same title company. I never had anyone request a different title company. Knowing what I know now, being on the investor side though, I feel that I would like to pick the title company in some instances too. I can see where your HML is coming from because he/she wants to make sure all their bases are covered.

Good Luck!

@Ann Howell - the winters here make one appreciate the summer SO much more:)

@Kyle Dee - are you buying more for the monthly cash flow or for the appreciation?  I am having trouble finding properties (in the GR area) where the numbers make sense for our cash flow targets.  Any thoughts on the GR market is greatly appreciated.  Thank you!

In the past week, a couple of great articles have called out why Michigan is such a great place.  Most people think that MI is only Detroit, but Detroit only makes up one small part of this amazing state.  

@Brandon Turner - those $500 Detroit houses don't tell the full story:)

Recently, Grand Rapids was ranked #3 in the nation for economic growth.  Denver & Houston took the top two spots.  Here is the article.

http://www.mlive.com/business/west-michigan/index....

Then MI was ranked as the #1 state by Thrillist.

http://www.thrillist.com/travel/nation/ranking-the...

A little good press goes a long way:)  We love living in MI & enjoying all it has to offer!

@Taylor Fender

However you house hack (MF or SF), just make sure the numbers work:)

You will want to research all the loan options out there if you plan on living in the building too.

Also, what is your strategy here?  Are you thinking of selling this property when you move in 2 years or are you going to keep it?  Your answer here may sway you one way or the other.  If you are going to sell, then you also want to understand what will sell easy in your market.

Good Luck!

@Josiah Swartz

 We are planning on being there.  Panera works for us or would the group be open to meeting at a McDonald's that has a play center?  That way kids can play while adults chat (just a thought).  Let us know - thanks! 

@Michael Sjogren

Dennis Blitz is who we set up our SD IRA with. Just google him & you will find him.

Yes - we set up a LLC in the SD IRA & the LLC purchased the house. Everything for the house is funded through the account & any rent payments go right into the account.

Don't totally remember the exact costs, but it was less than $2k. That included creating the LLC.

Let us know if you have any other questions.  Good luck!