All Forum Posts by: Ryan Huynh

Congrats on your first property @JJ Buckner!

I'm in KC here. Just wondering, which neighborhood did you purchase your property in?

@Shayne Holladay 

I agree with @Logan Graham here. Educating yourself is very important, so that you have the lingo and the concepts down. Also, be sure to decide what you want to invest in (single family, multifamily, etc.). Once you understand more and have an idea of where you want to go, you can start reaching out to others. Tell your dad's friend that you're interested in real estate, and educate a lot in the meantime. 

Congrats Jonathan! Looks like you generated over $130k in equity from $110k invested, plus you've got yourself a very nice cashflowing property. 

Well done!

@Account Closed

If you get a standard mortgage, then you obviously wouldn't have to live in it. However, if it's an FHA loan, then you would not want to risk getting in trouble with the law. You would only have to live in the property for one year, and after that, you would be free to rent it out.

@Bradley Babineaux,

You are able to do it, but depending on what kind of account you have, you may have to pay a penalty fee. If you were to withdraw money from a traditional IRA, you would have to pay a 10 percent penalty along with any taxes related for the withdrawal. You can withdraw contributions from a Roth IRA tax and penalty free. @Dmitriy Fomichenko has outlined how you could do it with a self-directed IRA if you wanted to go that route.

Hey @Steven Lam!

I agree with @Steve Vaughan here. You might want to ask yourself whether you'd prefer being a hands-off investor, or being more involved with your investments. Both options are perfectly fine (be sure to do your due diligence on what you're investing in and who you're investing with!), and go for the one that you think fits you better. If you end up wanting to do a BRRRR out of state, then you might want to spend time networking with folks who have done an out-of-state BRRRR before, educating yourself on the best market to invest in, and then go right in with a BRRRR.

Hey @Markum King,

If you own your own home, you could try using a HELOC to pull some of the equity out of your own home.

@Adrian Vega, I second @Sai T. and @Melba Chambers on this. You should try setting up another method to collect the rent so that tenants can pay rent on their own, and so that you don't have to visit them each month. Regarding the tenant having trust issues, you might want to call them and talk with him about it, or sit down and meet with him. Also, props to you for not telling him off and asking for help. It might not always be easy to do that, but it's definitely better to step back like you did here than to be too hasty. 

@Brianne Leichliter,

I agree with @Joe Splitrock here. It might be better to wait until everything is done and over with in the divorce, so you can move on from there. There's a lot that you can do while you go through the divorce. In the meantime you can continue networking, looking for deals, researching the market, etc. I wouldn't want to start investing right now though.

@Emi S. 

Welcome to BiggerPockets!

Education is very important to real estate so it's very good that you're going out there and learning by reading books and listening to podcasts. I'm in the Kansas City market, so if you're ever interested in doing out of state real estate investing, I can tell you more about it! Good luck on your real estate investing journey!