All Forum Posts by: Ryan Irwin

Hey @Raj Kalra I'm getting in on Sat and would be totally down to meet up for dinner that evening! 

@Ben David I just had this same thing come up when refinancing my BRRRR. I was able to work around it by paying off the mortgage and then getting a new loan with the additional principal based on the ARV appraisal.

I was fortunate to have the capital available to do so, but this allowed me to refinance it in 6 months vs having to wait 12.

Hi Sabrina! 

If it's not already something you have on your radar, I would recommend going to BPCON. I have been a REI for the past 2 years and went last year. IMO the connections you make really advance your momentum as an REI. I formed an accountability group from contacts I made there and it had paid big dividends to all involved.

In my state (Iowa) we are required to give 30 days notice. That said, I would recommend to see what your state guidelines/regulations are. 

Hey @Isabel Andrade!

I'm 2 years into this journey.  My wife and I purchased our first property from my in-laws.  They gave us a great deal (plus had the comfort of knowing the home's history and condition), which has not just produced cash flow from the tenant, but a great equity position out of the gate. 

Congrats on your very smart decision to start investing in real estate!  If you haven't already, I would highly recommend reading the books Set For Life by Scott Trench and then Rental Property Investing by Brandon Turner (in that order).  Both books can be found in the BP bookstore.  

All the best!
 

Agreed, going to work towards taking advantage of the current RE market and buy low to be in a good position for the upswing later.  Thanks! 

 Appreciate that and makes sense to me, thanks!

Hello BP community!  

Going back and forth on the best way to put/save cash for my next REI. This might be an obvious answer but looking for some reassurance to see if I'm on the right track. When the mutual fund/stock market was good, I was putting money into my Roth IRA with the knowledge that I could withdraw without penalty, taking advantage of the market rates. However, now that things have shifted, it seems that even though it's good time to buy funds when the market is low, I feel like I can get more out of having cash on hand in the short term. Additionally, hope to make at least a couple investments before the market shifts back into recovery mode, so wouldn't have favorable returns on the Roth in that time period.

Bottom line is I think I can get more of a return if I put cash in a money market at the bank (even though there's little interest accrued) for my next RE purchase versus buying low in my Roth and seeing it climb down the road (esp. since I anticipate that market will continue to drop). I'm confident that in the long term, a REI will give more of a return anyway than the Roth would (esp. with the tax deductions and appreciation factored in). In fact, kind of makes me think I should stop contributing to it period.

Hopefully that made sense and would love to get some feedback?