All Forum Posts by: Samantha Prince

Hey BP fam!

Any recommendations for a local handyman in Salt Lake County Utah area? I'm looking for a reliable and trustworthy handyman to maintain rentals while we are away for the summer.

Thanks :)

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At what point is it wise to open up an LLC for a real estate business? Curious to know when I should open up my own.

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Along with that, I would say if you do decide to attend college, choose a university or community college that is cost effective. It’s not worth going into debt for your education, there’s ways to pay your way through if you look hard enough.

I paid my way through selling pest control door to door each summer. I only needed two summers to pay for all of my schooling. That student debt will only hold you back from your real estate investing goals.

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My college education was valuable. Especially all of the networking I did — helped me in my real estate ventures.

The value of a college education isn’t just the education itself.

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Since when did the CDC become in charge of evictions? Why are they allowed to have this much nationwide power?

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@Chase Yokoyama

my husband and I bought our first rental property through house hacking it! we’ve learned a lot. it’s a nice way too because you decrease your personal expenses in the process (not paying a mortgage or rent) if done correctly. that extra cash can go towards your next property as you increase your income snowball. highly recommended especially if you are young and don’t have a ton of responsibilities rn (spouse, kids, etc)

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Originally posted by @Zachary Beach:

@Samantha Prince my wife and I reached FI a couple years ago in are early twenties through a mix of flipping Brrring STR's and LTR's. If you hate your job and don't get the match if you don't say 3 years it's not going to be worth it. That being said if you don't hate the job and stay 3 years that's a 6.4% raise (plus hopefully any gains) 8% match -10% for your part and the match in early withdraw penalties. The reason I say early withdraw is you want to FI at 35 than 401K is irrelevant and could actually slow that goal. You need to have a contingency fund and having a 401k that you can liquidate could help. Would you be able to stay 3 years then liquidate the 401K and use it as a down payment. I can't answer the question without knowing you and what your goals and disposition are. If it wasn't a 3 year vesting I would say do it and take it out as soon as it makes since to use it as down payment or you could use it as a contingent fund and only pull it out if you needed it and if you don't need it you get a good upside.

Hey Zach, Thanks for responding to my forum question! I really appreciated your answer. That's impressive you and your wife achieved FI so young!I'm reaching out in response to your post. You mentioned "The reason I say early withdraw is you want to FI at 35 than 401K is irrelevant and could actually slow that goal. You need to have a contingency fund and having a 401k that you can liquidate could help."I'm curious what you mean by contingency fund? Do you mean some type of retirement account? We currently have a 6 month ER fund in a high yield savings account. Between both our incomes in one year, without accounting for 401(k) contributions, we will save enough for a nice down payment for our next househack. So using the 401(k)/IRA as a vehicle to save a downpayment doesn't seem necessary, especially accounting for the riskiness of the 401k account.

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Hey BP,

My husband and I are 25 years old. Just bought our first house back last year and on a clear path to purchasing our next by the end of this year/early next year.

We opened a Roth IRA but have yet to contribute. I just started a W2 job that will match 401(k) contributions up to 8%. My husband works as well but no 401(k) plan.

We also plan to start a family soon so I don’t know how long I will be working this job, I’d have to stay at least 3 years to keep 100% of contributions.

We are passionate about real estate and becoming FI by 35. We have clear goals and paths to achieve primarily through REI (focused on passive income). Our goal is to achieve FI as quickly as possible, not to work 9-5 until 60+.

As of right now, we feel it’s best to forgo my company’s 401(k) contributions and just focus on putting all of our money into rental properties right now. Especially because I’m not sure how long I’ll be working for the company.

Am I thinking through this the right way? Is there something I’m missing? I have yet to see how contributing to a 401(k) even with the employer contributions will help us achieve our ultimate goal faster.

I understand it’s “free money” however it’s tied up with in an account that we can’t access without penalty for ~40 years. And I have to contribute some of my own money to get that “free money”.

Let me know what you think! I’m open to any and all feedback. Thanks!

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My husband and I just purchased our first house hack in 2020 with plans to acquire 9 more properties by 2030. At what point is it wise to open an LLC and put our properties in there instead of purchasing homes in our names?

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Originally posted by @James McCard:

I think a lot of people think if I am going to do real estate that I am going to do just real estate and other forms of investing are sub-par. I am for sure in disagreement with that. If you have a bunch of different slices of pie if the value of one goes down the rest is not effected. Some would say that this limits me - although I do not feel limited in any way. I too am on the road to FI - I am turning 34 in April and would like to by 38 make more from real estate than I do my W2... work 2 more years just to build up a bit more of a financial runway (@Scott Trench) I think coined that term in Set for Life. Be done at 40 years old and just enjoy FI or keep hustling (which is more than likely).

So keep doing real estate - I would keep not discourage you from opening a Roth IRA and like someone else mentioned you can use the contributions (not the gains) penalty free.

I just did that in Feb of last year. Bought a rental for 24k - I turned it and basically have it rented (under market value... but Corona) to a friend of mine.

Thanks for the feedback. Quick question, how soon can I take the contributions out of an Roth IRA without penalty? Do I have to wait 5 years or is it immediate?

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All Forum Posts by: Samantha Prince

Samantha Prince has started 5 posts and replied 11 times.

Post: Handyman Recommendations in Salt Lake County Utah Area

Post: When should I open an LLC?

Post: College Or No College?

Post: College Or No College?

Post: CDC Extends Eviction Moratorium to June 30, 2021

Post: What Investment Strategy did you Start With?

Post: best path to FI at 25 yrs old

Post: best path to FI at 25 yrs old

Post: When to open an LLC or series LLC

Post: Continue House Hacking or Start Roth IRAs?