All Forum Posts by: Seann Brown

@Cory Benhardt

I just bought my first one using funds from my 401k.

The house I'm in escrow on is out of state, the MLS has the sq ft listed at 1320, public record has it at 1086 and my appraisal came back for 1196. It's a bungalow style house with the "attic" being living space. The Ceiling slants downward to the sides of the room, the appraiser only measured to where it is tall enough to place furniture.

My dilemma is that I'm flipping this house to refi and rent. My calculations for ARV are based off the 1320 sqft, however, I am now worried it will not appraise for that full measurement.

Hope that makes sense.

Any input would be greatly appreciated!

Looking for a realtor and property manager in the Detroit metro area. More so in the bagley and university district area.

Looking to connect with some local investors, realtors, property management, lenders, etc. in Clarksville for possible purchase of a rental, as well as getting any input about the area. Thanks!

@John LaBanca thanks for the reply! Lots of good info!

Live in Los Angeles and only have $50k to start with. I don’t really like what’s available out here for the price and the potential cash flow just doesn’t seem worth it, not to mentIon tenant landlord laws In ca. Does anyone have some insight on investing out of state? Also, what are some of your favorite markets and why? Thanks!

@Anthony Wick house hacking not an option right now so no. I already have a house with va loan and I don’t think I can convince my wife to do that lol

@Anthony Wick yes I’m able to take 50%. Was just seeing if it made sense to cash it all out. Unfortunately $50k doesn’t go very far is Los Angeles.

@George Blower right, so would it be based on top of my current income and bracket or is it completely separate?

Have $100k In my 401k, would it be wise to cash out the entire amount for a rental property? What would be the tax implications? I live in CA. I know I would pay the tax on it now, but it was all tax deferred contributions any way and I’m going to pay the tax when I retire.