All Forum Posts by: Shandrea T.

Thanks :). Quick google search for more details had me find that you can't loan to any "disqualified persons.

Hi all, I'm reading a book right now and they mentioned possibly getting a loan from a family member and suggested having them utilize their self-directed IRA to loan out the cash. I'm just thinking out loud, but does anyone know if you could do a self-directed IRA loan to yourself without any tax implications if you had terms to pay your IRA back with interest? I'm assuming there must be something prohibiting it but thought I'd throw this post out here to see if anyone knew. Thanks!

@Wayne Brooks I didn't realize that you couldn't join the Local MLS. As I was skimming information I thought that with a limited license you were able to get MLS access and access to the lockboxes which was the main advantage I had in mind. I think I'll add to my to-do to reach out to the local MLS to confirm since if that is the case I don't think it would be worth it for me. Thank you for your input!!

This is exactly the type of feedback I was hoping to get.  I should get more specific on the actual attributes for the rental property because I definitely am not going to buy just any rental property that may not be a good investment just so I can check the box for my goal.

Thank you @Joe Villeneuve! 

Just adding some additional information re: the limited broker license.  From the quick searches I've done online I don't think all states have this so I'm not sure how common it actually is.

https://mn.gov/elicense/a-z/?id=1083-231193#/list/...

Hi!

Anyone else get their 90 days journal and have all their goals figured out?  I have my first goal to buy my first rental property in 90 days, however I feel a bit lost trying to figure out two other goals.  I'm finding I keep choosing things that fall more under a "habit" vs. an actual measurable S.M.A.R.T goal.  Would anyone care to share what their goals are?   Would love to be able to maybe spin off some ideas for myself off of them :).

Thanks!

Hello!

I can't quite remember how I came upon this but I was curious if anyone has experience with having a real estate limited broker license?  I'm still doing research into it but figured I'd throw a post out here since details from someone's first hand experience would be really helpful too.  I'm still debating if the associated costs are really worth it considering I'm just starting out. 

Thanks and Happy New Year!!!

Hi everyone!

I am SUPER newbie and juggling working full time and a 3.5 yr old and 7 month old so I've started by reading the BiggerPockets Rental Property Investing book , reading forums as much as I can and am going to pick a new book too.  I've been planning out how I would be able to fund a downpayment for my first property and was hoping to see what other's thoughts are.

Option A - Use savings and take a loan from my 401k.

Option B - Use savings and refi current home and pull the cash out. I already refinanced once about 2 years ago to get out of the PMI insurance I had but investing wasn't even on my mind so I didn't cash out on the equity I had. We are also planning to get a new deck next year on our house. Would it make sense to wait until we add the new deck to refinance since that would probably add some additional equity? Or would the additional equity probably not really make a difference considering the out of pocket expense we'll be spending anyways on the deck? Not sure if I'm making sense there :) .

Option C - Use Refi to pull cash and borrow from 401k.

Let me know your thoughts and potential drawbacks you can think of.  I'm already aware of the risks/drawbacks associated with a 401k loan but I'd love to hear other opinions.  I'm aware of other funding methods but I'm not sure I feel quite comfortable with other funding methods so I'm thinking we'll go with a conventional loan.  My thoughts on this may change as I continue to read/learn about other options but this is my thought process as of now :).

And one last question...

Does it make sense to start working on getting preapproval now or wait until I get closer to being at a place where I'm closer to making my first purchase?  I want to be prepared and have everything tee'd up once I'm able to find a good deal, however I also want to be mindful of the lender's time and don't want them to feel like they've wasted time working with me if I'm not able to do anything until early next year.  I also want to be prepared in case I come across a good deal since I don't want to miss out if I'm not able to get financing in order.

Thank you!!!

Shan