All Forum Posts by: Shawn C.

@Brian Rowles. I’m not seeing any feedback on any of these platforms from any pros in the forum. Are you using them or something else?

@Will Rugeley. Still using REIpro! Any feedback a year later?

@Shawn Chervinskis ?

I have a buyer and agent that I’m under contract with to purchase my home. We came to an agreement after some haggle and are under contract with a contingency on the sell of their home. They keep asking me to change the contingency date as they’re not getting offers on their house. Now they got an offer and want me to change it again because their buyers can’t close quickly. I’m frankly tired of dealing with them. They don’t want to pay more even though I’m paying taxes and interest while they casually market their home.

Since they’re asking me to change the terms after it’s effective, can I just void the contract? Someone told me if they try to renegotiate after it’s effective, and I don’t want to negotiate, I can void it.

@Rick Pozos thought I replied but can't find it. This is exactly the plan. I will have cash when we close on my house, get in to a rental with my VA loan and house hack it for a while. Meanwhile, look for ways to use the cash from my home sale to redistribute to a rental portfolio or flips. I'm pretty in tune with San Antonio real estate market.

Biggest gap I have is identifying off market deals and closing on them.

@Stone Saathoff thank you stone. I completely understand that. I Plan to use my VA to house hack a place that my wife can tolerate for a couple of years and the liquid cash from the sell of of my permanent residence to close on other deals.

Selling my permanent residence opens a few options for us.

Thanks @Dave Spooner. I've used my VA benefits a few times. I have never heard of reducing the fee by paying 5%. 🤔

Hi BP!

I’m in my mid 40s. I am an FTE working in technology management for a large financial services company. I’m also a real estate broker on the side but willing to give that up. Ultimate goal is to work for myself in 10 years or less.

Recently, a family knocked on my door and made me an offer on my permanent residence. They saw the Zillow listing from 2015 when they were looking at another listing on my street. I’m closing in October or November depending on when they sell their house (Sonoma Ranch so it should sell quickly).

I am joining BP for guidance on how to maximize the ROI on the equity from my hike as well as how to use my VA benefits to house hack while we search for our next permanent residence. I have many questions and would like to start networking with San Antonio investors.

We think the plan is to find an off market 3/2 in a class A neighborhood in the NW San Antonio area and use my VA loan benefits or Assumption? We'd live there long enough to meet owner occupancy rules and find another if rates are still low and use VA again.

I’d like to use as little of the equity from my current home because I’d like to keep it liquid in case new deals come.

I’ve passed on a few deals before because I didn’t have cash.

I’d really like some help marketing and understanding all the types creative financing to scale.

Looking forward to networking.

Shawn Chervinskis

Let's say I have $200k in my plan and very little liquid cash.  

I want to start investing in buy and holds.

Scenario  1  If I buy 4 properties at $50k ea, I'm out of cash for 1-4 years using plan only and I don't have any passive income. 

Scenario 2 If I use plan to purchase property, I have access to quick cash for closing but then I can refinance and have passive income to make contributions w (or not).  With this option , I always have cash available.  

@Mark Nolan:

Can 408(b)(2) be interpreted as I can use the plan to fund the unit "if the unit is used to conduct reasonable services or business necessary for the operation or the establishment?"

Also, Can I use the plan to cash purchase properties, then sell them back to my LLC and put the profit back in to the 401(k)?

e.g. Use plan for cash purchase at list price $100K and title the property to solo 401(k) plan. Then, sell/refinance the property for $105K, titled to my LLC and depositing the $105K back to plan?

Legal? This is my only source of cash but I want to make sure I'm following all IRS rules.