All Forum Posts by: Seth Hochberg

Hey Bob, your post is super informative for a lurker like me haha. I'm curious what neighborhood were you referring to in Baltimore? 

@Cassim Ross

I'm a new investor in Baltimore, looking to network as well. Sent you a PM!

@Doug Laroche

The guy in episode 197 said he wrote something like: "If you're interested in selling your property, call me at _________" I get the impression it's typically short and sweet, especially if you're writing by hand X1000

@Spencer Davis

Continue educating yourself and start looking at properties. If you know where and what you want to invest in, contact an agent and ask to get automatic alerts when properties hit the market that match your specifications. If your not sure about that yet, you should reverse engineer your plan based on your long term goal. Also, start looking at the MLS (zillow, trulia, redfin) and start analyzing deals. If there's something your not sure about in your calculation, that's the next topic for you research

@Kelly M.

Congrats on the successful investment! If you don't mind me asking, what neighborhood is this in?

I'm going through a similar debate in my head. It's important to have some form of back-up if things don't go according to plan. What if you find out you need to do 5k of repairs? What if you get terrible tenants and they damage the property and more importantly, they don't pay rent. How are you going to pay those mortgage payments? Do you have a parent that could loan you 5-10k in a pinch? Are you comfortable with that? Because with nothing in reserve, worst case you don't have it rented out, you've got to figure out how to make mortgage payments or your property will get foreclosed on.

I'm curious if anyone else has answers on this as I'd like to know as well. I have a few friends/family that come to mind where they might feel comfortable investing 10k-20k. As someone very new to this (just brainstorming how to get financing at this point) is there a convenient way to give security to multiple people for smaller amounts? I'm assuming not, but curious if anyone knows a way. Obviously, it could be informal and rely on trust, but I don't like this at all and would rather give my lenders the same security I would give a stranger. 

For context, I'm looking to BRRRR a SFH in Baltimore, MD. I could potentially finance most of it myself, but getting another 50k+ in private lending would give me a much better selection of properties to look at.

I'm in a similar situation and am also curious what people have to say. I have money in 3 buckets

1) Roth IRA

2) Traditional IRA

3) Roth 401k

Not sure which buckets your money is in, but the roth IRA you can withdraw all your contributions without penalty. Roth 401k I will try to move to my Roth IRA, so I can withdraw more if need be. The traditional IRA cannot be withdrawn without penalty, but I can open up a traditional 401k and roll over my traditional IRA money into that and then take a loan up to 50k or 50%, whichever is smaller.

The loan makes sense, because you pay yourself in interest but I'm uneasy about withdrawing from my Roth. You have 60 days to return it all (if you want) which is unlikely. I'm equally unsure about going this route or just going for financing. Curious what other people say, but I presume on a Real Estate Investing forum, people will shout "WITHDRAW!"

@Alan C.

That's really interesting insight. I think I feel an emotional attachment to the neighborhood having worked there for a few years and wanting to see it turn around. But its not an idea I had researched yet, so thanks for providing that insight

@Chris Mcdonald

I lived in Fells for 3 years and I didn't realize how crazy a $150 water bill until I moved out haha!