All Forum Posts by: Terra Padgett

If I had $1M to invest in real estate, I would ______.

@Heath D Wallace  You're the boss, the owner. You're in charge. If you don't want to remove anything then tell them it comes with the rental. They can store their appliances elsewhere if they'd like. You make the rules and choose what you want to do. 

@Heath D Wallace 

@Dmitriy Fomichenko I needed one. 

We typically put in refrigerator, dishwasher, stove/oven, but it's not a requirement. I think it does help rent it with those items. However we've began to include in the lease that these items are for convenience only and maintenance and repairs are not the landlords responsibility. One time a prospective tenant said they had their own refrigerator and asked if we could remove ours. So it just depends on if you want to include them or not. 

Yes, I prefer the SoloK over the SDIRA. I don't think you need an LLC with the IRA but you do need one for the SoloK. However if investing in real estate, you'll likely already have at least one LLC. Once either is setup, you can certainly direct the funds into real estate; buy properties directly, buy into other people's deals, invest in promissory notes and other debt investments. You can personally borrow from the SoloK to do things with. Many options. They're great ways to access capital to get started.

HELOC to access the equity. I wouldn't refinance the entire mortgage. Get the HELOC and pull out what you need. Just be sure to have a plan on paying down the HELOC

I started investing in CRE with friends by pooling capital with them to get in on deals. Started a real estate investment club. The investment club model helps the individual investor invest in million dollar real estate deals without needing to have millions of dollars. We all vet the sponsors/partners, the deals, etc and if we like & believe in the opportunity then we each put our funds together ($5k or as much as one would like) and invest in the deal. Great way to get your money working in a variety of real estate asset classes without the huge cash outputs typically needed.