All Forum Posts by: Rachel Luoto

Thanks for the input @Chris Seveney I was just wondering to someone last night if the "harder" things like longer foreclosure, 2nds, etc don't just get taken into consideration as higher risk for a lower bid. Glad to see someone is on the same wavelength!

@Tracy Z. Rewey thank you for the insight on 2nds!

@Stephen Herbert Thank you! I agree it's not a get-rich-quick game, but it is very rewarding monetarily and intrinsically. By asset-driven are you referring to commercial property? Would you recommend any resources on the subject?

@Brian Schmelzlen personality is huge! A lot of people don't get that and look purely at return. I'm excited to learn about partnering. Plenty of people have cash, I'm just worried I wouldn't have enough experience to use it correctly. Though maybe it's time to look at what I've done and own that success more boldly.

Hello!

In 2017 I took the leap and now have a live in flip (will wrap up in March), a triplex, and an air bnb (transition to regular rental in 2018). I'm ready to hand in my Newbie badge and do more deals.

BP has lots of great advice for people just starting out - but not a lot of advice on what to do after you've bought your first deals, deployed your cash, and maxed out your lending limit.

Would you:

A) Partner

B) Wholesale

C) Stay patient and re-accumulate cash

D) Something else??

Cheers to wrapping up the best and most growing year of my life, thanks to real estate - thank you for helping to shed some light on the path forward in 2018!

@Michael Guzik I bought my first and only car around your age and making a similar amount of money.

If you like the rehabbing end of things you will definitely want a truck or at least a hatchback (USED & RELIABLE). If you buy a place and your current car breaks down for good, you will be in a bad spot. You can bike or bus to work grocery store etc, but you can't haul windows or hardiboard or cases of flooring!

Have you talked to a lender to know what you can qualify for? I'm in an expensive area where $25k salary could not get you a property that's FHA-approved, but maybe prices are a lot lower in your market! It might be worthwhile to focus on income if you find yourself needing a higher lending limit.

REI will not always align with who you are - spirit, heart, abilities, personality, experience, goals, and time.

I get looking at obstacles and thinking "how can I?" but at the end of the day people have different gifts and values that will set them on different courses. And that's ok. Our best way of living and investing isn't going to be the universal best for everyone.

I am a newbie who has taken action in 2017. REI has challenged and grown me more than any experience of my life, and now that I've entered the game I plan to play it 'til I die!

Hi @Marlon Deppen you can find the homes directly on hudhomestore.com but they are also listed on the MLS. The only thing with Bremerton, since we are discussing, is there are a lot of VA buyers to compete with.

I can't say what you should do because I don't know your personality, strengths etc. Real estate has many good paths, but only some are good for you. However, regarding getting a nice FHA deal - what I did by accident you can do on purpose. Target HUD homes. They must only allow owner-occupant offers when it is first on market - this helps to keep the bigger investors from outbidding you. Something like the first 8-10 days

@Brian Eastman thank you very much! The internet wasn't very helpful but I knew someone on BP would know!

Hi BP!

I've long considered using the 72(t) SEPP or Roth IRA conversion ladder strategy to access IRA retirement funds early. Does anyone know if a self-directed IRA would still qualify for those distribution strategies?

Thank you!