All Forum Posts by: Tim Thorpe

Hi Katie, thank you and remote works fine with me!

I've been in investing in RE for a couple years and have 3 properties. I purchased into the wealthability program and was appointed an accountant here in California who did a good job on my taxes this year but cost a lot of money ($4500) and NEVER returns my emails. Needless-to-say, I'm looking for a good REI knowledgeable accountant who knows how to answer emails in a timely manner. Any recommendations would be greatly appreciated!

@Aaron Gomez

I strongly recommend borrowing against your 401k (as a loan) to make a purchase in real estate. However, not sure I would make that purchase in the bay area as I just don’t see the increases in real estate being sustainable. In fact, I’d be surprised if you and your neighbors don’t see a market correction in the near future. How near? Nobody knows, but I recommend looking out of state. Throw a map of the US on your wall, throw darts in the middle sections and start researching those areas...

@Loren Clive I agree wholeheartedly with your opinion to do both. I also max my 401k and even contribute taxed monies after the yearly max has been reached. I just started with REI however and my first deal will close this coming Thursday. I plan to continue purchasing RE in the buy/hold strategy with as many deals as I can generate. My hope is to have at least 10 paid off in the next 12 years. Getting back to the subject at hand, 401ks are a great tool for many reasons with company match being the first (provided you receive one). I have used the 401loan twice for investing purposes only. First, to buy stocks in a personal brokerage account and most recently for the down payment on my first REI. The money I pay back goes to myself so its a win,win,win. Also, by making taxed contributions, I'll have a little nest egg later that will not be taxed when withdrawn. I love the the thought of earning a small fortune through passive income generating REIs, but I think it's a great idea to throw your eggs in as many baskets as possible. For me it's stocks, mutual funds, ETFs and finally REIs.

@Tina S.

I am a lineman by trade and work on or around electrical panels on near a daily basis. The outdoor panel configuration you’re describing is actually the most common and very safe when professionally installed. Not sure why your friend has an issue with it but rest assured there’s nothing wrong with it.

@Steven Smith I would compare this to buying a stock high knowing the price was going to dip. No bueno....

@Justin Aguaze thanks for the advice and i agree wholeheartedly. Im going a different route.

@Dave Skow Good to know, thanks for the information and your response.

@Jeff Brower I agree, I need to do my homework and ensure the numbers all work to my advantage. Thanks for the response.

@Jacob Allweil, you raise an excellent point with concerns toward job security and potential penalties. I think if I was just starting out in the job sector, id have deeper reservations about brrowing against my 401k. But Im a little past the midway point toward retirement with decent financial and job security. Imstill alittle on the fence but youve helped push me toward the side of going for it. Thanks for your response.