All Forum Posts by: Account Closed

I'm only posting this because I just got done watching a podcast where they emphasized finding partners and mentioned the saying that was something like this "part of a good deal is better than all of no deal".  Just tossing in a plug for the blot casts.  

Wow looks almost too good to be true.  Like Henri said, I'd do as much research as possible and double check all numbers but if nothing changes this is a no-brainer and grats to you.  

Apologies for hijacking the thread but I feel my question is fairly similar.  I have a few houses that I rent and pulled out about 150,000 that I want to use to buy about 600,000 total in properties?  What financing product is the best fit for this?  In a perfect world I'd like to have a line that I can draw from as I acquire and update properties.  

Thanks for the insight.  The personal benefit is such a grey area but I don't think they'd give you the benefit of the doubt.  Time find another way lol. 

Thanks again.

So I know there are pretty strict rules in place to keep your personal dealings and 401k dealings separated.  I ran into a deal that seemed to make sense for me and for my Solo 401k.  There's a 3 story building for sale.  The first floor consists of 2 restaurants and the second and third floor is basically a 5 plex of apartments.  If I had the seller split these into 2 properties (the Restaurants and the Apartments) I could buy one set with my cash & financing and the other set with the Solo 401k.  

So owner splits his property into 2 properties, sells one to my Solo 401k and one to me.  There's no interrelationship with the two except that one property sat on top of another.  

If a seller owned 6 SF properties and sold 2 to my 401k and 4 to me, that would be perfectly fine.  Isn't this somewhat the same?  

I agree with most that you should keep doing what you're doing in regards to contributions.  Check out the 401k loan option and also see the rules around multiple loans (some allow you to get multiple loans so long as you don't exceed the total allowed amount).  One tactic might be to pull a little out in a lone (enough for the down payment you need) and know that you have reserves if your company will allow a 2nd 401k loan because you could then get a 2nd loan if your finances got too tight.  

Obviously you must be good with all of the 401k loan caveates regarding risk & expense whether you leave your company expectedly or not.

Often coming to the right answer is easy by playing the scenarios in reverse.  For example if you're wondering whether or not to sell the property for let's say a $5k profit or get a PM to come in and manage it for you.  Ask yourself now, with all you know about the situation, if you'd pay $5k to buy a property there that was going to be managed by a PM.  Your answer to that question will lead to the answer to the question on whether to sell or have managed. 

I'm not a doom & gloomer but I definitely see the Phoenix market slowing in many of the market areas as the prices rise.  I watched last year as everything under $200k disappeared within hours of listing in any decent neighborhood.  A good chunk of our population is currently priced out of the market as the prices and rising interest take their toll.  I don't think we're in for a crash but I wouldn't doubt there's some noticeable slowing on the Phoenix horizon that will continue to grow over the next few years. 

Lots of great tips here.  I love this community. 

I think the reason most of the people being called are so reluctant is that they are assuming everyone is trying to scam them.  Maybe you start with some honesty about the subject and try to make it seem like part of your goal is helping people in their situation.  I'd do something like 

"Hi, my name is (your name here) and I work for (your organization) and we're in the business of trying to help people who might be having troubles with their mortgage.  We aren't asking for a ton of information up front but if you could answer a few basic questions for me, maybe we could see if we'd be a good fit for your situation.  "

I think if you follow that up with the sincere desire to help the individuals you'll find yourself very successful.  If you make yourself believe you're in the business of helping people it should help you to sound more like what they guy/gal on the other end is hoping to hear.