All Forum Posts by: Troy Forney

I couldn't have said it better myself.  I like having control of my money.

Hey Marty,

Just took 84k myself. 

Thanks for the input everyone.   When I stop and think about $580k of debt.  Its kind of scary, but its not hurting anything.  I don't hardly know its there unless I think about it.  The tenants are paying it.  

I know its all about comfort and do you have enough reserves.  I just want to know where everyone else is at if you don't mind sharing.  We own $1,075,000. in real estate and owe $580,000.  This includes personal residence.  Thanks in advance.

Ya I remember hearing something like that, but wasn't sure.  I appreciate the input. That really slows the process.  Limits to what you can do in a year.  I finally found a contractor that can turn them fast.  

Hi everyone.  If I buy a property all cash and rehab with all cash, is there a holding period to obtain a new mortgage and get take my money out?  

@Marty Summers -Very Funny stuff, but so true.  Even my dad was saying, you don't want to put all your eggs in one basket, but "it seems to be a pretty good basket".  As far as work, I will take this kind of work any day over the stress of a fake stock market.  None of it is based on fundamentals anymore.  When a property becomes vacant, we assess it.  Rent it again or rehab it.  If we rehab it, the amount of work is up to us.  Call a contractor or do it ourselves.  After 15 years of rehabbing houses mostly ourselves, I prefer to call the contractor.  Actually the first was 1996.  So in 24 years about 10 properties that my wife and I have done ourselves.  I am sure many have done many more, but the point is... I am tired.  Now we meet contractors, make phone calls and write checks.  I will take that any day to more than double my return.  

My thoughts exactly.  

Chris, I agree taking money from your 401k is not usually a good idea.  Especially if you don't know what your doing.  

Marty, have you heard of Mr Money Mustache?  He retired at 30 using mostly index funds and live very frugal.  He's the only one I have heard of retiring early with that type of investment vehicle.  My parents and both sets of in-laws retired with 401k's so it does work, but like you said not till your at least 59 and a half.  My parents at 62, and also made 1 really good investment 30 years ago water front in Key West.  

The IRS deal on the 401k is 100k.  What qualifies I am not sure.  I have read articles that said, you re-invest into stocks, they don't care.  Your talking about 200k, I would be ready to pay 30% minimum and if they wave the 10% on the first 100k great you have more money.  By the way, I see we are pretty much the same age and both in Indiana.  Us Hoosiers gotta stick together.

Honestly, for me personally, I have decided I don't care. Qualify or not, its worth it. You think that this stock market rally is real ? Its the Fed buying everything including etfs, etc... How long do you think they can continue this without consequences?  I know, i know,  over time the market goes up. I have done that for my first 20 years of investing. With Vangurd I have averaged 6.8% over the last 5 years which was supposed to be record market years. Real Estate over the past 5 years for us has average a 15% return just on the income. Anyway that's me. Everyone has what they are comfortable with. I am tired of trusting my investments to others. I can control real estate.  I have paid the penalty before and turned that 60k into 150k in equity and consistent income of 10k a year.