All Forum Posts by: Vinny Incognoli

I currently own a rental property for about 10 years now. It is a condo though has appreciated over time and I was able remortgage a few years ago and utilize the money to purchase my primary home. So in essence I kind of broke the cycle of remortgaging to purchase another rental property. I can only benefit now when I sell this condo to do a 1031 exchange. I do not want to sell right now because it cash flows. I do not believe it is smart to sell this property and do a 1031 exchange though by doing so it would start the cycle over so that I would be able to remortgage the new property in a few years to purchase another one and continue to do so. I do however want to purchase another property and am looking for ways to do that. I was contemplating taking a loan from my TDA and that is when I came across the self directed 401K. I was thinking of rolling over money from my TDA into a self directed 401K though am not even sure if I am able to do so. The TDA is through my job. I do however have my own business where I am the only employee. Just a bit confused which route to take in order to purchase my next property. Thanks for your time and efforts.

Thank you @Dmitriy Fomichenko 

My apologies, I just learned about Self directed or solo 401K to purchase real estate. Does anyone have experience with these types of 401K’s? Pros/Cons? I appreciate the input. 

My current TDA has an 80% variable and 20% fixed contribution rate. It has been this way for 20 years and done quite well. 
Recently the 80% portion has been pounded and I am losing money, lots. My company only allows 1 time per quarter to change contribution percentage. I changed it all to 100% fixed though this will not take affect until Jan. 2023, absurd!!! So I basically have to lose money and can’t do anything about it buy pray until January.

I was thinking of taking a 50k loan out to purchase a rental property which I believe would preserve my money. Otherwise I weather the storm and cross my fingers. 

I would love any advice you have. Thank you for your time. 

@Nicholas Covington thank you for the input. I am further researching it to find out about the fees.

@Dave Skow thank you. Due to the fact that it is non-warrantable my options are limited.

@Taylor L. this is my investment property.

Looking to refinance my non-warrantable property to pull out the equity. I was offered a 30 year fixed at 5% with a Interest Only Fixed Rate Mortgage. Has anyone had experience with this type of product? I know it is hard to get refinancing on non-warrantable properties so this may be an only option.

Thank you for your input.

I am possibly going to refinance my non-warrantable property and wanted advice on the terms that were presented to me. Is this a good situation?

I am able to pull out up to 75% of the value on my condo. The refinancing offered to me was an Interest Only Fixed Rate Mortgage at 5%. I was researching this a bit more and it appears my payment would go up after 10 years?

I am absolutely new to the real estate game so any advice or clarification on this type of mortgage would be greatly appreciated.

I am looking to payoff my student loan and potentially purchase another condo with the equity.

Thanks in advance.

@Scott Smith

Thank you for the input. I will look into this as it sounds like the legitimate way of doing it.