All Forum Posts by: Will Foster

Hello BPers!,

I've been thinking about shipping containers as homes, and wanted to know if anybody here has done that. There has been some good articles online and shows on television about the pros and cons of building from this material. And I have to say, some of the homes I've seen are quite remarkable.

My questions are, if I can purchase land, in Colorado, in an already established neighborhood, then build two homes from containers by a company that specializes in that construction, how difficult is it to work with the city planning and zoning to tap into electric, water and sewer, and to get the permits to have the homes constructed.

I'm thinking one home could be a one bedroom/one bath studio to rent out and the other could be a 2 bed/2bath for myself.

It seems such a good way to go, especially if the cost of the land and two container homes comes out to be the same and sometimes less than one older conventional house.

I know there is more to it than what I've discovered so far, any feedback and ideas would be greatly appreciated.

Thanks,

~Will

Hi @Mark Welp

Yes, I have money in an individual Roth (Vanguard) that I've had for well over 15 years.

I also have a Rollover from Schwab, again well over 15 years. I transferred this to my Vanguard account, because I was going to put into my Roth, but now I'd like to use it for down payment or rehab expenses. Can I use that rollover also, same as the Roth, tax and penalty free?

Thanks, Will

thank you @Nicholas Aiola

Thank you @Brian Eastman , @Dmitriy Fomichenko , @Brandon Hall those were all insightful answers to the question. Good to hear about the 10% penalty waive for using the distribution for a primary residence. 

Hello all. Next year I want to begin the process of buying my first multifamily unit, which I want to live in one unit. But all my money is in IRA's and other money funds, and I think I'm going to need to tap into those accounts to get started. The question is, how do I do this? I hear the words, "Self Directed IRA." used a lot on BP, as a way to purchase your property, but from reading about the rules of using this method to buy real estate, "The IRS prohibits certain actions. For example, neither the IRA holder nor any disqualified persons to that plan may live in or vacation in the property." That sounds like I would not be able to house hack. So I'm asking the experienced investors of BP, how do I use the money in my IRA's to begin investing? Do I cash out a portion of my IRA's and pay the penalties and the taxes? Are there other ways of accessing these funds? Thanks for your time. Will

Hello all. Next year I want to begin the process of buying my first multifamily unit, which I want to live in one unit. But all my money is in IRA's and other money funds, and I think I'm going to need to tap into those accounts to get started. The question is, how do I do this? I hear the words, "Self Directed IRA." used a lot on BP, as a way to purchase your property, but from reading about the rules of using this method to buy real estate, "The IRS prohibits certain actions. For example, neither the IRA holder nor any disqualified persons to that plan may live in or vacation in the property." That sounds like I would not be able to house hack. So I'm asking the experienced investors of BP, how do I use the money in my IRA's to begin investing? Do I cash out a portion of my IRA's and pay the penalties and the taxes? Are there other ways of accessing these funds? Thanks for your time. Will

Thanks @Andrew Postell

Thanks @Jared Bouzek.

All information is greatly appreciated!

Thanks again Bob!

Hi @Andrew Postell,

Thank you for your post. 

I'm totally new to all this and realized I did not put in some key  information. Not sure if any of this makes a difference with what to prepare

- First time home buyer

- Looking for a Multi Family (Duplex or 4plex)

- Buy and Hold

- Owner occupied, I plan on living in one unit.

The Financial Planner I work with is going to help prepare everything, but besides what you've listed, is there a certain way to have a package presented, ie: binder, digital copy PDF?

One last question. I live in CA, but am planning to move to the state I want to invest in, Colorado. Is it better to talk to lenders in CA or should I talk to people in Colorado? Or does it matter?

Thanks for your time!