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17 January 2020 | 3 replies
I'd like to expand my rental fleet, while also dipping into House Flipping in the DFW area and Tulsa/OKC.It is a pleasure to e-meet all of you!
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21 January 2020 | 7 replies
The repayment terms for a 401k participant loan are equal monthly/quarterly payments of principal and interest (typically prime plus 1%) over a 5 year term (longer if used to acquire your principal residence).Please note that if you take a full $50,000 and then pay back the loan, you can't take another $50,000 until 12 months after the first loan was fully paid back.Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).Alternative: Rollover Funds to A Solo 401k & Take a 401k loan or Invest in Real Estate DirectlyIf you are self-employed (i.e. active self-employment earned income separate from your w-2 income) with no full-time w-2 employees, you can set up a Solo 401k and then rollover your 401k funds once you leave your current job [NOTE: You generally can't rollover funds that you saved to your current employer plan until you quit.].You could then take a loan of up to 50% of the balance not to exceed $50,000.
18 January 2020 | 9 replies
Negative rental history, eviction, or outstanding monies owed to a previous landlord are unacceptable.
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21 January 2020 | 2 replies
In Ohio if theres outstanding balance it can over time become the property owners responsibility but only if it in fact reverted to my name.
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26 January 2020 | 12 replies
Negative rental history, eviction, or outstanding monies owed to a previous landlord are unacceptable.
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22 January 2020 | 3 replies
I'm on an 80% split with low fees and a phenomenal amount of tech (outstanding CRM, lead gen tools, transaction management, training, etc) provided.
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22 January 2020 | 0 replies
Loan amount outstanding: 370KP&I: $1856/moEscrow: $1100/mo (taxes are $8800/yr)Renting: $3900/moI have a HELOC so I can access 70K of the equity (already deployed) but that's a lot of equity sitting there.Would you try to sell it when the lease is up to any buyer and move those funds elsewhere?
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25 January 2020 | 6 replies
I appreciate any info and appreciate all of the outstanding points of view and experience found on this site!
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25 January 2020 | 6 replies
250k equity implies an outstanding balance of 600k.
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8 February 2020 | 15 replies
The repayment terms for a 401k participant loan are equal monthly/quarterly payments of principal and interest (typically prime plus 1%) over a 5 year term (longer if used to acquire your principal residence).Please note that if you take a full $50,000 and then pay back the loan, you can't take another $50,000 until 12 months after the first loan was fully paid back.Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).Please keep in mind the multiple loan rules:Under those rules, the sum of the balances of a participant's outstanding 401k loans under a single 401k plan (using the highest outstanding balance of each loan over the last 12 months) can't exceed 50% or $50,000 whichever is less.