All Forum Posts by: Tom Server

Im not fimilar with stocks to pledge and leverage.. I do have a lot of my company stock 

@Andrew Postell

The 60k 401k loan would be paid by my savings account each month. 

and the mortgage would be paid by the rents. 

Only reason I'm thinking of getting the 401k loan is 

1 I borrow from myself and pay myself back with interest 15k over 5 years

2 I'm making interest over the 5 years of holding the 60k in my saving accounts at a 4.60% monthly rate. 

the only question is how much money I would make over 5 years of that 60k sitting in my 401k

over the 5 years of interest paying off the 401k loan

Purchasing a triplex, the property is about a little under 2 hours away. Would you suggest hiring a property manager or run it myself ?

Hello, I'm about a month out from closing on a triplex with tenants. 2 of the tenants leases are expiring end of February and the third is on a sec 8 til Sept.  The owner has a personal property manager taking care of the property 

Should I do anything with the tenants or property manager prior to closing? 

Am I allowed to reach out to the tenants?

Am i allowed to reach out to the property manager ?

thanks in advance

Hello, 

So, I'm looking to pick your brains for a bit. 

I'm about to purchase an investment property. I need to put down 60k for my down payment. I'm trying to decide what is the best strategy.

Not sure which route to go. 

1- I have 60k sitting in a saving accounts collecting a 4.60% interest each month. I get about $230 a month just sitting in my account 

2- I could borrow as a loan with my 401k, which I would have to repay myself back. The longest load is 60 months, with a 9.5% interest rate.. which gets paid back to myself.. roughly pay myself back 75k over 5 years... payment would be $1160 a month taking out of my check .

3. I only gross $5600.. after taxes, benefits, 401k. its only  $3800 a month.. and if I take the 401k loan that's another $1160 out of my check 

4. So I'm a little of unsure how to go about this.. I might be able to set up a repayment of the 401k loan out of my savings each month. or i can set up a transfer from my savings for $1160 to my checking to making up the differences.

So not sure if I should just lay out the whole 60k out of my savings and not worry about any repayment. Or take the 401k loan.. collect some of the interest from the savings and just pay it off but as the payments go down less interest i will get back 

Any other suggestions or ideas ?

thanks 

My mind is all over the place.. so I come here to see what your thoughts are.. 

I'm looking to for a personal property for myself, I found a really cheap 1br co-op unit.. this is in New Jersey.. especially in the area wont find single family or townhomes, under 300k

The price of the co-op unit is around 130k, but co-op wants a cash purchase also the fees are $600 a month which are the taxes and HOA fees

you have to live there 1 year before you can rent the property out.. rent for this unit goes for $1600 a month 

my plans were to live there for 1 year and then rent it out.  My concerns are laying the whole $130 upfront and it being a co-op..my mind is telling me its not a smart investment for some reason.. with either renting or resale... what are your thoughts?

my thoughts..

Reason 130k up front.. if i rent it after a year, the best case pocket 1000 a month-- almost 11 years to recover my money..

Selling it down the line.. not many people may not have 130k cash to lay out for a 1br place. So sale may be difficult 

I guess I have to look at this as not as investment but as a place to live ?

Any suggestions or ideas??

This is an off-topic questions and would like to see what your thoughts are.

I work for a company that offers "Floating Holidays" each quarter. They state its time off for Holidays that they might not recognize. Here is the break down from the company.

Floating Holidays:

• The number of annual floating holidays for our salaried and FT corporate hourly employees is eight (8) days.
• The floating holiday grant schedule is as follows:
• January 1: 16 hours   
• April 1: 24 hours
• July 1: 24 hours

The email states we get 8 days per year. The grant schedule is allotted for 64 hours.  (8 days x 8 hours=64 hours)

 My question is... 

My job has regular shift (5 days x 8 hours = 40 hours) and compressed shift (4 days x 10 hours = 40 hours).

I work a compressed shift.

When I request to use my floating holiday, my boss makes me submit a request off form at 10 hours. 

So, by doing this I don't get 8 days off. I get 6 days and 4 remaining hours.  6 days x 10 hours= 60 hours, 4 hanging. from the total of 64. 

for me to get a 7th day off, I would have to use my 6 hours of my personal vacation hours/sick hours to make to 10 hours.

Does this sound correct? I believe the company is not taking in consideration, the compressed schedule.

They should either offer us 80 hours to use or when requesting to use a floating holiday as a day off to be entered at 8 hours?

Does anyone know the answer to this?

thanks

Hello, I am a new investor. I am purchasing a 3 family home that has long term tenants.

So my question is... you close on the property and take ownership..., what are your next steps:?

Is there any checklist items/templates that you have used to transfer everything and introduce yourself to the current tenants ?