All Forum Posts by: Amy Charles

 Thank you, Greg!

New to BP Pro - looking for a home purchase offer form - Texas. Thank you!

Amy

Jacob 

We are looking in Austin and surrounding suburbs. What do you mean by Austin MSA?

With a HELOC you can't have a live-in situation? We would not be living in the investment property, but living in the house we would be taking a HELOC out of.

Yes you are right $220 isn't enough for a MLS property, but I have seen several listings I liked for $250 in the 78758 area. Also, we are networking with wholesalers and we would be looking for more of a wholesale fixer upper deal not MLS. We have cash for a downpayment.

Thanks for responding!

We wouldn't be holding the property in the 401k, but taking a loan against it for $50,000 as allowed. I agree- having a property in the 401K wouldn't work for us because we wouldn't be able to work on the property ourselves, or pocket cash flow, etc. I have seen a few investors use 401K money for a down payment. Ryan, thanks for the Title recommendations!

My husband Michael and I want to jump back into RE investing, here in Austin, TX. We have previous experience having owned a duplex in Boston for 16 years which we house-hacked, rented long term, Airbnb'ed, converted to condos and sold off as individual units. We also renovated the Boston duplex top to bottom, and built our house here in Austin at the same time.

How should we fund the purchase of an investment property? Solo 401k could be an option as my husband is self employed in a solo photography business. (No other employees.) He has a large amount in rollovers and IRA's. Can he set up a Solo 401K and take out a loan from the Solo 401K? Is the cap for that loan $50K with interest around 6-7%? What companies do y'all use to set up your Solo 401K's? Our CPA was not able to help us with this, and directed us to find a company to set it up.

Also considering taking out a HELOC on our house. We own it outright, and it is worth around $600K.

We are looking to pull out or borrow around $220,000 to get started in the Austin area. We want to burrrr properties, or maybe flip. We are interested in single family residences, duplexes, and quad.

Would love recommendations on CPA's, LLC, Solo 401K set up, Title Companies, RE Lawyers, wholesalers, and hard money lenders in the Central Texas area. Any advice is welcomed. Thank you in advance!