All Forum Posts by: Anna Catron

You are doing exactly the right thing, your own research.  Everyone knows someone who lost their shirt in real estate.  But you don't have to be that person.  If it gives you a head start bc it's cheaper, and you've run the numbers, don't listen to naysayers! Maybe she's not the only one who needs to walk to work and you could rent a room to sweeten the pot!

Keep going! 

Good afternoon!  We are having our primary appraised next Tuesday.  I've worked hard (but not necessarily smart) on comps.  Is there an easy resource I'm missing??  

Thanks!

Fascinating. Yes, I was also told that an LOC would be possible on rentals, but the small bank was so busy with refis, we never got it completed. Opted to Cash out refi the primary-fingers crossed, appraisal Tuesday!

Anyone finding the cost of appraisals increasing greatly?  We're refiing our primary residence and they're charging $1100! Yes, it's 20 acres, but the house isn't anything fancy, neither is the land. 

@Nate Marshall, thanks!  Are you open to sharing?  We're finally close!

@Nate Marshall, Cool!  We're finally getting close!  Are you open to sharing?

@Ronald Rohde because in our mind, those aren't for investing.  They're for true emergencies.  Buying assets isn't an emergency.  We have 3 super active outdoor kids, the reserves are for when they all 3 do something stupid in the same week that all of our tenants break the lease. I know, it's crazy, but that's how we roll!

Yep, yep, and yep!  @Mindy Jensen @Juan Deshon @Ronald Rohde @Alina Trigub

Y'all have all confirmed the information I'd gathered. My plan is to take a 30k distribution, use it for a casa, regular BRRRR deal, and pay it back before 3yrs. If I can't pay it back in its entirety, my understanding is it turns into a regular loan with the regular tax/penalty implications. Being quite meticulous w money, I'll pay it back. Worst worst worst case scenario, that's what cash reserves are for!

One final question.  A friend said when I put it back in, the money will have been protected from losses during the distribution time??  Any ideas?

Thank you soooo much!  My pro membership just paid for itself!  Now, to work on the spouse!

I had COVID (totally no big deal), so I'm allowed to take money out of my retirement accounts. Any thoughts on this? Anyone doing this? My vision is taking out the cash, BRRRR, repay within 3 years and viola I got a free loan from myself.

And how much should I take out?  Is this a good opportunity to jump into a multifamily?  We've got 2 SFHs that we bought for approx 135k each.  I'm used to being all in for $50k, time to up the ante?  

And it's rented? Refi'd? What's the ARV?