All Forum Posts by: Antonio Salgado
Antonio Salgado has started 2 posts and replied 8 times.
Post: 401k withdrawal without penalties?
- Posts 8
- Votes 1
Originally posted by @Frank Maratta:
@Antonio Salgado
I would take the loan out as someone else mentioned. I did this.
If you can’t afford the monthly payments then building a two family is probably not the best option here. You are going to have months of no rental income until the property is built and then finally leased out. Sounds like you need something already ready to be put in service so you can start collecting passive income.
Why are you building from the ground up? It’s usually cheaper to buy then build. And if you were to build, there are economies of scale here- in other words let’s make up some numbers and say a two family house costs $250k to build- that’s $125k a unit. A three family might not cost that extra $125k to put a third unit on, you could build it for less, and a six family might get you to $110k/unit.....Doesn’t sound like going bigger is an option for you if you don’t have the money, but this is what I would do if I built.
Great advice Frank. Thank you so much for your time. I’m going to be using cash reserves for vacancy in the beginning. Then I’ll be reserving a percentage of rental income for that purpose. I’m going to look in to putting a third unit but even without it, if I can get this lot at the right price it’ll be an amazing deal.
Post: 401k withdrawal without penalties?
- Posts 8
- Votes 1
Originally posted by @Frank Maratta:
@Antonio Salgado
Do you currently own any real estate? Depreciation helps a lot to offset the passive income in real estate.
I own one rental property in a Nicaragua. Advice?
Post: 401k withdrawal without penalties?
- Posts 8
- Votes 1
Originally posted by @Brian Adzadi:
@Antonio Salgado
So why not take a loan out on it? Save yourself the headache of paying 38% in taxes, penalties and fees on the 98K?
The interest you pay on the loan goes back to you.
Well I really need more than the 50k I need the whole 98k. I will also not be able to make the monthly payments on a 50k loan.
Post: 401k withdrawal without penalties?
- Posts 8
- Votes 1
Hey everyone. So I know this question has been posted before but here we go -
I’d like to cash out my nyc TDA account. It’s like a 401k.
I no longer work for the city. I have 98k. I could do a loan for 50k. If I cash out I’ll pay 28% plus 10% penalty... yikes! I’m looking to use it to buy a vacant lot. A hard money lender will provide the rest of the funds to build a 2 family house that I will hold and rent out. How can I offset the tax? Can cost segregation help me? I do not want to own any property in a self directed 401k because I want to take depreciation and receive cash flow from the rentals.
Post: Need help naming LLC
- Posts 8
- Votes 1
Hey everyone. Multiple people refer to the benefits of naming the LLC after the property address. Could someone expand on those benefits? Like ease of bookkeeping? Also what if I decide to form the LLC prior to purchasing the property?
Thanks!
Post: Investing in Long Beach NY
- Posts 8
- Votes 1
I’d love to join a real estate investment group.
Post: Investing in Long Beach NY
- Posts 8
- Votes 1
The is guys. So this will be my first deal. I don’t really have any investing experience. I own a house overseas but I bought the land and had a house built for cash. I am looking to begin investing here on Long Island.
Post: Investing in Long Beach NY
- Posts 8
- Votes 1
Hey everyone,
I was born and raised here in Long Beach NY. I know the area very well. I am currently looking to purchase my first investment property here. I would like to connect with other landlords in the area to get some information as to which realtor, attorney, CPA, mortgage etc. they use. I’d like a local team that is knowledgeable.
I’d also love to just talk to someone who is currently investing here in Long Beach NY.
I appreciate any information anyone can give !
Thanks,
Antonio