All Forum Posts by: David Lorenz

@Rich O'Neill Great post Rich! Sending you a DM..

@Michael Loza taking a loan from from your 401k is a very viable option. You'll want to check with your plan admin regarding fees, but typically they are rather minimal. Plus there's no tax implications as long as it's a loan and not a withdrawal. It will most likely be deducted from your paycheck, so just make sure your comfortable with what your new paycheck looks like calculating in the loan payback. One other piece to note is per my mortgage broker taking a loan from your 401k does not negatively affect your DTI as it would if you were tapping into a heloc, for example. Good luck!

@Jovan Ellis welcome and congrats on your first deal! I also invest in South Philly. I only have one rental thus far (duplex), but have only good things to say about that area. Best of luck on the sale of your flip!

Any recommendations for a reliable handyman in the South Philadelphia area. Thanks in advance!

Matt, Congrats on taking the plunge and househacking. Something I definitely wish I would have done before I was married with kids LOL. I've worked with Vantage Point Mortgage several times. They've been awesome to work with each time. I'll send you a DM w/ their info. Good luck  

@Victoria Pham I was curious what parts of South Philly you like? I have a property in the heart of Pennsport (19148). I like the area and believe there's a lot of room to appreciate. It seems like just north (19147) has already turned the corner and prices are much higher. I'm not as familiar with southwest Philly, but understand that has a ways to go..

@Ryan Guffey you really can't go wrong whichever way you decide to go through them. I do find the more more recent episodes are nice cause speak directly about how coranavirus is or is not playing a role in how they're currently investing. So I do think there's some value in tuning into the more recent podcasts sooner than later

@Kiera Underwood Any idea if the 15% down applies to small multi-family (2-4 units)? Or is that just for sfh?

@Gordon Ray HELOCs are a great tool that allows you to pull equity out that otherwise isn't doing you any good. When getting a HELOC, the lender is going to look at the value of the house minus your debt. What's left of course is your equity. They will let you borrow up to a certain percentage on your equity. The percentages vary depending on the lender. But I recently took a HELOC out using a local credit union which allowed me to tap into 90% the equity. The other nice thing about HELOCs are that they typically cost very little up front in fees and you don't actually start paying interest until you tap into it.

@Brian Ellis withdrawing your contributions from your Roth IRA is tax and penalty free. It gets more complicated if you exceed the amount of your contributions and start dipping into your gains. So just be careful there. Looks like a nice deal from the numbers you laid out. Good luck!