All Forum Posts by: Joel DeLuca

Hello Robert. Good to meet you. I will certainly keep you in mind.

Carlos, that is a good question! And my answer is likely not. It is unusual that former employer allow a loan within that plan...the old 401k plan is with a large multinational company and its a good plan (as far as these things go) and that is why 8 years after I left the company I still have my funds there.

I think if I could swing it, a Solo k might be my best option. This is something I need to learn more about in the very near future.

Thanks Grant for the welcome.

Did you use a 401k loan to get started? Were you able to get longer terms for the loan?

Will, you have given me several things to look into that I hadn't yet considered

I was thinking that the 401k was a better option and I really value your confirming that.

If I roll the funds into my current employers plan than I really would have access to even more funds, and the second deed idea is genius.

Will, to be more specific...
I have 70K in an old 401k. If I borrow against it, then 35K is my max starting out. Within the current account, 5 years is the max unless its for a primary residence. I hadn't considered--until I read your post--that there might be a way to have longer terms. I am just guessing that your talking about a rollover into a solo k that has better term options.

By fewer restrictions, I was referring to borrowed funds that would then be outside the IRS rules for retirement accounts.

Of course, if I am way off, I hope you will correct me.
Thanks

Thanks everyone, I feel welcome by you all.

It is great how well the Dallas area is represented by so many of you.

Brandon, I have set up a keyword for "Dallas". Thanks for the suggestion.

Jon, I am curious if you have an opinion about which strategy is better? SD-IRA gives access to more funds without having to pay back as I would on a loan. However, there are many restrictions. 401k loan allows fewer restrictions but has less funds and an aggressive 5 year payback time frame. That is my delima in a nut shell.

@Will Barnard
Thank you for the welcome.

Thanks Josh. Again, I gotta tell you, great site. It's by far the top site I am reading daily.

Hello Everyone,
I wanted to introduce myself to the community. I am a Supervisor for a chemical Manufacturer in Dallas. I have just recently found this site but I love reading the forums and I am learning so much. Honestly, I am fascinated by all the different investing strategies. I guess I am still trying to figure what my goals are.

I am particularly interested in finding a way to use my funds that are currently in a 401k with a previous employer to start out investing in RE. As I see it, I have two options: 1) use a SDIRA to invest, or 2) take a loan out against the 401k (this is allowed even though I no longer work there). I would most likely be interested in SFR.

I hope to get to know many of you all soon.
Joel DeLuca

IMO, type makes a bigger difference than price or brand. Never use flat paint on anything other than ceilings. An eggshell or satin off white for walls and semi-gloss for trim. I have used Color Place and it seemed both decent and cheap to me.

Behemoth rules is right. Its not clear to me what the current regs are. I am searching now. It appears that these have changed in the last few years of tightened credit requirement. From everything I can find that is current, It MUST be disclosed and counted against DTI.