All Forum Posts by: Domanique Huggins

@Gavin Davie thanks for the money market idea! I’ve been researching the best place to sit it in the mean time since I only have one time to withdraw until it’s paid off. Thanks for me letting me know I’ll get on that! My goal is to either pay for it in cabs and get a loan cause I wouldn’t be surprised if the Reno will cost 30-40k or tie the Reno into the loan. I’m taking notes and I appreciate it!

@Gavin Davie Thanks Gavin! I will certainly reach out for the contact information thanks! Nice to hear from someone else leveraging their 401k (it made me nervous in the beginning). I have been studying “subject to” deals and I love the idea especially for preforclosures when the numbers make sense. This specific property is a bank owned triplex for 16k. I’m sure it’s a gut job so I’m thinking for bank owned a loan is going to be my only way out with this one?

@George Blower also your response was so detailed! A newbie like myself really appreciates that!

@George Blower thank you George! It is my mothers 401k , we’d be taking the loan out against it. I’ve spoken to them about payments and at 5% interest , and no impact to my credit I am ok with it. The interest is paid back to her policy so basically from one pocket to the other.

I’ve been preparing myself as much as possible for the “what if’s” what if someone loses their job? I am trying to have liquid assets as well just in case it doesn’t work out. What if the rental is not providing cash flow for a length of time? I’m trying to avoid this by closely monitoring the development plans in the area.

My mother has been putting into her 401k over 20yrs and could have had so much more had she invested in real estate. She is willing to pull that chunk out and work with it.

@Tyrone Jackson Hi! Thank you for the response and advice regarding contractors. Sounds like I should get ready for the unexpected lol. I will certainly be reaching out to James Masotti. Also, I’d like to dive a little deeper into your comment about possibly avoiding banks all together. Do you have any info on that or is that a question I should direct to James? Thanks again!

Hello everyone!  I am interested in buying/holding in Wilmington, DE maybe a few flips but most interested in passive income. If there is anyone willing to sit down and discuss real estate I’d appreciate it! Or if anyone would be open to allowing me to visit a property currently being renovated that would be great! 

I have a couple of concerns, one being how have you all been able to find trust worthy contractors? I’ve heard horror stories and would like to be prepared as possible (I understand it’s all a risk). 

-I'd also like some advice regarding pulling from 401k to invest in real estate. My mother would be pulling 50k from her 401k for me to begin investing in real estate. My question for the seasoned investors is what would you do for the best return? I have my eye on a triplex, I'm thinking about using fha 203k Loan to fund repairs (it needs a lot of work). I'd put the 20% down to avoid PMI and use the remaining funds taken from the 401k to purchase and renovate additional homes.

Thank you in advance!