All Forum Posts by: Jason Hatfield

I have an IRA that was rolled over from my previous employers 401K with a balance of about $17K. I also have a 401K with my current employer worth $22K that I can borrow against. Their max loan is 50% meaning I can get $11K putting me half way there.

The question is how do I tap into the IRA without it being a withdrawal subject to the taxes and penalties? I asked my investment broker and he claimed he was not aware of any options.

Thanks

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Originally posted by @Chris Seveney:

Waverly Send me a pm with the plans and I can take a look and let you know rough estimate what it will cost. And no I am not looking to get paid for this or bid the work, but I am very knowledgable and experienced to be able to tell you what it should cost

Chris, you are why I love BP! Your not looking to profit from helping your fellow investor. Sure as hell beats the Gurus who would steal your life savings for the same advice

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Originally posted by @Kim Handelman:

@Thomas Guertin @Jason Hatfield @Phillip Richardson @Joe Villeneuve @Austin Youmans G-d I love this site! Thank you all so much! So much great advice here. Jason, you're the second person who has mentioned Enfield. I live on the shoreline so Enfield is an hour and a half away but you make a good case for it. As for sticking to towns I know the shoreline is difficult to buy and hold. Pricey and difficult to even get the 1% rule. Middletown is a half hour away and at price points I can handle and with some of the input here, I think I can make it cash flow. THANKS AGAIN!

Thanks Kim. Another GREAT argument for Enfield as a suburb of Springfield is that Springfield just broke ground on the $800 Million MGM RESORT CASINO set to open in 2017. Thank you former Governor Deval Patrick for literally putting ALL your eggs in the gaming basket! If I had boots on the ground there I would be buying up rentals within a 15 mile radius as fast as possible. I'm actually planning a trip back up there in August to look at some properties and explore some JV. Let me know if you see something there you might want to partner on. I would LOVE to buy, buy, buy in Enfield but I don't currently have the local partners. I guess I should have drank less and networked more when I lived there and went to UCONN :)-

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Originally posted by @Thomas Guertin:

If you need to go outside your immediate area than I would spend the next 6 months looking at every single house that goes up for sale in the couple towns you chose and try to understand why their priced the way they are. Also, get a realtor that knows that particular area well.

I have a realtor that I use that is great for the town he is in and surrounding communities but for the town I grew up in, which is only 20 minutes away, he doesn't know the market as well.

I would also check out the rentals as well so you can understand why they priced it the way they did. Some are investors that understand how to make a profit and others have inherited property and they try to be landlord/investors without knowing the numbers. This could be why you see some prices really lower.

Tom

Good advice Tom! I live in a very unique area being that my home is in MD but I'm 1 mile from PA and 7 miles to DE. Actually only 10 minutes to University of DE in Newark DE. I have a great realtor who grew up in Newark,DE and knows all of the sub markers well but go 15 miles north across the PA border to Kennett Square PA and he is lost. So I found a good realtor who grew up in and lives in Kennett Square. He can help me determine ARV and decide if this block is good for BRRR or better to flip, etc. Same story though in that if I asked him for help in North Wilmington, DE which is only 10 miles south east of his market then he is clueless. Go 20 minutes south of me to to the military base in Aberdeen, MD and neither would know their *** from their elbow!

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Originally posted by @Joe Villeneuve:

You don't pick your market, the market picks you. You can't force a market just because it's close to you...if it stinks, it stinks, and no rationalization of numbers will fix it.

The numbers don't lie...so don't argue with them...you lose every time.

VERY well said Joe!

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Looking forward to it. See everyone in the Bah!

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Awesome! Thanks

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Originally posted by @Dustin Mullins:

I work with BCT (Bank of Charles Town) in northern MD. I asked how far south they operate and they go all the way down to Northern VA. I work with the Hagerstown branch, give them a call. Hope this helps.

Dustin, do you know if they go up into PA or east to DE? I plan to call tomorrow but thought I would ask. Thanks!

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Hey all. Sorry to be so needy but I'm trying to wrap my head around this property and I'm driving myself insane :)

Legally this is a 1 story 640 Sq foot 1 bed 1 bath home in Chester County PA. Owner has a long term tennet renting it for $1,000 a month plus all utilities. Tenants are using a quasi finished basement as a 2nd bedrooms and a room in the sort of finished attic as a 3rd bedroom. Neither are legal but this is an accidental landlord who doesn't know any better.

I can buy the house on a subject to deal for $66K at 5.5% but would also have to pay off a lien for $10K cash.

There are two ways I could proceed.

1: I keep it as a legal 1 bedroom. Refinish the existing hardwood floors and put in a new kitchen. Plus paint and I'm looking at being all in on a property for just under $100K. I can then rent it for $1,000 as a 1 bedroom.

2: I convert the upstairs space and end up with a 3 Bed/2 Bath that will be worth approx $250K and/or rent for $1,500. Doing this will be PRICEY! Floor to the highest point of the ceiling is only 6'6 so I would need to either raise the existing roof (10 years old) with a Crain, frame in the new floor and reattach the existing roof. Or I could raise it a few feet and then add dormers. Otherwise I would have to do a complete tear off and rebuild of the existing roof. I would then have 640 sq feet of blank canvas to work with.

Has anyone ever done a project of this scope? How did it turn out and how expensive was it? Retail quotes for a tear off and rebuild are pushing $100K so I'm not sure how much I can save with investor friendly contractors.

Thanks as always

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Have you considered Enfield Ct? Lots of commuters into Springfield MA. Springfield has great job opportunities but the schools suck and there are a lot of ware zones so people go one town south for a better situation. It's also only 20 minutes from Hartford so it's ideal if one member of a couple works in Hartford and the other in Springfield

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All Forum Posts by: Jason Hatfield

Jason Hatfield has started 22 posts and replied 86 times.

Post: Using my IRA to find a rehab

Post: Ellicott City MD contractor charging >$300 sqft for rehab

Post: Analyzing a market

Post: Analyzing a market

Post: Analyzing a market

Post: Delaware?

Post: Portfolio Lender in Baltimore/Annapolis Area

Post: Portfolio Lender in Baltimore/Annapolis Area

Post: Adding a 2nd story to a Cape style house

Post: Analyzing a market