All Forum Posts by: Franklin P.

@Justin Windham I appreciate the detailed and clear explanation about non-recourse loans. I will definitely look into this. Thank you!

@Michael Metzger, thanks for your feedback. Have you, or do you know of anyone who has used their 401k to buy an investment property?

@Dmitriy Fomichenko

Thank you for your advice. You're correct about it being a 401K that my employer will match up and not a self directed IRA.

My plan was to use those funds in my 401k and either roll it into a self directed IRA, which I just found out about from my BiggerPockets book (how to invest in Real Estate). The issue I see here is that (from my understanding) a property cannot be mortgaged when using the self directed IRA to buy real estate. Therefore it must be used to buy the real estate property in full (among other options).

Do you know if this is true? If so, my SD IRA will be trapped until I can accumulate about $250k to buy a property in my target area. This, why I'm hesitate to contribute to my 401K.

My employer gives me the option of setting up an IRA or Roth IRA and they will match up to 3%. My goal is to continue to buy real estate and be able to spend some of those profits as I go and reinvesr the rest of the profits back into real estate.

In this case is it better to invest in a Roth IRA (self-directed IRA?), or is it better to save all the cash until I find the next property?

@Maxwell Ventura I invested in Long Island (Suffolk County) because my realtor back in NY found me a property that fit my needs (needs rehab, has a basement, and 2-4 units). Rents are strong in Suffolk county, but so are taxes. Buying this as property as a rehab allowed me to at the very least break even after I refinance. I don’t expect major expenses because I replaced the roof, new water heater (old one was 12 years old), and new furnace (original from 1962). The inside was completely remodeled so I’m not expecting major expenses for a few years. By then I am hoping that I will cash flow more since rents in that market have continued to increase.

@Connor Nellans Looking forward to meeting and connecting to talk about your BRRRRs here and out of state!

@Twana Rasoul Yes, I lived in NY my entire life and moved out to SD 3 years ago for work as an engineer. I started learning about real estate investing when I moved out here and made the jump to buy my first property.

@Joyce Tavares I agree and believe a tenant worth a high FICO wouldn’t want to risk an eviction on their record.

@Sarah Gonzalez I'm also new to BRRRR and I'm from San Diego. Would love to connect with anyone who has a wholesale team or experience in SD!!

Hello from Sunny San Diego!!

I'm new to BP, BRRRR, and real estate. I recently bought a SFH in NY to BRRRR and am looking to BRRRR my first property in San Diego (where I currently live)!!

I would love to connect with BRRRR investors or connections!!

My 10 year goal is to BRRRR until I can get $10,000 in monthly cash flow through my BRRRR properties located in San Diego and out of state.