All Forum Posts by: Stephanie Dupuis

I'd do it. I also would be fine if I received such a correspondence.

Thanks for the response @Ellis San Jose - that's what I was wondering. I meet with my CPA next week about details, so will see what he says about my specific situation. Nonetheless, was curious.

Take care, Steph

As a licensed agent, are you all setting yourself up as an entity to be 1099'd? If so, what type?

As a licensed agent, do you set yourself up as an entity to be 1099'd? If so, what type?

If the tenant staying can afford the lease by themselves, I'd rewrite the lease agreement and move on. This stuff happens. The faster you resolve it, the faster it's over.

This has happened to me. I just had the staying tenant re-sign a new agreement. It was fine. Further, you simply need to expect this stuff to happen.

I'd think it only matters that you buy property that has equity. If the owner fails to have equity, and you buy it for less (aka short sale), then that puts you in an equity position.

The reason you'd want to buy property with equity to is provide protection of your investment in case you need/want to sell or you need to lower the rent you charge (if a buy/hold property).

Now, some ppl will argue that equity is bad - it only protects the lender. The more equity in a property, the more protection a lender has if they need to take a property back (and the less protection you have, b/c your property is appealing to take back to a lender). If you have little to no equity in a property, then it is not appealing to take back your property from the lender's viewpoint.

Agreeing with the above posters here. My j.o.b. is a self-employed business. 60-70% of my clients are military. Each of their checks for October are paid and fine.

Welcome to BP! I see this is your first post. When you get a chance, please go to the new members area of the forum and introduce yourself. We like to "meet" new members.

RE: HomePath. I'm seeing that HomePAth is offering both 10% and 15% down to investors. It varies per property. I do not know why.

Doesn't VA require OOcc? I believe it does.

If I were in your shoes, I'd keep saving money - you will need cash to close, repairs, plus reserves. Aim for $20K-30K+ minimum. Another option (a risky one that I would not do myself, btw) is to get a loan from lending group for repairs. But do this after you close on your home loan so it does not affect your credit and home loan. I'm not sure this is the best idea (may be a darn poor idea), but there it is.

I did this with a different retirement acct. and was uneducated. It seemed smart at the time. Now that I'm much more educated on the time benefits of tax free income - I'd never do this again.

One solution right now is to see if you can loan yourself the money out of your 401K and pay yourself back (I don't know if you can do this - you need to find out). Give yourself a loan. If you want to get fancy and be super happy with yourself in the future, charge yourself interest on the loan you give yourself - you'll be happy with yourself in the future. Your money will continue to grow tax free (it grows exponentially faster), you get your property, and you don't need a loan from anyone else. The interest you charge yourself will be extra money in the retirement bank that will also grow tax free.

If you're not happy with how your 401K is performing (I get that- many do here, I'm sure), roll the account into a better structure. This is not my specialty, but there are many on this forum who can help.