All Forum Posts by: Jason Bible

Jason Bible has started 7 posts and replied 72 times.

Originally posted by @Jeremy A.:

q. Cool is your last name actually Bible?

Neat reminder every day read wisest most verified accurate book in the world from antiquity

That is my real name.

0 Votes

Originally posted by :

@Jason Bible Thanks to you also for the advice. Whether it applies or not it's always a good idea to check with a professional first so thanks for the reply. I have been cross-ways with the IRS about 25 years ago due to a dishonest [ex] employer and I dont want to have to go through that again. They weren't interested in who was wrong or right, they just wanted their money from whoever they could get it from. Apparently that was me since the other guy was AWOL. Hindsight and a few decades of experience has taught me that with a good lawyer I would have been in the clear completely. Attorneys dont cost, they pay.

Mike,

Take a look at the penalties for making an honest mistake with a retirement account. They are absolutely crushing. Jeff and John are extremely reasonable and may give you a handful more great ideas based of what your end goal is.

-JB

1 Vote

Originally posted by @Dmitriy Fomichenko:

@Jason Bible

UBIT exposure would be in the case of an IRA. 401k is exempt from UBIT on leveraged real estate.

The reason I mentioned it is to make sure he has a 401k and not an IRA..

1 Vote

Originally posted by @John Bridgewater:

@Jason Bible do u have any example contracts and how to fill them out properly

We use the state forms: https://www.trec.texas.gov/forms-and-contracts

0 Votes

Originally posted by @Joe Osborne:

I grew up in north Houston (Spring), and have considered investing around there since I know it. H-town's definitely not a small place, do you focus in a certain area?

Absolutely, this market is way too big to not focus on a submarket. Its one of the biggest reasons people fail in this city.

1 Vote

Originally posted by @Andrew McDavid:

@Jason Bible

How long did it take to sell your previous flipping business? For cash or on owner financing?

about 6 months. Mix of both

0 Votes

yes to all of the above. Note, you maybe exposed to UBIT. I HIGHLY recommend you have a conversation with an attorney. Jeff Watson or John Hyre, two best IRA guys in the US.

2 Votes

Id chat with a broker, I cant imagine rates have fallen enough to justify a refi. If its in the ballpark it maybe worth it to start the process and see what the appraisal comes back at to, possible, pullout a bit of cash.

0 Votes

Chris,

I tell new investors to NOT leave their well paying corporate jobs. If I were to do my career all over I'd get 10 fannie/freddie loans for me and my wife. 2-4plexes with a few SF thrown in for appreciation. Fast forward 5-7 years, I could pay off 10 of the plexes and enjoy 10-15k/month net profit.

6 Votes

Originally posted by @Candace S.:

Agree with @Mark Sewell , @Jason Bible and @Kevin Bazazzadeh .

Or you could just build/lift them 4-8 ft in the air like parts of Braeswood. There are some grants being thrown around for lifting, but I have no clue what the requirements are and whether they require need-based, owner-occupied, etc...

you know anyone whos gotten a grant? I've never lifted one. But I hear its an easy $50/ft.

0 Votes

Houston, Texas

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All Forum Posts by: Jason Bible

Jason Bible has started 7 posts and replied 72 times.

Post: Almost 500 houses ----> Multifamily

Post: Solo K financing question

Post: Solo K financing question

Post: Almost 500 houses ----> Multifamily

Post: Almost 500 houses ----> Multifamily

Post: Almost 500 houses ----> Multifamily

Post: Solo K financing question

Post: Looking at the second to last R... is this the time to refinance

Post: Advice for new investors with a full time job

Post: Thoughts about post-Harvey and the area flooded by the reservoir