All Forum Posts by: Jess White

@Jake Miller I did exactly what you are talking about. Purchased a beach house, and rent it out on Airbnb, but also use it a little for family fun. 10% down second home is one of the coolest “hacks” out there. It’s still a good chunk of change, but totally worth it.

Let the lender know you plan on doing some Airbnb to help with costs, and they don’t mind. They just don’t want this to be a sole investment property. At least for the first couple of years.

Have you ever cashed out your 401k early to invest in real estate? If so tell me how it went. Were you glad you used up your 401k? Did it get you started? Did you regret it?

Drop your 401k cash out stories below

@Joe Splitrock Leaping at the end of the year, so 28!

@Bridger L Logan I love that you want to house hack to get started. It’s an incredible way to build wealth and a fantastic starting point.

If it were me I wouldn’t get so fixated on the “4 plex” concept. I think finding a home with 4-5 bedrooms is perfect. Do a rent by the room and you can almost always live for free in just about every market in the US. Even the Bay Area. Just a little bit of sacrifice on personal space, and you are on your way to skyrocketing your wealth. Your 35 year old, financially independent self will thank you.

Good luck, I’m excited for your journey.

@Jaden George You can actually withdraw any of your principal contributions at any time. It’s your earnings that you need to wait five years for.

Currently doing a BRRRR of a property in Texas, and unfortunately didn't think about this till now. Remodel is almost done, and house will be rent ready in two weeks. However, this is an older 1950's home with an old school brick foundation. Not pier and beam or traditional slab. Will the bank cash out refi this property, or will we have issues given that its not a traditional foundation?

So, if a home has a brick foundation, will banks finance these type of structures? We have a property in Texas with a brick foundation and I'm wondering if the bank will have issues financing this. Hope someone can answer this for me, I've been really wanting to know. 

@Frederick McCree I think I depends on how close you are to that 25% equity mark. I have on rental that I need to refinance, but it’s right at that 25% equity mark, and if the appraisal comes in anything less, I’m having to come out of pocket a lot of extra money at closing.

I’m personally waiting for all the refinance demand to go down just a little bit, so rates will lower a little bit more and lenders will hopefully get competitive.

@Steve Vaughan Fascinating response from someone who lived it. Thanks Steve, great insight for all of us.

Frugality can only get you so far. That being said, It does give you the initial motion (money) you need to succeed. I used to think clipping coupons and skipping out on coffee would some how make me rich. Unfortunately It takes decades for that to ever matter. 

Once you use frugality as a starting point to get into the real estate game, you can start living more abundantly once things are in motion, and not be such a penny pincher. 

Some of my best times are spent with friends out at dinner or lunch, just talking and laughing. They are not a waste of money for me. 

That being said, these can definitely coexist together. It important to not have the dreaded "lifestyle creep".