All Forum Posts by: William Briscoe

@Albert Bui

Thanks for the compliment. I"m 63...but the picture's 3 years old :)

We use TalkSwitch in our office and love it. Small footprint mini PBX with auto attendents. Use standard lines or VOIP. Company now owned by Fortinet. You can pick them up fairly reasonab

bly on eBay. http://www.ebay.com/sch/sis.html?_kw=talkswitch+phone+system+soho+pbx+small+pbx+home+pbx

That sounds like a great first get together. I'm in Mission Viejo and would be interested in attending future meetups. Can you put me on your mailing list please?

There is an investors meetup comming next Tuesday in Irvine that sounds like a huge event that I'm planning on attending:

HOUSE FLIPPING PANEL SUCCESSFUL LOCAL INVESTORS UNPLUGGED!!

• Tuesday, June 3, 2014

  6:00 PM

• Irvine, CA">

  Hilton Irvine - Orange County Airport Hotel

  18800 MacArthur Blvd., Irvine, CA (map)

Thank you for the great responses. Yes, I understand that should I move forward with purchasing the income property, income is going to be my biggest challenge. I'm not sure, but I may be able to start taking regular draws on my 401K and have that count as income. But then, I would not be able to also use that money for the purchase. Does anyone have knowledge about counting 401k automated draws as income?

Thanks for the quick replies. I have considered using my 401K to purchase the duplex though I had some concerns:

• I understand that there are a lot of restrictions. For example, I would never have the option of moving into one side at a later date, should I decide to or need to.
• I was hoping to put some of the equity (from my home) to work that doesn't have the restrictions
• Due to the self-employment issue, still wondering if I could even qualify

Hi, I am a newbie from California here on BiggerPockets and I love all the great information I've been reading. I have lots of questions now but hope to be able to answer some in the not-to-distant future!

Here's my situation:

• The home that I live in has about $400K in equity. I refinanced it two years ago for 30years @ 3.5% and I have pretty low payments (It's worth around $600K).
• I have a rental condo with about $125K in equity. Rent covers principle, interest and assoc. fees but does not cover about $3400 in taxes.

My original plan was to let the condo get about $200K in equity and then sell it and pay off my home. However, I am wondering if I'd be better off taking some of the equity out of the house and buying something like a duplex and hold on to it.

Here's my dilemma, while I have quite a bit of equity, I own my own business and show very little income. I also am an adjunct online college professor and receive very small W-2 wages that I can account for.

Does anyone have any suggestions about how to go about getting financed to purchase a duplex? I also have about 350K in 401k accounts and I'm over 59 years old so I can tap that money without penalty. I also have a HELOC on my home for $100K and it currently has about 20K of that which is used. I have an excellent FICO score. Keep in mind that California duplexes are probably in the $775K - $900K range or more.

Thanks in advance!

Bill Briscoe