All Forum Posts by: Joseph Firmin

Hi @Cam Chan! Ask the neighbors if they have had any termite issues or from the seller disclosures if there were any in the past, you'll probably want to keep it. If none, you can go without, but essentially it is insurance... I found Hornes Pest Control to be very thorough in the CSRA. 

Hi @Apriana P.! If you're going to invest long distance prior to living in the property, your down payment will be greater (20-25%), 20% because it is an investment property and 25% if it is more than a SFH (duplex, triplex, etc.). If you're living in it you could go FHA and get a much lower downpayment. I'm not sure of the kind of loan the lender was speaking about for a 10% downpayment for an out of state investor. Talk to various lenders and get different opinions.

Personal decision and comfort level question really. If you'll be at peace paying off your CC, then do that. If you'll be able to cover your CC payments and continue to invest, then go for it. Make sure you are financially sound though prior to investing as those habits will be very important to being sure you don't get in over your head.

That's great @Joseph Archer. Write down some goals and get some clarity around what you specifically want, then back into it for the short term plan. You have a great runway, so be sure to educate yourself and then take action! There are so many resources and books that you can use to clarify your path. Check out the Millionaire Real Estate Agent (and Investor) by Gary Keller as well as the BiggerPockets books. Consume information and don't be afraid to ask questions! Good luck man!

I can recommend LimaOne. You may want to reach out to a broker as well like Meridian Capital.

Hi @Reese W., ask a CPA about the tax implications, but to uphold the integrity of the LLC and the proof that it truly is a legal entity separate from your personal financials, you should pay all expenses through it. You should also speak to an attorney about this as well. Corporate Direct or another service like it should be able to help you make sure you both set up the LLC correctly and administer it.

Gotcha... Refinance with a low rate, then get a HELOC, best of both worlds.

Hi @Natalie Wells, your husband can check to see if he can divert some funds to a self-directed 401K. From there you guys could invest in real estate without incurring those high tax penalties. If this option isn't available, the penalties are high to withdraw early so that is really a personal decision. I've done it, but it was a much smaller number.

Not sure about that specific area, but you could check out a credit union broker and they could find one for you. One I've heard on a podcast before is MBFS.org. 

Hi @Victor Hugo Acevedo, There may be a misunderstanding. You have 3 options there it seems, but the way you're talking about them is a little confusing. I hope this helps... You can take out a HELOC and it will be for a low rate and it acts like a credit card - you don't pay anything until you use it and it acts like cash. You could do a home loan, which is a loan taken out on the equity in your home, which you would start paying on immediately. You can refinance your home and once done, you'll immediately be paying a higher mortgage each month, but your cash will be freed up and no further payments due. You can use any of those, but I'd recommend the HELOC as it only costs you once you use it, but it is available and can be accessed quickly like cash.