All Forum Posts by: Josie W.

Welcome to bigger pockets and kudos to you nurses for getting into real estate. It is a great way to build equity. I am a nurse also, I got into real estate in 2020. I have 4 sfh. So far it has been good. I have learned a lot in BP. It is super nice, there is always people willing to answer your question. My advice is don't just ask for how to do something, educate yourself on how to do it then go ahead and post specific questions you may have after you have done your research.

@Nathan Grabau

That is great to hear your out if state investments are doing good!

I have been considering investing in turnkeys in Iowa also. I am in MN but given the no availability of houses I decided to search out of state. Do you have turnkey homes? Which company did you go with? Can you please share a little more. I am interested about it. Thank you

Hello, I currently have three SFH, the last one I paid fully with a loan on my home. I am searching for my 4th sfh or multifamily. Initially I wanted to get a mortgage on this next property, but after doing research, I learned the costs are less with a loan on my fully paid rental. I have been reading about people using helocs also, but I am not sure with the variable rate if I would want to take that risk. I am thinking on getting a 15 or 30 yr loan which I could pay sooner but how soon would I have to pay it to avoid the rate change?

This is what I am doing: I have contacted a few lenders and filled my application. I am asking for mortgage rates and also loan rates for 15 and 30 yrs with 1 and 2 points. After I get all that, of course, I will choose the product where I can save the most.

I would like to hear your thoughts about this, I am still learning as I go, I think this is the best way to do this, but I wanted to share with bigger pockets. I have listened to podcasts or read forums where people shared something and got a much better way to do things and if not, there is always tons of good advice!!

Thank you very much

Hello, I currently have three SFH, the last one I paid fully with a loan on my home. I am searching for my 4th sfh or multifamily. Initially I wanted to get a mortgage on this next property, but after doing research, I learned the costs are less with a loan on my fully paid rental. I have been reading about people using helocs also, but I am not sure with the variable rate if I would want to take that risk. I am thinking on getting a 15 or 30 yr loan which I could pay sooner but how soon would I have to pay it to avoid the rate change?

This is what I am doing:  I have contacted a few lenders and filled my application. I am asking for mortgage rates and also loan rates for 15 and 30 yrs with 1 and 2 points. After I get all that, of course, I will choose the product where I can save the most.

I would like to hear your thoughts about this, I am still learning as I go, I think this is the best way to do this, but I wanted to share with bigger pockets. I have listened to podcasts or read forums where people shared something and got a much better way to do things and if not, there is always tons of good advice!!

Thank you very much

@Andrew Postell.

Thank you for the post. I learned a lot from it. I am currently searching for my 4th rental property. Third property it is fully paid, I purchased with loan funds from my residence. I already contacted 4 lenders. Two of them local and two of them national. I initially asked for a mortgage rates for this new property but I also asked for current rates for home equity loans because I am also considering getting a loan of my fully paid rentL to buy this next one. Of course I understand rates are changing too fast and rates are not guaranteed unless they are locked. I think as long as rates are lower for loans I could continue doing this. I have been doing a lot of reading about this and want to continue learning!! I learned a lot from reading your post.  I wanted to share what I am doing and if possible, I would like your feedback. Thank you

@Nicholas Aiola

Hello Nicholas. Thank you for willing to help answer all these questions. It has been very informative.

I would like to hear your perspective why it is not a good idea to use a SDIRA to buy and hold. I was considering using my trad IRA funds to purchase my next (4th) sfh. My other 3 houses are cash flowing $3900. Total mortgages is $2200.

What I was doing up until last month was to add extra payments to finish paying off one of the houses, but I stopped doing that just a few weeks ago when I decided to make the jump for my 4th rental.

So since with my W2 and extra rental income I can save enough for a down payment, but it is going to take a few months, I was considering a SDIRA.

I would love your input and if not sdira, what would other choices would you consider.

I should add to purchase my 3rd rental I got a home equity loan on my residence ( included in the $2200)

Thank you very much

Josie Wagner

Thank you very much. Lots of great information to take.

@Brian Eastman, thank you for explaining the fact that rental properties are passive income, which differs from self employment income, it helps to have that clarified! . It makes a lot of sense. Since most of my income is from a W2, I can't do the 401k solo.

@Alex Sylvia, I like the fact that I can eliminate capital tax. That is a great incentive.

Also Thank you for talking about debt leverage and that UDFI tax. That I had to read twice, all new concepts for me... Thank you for explaining that and the webinar link.

@Christine Bellish, thank you for bring up that I can't use the cash flow, my goal is to reinvest it and keep it growing.

Thank you for bringing up the point of syndications. I have come across that term in different posts in bigger pockets. Something I would like to do also, but I don't know much about yet. This is one of the things I like about real estate. There are lot of choices to invest!!

Again, I am glad I posted here, I got answers with lots.of feedback and awesome pointers. One of the things I love about bigger pockets is all the people that form this community and are willing to share with others!!

I currently have a traditional IRA with 150k approx. I currently have 3 rental properties cash flowing. First and second property SFH equity $90k, approx. 3rd property $160k I bought it with a home equity loan on my residence. $130k loan value.

Thinking about reducing taxes and fees, would it be better to get a 401k solo or a SDIRA or should it be better to get a conventional mortgage with current rates.

I don't know much about 401k solos or sdiras but I am learning and I am willing to make the change if it would be the best choice.

Thank you

I looking for suggestions on finding a real estate accountant or tax specialist in MN or remote.  I have been doing my taxes with the same accountant for many years and he does a good job, but after reading some books on tax deductions and how to lower taxes, I believe I can do better with a CPA for real estate investors. Thank you very much

I am in the same situation...I have been looking into my second SFH. Thinking about getting a home equity loan vs a HELOC on my primary residence. I bought my fist SFH last march, rate of 3.25% at 15 years.

I see a lot of positives for HELOCS in this thread, but I wonder, if helocs' interest rates are not fixed, given the uncertainty of the real estate market, wouldn't if be better to opt for home equity loans with a fixed rate. 

Also, if the purpose of the loan is to buy a property, would the loan make more sense assuming you would need to use all the money invested to purchase 1 or 2 properties.

I am new in this real estate investing and that is my train of thought,I may be wrong and I would like to hear other investors opinions to learn more about this topic

Thank you for your feedback!