All Forum Posts by: Karen O.

Correction: Your equity in the first property is 26k.  That includes the 16k down payment.

Since the financing is only 2 months old, it probably hasn't seasoned enough to qualify for a refi.

However, since you have saved up some funds and are ready to find your next property, why not go back to the banker, if you used one, and make a pitch to see if they'd fund you again and if so, how soon.  I'm thinking it can't hurt to start making those local connections.

It need not be an either/or decision.

If RE courses at school are creditable toward your degree, then it makes sense take them.  

By attending local REI meetups and seminars you're sure to learn some things not taught in a classroom as well as networking with others.

And of course, nothing beats actual hands on experience.  Since investing in RE can happen in so many ways, you should expect to spend quite a bit more time deciding which way will work best for you to help you achieve your goals.  

Good luck. 

While @Lane Kawaoka is right, it's important to remember that many who invest in 401Ks do so because the Defined Benefit plans that many of our parents were able to rely on in their retirement years are all but gone and we are having to rely on ourselves and own savings and investing efforts for funding our life in retirement.  And many, maybe even most, of us are not equipped for the involvement it takes to do anything more than save.  

So if you have a w2 job and access to a 401K plan that includes a matching contribution from your employer, you'd be a fool to leave your employer's $ on the table. Never leave an employer's $ on the table.   

If you're able to maximize your contribution to the limits allowed by law, then you'll have to choose between saving as much as possible now and benefit from tax savings or take the tax hit now and have a smaller bucket to invest elsewhere like in RE. Remember, every dollar not going into a tax deferred vehicle is reduced by the relative tax rate by the time it gets to your pocket.    

Then you still have to have discipline to take those funds and put them to work rather than spending them on today's goodies.  

For those who don't have the discipline to save and invest elsewhere, putting as much as one can into a tax deferred vehicle and investing in a fund with the lowest possible costs is better than nothing.  And those who can do both, should.

And finally, if you're able to create your own profitable business, you could create a Solo 401K or a Roth Solo 401K, where you can save over 3x more than a standard employer sponsored 401K allows. 

I'm nobody.  You asked for the advise and three pros point out to you that $560/mo for a truck is a lot for a guy just starting out.  You're response seems to be that you just can't.     

It's a concern that you seem so attached to the vehicle even though giving it up could free up from of your monthly cash as well as lower your debt to income ratio.   

It might mean that you're not really ready to do what's necessary to get where you want to go.  

Just a thought.  Good luck on your journey. 

It's a beauty.  In pix 4-6 (kit/lr), there are no potlights which are so common now.  Why?  And are these solar tubes or light fixtures?

if the DR floors are insulated, I'd go with hardwood to match the LR. Would probably do HW in the kitchen too if the floor plan is somewhat open.  

And you can Install HW over concrete.  

A properly sized area rug can offer plenty of protection in all these areas.

Be sure to check whether a company plan allows for in-service withdrawals.  Otherwise, you'll need to consider taking a loan or expect to wait until your employment ends to access those funds which could then be rolled into an SDIRA.

Why must it be all or nothing?

Like Michael, Mark and Igor, I don't prescribe to  the eggs in one basket model. 

Also, remember that the 18k will not be 18k if it doesn't go into the 401k. It will certainly be taxed and result in a loss of up to 40%. Additionally, while it's in the 401k is has the potential to grow tax free as well and may grow fast enough to allow "interest free" financing that can be used to pursue REI.

Congratulations and best of luck.  

yes.  It can still happen. Ten x has said yes but the bank can still say no.  Happened to me 3 months back. Good luck