All Forum Posts by: Karl McGarvey

@Asa Ifill no they cannot. Owner occupied and the tenants are not the owner. Go with hard money and cash out refi asap once the rehab is done.

Theres alot you can do or save for with $200 a month extra (like another down payment!!!) I agree, cash is king. In the end you can easily pay a loan down early.

@Stacey Vair everyone has their own views. I have not yet invested but I don’t plan on buying where I am or anywhere close to me so I will be 100% dependent on my PM company and inspector. Alot of people do it, just about how passive you want to be and how comfortable you are with it. Good luck!

@Curtis H. Have you run the numbers on selling/1031 and out of state investing? Lots of great places in the US with good returns and much lower taxes. All that equity could quickly turn into a few down payments on other properties

League City here!

Make it hard to spot the General, by working like a Soldier.

@Scott Jensen 100% agree on needing to be right twice. I am not very familiar with lines of credit, however I am guessing since I am a first time investor it is not something that I am going to be able to get yet. @Geordy Rostad makes a good point about being able to use the ROTH funds, however in the name of diversification I wanted to have hands in all of the markets so that if one goes bad the other will "hopefully" be just fine. I always thought there was a penalty for withdrawing from a ROTH though, so I will need to look into it so that if it becomes an option I am better educated. Biggest idea now was to STOP contributions for a year or two which would give me cash for an extra buy and hold property, in hopes that in a year or two, the markets for stocks are a little cheaper meaning I don't lose money while investing on what seems to be the "top" but can get into mortgage rates while they are at the "bottom"

Hey Yall!

Currently, my wife and I put $17,000 into Roth/Mutual Funds for Retirement a year(also do matched 401K contributions but I refuse to give up matching), Because the stock market is at record highs AGAIN, I am debating discontinuing these contributions for the next year or two which could easily turn into another investment downpayment. Thought process being that if the market corrects I will have the cash on hand, untouched, and can turn it into a guaranteed property in 1-2yrs. Then, if/when the market dips again, I will begin the contributions again. Wanted to gather some input because obviously upfront it sounds like a good idea, but there are ALOT of you on here smarter than me. Just thinking of ways to maximize our money while we are young an can afford to take a few risks.

Looking forward to hearing what you all have to offer on this subject!

Karl

Hey yall!

Was doing a little thinking today, and wanted to solicit some advice/discussion.

Currently, my wife and I put $17,000 into Roth/Mutual Funds for Retirement a year(also do matched 401K contributions but I refuse to give up matching), Because the stock market is at record highs AGAIN, I am debating discontinuing these contributions for the next year or two which could easily turn into another investment downpayment. Thought process being that if the market corrects I will have the cash on hand, untouched, and can turn it into a guaranteed property in 1-2yrs. Then, if/when the market dips again, I will begin the contributions again. Wanted to gather some input because obviously upfront it sounds like a good idea, but there are ALOT of you on here smarter than me. Just thinking of ways to maximize our money while we are young an can afford to take a few risks.

All comments welcome! Would love for this to turn into a great discussion to learn from.

@Michael Sato Thank you!