All Forum Posts by: Anthony Gayden
Anthony Gayden has started 77 posts and replied 1981 times.
Post: Would you liquidate your 401k to purchase your first property?
- Rental Property Investor
- Omaha, NE
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@Justin Reyes
There is no reason to fully cash it out. I have used 401k loans on three occasions to help me buy real estate.
Post: Mortgage is taking all of rental income
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- Omaha, NE
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@Bob Nickel
Some commercial deals have investors putting 50% down.
Post: How to get started while making less than 40k/yr?
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- Omaha, NE
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@Christopher Smith
Several people will suggest complicated ideas, well I like to keep it simple.
Buy a house, under market value, and live in it while you fix it up.
Post: "For what you pay in rent you could own the house"
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@Patrick M.
You didn’t mention location. Is this a small town or rural area?
Post: NEXT Recession - Can't come fast enough???
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Originally posted by @Luke Miller:
@Anthony Gayden perhaps a better way of saying it is that @Joe Kim is excited for the opportunities a recession brings, not the financial woes for millions. I won't speak for him though.
I personally don't think that the next recession will bring any of what he is talking about. I don't think we will ever see "cheap" properties (at least in the commercial) sector again. Too many people learned that lesson the hard way in 2008. I could be wrong though!
There were a lot of people who thought they were prepared during the last recession. Suddenly those people found their retirement savings cut in half, their home values dropped dramatically, and their stable jobs gone.Those lines of credit dried up, and banks weren't lending money.
Being prepared for a recession is one thing, but wanting one to come so that you can swoop in while everyone else is struggling sounds like something completely different.
Post: multiple mortgages at once? is it possible?
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- Omaha, NE
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Originally posted by @Adrien Gonzales:
is it possible to finance multiple properties? my vision is to put a lot of money from my savings and spread it to put down the minimum required down payments needed for multiple cheap rent ready single/multi-family homes. to finance as many rental properties as i can all at once/short period of time.
Yes, it is possible. I’m assuming you mean something like buying several properties at the same time with separate mortgages.
Keep in mind that you will have to pay mortgage fees and closing costs on each mortgage, which can really add up. Also you need to be able to qualify for all the mortgages and have sufficient reserves.
Post: Am I stepping over the line by helping tenants build credit?
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- Omaha, NE
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Originally posted by @Brent Paul:
I volunteer some of my time at a local nonprofit helping others rebuild their credit and get their life back on track. After I screwed my credit up so bad in my early twenties I feel it's only fair I help others so they don't make the same mistakes I did.
After having to explain to quite a few tenants how important credit is and what a credit score is I have prepared a small packet for all prospective or current tenants that gives them information on helping to improve their credit. I hate to see some people give up when sometimes it's just getting things disputed or setting up payment plans to catch up on bills. Some banks do it for free too.
Does anyone else do anything like this or am I just asking for trouble?
I have heard that you can also report on time rent payments to credit bureaus and help your tenants build their credit that way as well.
Post: NEXT Recession - Can't come fast enough???
- Rental Property Investor
- Omaha, NE
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Are you kidding? No, I am not excited about a recession. Think of the millions of people who will fall into financial insecurity. Think of those who will lose their jobs, homes, etc.
During the last recession I was laid off and unemployed for nearly 6 months. I nearly lost everything and I was a hard worker.
Your post comes from a place of elitism that seems to forget that there are a lot of people who would not benefit from a recession.
Post: Should I buy a house in this market?
- Rental Property Investor
- Omaha, NE
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Originally posted by @Clay Walker:
I’m 24 years old, and after school have been working offshore for 2 years. I make great money for my age. I recently moved back in with my parents after renting 4 years because I am gone often (typically 4 weeks gone and 2 weeks at home on break)
I really want to invest my money in real estate but am just not sure if I should wait for the market to turn as it inevitably will... I have the capability to do BRRR as I am a jack of all trades.
Thoughts..?
You may find that there is never a “perfect” time to invest.
Run the numbers and if they work do the deal. Investing is all about getting out there and doing it.
Post: Best banks to get a loan in omaha
- Rental Property Investor
- Omaha, NE
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Originally posted by @Alejandro De Anda:
Hey I'm looking to buy my first property here in Omaha, I have about $10,000k for a down payment and wanted to know what banks should I look into to get pre approved here in Omaha?
I have used Pinnacle Bank for several mortgages. I've had a generally good experience with them.