All Forum Posts by: Michelle Franco

Hello All

I'm planning on buying a  single family house to live in. After i move in and fix it would I be able to take out an equity loan or equity line of credit to purchase a rental ? Would I then be able to refinance the new rental property and pay back the money I took out of my house? Can you tell me the pros and cons of this strategy? Also how long before I can take out the credit or loan? Which is better?

Thanks

hi Tim

Does NACA allow the homeowner to take out a loan or credit line from the equity?

hello everyone 

I would like to know what to do after I purchase a property cash, would it be possible to get a rehab/construction loan or some type of loan to do the remoldeling? Would it be easier to get this loan as opposed to getting a mortgage?  My plan is to buy cash since my credit is not good. Rehab , rent, then refinance to get the next property . Do they look at credit for this? Any advice is appreciated. 

Thanks

ok, will do. Thank you

Hi Dmitriy

Thanks for the comment. So if I roll it over to a self directed 401k, would I be able to to loan myself or my LLC the money along with another 10k to purchase a property? Or what if I put the additional 10k into the new self directed account to buy inside the 401k with 20k? Which way would be the best way to go?

Lol, yes great last name! Thanks for sharing your experience, let me know if you end up finding another way.

Thanks Ola, I'll check it out.

Hi Everyone  ,

Has anyone bought property with money from 401k , would you recommend doing that. Also, is it possible to buy within the entity? How does it work? I'm also debating on what to do with the money I have there. It's a little under 10k and I was thinking of moving it to a Roth IRA. I just want to make sure that I roll it over into something that will alow me to use it as funding for deals. Any advice is appreciated.

Thanks Logan, I'll look into it.

Hello all

I would like to put my first property in my LLC. I hear there can be many complications or trouble getting funding if I put it under the LLC initially. Has anyone bought a house and put it under their personal name and LLC? Would I then be able to quitclaim deed it and leave it under the LLC only? Any advice is greatly appreciated.

Thanks!