All Forum Posts by: Michelle Oblena

appreciate your insight! great info. i find your observation, "in the $300k-$500k price range, the $20k-$35k over asking seems to be close to the right amount to secure a properly priced home," particularly true in the gilbert area i keep an eye out.

@jonathan taylor - thanks for the reply! so it looks like it can be done. will definitely talk to our cpa.

thank you, taylor. i'll look into those terms you threw out there, especially ubit.

great timing, jonathan! i just posted this question on a separate thread and wondering if you might have some insight..

i have some money through my 457b contributions, a portion of which are in a roth ira. if the math checks out on a property (perhaps a multifam i can house hack), i think i can do better investing my roth ira into a buy/hold real estate. have you come across scenarios where investors found some loopholes with the least penalties or tax impact on such a strategy? my account does have a restriction wherein i'm unable to take out a loan against the plan for a property outside of california (my home state). my intent is to invest out of state.

in your experience have you ever had anyone roll over their roth ira funds into an escrow, perhaps? other strategies? what were the tax implications of that? what are some questions i could ask my retirement account plan admins to make this work?

much appreciated!

michelle

hi everyone - i have some money through my 457b contributions, a portion of which are in a roth ira. if the math checks out on a property, i think i can do better investing my roth ira into real estate. it'd be great to hear from others who've found some loopholes with the least penalties or tax impact on such a strategy. my account does have a restriction wherein i'm unable to take out a loan against the plan for a property outside of california (my home state). my intent is to invest out of state. 

questions: has anyone ever rolled over their funds into an escrow, perhaps? other strategies? what were the tax implications of that? what are some questions i could ask my retirement account plan admins to make this work?

appreciate any insight!

@Paul Welden got it. makes sense! i'm asking for my sis-in-law (out of state) who's thinking about an investment property. she's concerned about rental demand and having to fork the mortgage, plus her own rent where she lives, if she's unable to find tenants. she could do it for a few months, but would like to avoid vacancy in the least amount of time as possible.

@Melanie Johnston @Paul Welden you both mentioned casa grande - would you happen to know the demand for residential rentals there?

@andrew oligmueller @angel ginnett

looks like the consensus is a per bedroom lease - thanks so much!

Hello all - first post! I thought since this discussion is AZ-centric I would try my question here.

My son and I are about to close on a condo in Gilbert, AZ. My son - whose name is on the title and goes to college in the area - would like to rent out a couple of the rooms to 2 friends. We didn’t necessarily want the other kids to know that he owns the place. I’m really struggling on crafting the appropriate rental agreement and wanting to provide a level of separation and degree of confidentiality between his roommates, mainly to avoid any potential interpersonal conflicts. I would like the roomies to pay him the rent, but any issues should be directed to me. The plan is for each roommate and my son to occupy a bedroom, they'll each have private bathrooms and share the common spaces.

I have researched subleasing, which would require him to be the primary leasee, but that means he would have to sign a lease with a “landlord”? Which I suppose could be me? It would seem strange that an owner would sign a lease with a landlord. I’ve also looked at simply a roommate agreement, but if I understand that correctly, that means a new agreement would have to be crafted everytime there is a change in the composition of the current group? In a roommate agreement, I guess we’ll have to omit my son’s portion of the “rent” (because technically he wouldn’t be paying any)?

Are there other types of contracts/agreements that would make sense in this situation? Am I overthinking all this? 🙃

Our goal with this property is for the renters to cover the mortgage (in this case they will), build equity in a year or two, and 1031-exchange the equity for another property (perhaps a multifamily, duplex, or 4-unit apartment).

Many thanks for any insight!

Hello all - first post! Would appreciate your thoughts on situation here.

My son and I are about to close on a condo in Gilbert, AZ. My son - whose name is on the loan/title and goes to college in the area - would like to rent out a couple of the rooms to friends. We didn’t necessarily want the other kids to know that he owns the place. I’m really struggling on crafting the appropriate rental agreement and wanting to provide a level of separation and degree of confidentiality between his roommates, mainly to avoid any potential interpersonal conflicts. I would like the roomies to pay him the rent, but any issues should be directed to me.

I have researched subleasing, which would require him to be the primary leasee, but that means he would have to sign a lease with a “landlord”? Which I suppose could be me? It would seem strange that an owner would sign a lease with a landlord. I’ve also looked at simply a roommate agreement, but if I understand that correctly, that means a new agreement would have to be crafted everytime there is a change in the composition of the current group, a new agreement would have to be made? In a roommate agreement, I guess we’ll have to omit my son’s portion of the “rent” (because technically he wouldn’t be paying any)?

Are there other types of contracts/agreements that would make sense in this situation? Our goal with this property is for the renters to cover the mortgage (in this case they will), build equity in a year or two, and 1031-exchange the equity for another property (perhaps a multifamily, duplex, or 4-unit apartment).

Many thanks for any insight!