All Forum Posts by: Marty Summers

I ended up ripping 200k total out of our 401k's without the 10% penalty because of covid-19 cares act

Thank you Andrea & Kenneth.  That is valuable info I will look into.  Thanks so much!

Investors,

Here is my scenario:

-- Looking to purchase a SFR for 58k & ARV is 90-100k. It's a 3 bed 1 Bath.

-- There will be a section 8 tenent that has lived there for 6+ years paying $650.00 per month total.

-- I think I am committed to keeping the section 8 tenent but she is under market rent for this house.

Is this a good idea?

Any issues I am not thinking over correctly?

Can I raise rent at least 50-100 per month?

Can I ask for my property back if I renew her lease for a year?

Any other thoughts suggestions are appreciated!!

Thanks

-Marty

Scenario: Rent is 1095.00 and Tenent is out of lease as of April 1st. They are behind 600.00 and have not paid rent this month and have gone dark through texts and call backs (per my property manager).

Question: As an owner I told PM to give tenent 30 days notice. Now, how do I get all rent money back if I need to do repairs out of their deposit?

@Troy Forney I have not heard of that guy you mentioned but that has to be an anomaly for sure. Yeah, I mentioned 200k because it's per person (married). 100k from my 401 and 100k from her 401.

As far as the comments on this board, I am just amazed at human beings wanting to stare at a balance more than having financial freedom. People have been brain washed into showing others how much they have...etc. one guy on here had to point out how much I have lost over the years going against the markets. It does not really matter. What matters is that we have a lot of money to use to gain financial freedom early with owning real assets. What is so difficult about that? I love the comments regarding you should not put all your money into real estate because it's work?? Lmao! What kind of life does he think there is out there...sure maybe an occasional phone call to my property managers, talking with my accountant etc...lol. I also, don't really understand that dudes comments when he posts that on a real-estate investing forum. I've just learned that you can't get the returns anywhere in stocks that I am pulling from residential real-estate. 15% year over year is what we are clocking....These financial advisors always will tall you they are the experts...and the only thing they are great at is feeling you to death for their con sales jobs!!

@Troy Forney I am with you on this thread. I have noticed in 25 years being in the workforce this whole con job selling the public to invest into their 401k & IRA plans will bring them retirement in the end...what a joke! I have not met 1 person yet in my life that told me they retired early (like 50 or sooner) because they had so much money from investing into those vehicles. I remember all those years scratching my head why I could only invest 15k per year max? You will never have millions at that rate...maybe when you are about dead. I'm ripping our money out as soon as the timing is right. I am here to tell you that we have not seen anything yet in the markets. I think all of those folks that like to stare at their 401K statements are really going to be crushed soon anyway. I have been short and loaded up in the mining GDX sector for years leading up to this. I knew this was coming and have been warning people. Now it's time for me to gain my freedom back from corporate america using real-estate as our cash-flow machine.

@Chris Seveney Yeah, I get your point but it's just negative thinking. I don't see the IRS being interested in following your money trail to see where you spent your own money during a global pandemic. Really? They will be getting the taxes from it anyway. On a positive note...who cares that they twist my arm to pay the 10% penalty....it's only 20k on 200k. I make that up on the purchase anyway.

I started this thread on asking who is taking their money out from the new law.

@Anthony Wick Lol...well actually you are wrong. I have been short the stock market for quite some time telling everyone a crash is coming. Here we are and I am not even down on the year. Lucky me....but I guess I'm smart..don't know.

@Chris Seveney Who WAS NOT affected by income during these times? I have a rental business and if one of my renters can't pay because of Coronavirus job loss..then that qualifies.

@Randell Green I Live in Newburgh, we are investors. Message me