All Forum Posts by: Theresa White

Sean Roustio , consider getting just the match on your 401, then maxing out the Roth IRA for a few years anyway and get some real estate inside the IRA in addition to your REI activities outside the IRA! Amy Ranae , no matter what route you go, you'll still be better than most people because you're deliberately thinking this through! Best of luck...and trust your gut. For me, when I go back and forth on a decision it's because I'm not comfortable with the risk.

Hi @Amy Ranae,

I'm coming in late to this but you've already said the loans weigh on you.  And things weighing on you weigh on your family.  If you think that in one year with those loans paid off, you'd be in a better frame of mind to aggressively pursue deals, then I think that's a winner.  Like a previous poster said, the pure math will typically point towards paying the minimum on the loans...but how we feel about it can impact everything.  I'd suggest blending some of the advice you've received here--pay off the loans as aggressively as you possibly can, and in that time, come to terms with how YOU are going to generate leads and be ready to put your plan into action.  When the loans are paid off, keep funneling that same amount of money from the loan payments into your "seed money" pot and work your plan hard. 

One thing though...if you're simply afraid of making a bad deal, acknowledge and address that!  What is one person's legitimate issue could be another person's excuse...and as I read somewhere recently, "excuses are just the logical voice we give to our fears."         

@Jeff Parr

Happy to compare newbie notes with you!  Take @Darrin Carey up on his offer--he was very generous with his time and knowledge with me and I learned a ton.  In fact...because of him, I'm moving up my timeline for our first property to end of summer instead of next year.   

 :) 

Later,
Theresa

I found this when I searched "own an entire street." Did anything ever come of this effort?

@Doreen Chaisson and @Brian Eastman: thanks for the quick replies!  My first reaction was, "rats!" and my second reaction was, "makes sense."

Thanks again!

Hi BP folks,

So I've googled until I can google no more!  I cannot find an answer to this question:

Can my husband's IRA buy a property with a down payment, where the rest of the purchase price is covered by a private money loan out of my IRA? I get it, I get it...a person's IRA cannot conduct business with their spouse. But what about spouse's IRA? Why would I want to do this particular arrangement, you ask, instead of just pooling the money to purchase outright, which is perfectly allowable?

Because my hubby and I have a significant age gap (I'm younger), and he never saved for retirement until he met me. My IRA is significantly larger than his. So in the interest of growing his IRA faster and provide more options when he is eligible to tap into that IRA, rather than pool my money with his to purchase outright, I was wondering if my IRA could simply be the bank. My IRA collects a competitive interest rate, but his collects all the rental proceeds and captures the appreciation upon the sale.

Thoughts?? 

Hola! Fellow newbie, fellow active duty AF here. I have an accidental rental from an assignment that I ended up leaving much faster than planned. It was my first home purchase, and it didn't even occur to me to try to find something that would help produce wealth in the long run. I bought a small SFH in a desirable neighborhood, and figured in four years when I had to move, I could sell for at least break even after fees, and at least I wouldn't have thrown away my BAH on rent. Well THAT didn't happen...kudos to you for having a different mindset!

Oh to go back in time...well at least I'm here on BP now!  :-D

Hola!  Any meetup scheduled in the next couple of months?  If so, I'd like to get it on my calendar.

@Joe Fairless, I'm leaning towards this notion of hybrid buy and hold.  I need cash flow to meet my goals and would buy with numbers geared towards holding on to the property for the long term.  But I am intrigued by the idea that I could also find a sweet spot in the ownership timeline, where I can sell after the note has been paid down quite a bit but before typical major lifecycle repairs & maintenance costs come around.  (I have an asset management background, degrees in civil engineering, and program management experience.  While I usually think my background is an huge asset, sometimes I think it makes me too risk-averse!)

My current job is extremely demanding and is the key to a life-long pension as early as age 42, and I must make sure I do not jeopardize my ability to focus on the job that the taxpayers pay me to do. So any properties I acquire prior to my military retirement in 5.5-6 years will need to be under the care of a property manager, and in as good a condition as possible.  I'm attracted to the notion of a duplex or triplex as my first property, 

Hi!  I'm excited to join this incredible community. I've long been interested in real estate investing and am facing a big life milestone in less than 6 years. Before that milestone I hope to have replaced 25% of my current income with monthly rental cash flow, and within a couple years after that, 50%. I have two kids, a wonderful hubby, a great career with the US Air Force, a rental property in Colorado Springs, my primary "forever home" in Ohio, and a second home in Michigan. I'm mentally ready to buy intentional investment properties and will be financially ready in 12-15 months.  In the meantime I am going to learn everything I can from the great folks in this BiggerPockets community!