All Forum Posts by: Thomas Welch

@Scott Wolf thanks for your input Mr. Wolf.  I am definitely looking at that option. I ran some of the numbers in that scenario, and we were looking at a 4 figure negative cash flow, not to mention how long it would take to pay off the debt service, and the added hassle of dealing with tenants while still working my 9-5. But despite all of that, I still havent ruled it out. Just have to see if I can find some wriggle room on the price, or even try to get seller financing perhaps. 

@Jason Lee Its in the Bronx, but a very safe and clean neighborhood with a more diverse population. I hope it will appreciate, like most areas in the outer-boroughs that are reasonably close to public transport and good schools.

The kids are 3 and a half and 1 and a half at the moment. So schooling is very important to us and just around the corner. Thanks for your help.

@James Perdomo looks like were in the same boat and were neighbors lol. Its a tough market, especially in nice areas, but it seems like thats always the case unless you get in quick in an up and coming area. I'm looking into Jersey too, but my wife doesn't sound too thrilled. I'll send you a message so we can connect. Thanks for your input my friend.

I should have specified Queens, Brooklyn, and Bronx, not Manhattan. But it sounds

like Jersey is the way to go. I will definitely look into some of the areas you've mentioned.

I've looked at "affordable" areas in Brooklyn and Queens

but they are not the best neighborhoods.  My wife works in the Bronx, and they have 

some nice triplexes in great areas there like Morris Park and Pelham Gardens, 

but they're going for anywhere from high 700s - over a million!

Thanks for the input guys, it is very much appreciated =)

Hey everyone! 

Been reading the book, "Investing in Duplexes, Triplexes, and Quads" by Larry Loftis,

and the idea of house hacking a multi-family as a starting point for real-estate investing sounds

really awesome!  The main issue for me is I live in New York City, and we have a lot of family here, 

and my wife absolutely loves her job and being close to her family. Looking at the prices of multi-families in NYC 

is daunting to say the least...

As a father of 2, with a wife who loves her job in the city, is it possible to "house hack" a multifamily

in NYC and cash flow positive? Especially without putting a 6 figure down payment?

Any help/info you guys can provide would be greatly appreciated!

Thanks for your help @Brian Eastman. Just wanted to make sure I did my due diligence.

@Ashish Acharya

It is not a Roth inherited, it is a traditional inherited.

And yes I have been taking RMD's.

Thanks so much for your help =)

@Brian Eastman

Is it possible to shift it to a self-directed IRA under an LLC or S-corp you have opened, and then distribute the income to that entity?

Thanks for your response.  Really appreciate it.

Hey guys,

I have an Inherited-IRA from my father, and I am trying to figure how I can access those funds, tax-free, to utilize for potential real estate deals.

Any help or direction you guys can give, would be greatly appreciated.

Thanks =)