All Forum Posts by: Timothy Yen

Want to tap into my 401k to become an active investor. Goal is cash-our refi (brrrr)...

Understand pulling cash out of old 401k will mean paying taxes on it and potential early withdrawal fee - which I will fight tooth and nail for.

Alternative is an SDIRA - but I heard this limits what an investor can do with their real estate investments? Any ways around it - don’t want to sit passively investing.

We are ready to offer - all that is set I would just rather use my retirement money VS my own cash reserves in my bank accounts.

@Kimberly Carver. Wouldn’t the bank that gave pre approval better answer this question? Good luck to your friend!

I have over $150k in 3 retirement accounts from work (2 x 401k , 1x 403b)

Can anyone in the BP Family recommend a great SDIRA? I’m located in NY (Long Island) and would be great if it’s local but not necessary.

Thanks so much in advance!

Tim

We sold our Co-Op in 2016 for a profit of just shy of $100,000 in NY (Long Island)  Are we responsible to pay capital gains tax on this?  Didn't the Tax Relief Program in 1997 exempt homeowners from paying taxes up to $500,000 profit for filing married.

I am going to speak to a tax professional, but I thought I'd check here!  I'd like my tax return from 2016 :)

my parents have found a tenant to move in May 1 - however the remodeled basement is not permitted... can the tenant still move in while they wait for permits as long as we show the paperwork is in and now waiting on town to confirm??? We live in NY (Long Island) 

So I have a friend with a beautiful newly renovated home that they have outgrown and looking to sell... I do not have a license and they don’t want to pay a listing agent fee if they can avoid it.. (typically between 3-6% with this home probably selling for 1 million+ in my neighborhood) How can I do this without having a license? I live in NY. TIA! Tim

Originally posted by @Grant Rothenburger:

In my market there are investors that will fund a deal, have you do all the day to day work, and split the profits 50/50. I'm sure there are some out there who would do what you're asking. Maybe find an investor who does what I said and ask about your idea. Finding them is just a matter of attending meetups and networking on sites like BiggerPockets!

Thanks Grant, yeah for sure will continue to network - again been very new to REI but have already met a handful of great people willing to share their story!

Suppose option #2 is to just post my questions as I go thru each step!! I have a feeling someone would be more than willing to provide their advice/POV.

Hi BP community!

I've been snooping around the forums & blogs for about a month now and have recently upgraded to Plus to try and find locals near me & to see the properties on the BP Marketplace.  I feel like many newbies like myself have the issue of just over-analyzing things to the point where you feel stuck in pursuing a deal. 

I have a simple question, does anyone know of anyone or group, that looks to train newbies with capital to put into a deal from the beginning for a share in the profits?  I feel as if I understand the concepts, but haven't been able to prove it and I also believe that working with someone else or a group is better than going at it alone.  

My 5 year goal is to implement BRRR strategy, but think Flips & Wholesaling would offer a great deal of knowledge. Ultimate goal is Cash Flow & commercial residential.

Bottom line is I'll be going at it either way, but would be faster with an experienced partner with a proven track record :)   THANK YOU!

@Ola Dantis - that is certainly something I’m considering!! So I am happy to hear that others think it’s a good idea too!

@Harjeet Bhatti - thanks so much. One more - is it best to shop around for cheapest HELOC lender, or best to stick with your bank that holds mortgage loan? And why?